Financials BH Co., Ltd.

Equities

A090460

KR7090460007

Semiconductors

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
20,700 ^KRW	+17.35%		+24.03%	-2.13%

Mar. 21	BH Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 20	Nomura Adjusts BH Co Ltd’s Price Target to 23,000 Won From 24,000 Won, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	660,563	677,952	724,387	715,659	669,944	655,689	-	-
Enterprise Value (EV) ²	686.3	713.2	946.1	765.7	669.9	634.7	546.2	445.7
P/E ratio	11 x	26 x	8.83 x	5.05 x	7.39 x	6.79 x	5.86 x	4.7 x
Yield	-	1.14%	1.08%	1.11%	-	1.26%	1.34%	1.52%
Capitalization / Revenue	1.01 x	0.94 x	0.7 x	0.43 x	0.42 x	0.38 x	0.35 x	0.32 x
EV / Revenue	1.05 x	0.99 x	0.91 x	0.46 x	0.42 x	0.36 x	0.29 x	0.22 x
EV / EBITDA	7.3 x	10.7 x	8.92 x	4.37 x	4.87 x	3.65 x	2.79 x	2.09 x
EV / FCF	47.6 x	-19.6 x	-117 x	5.85 x	-	8.52 x	5.46 x	3.68 x
FCF Yield	2.1%	-5.11%	-0.86%	17.1%	-	11.7%	18.3%	27.1%
Price to Book	2.36 x	2.12 x	1.92 x	1.86 x	-	0.95 x	0.83 x	0.73 x
Nbr of stocks (in thousands)	30,094	30,886	31,224	31,878	31,676	31,676	-	-
Reference price ³	21,950	21,950	23,200	22,450	21,150	20,700	20,700	20,700
Announcement Date	2/10/20	2/8/21	2/3/22	2/13/23	2/19/24	-	-	-

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	654.9	721.4	1,037	1,681	1,592	1,744	1,892	2,066
EBITDA ¹	94.06	66.47	106	175.3	137.4	174	195.7	213.2
EBIT ¹	62.57	34.04	71.11	131.3	85.56	117.6	138.6	168.9
Operating Margin	9.55%	4.72%	6.86%	7.81%	5.37%	6.74%	7.32%	8.17%
Earnings before Tax (EBT) ¹	68.6	33.88	104.5	164.5	97.69	122.2	144.4	176.5
Net income ¹	59.37	25.9	81.61	143.9	85.45	100.4	118.6	145.6
Net margin	9.07%	3.59%	7.87%	8.56%	5.37%	5.76%	6.27%	7.05%
EPS ²	1,991	844.0	2,626	4,448	2,863	3,047	3,532	4,402
Free Cash Flow ³	14,425	-36,467	-8,100	130,883	-	74,500	100,000	121,000
FCF margin	2,202.74%	-5,055.37%	-781.12%	7,785.78%	-	4,270.68%	5,286.24%	5,857.99%
FCF Conversion (EBITDA)	15,336.43%	-	-	74,650.59%	-	42,820.63%	51,088.45%	56,764.14%
FCF Conversion (Net income)	24,296.19%	-	-	90,942.99%	-	74,182.23%	84,320.19%	83,075.96%
Dividend per Share ²	-	250.0	250.0	250.0	-	260.2	276.8	315.2
Announcement Date	2/10/20	2/8/21	2/3/22	2/13/23	2/19/24	-	-	-

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	333.7	402.1	366.2	339.1	473.2	502.5	313.9	305.3	456.1	516.7	298.9	379.2	514.3	555.8	384
EBITDA ¹	-	-	-	-	-	-	-	-	-	28.67	23.3	31.58	71.67	71.32	38.16
EBIT ¹	43.71	43.46	22.39	24.05	59.03	33.19	8.916	9.707	50.81	16.13	8.423	16.95	50.14	43.17	24.5
Operating Margin	13.1%	10.81%	6.11%	7.09%	12.47%	6.6%	2.84%	3.18%	11.14%	3.12%	2.82%	4.47%	9.75%	7.77%	6.38%
Earnings before Tax (EBT) ¹	58.33	47.03	33.64	43.25	78.89	8.676	26.08	2.522	53.32	15.77	13.57	17.46	46	50.33	24.34
Net income ¹	46.47	39.83	29.36	33.04	67.8	13.72	22.87	3.854	48.85	-	10.63	14.79	39.23	42.58	20.69
Net margin	13.93%	9.91%	8.02%	9.75%	14.33%	2.73%	7.28%	1.26%	10.71%	-	3.31%	3.9%	7.63%	7.66%	5.39%
EPS	-	-	-	-	-	-	-	-	-	-	-	499.2	1,616	1,607	662.5
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/26/21	2/3/22	4/27/22	7/25/22	10/25/22	2/13/23	5/4/23	8/1/23	10/31/23	2/19/24	5/2/24	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	25.7	35.2	222	50.1	-	-	-	-
Net Cash position ¹	-	-	-	-	-	21	109	210
Leverage (Debt/EBITDA)	0.2732 x	0.5301 x	2.091 x	0.2856 x	-	-	-	-
Free Cash Flow ²	14,425	-36,467	-8,100	130,883	-	74,500	100,000	121,000
ROE (net income / shareholders' equity)	25.4%	7.23%	22.9%	28.2%	13.9%	14.6%	15%	15.7%
ROA (Net income/ Total Assets)	12.5%	4.14%	12.1%	16%	-	8.35%	8.99%	9.4%
Assets ¹	474.6	625.5	676.2	900.4	-	1,203	1,320	1,549
Book Value Per Share ³	9,286	10,376	12,067	12,067	-	21,743	24,991	28,414
Cash Flow per Share ³	2,373	659.0	1,036	6,242	-	4,748	5,171	5,931
Capex ¹	56.3	56.7	41.2	66.5	-	63.3	58.7	63
Capex / Sales	8.6%	7.86%	3.98%	3.96%	-	3.63%	3.1%	3.05%
Announcement Date	2/10/20	2/8/21	2/3/22	2/13/23	2/19/24	-	-	-

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 BH Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20,700 KRW

Average target price

26,708 KRW

Spread / Average Target

+29.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Circuits