Financials Amorepacific Corporation

Equities

A090430

KR7090430000

Personal Products

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-15 pm EDT			5-day change	1st Jan Change
176,400 ^KRW	+4.38%		+4.44%	+21.66%

May. 01	Amorepacific Group Posts 10% Decline in Q1 Profit	MT
Mar. 07	Amorepacific Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,533,195	12,591,777	10,540,669	8,545,398	8,864,485	10,822,555	-	-
Enterprise Value (EV) ²	11,959	12,161	9,800	8,096	8,864	10,199	9,933	9,567
P/E ratio	57.5 x	402 x	59.3 x	70.6 x	55.5 x	33.7 x	25.4 x	21.8 x
Yield	0.59%	0.39%	0.59%	0.49%	-	0.73%	0.85%	0.94%
Capitalization / Revenue	2.25 x	2.84 x	2.17 x	2.07 x	2.41 x	2.51 x	2.18 x	1.99 x
EV / Revenue	2.14 x	2.74 x	2.02 x	1.96 x	2.41 x	2.37 x	2 x	1.76 x
EV / EBITDA	13.1 x	20.2 x	13.9 x	16.1 x	24.6 x	15.9 x	12.3 x	10.8 x
EV / FCF	25.4 x	32.7 x	16.3 x	157 x	-	31.4 x	22.2 x	18.1 x
FCF Yield	3.94%	3.05%	6.12%	0.64%	-	3.19%	4.51%	5.53%
Price to Book	2.59 x	2.67 x	2.05 x	1.67 x	-	2.21 x	2.08 x	1.94 x
Nbr of stocks (in thousands)	68,501	68,501	69,044	68,993	69,023	68,940	-	-
Reference price ³	200,000	206,000	167,000	137,500	145,000	176,400	176,400	176,400
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/25/24	-	-	-

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	5,580	4,432	4,863	4,135	3,674	4,307	4,971	5,431
EBITDA ¹	913.3	601.5	705.2	502.9	360	641.6	804.9	888.9
EBIT ¹	427.8	143	343.4	214.2	108.2	413.9	578.9	667.7
Operating Margin	7.67%	3.23%	7.06%	5.18%	2.94%	9.61%	11.64%	12.3%
Earnings before Tax (EBT) ¹	370.6	25.3	297.9	224.5	280.6	454.9	591	682.9
Net income ¹	210.4	35.1	193.7	134.5	180.1	334.2	433.2	505.3
Net margin	3.77%	0.79%	3.98%	3.25%	4.9%	7.76%	8.71%	9.31%
EPS ²	3,477	512.0	2,818	1,948	2,614	5,242	6,942	8,081
Free Cash Flow ³	471,751	371,337	600,252	51,608	-	324,852	447,969	529,211
FCF margin	8,454.1%	8,378.16%	12,342.98%	1,248.11%	-	7,542.54%	9,011.18%	9,744.84%
FCF Conversion (EBITDA)	51,651.96%	61,731.65%	85,113.36%	10,263.15%	-	50,632.89%	55,657.42%	59,538.54%
FCF Conversion (Net income)	224,263.65%	1,057,939.99%	309,887.23%	38,370.55%	-	97,209.1%	103,406.7%	104,721.92%
Dividend per Share ²	1,180	800.0	980.0	680.0	-	1,280	1,499	1,663
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/25/24	-	-	-

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	1,109	1,325	1,165	945.7	936.4	1,088	913.7	945.4	888.8	926	911.5	1,060	1,126	1,202	1,196
EBITDA ¹	-	-	-	-	-	-	-	-	-	157.2	130.4	173.6	189.9	199.8	-
EBIT ¹	50.3	25.6	158	-19.5	18.8	57	64.35	5.889	17.25	20.68	72.68	89.57	118.3	138.8	160.8
Operating Margin	4.54%	1.93%	13.56%	-2.06%	2.01%	5.24%	7.04%	0.62%	1.94%	2.23%	7.97%	8.45%	10.5%	11.55%	13.45%
Earnings before Tax (EBT) ¹	54.1	-25.7	162.3	-18.6	58.9	22	99.04	19.21	38.19	124.2	102.2	94.23	121.5	126.9	163
Net income ¹	38.5	-42.5	117.4	-30.8	24.2	23.6	87.27	22.1	28	42.73	78.6	70.25	90.08	86.09	130.8
Net margin	3.47%	-3.21%	10.08%	-3.26%	2.58%	2.17%	9.55%	2.34%	3.15%	4.61%	8.62%	6.63%	8%	7.16%	10.94%
EPS ²	579.0	-1,047	1,701	-447.0	351.0	342.0	1,264	320.0	405.0	620.0	769.5	989.0	1,538	1,775	-
Dividend per Share ²	-	980.0	-	-	-	685.0	-	-	-	-	-	-	-	1,510	-
Announcement Date	10/29/21	2/9/22	4/27/22	7/28/22	10/31/22	2/1/23	5/2/23	7/26/23	10/30/23	1/25/24	4/29/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	574	431	740	449	-	624	889	1,255
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	471,751	371,337	600,252	51,608	-	324,852	447,969	529,211
ROE (net income / shareholders' equity)	4.71%	0.78%	3.93%	2.71%	-	6.52%	8.16%	8.97%
ROA (Net income/ Total Assets)	3.71%	0.6%	3.28%	2.26%	-	5.25%	6.5%	7.11%
Assets ¹	5,675	5,840	5,910	5,960	-	6,364	6,661	7,110
Book Value Per Share ³	77,295	77,099	81,545	82,107	-	79,736	84,762	91,152
Cash Flow per Share ³	12,367	9,566	11,887	2,189	-	7,283	9,019	10,851
Capex ¹	247	183	91.2	99.4	-	117	123	150
Capex / Sales	4.42%	4.13%	1.87%	2.4%	-	2.71%	2.47%	2.76%
Announcement Date	2/5/20	2/3/21	2/9/22	2/1/23	1/25/24	-	-	-

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 Amorepacific Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

176,400 KRW

Average target price

196,750 KRW

Spread / Average Target

+11.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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INTER PARFUMS, INC.	-12.98%	4.01B
INTERPARFUMS	-3.37%	3.65B
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Cosmetics & Perfumes