Financials CJ ENM CO., Ltd.

Equities

A035760

KR7035760008

Broadcasting

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
83,300 ^KRW	+0.48%		-5.98%	+15.37%

Mar. 29	CJ Onstyle, Kolon Industries Enter Exclusive Distribution Contract for Premium Cooling Fiber Brand	MT
Mar. 18	CJ ENM CO., Ltd. 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	3,133,556	2,738,933	2,877,271	2,170,391	1,496,678	1,726,777	-	-
Enterprise Value (EV) ²	3,577	3,058	3,459	4,429	3,506	3,872	3,575	3,511
P/E ratio	30.1 x	48.6 x	14.9 x	-18.1 x	-4.74 x	140 x	17.2 x	12.7 x
Yield	0.88%	1%	1.51%	-	-	0.16%	1%	1.52%
Capitalization / Revenue	0.69 x	0.81 x	0.81 x	0.45 x	0.34 x	0.35 x	0.33 x	0.3 x
EV / Revenue	0.79 x	0.9 x	0.97 x	0.92 x	0.8 x	0.78 x	0.68 x	0.62 x
EV / EBITDA	3.47 x	3.98 x	4.25 x	3.1 x	3.64 x	3.21 x	2.58 x	2.62 x
EV / FCF	7.06 x	6.71 x	6.05 x	3.05 x	2.93 x	3.67 x	2.83 x	3.49 x
FCF Yield	14.2%	14.9%	16.5%	32.8%	34.1%	27.3%	35.4%	28.6%
Price to Book	1.06 x	0.8 x	0.76 x	0.61 x	0.46 x	0.57 x	0.54 x	0.53 x
Nbr of stocks (in thousands)	19,634	19,634	20,730	20,730	20,730	20,730	-	-
Reference price ³	159,600	139,500	138,800	104,700	72,200	83,300	83,300	83,300
Announcement Date	2/13/20	2/4/21	2/10/22	2/9/23	2/7/24	-	-	-

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	4,532	3,391	3,552	4,792	4,368	4,965	5,261	5,688
EBITDA ¹	1,031	768.7	813.4	1,431	962	1,207	1,387	1,339
EBIT ¹	295.7	272.1	296.9	137.4	-14.6	195.5	285.5	350.2
Operating Margin	6.52%	8.02%	8.36%	2.87%	-0.33%	3.94%	5.43%	6.16%
Earnings before Tax (EBT) ¹	200	157	295.9	-327.6	-335.1	46.33	160.9	233.7
Net income ¹	105.5	70.53	193.4	-120.1	-315.9	26.95	113.8	147.6
Net margin	2.33%	2.08%	5.45%	-2.51%	-7.23%	0.54%	2.16%	2.59%
EPS ²	5,310	2,870	9,332	-5,793	-15,238	593.1	4,844	6,570
Free Cash Flow ³	506,674	455,481	571,336	1,451,302	1,195,949	1,055,500	1,264,750	1,005,500
FCF margin	11,178.9%	13,431.33%	16,083.1%	30,284.43%	27,377.53%	21,259.93%	24,040.41%	17,676.5%
FCF Conversion (EBITDA)	49,165.87%	59,253.54%	70,239.61%	101,436.93%	124,321.81%	87,453.27%	91,201.92%	75,069.39%
FCF Conversion (Net income)	480,474.9%	645,770.39%	295,340.18%	-	-	3,916,594.9%	1,111,159.63%	681,314.21%
Dividend per Share ²	1,400	1,400	2,100	-	-	133.3	835.7	1,267
Announcement Date	2/13/20	2/4/21	2/10/22	2/9/23	2/7/24	-	-	-

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
Net sales ¹	857.5	995	957.3	1,192	1,179	1,464	949	1,049	1,111	1,260	1,154	1,177	1,232	1,397
EBITDA	220.6	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	87.82	29.64	49.63	55.61	25.53	6.613	-50.34	-30.36	7.405	58.7	12.33	41.67	55.05	89.28
Operating Margin	10.24%	2.98%	5.18%	4.66%	2.17%	0.45%	-5.31%	-2.89%	0.67%	4.66%	1.07%	3.54%	4.47%	6.39%
Earnings before Tax (EBT) ¹	101.5	21.88	3.983	-	-46.94	-261.6	-80.42	-113.3	-42.12	-99.23	-17	-6.759	23.93	29.69
Net income ¹	66.87	21.16	6.742	-23.88	-54.89	-48.05	-68.66	-97.07	-40.65	-112.3	-15.11	-1.369	14.54	20.22
Net margin	7.8%	2.13%	0.7%	-2%	-4.66%	-3.28%	-7.23%	-9.25%	-3.66%	-8.92%	-1.31%	-0.12%	1.18%	1.45%
EPS	3,226	-	325.0	-1,152	-	-	-3,312	-4,683	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/4/21	2/10/22	5/11/22	8/4/22	11/8/22	2/9/23	5/4/23	8/10/23	11/8/23	2/7/24	5/9/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	443	319	581	2,259	2,009	2,145	1,849	1,784
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.43 x	0.415 x	0.7146 x	1.579 x	2.088 x	1.777 x	1.333 x	1.332 x
Free Cash Flow ²	506,674	455,481	571,336	1,451,302	1,195,949	1,055,500	1,264,750	1,005,500
ROE (net income / shareholders' equity)	3.17%	2.29%	5.7%	-3.28%	-9.38%	0.47%	3.35%	4.39%
ROA (Net income/ Total Assets)	2.79%	1.36%	2.72%	-1.31%	-3.11%	0.39%	1.4%	1.79%
Assets ¹	3,780	5,203	7,110	9,136	10,141	6,987	8,144	8,256
Book Value Per Share ³	150,071	173,326	182,220	171,357	156,237	147,335	153,952	157,606
Cash Flow per Share ³	40,187	28,561	35,941	79,633	62,522	80,439	67,277	78,875
Capex ¹	282	111	174	199	100	157	129	115
Capex / Sales	6.23%	3.27%	4.89%	4.16%	2.29%	3.16%	2.46%	2.02%
Announcement Date	2/13/20	2/4/21	2/10/22	2/9/23	2/7/24	-	-	-

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 CJ ENM CO., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

83,300 KRW

Average target price

96,778 KRW

Spread / Average Target

+16.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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