Financials KCC Corporation

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-07-14 pm EDT			5-day change	1st Jan Change
335,000 ^KRW	+6.69%		+5.35%	+46.61%

May. 23	KCW Corporation announced that it expects to receive KRW 17.5 billion in funding from KCC Corporation, KCC GLASS Corporation and other investors	CI
May. 14	Norway's KCC Concludes NOK300 Unsecured Bonds Tap Issue	MT

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Capitalization ¹	2,294,383	1,642,119	2,412,318	1,680,428	2,463,647	-	-
Enterprise Value (EV) ²	3,950	4,207	5,958	1,680	5,386	4,877	4,466
P/E ratio	-12.3 x	2.71 x	-52.7 x	-	4.94 x	10.9 x	10.4 x
Yield	1.62%	2.53%	1.59%	-	2.39%	2.39%	2.39%
Capitalization / Revenue	0.84 x	0.32 x	0.41 x	0.27 x	0.38 x	0.37 x	0.36 x
EV / Revenue	1.45 x	0.83 x	1.01 x	0.27 x	0.83 x	0.73 x	0.66 x
EV / EBITDA	10.5 x	7.59 x	7.47 x	-	5.87 x	4.53 x	4.08 x
EV / FCF	-45.1 x	9.51 x	35.1 x	-	7.79 x	5.52 x	5.47 x
FCF Yield	-2.22%	10.5%	2.85%	-	12.8%	18.1%	18.3%
Price to Book	0.61 x	0.34 x	0.48 x	-	0.54 x	0.52 x	0.5 x
Nbr of stocks (in thousands)	8,272	8,315	7,658	7,354	7,354	-	-
Reference price ³	277,382	197,500	315,000	228,500	335,000	335,000	335,000
Announcement Date	3/12/20	2/10/21	2/14/22	2/7/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net sales ¹	2,720	5,083	5,875	6,288	6,473	6,691	6,750
EBITDA ¹	377.8	554	797.2	-	918	1,077	1,094
EBIT ¹	133.2	132.8	382.7	-	448	551	568
Operating Margin	4.9%	2.61%	6.51%	-	6.92%	8.23%	8.41%
Earnings before Tax (EBT) ¹	-195.5	683.5	112.9	-	771	296	288
Net income ¹	-221.9	549.3	-45.78	-	603	273	286
Net margin	-8.16%	10.81%	-0.78%	-	9.32%	4.08%	4.24%
EPS ²	-22,629	72,945	-5,978	-	67,840	30,674	32,200
Free Cash Flow ³	-87,645	442,603	169,641	-	691,000	884,000	816,000
FCF margin	-3,222.76%	8,706.69%	2,887.56%	-	10,675.11%	13,211.78%	12,088.89%
FCF Conversion (EBITDA)	-	79,888.81%	21,279%	-	75,272.33%	82,079.85%	74,588.67%
FCF Conversion (Net income)	-	80,568.71%	-	-	114,593.7%	323,809.52%	285,314.69%
Dividend per Share ²	4,500	5,000	5,000	-	8,000	8,000	8,000
Announcement Date	3/12/20	2/10/21	2/14/22	2/7/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q2
Net sales	1,553	1,582	-
EBITDA	-	-	-
EBIT ¹	-	-	110
Operating Margin	-	-	-
Earnings before Tax (EBT)	-	-	-
Net income	46.96	54.47	-
Net margin	3.02%	3.44%	-
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	11/6/23	2/7/24	-

¹KRW in Billions

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net Debt ¹	1,656	2,565	3,546	-	2,922	2,413	2,002
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.383 x	4.63 x	4.447 x	-	3.183 x	2.24 x	1.83 x
Free Cash Flow ²	-87,645	442,603	169,641	-	691,000	884,000	816,000
ROE (net income / shareholders' equity)	-4.44%	11.3%	-0.92%	-	11.1%	4.7%	4.8%
ROA (Net income/ Total Assets)	-2.46%	5.04%	-0.36%	-	4.3%	1.9%	1.9%
Assets ¹	9,011	10,890	12,613	-	14,023	14,368	15,053
Book Value Per Share ³	453,073	585,823	657,509	-	618,549	642,605	668,135
Cash Flow per Share	27,943	83,152	-	-	-	-	-
Capex ¹	363	237	254	-	236	220	220
Capex / Sales	13.34%	4.67%	4.33%	-	3.65%	3.29%	3.26%
Announcement Date	3/12/20	2/10/21	2/14/22	2/7/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

335,000 KRW

Average target price

400,000 KRW

Spread / Average Target

+19.40%

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