Financials F&F Co., Ltd

Equities

A383220

KR7383220001

Apparel & Accessories

End-of-day quote Korea S.E. 06:00:00 2024-05-30 pm EDT 5-day change 1st Jan Change
67,000 KRW +4.36% Intraday chart for F&F Co., Ltd +3.08% -24.89%

Valuation

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Capitalization 1 7,231,705 5,511,626 3,402,332 2,552,214 - -
Enterprise Value (EV) 2 7,481 5,654 3,421 2,399 2,044 1,810
P/E ratio 31.2 x 12.6 x 8 x 6.12 x 5.39 x 5.14 x
Yield - 1.11% 1.91% 2.77% 2.92% 3.01%
Capitalization / Revenue 6.64 x 3.05 x 1.72 x 1.22 x 1.12 x 1.06 x
EV / Revenue 6.87 x 3.13 x 1.73 x 1.15 x 0.9 x 0.75 x
EV / EBITDA 21.3 x 9.34 x 5.47 x 3.89 x 3.02 x 2.59 x
EV / FCF 26.8 x 16.3 x 7.54 x 5.96 x 4.66 x 3.82 x
FCF Yield 3.74% 6.12% 13.3% 16.8% 21.5% 26.2%
Price to Book 13.2 x 5.99 x 2.64 x 1.57 x 1.27 x 1.07 x
Nbr of stocks (in thousands) 38,263 38,143 38,143 38,093 - -
Reference price 3 189,000 144,500 89,200 67,000 67,000 67,000
Announcement Date 2/15/22 2/1/23 2/7/24 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Net sales 1 1,089 1,809 1,979 2,087 2,276 2,414
EBITDA 1 351 605.2 625.7 616.7 677.6 699.2
EBIT 1 321.4 522.4 551.8 539.1 607.4 638.1
Operating Margin 29.5% 28.88% 27.88% 25.83% 26.69% 26.43%
Earnings before Tax (EBT) 1 321.2 533.8 560 556.5 625.4 663.4
Net income 1 230.9 385.9 426.9 419.9 476.8 500.3
Net margin 21.2% 21.33% 21.57% 20.12% 20.95% 20.72%
EPS 2 6,061 11,450 11,144 10,950 12,432 13,047
Free Cash Flow 3 279,540 346,259 453,791 402,529 438,843 473,900
FCF margin 25,665.35% 19,139.44% 22,931.27% 19,285.41% 19,282.69% 19,629.78%
FCF Conversion (EBITDA) 79,637.29% 57,213.49% 72,530.4% 65,275.61% 64,762.7% 67,778.54%
FCF Conversion (Net income) 121,054.3% 89,720.39% 106,304.13% 95,871.52% 92,032.17% 94,727.9%
Dividend per Share 2 - 1,600 1,700 1,859 1,953 2,019
Announcement Date 2/15/22 2/1/23 2/7/24 - - -
1KRW in Billions2KRW3KRW in Million
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 563.2 437.1 371.4 441.7 558.9 497.4 405.5 491.9 583.2 507 418.4 533.4 625.9 540.4 443.1
EBITDA 195.8 145.5 108.9 152.9 197.8 166.5 133.7 160.2 164.9 - - - - - -
EBIT 1 182.4 134.6 94.96 138.4 154.5 148.8 110.1 148.5 144 130.2 102.1 147.1 159.6 136.1 101.7
Operating Margin 32.39% 30.8% 25.57% 31.34% 27.64% 29.92% 27.14% 30.2% 24.69% 25.68% 24.4% 27.58% 25.49% 25.19% 22.95%
Earnings before Tax (EBT) 1 180 134.3 94.14 153.8 151.7 151.6 107.3 160.5 140.5 128.2 97.93 160.6 162.4 - -
Net income 1 128.1 96.44 69.57 110.1 110 118.6 85.73 119.1 103.4 95.71 80.32 118.3 127.8 - -
Net margin 22.74% 22.06% 18.73% 24.92% 19.68% 23.85% 21.14% 24.21% 17.73% 18.88% 19.2% 22.19% 20.42% - -
EPS - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 2/15/22 5/2/22 8/1/22 11/1/22 2/1/23 5/1/23 7/28/23 10/27/23 2/7/24 4/30/24 - - - - -
1KRW in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2021 2022 2023 2024 2025 2026
Net Debt 1 250 142 18.3 - - -
Net Cash position 1 - - - 153 508 742
Leverage (Debt/EBITDA) 0.7115 x 0.2352 x 0.0292 x - - -
Free Cash Flow 2 279,540 346,259 453,791 402,529 438,843 473,900
ROE (net income / shareholders' equity) 42.4% 54.5% 38.4% 29.5% 26.7% 23.9%
ROA (Net income/ Total Assets) 40.5% 32.7% 23.8% 21.1% 19% 20%
Assets 1 570.8 1,179 1,795 1,995 2,504 2,503
Book Value Per Share 3 14,305 24,135 33,834 42,646 52,918 62,613
Cash Flow per Share 3 7,618 9,453 12,506 13,491 15,678 16,181
Capex 1 12 17.9 23.2 23.3 28.6 33.7
Capex / Sales 1.1% 0.99% 1.17% 1.12% 1.26% 1.4%
Announcement Date 2/15/22 2/1/23 2/7/24 - - -
1KRW in Billions2KRW in Million3KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
13
Last Close Price
67,000 KRW
Average target price
103,308 KRW
Spread / Average Target
+54.19%
Consensus

Quarterly revenue - Rate of surprise

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