Financials SK hynix Inc. Deutsche Boerse AG

Equities

HY9H

US78392B1070

Semiconductors

Market Closed - Deutsche Boerse AG Other stock markets 03:38:00 2024-06-27 pm EDT			5-day change	1st Jan Change
165 ^EUR	+1.23%		+4.43%	+82.32%

04:39am	South Korean shares fall but chipmakers' rebound limits early losses	RE
03:57am	South Korea's SK Bioscience to buy control of Germany's IDT Biologika for $244 mln	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	64,364,569	81,054,213	90,078,308	51,573,828	97,368,441	162,744,790	-	-
Enterprise Value (EV) ²	70,894	88,654	100,555	70,491	117,916	177,025	162,563	143,000
P/E ratio	32 x	17.1 x	9.37 x	23.1 x	-10.7 x	10.9 x	7.26 x	7.45 x
Yield	1.06%	0.99%	1.18%	1.6%	0.85%	0.62%	0.74%	0.83%
Capitalization / Revenue	2.38 x	2.54 x	2.09 x	1.16 x	2.97 x	2.42 x	1.86 x	1.72 x
EV / Revenue	2.63 x	2.78 x	2.34 x	1.58 x	3.6 x	2.63 x	1.86 x	1.51 x
EV / EBITDA	6.19 x	6.12 x	4.42 x	3.36 x	20 x	5 x	3.52 x	3.11 x
EV / FCF	-9.57 x	39.5 x	14.4 x	-16.7 x	-29.5 x	13.4 x	8.86 x	7.09 x
FCF Yield	-10.5%	2.53%	6.95%	-6%	-3.39%	7.48%	11.3%	14.1%
Price to Book	1.34 x	1.56 x	1.53 x	0.81 x	1.82 x	2.47 x	1.88 x	1.53 x
Nbr of stocks (in thousands)	684,002	684,002	687,621	687,651	688,116	688,139	-	-
Reference price ³	94,100	118,500	131,000	75,000	141,500	236,500	236,500	236,500
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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	26,991	31,900	42,998	44,648	32,766	67,197	87,617	94,533
EBITDA ¹	11,446	14,488	22,745	20,962	5,889	35,403	46,230	46,002
EBIT ¹	2,713	5,010	12,410	7,007	-7,730	22,487	32,465	31,027
Operating Margin	10.05%	15.71%	28.86%	15.69%	-23.59%	33.46%	37.05%	32.82%
Earnings before Tax (EBT) ¹	2,443	6,237	13,416	4,200	-11,658	19,446	30,313	28,748
Net income ¹	2,013	4,755	9,602	2,427	-9,112	14,797	22,235	22,101
Net margin	7.46%	14.91%	22.33%	5.44%	-27.81%	22.02%	25.38%	23.38%
EPS ²	2,943	6,950	13,984	3,242	-13,244	21,639	32,561	31,728
Free Cash Flow ³	-7,410,303	2,245,909	6,986,917	-4,229,744	-4,000,000	13,236,221	18,355,132	20,181,046
FCF margin	-27,454.99%	7,040.47%	16,249.48%	-9,473.54%	-12,207.88%	19,697.49%	20,949.19%	21,348.23%
FCF Conversion (EBITDA)	-	15,501.53%	30,718.82%	-	-	37,387.46%	39,704.25%	43,869.49%
FCF Conversion (Net income)	-	47,231.56%	72,762.84%	-	-	89,454.62%	82,550.53%	91,310.84%
Dividend per Share ²	1,000	1,170	1,540	1,200	1,200	1,464	1,747	1,954
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	12,377	12,156	13,811	10,983	7,699	5,088	7,306	12,394	9,066	11,306	12,430	15,804	27,377	18,222	20,245	35,128	20,348	22,558
EBITDA ¹	6,691	6,264	7,682	5,220	1,793	154	612	-	1,541	3,582	6,073	8,352	-	10,092	11,594	-	12,775	16,554
EBIT ¹	4,220	2,860	4,193	1,656	-1,701	-3,402	-2,882	-	-1,792	346	2,886	4,900	7,900	6,401	7,669	14,000	8,040	8,975
Operating Margin	34.09%	23.52%	30.36%	15.07%	-22.09%	-66.87%	-39.45%	-	-19.77%	3.06%	23.22%	31.01%	28.86%	35.13%	37.88%	39.85%	39.51%	39.79%
Earnings before Tax (EBT) ¹	4,666	2,774	3,967	1,683	-4,224	-3,525	-3,788	-	-2,470	-1,875	2,373	4,484	-	6,403	7,079	-	8,540	9,455
Net income ¹	3,317	1,979	2,872	1,107	-3,530	-2,580	-2,991	-	-2,184	-1,357	1,919	3,362	-	4,595	5,078	-	6,535	7,106
Net margin	26.8%	16.28%	20.79%	10.08%	-45.85%	-50.71%	-40.94%	-	-24.09%	-12%	15.44%	21.27%	-	25.22%	25.08%	-	32.11%	31.5%
EPS ²	4,825	2,877	4,175	1,609	-5,419	-3,751	-4,347	-8,098	-3,174	-1,972	2,788	5,305	6,664	7,223	8,455	10,883	8,764	9,809
Dividend per Share ²	1,540	300.0	300.0	300.0	300.0	300.0	-	-	-	300.0	300.0	300.0	-	300.0	969.0	-	300.0	300.0
Announcement Date	1/27/22	4/26/22	7/26/22	10/25/22	1/31/23	4/25/23	7/25/23	7/25/23	10/25/23	1/24/24	4/24/24	-	-	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,529	7,600	10,477	18,917	20,548	14,280	-	-
Net Cash position ¹	-	-	-	-	-	-	182	19,745
Leverage (Debt/EBITDA)	0.5704 x	0.5245 x	0.4606 x	0.9025 x	3.489 x	0.4034 x	-	-
Free Cash Flow ²	-7,410,303	2,245,909	6,986,917	-4,229,744	-4,000,000	13,236,221	18,355,132	20,181,046
ROE (net income / shareholders' equity)	4.25%	9.53%	16.8%	3.88%	-15.6%	25.8%	29.6%	22.4%
ROA (Net income/ Total Assets)	3.14%	6.98%	11.5%	2.23%	-8.92%	13.9%	17.3%	14.2%
Assets ¹	64,137	68,157	83,780	108,965	102,101	106,553	128,656	155,368
Book Value Per Share ³	70,092	75,860	85,380	92,356	77,767	95,892	125,921	154,322
Cash Flow per Share ³	9,517	17,999	28,360	21,492	6,218	38,562	47,099	49,369
Capex ¹	13,920	10,069	12,487	19,010	8,300	14,346	16,828	17,748
Capex / Sales	51.57%	31.56%	29.04%	42.58%	25.33%	21.35%	19.21%	18.77%
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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 SK hynix Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

236,500 KRW

Average target price

250,378 KRW

Spread / Average Target

+5.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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