Financials POSCO Holdings Inc.

Equities

A005490

KR7005490008

Iron & Steel

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-21 pm EDT			5-day change	1st Jan Change
390,500 ^KRW	-0.76%		-2.74%	-21.82%

May. 21	South Korean shares fall as battery makers drop; cenbank meeting in focus	RE
May. 14	POSCO Holdings Inc. Resolves to Pay Cash Dividend for the First Quarter of the Fiscal Year 2024, Payable on June 3, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,947,349	21,335,833	20,759,220	20,972,297	37,900,165	29,629,659	-	-
Enterprise Value (EV) ²	26,878	37,079	25,122	20,972	46,184	40,833	41,646	42,316
P/E ratio	10.4 x	13.5 x	3.22 x	5.88 x	20.5 x	16.8 x	12.1 x	12.5 x
Yield	4.23%	2.94%	6.19%	-	2%	2.57%	2.76%	2.81%
Capitalization / Revenue	0.29 x	0.37 x	0.27 x	0.25 x	0.49 x	0.39 x	0.36 x	0.37 x
EV / Revenue	0.42 x	0.64 x	0.33 x	0.25 x	0.6 x	0.54 x	0.51 x	0.52 x
EV / EBITDA	3.67 x	6.15 x	1.96 x	2.45 x	6.28 x	5.64 x	4.64 x	4.51 x
EV / FCF	7.71 x	6.7 x	7.87 x	-	-81.7 x	41.3 x	19.1 x	23.2 x
FCF Yield	13%	14.9%	12.7%	-	-1.22%	2.42%	5.24%	4.31%
Price to Book	0.43 x	0.47 x	0.41 x	-	0.7 x	0.59 x	0.56 x	0.54 x
Nbr of stocks (in thousands)	80,116	78,441	75,626	75,849	75,876	75,876	-	-
Reference price ³	236,500	272,000	274,500	276,500	499,500	390,500	390,500	390,500
Announcement Date	1/31/20	1/28/21	1/12/22	1/27/23	1/23/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	64,367	57,793	76,400	84,750	77,127	75,584	81,209	80,972
EBITDA ¹	7,330	6,025	12,818	8,544	7,355	7,235	8,982	9,374
EBIT ¹	3,869	2,403	9,200	4,850	3,531	3,274	4,660	4,763
Operating Margin	6.01%	4.16%	12.04%	5.72%	4.58%	4.33%	5.74%	5.88%
Earnings before Tax (EBT) ¹	3,053	2,025	9,416	4,014	2,628	3,007	4,053	3,876
Net income ¹	1,835	1,602	6,617	3,560	1,698	1,954	2,716	2,550
Net margin	2.85%	2.77%	8.66%	4.2%	2.2%	2.59%	3.34%	3.15%
EPS ²	22,823	20,165	85,377	46,988	24,326	23,292	32,145	31,346
Free Cash Flow ³	3,485,436	5,531,325	3,190,774	-	-565,594	988,000	2,183,800	1,825,000
FCF margin	5,414.96%	9,570.93%	4,176.41%	-	-733.33%	1,307.15%	2,689.11%	2,253.87%
FCF Conversion (EBITDA)	47,550.48%	91,809.65%	24,893.82%	-	-	13,656.73%	24,313.12%	19,468.45%
FCF Conversion (Net income)	189,931.67%	345,276.21%	48,220.86%	-	-	50,551.85%	80,405.57%	71,555.73%
Dividend per Share ²	10,000	8,000	17,000	-	10,000	10,029	10,765	10,957
Announcement Date	1/31/20	1/28/21	1/12/22	1/27/23	1/23/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	20,610	21,334	21,300	23,000	21,200	19,247	19,400	20,100	19,000	18,664	18,100	18,769	19,132	19,473	16,589
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,110	2,368	2,300	2,100	900	-425	700	1,300	1,200	304.3	600	732.6	984.1	1,101	949.3
Operating Margin	15.09%	11.1%	10.8%	9.13%	4.25%	-2.21%	3.61%	6.47%	6.32%	1.63%	3.31%	3.9%	5.14%	5.65%	5.72%
Earnings before Tax (EBT) ¹	3,360	2,099	2,500	2,300	627	-	1,000	1,000	800	-234.2	700	627.9	837.7	943.9	824.1
Net income ¹	2,430	1,498	1,712	1,600	592	-737	800	700	500	-72.09	500	399.7	492.5	369	528.3
Net margin	11.79%	7.02%	8.04%	6.96%	2.79%	-3.83%	4.12%	3.48%	2.63%	-0.39%	2.76%	2.13%	2.57%	1.9%	3.18%
EPS	31,571	18,262	21,676	19,321	7,800	-9,716	11,079	9,090	6,434	-2,277	-	6,264	6,383	2,138	-
Dividend per Share ²	5,000	5,000	4,000	4,000	4,000	-	2,500	2,500	2,500	2,500	2,500	3,000	3,000	1,500	2,500
Announcement Date	10/13/21	1/12/22	4/14/22	7/14/22	10/18/22	1/27/23	4/18/23	7/18/23	10/19/23	1/23/24	4/25/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,931	15,743	4,363	-	8,284	11,203	12,016	12,687
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.082 x	2.613 x	0.3404 x	-	1.126 x	1.549 x	1.338 x	1.353 x
Free Cash Flow ²	3,485,436	5,531,325	3,190,774	-	-565,594	988,000	2,183,800	1,825,000
ROE (net income / shareholders' equity)	4.17%	3.61%	14%	6.92%	3.11%	3.61%	4.72%	4.57%
ROA (Net income/ Total Assets)	2.33%	2.03%	7.76%	3.75%	1.84%	2.3%	2.82%	2.82%
Assets ¹	78,760	79,072	85,279	94,938	92,353	84,975	96,469	90,549
Book Value Per Share ³	553,133	583,189	666,803	-	714,132	662,389	702,206	717,564
Cash Flow per Share ³	74,685	109,778	82,691	-	81,293	82,722	94,518	103,480
Capex ¹	2,519	3,154	3,069	-	6,733	6,484	6,241	7,420
Capex / Sales	3.91%	5.46%	4.02%	-	8.73%	8.32%	7.16%	9.16%
Announcement Date	1/31/20	1/28/21	1/12/22	1/27/23	1/23/24	-	-	-

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

Ratings for POSCO Holdings Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

390,500 KRW

Average target price

529,583 KRW

Spread / Average Target

+35.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Steel

	1st Jan change	Capi.
POSCO HOLDINGS INC.	-21.82%	21.9B
NUCOR CORPORATION	-1.69%	41.27B
TATA STEEL LIMITED	+24.23%	26.13B
ARCELORMITTAL	-6.84%	21.42B
STEEL DYNAMICS, INC.	+12.39%	21.11B
NIPPON STEEL CORPORATION	+2.29%	19.76B
JFE HOLDINGS, INC.	+4.85%	9.43B
STEEL AUTHORITY OF INDIA LIMITED	+36.72%	8.65B
UNITED STATES STEEL CORPORATION	-25.55%	8.13B
SEVERSTAL	-.--%	7.62B

Other Steel