Financials Doosan Bobcat Inc.

Equities

A241560

KR7241560002

Heavy Machinery & Vehicles

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
53,600 ^KRW	+0.94%		+3.08%	+6.35%

May. 01	Doosan Bobcat Q1 Profit Up 4.5%	MT
Apr. 29	Doosan Bobcat Inc. announces an Equity Buyback for 60,467 shares.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,443,559	2,972,388	4,085,154	3,467,475	5,047,695	5,368,183	-	-
Enterprise Value (EV) ²	4,036	3,251	4,920	4,064	5,048	4,807	4,291	3,632
P/E ratio	12 x	12.5 x	9.81 x	5.35 x	-	6.83 x	6.61 x	6.02 x
Yield	3.49%	-	2.94%	2.17%	-	3.18%	3.32%	3.61%
Capitalization / Revenue	0.76 x	0.69 x	0.7 x	0.4 x	0.52 x	0.55 x	0.54 x	0.51 x
EV / Revenue	0.89 x	0.76 x	0.85 x	0.47 x	0.52 x	0.49 x	0.43 x	0.35 x
EV / EBITDA	6.49 x	6.21 x	5.82 x	3.07 x	-	3.39 x	2.98 x	2.45 x
EV / FCF	12.9 x	6.98 x	19 x	7.45 x	-	5.96 x	5.08 x	3.65 x
FCF Yield	7.75%	14.3%	5.25%	13.4%	-	16.8%	19.7%	27.4%
Price to Book	0.82 x	0.7 x	0.9 x	0.66 x	-	0.81 x	0.74 x	0.68 x
Nbr of stocks (in thousands)	100,249	100,249	100,249	100,216	100,153	100,153	-	-
Reference price ³	34,350	29,650	40,750	34,600	50,400	53,600	53,600	53,600
Announcement Date	2/13/20	2/8/21	2/9/22	2/8/23	1/19/24	-	-	-

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	4,510	4,282	5,816	8,622	9,762	9,822	9,989	10,450
EBITDA ¹	621.8	523.9	846	1,325	-	1,418	1,439	1,485
EBIT ¹	477	393.9	595.3	1,072	1,393	1,170	1,181	1,227
Operating Margin	10.58%	9.2%	10.24%	12.43%	14.27%	11.91%	11.82%	11.74%
Earnings before Tax (EBT) ¹	404.9	355.8	521	886.3	1,261	1,059	1,094	1,202
Net income ¹	272.1	247.5	385.9	644.1	925.1	786.7	813.2	892.6
Net margin	6.03%	5.78%	6.63%	7.47%	9.48%	8.01%	8.14%	8.54%
EPS ²	2,861	2,364	4,154	6,466	-	7,848	8,114	8,903
Free Cash Flow ³	312,654	465,626	258,431	545,691	-	807,125	844,200	995,400
FCF margin	6,933.07%	10,873.88%	4,443.3%	6,329.12%	-	8,217.81%	8,451.01%	9,525.7%
FCF Conversion (EBITDA)	50,283.79%	88,878.55%	30,547.18%	41,189.05%	-	56,927.34%	58,678.05%	67,036.38%
FCF Conversion (Net income)	114,903.91%	188,166.82%	66,970.41%	84,727.3%	-	102,596.8%	103,807.59%	111,513.5%
Dividend per Share ²	1,200	-	1,200	750.0	-	1,703	1,778	1,933
Announcement Date	2/13/20	2/8/21	2/9/22	2/8/23	1/19/24	-	-	-

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	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	1,546	1,815	1,641	2,218	2,379	1,757	2,405	2,672	2,366	2,443	2,577	2,390	2,317	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	129.6	158	194.4	309.5	316.9	237.6	369.7	466.5	297.6	301.9	316.8	265.3	230.8	-
Operating Margin	8.38%	8.7%	11.85%	13.95%	13.32%	13.52%	15.37%	17.46%	12.58%	12.36%	12.29%	11.1%	9.96%	-
Earnings before Tax (EBT)	80.2	155.3	148.3	-	231.2	278.1	-	438.2	269.1	-	-	-	-	-
Net income	54.4	127.3	100.5	140.6	118.9	279.5	207.5	308	189.1	-	222	175	147	-
Net margin	3.52%	7.01%	6.13%	6.34%	5%	15.9%	8.63%	11.53%	7.99%	-	8.61%	7.32%	6.34%	-
EPS ²	542.4	1,261	-	-	1,167	2,784	2,066	3,075	-	2,253	2,454	2,109	1,962	2,022
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/29/21	2/9/22	4/27/22	7/28/22	10/28/22	2/8/23	4/26/23	7/26/23	10/27/23	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	592	279	835	597	-	-	-	-
Net Cash position ¹	-	-	-	-	-	561	1,077	1,737
Leverage (Debt/EBITDA)	0.9526 x	0.5322 x	0.9864 x	0.4503 x	-	-	-	-
Free Cash Flow ²	312,654	465,626	258,431	545,691	-	807,125	844,200	995,400
ROE (net income / shareholders' equity)	6.88%	6.15%	9.19%	13.8%	16.8%	12.5%	11.7%	11.8%
ROA (Net income/ Total Assets)	4.04%	3.62%	4.95%	6.86%	-	7.44%	7.35%	7.67%
Assets ¹	6,735	6,832	7,803	9,390	-	10,568	11,062	11,643
Book Value Per Share ³	42,097	42,215	45,225	52,125	-	66,222	72,662	78,863
Cash Flow per Share ³	5,138	5,863	4,815	7,205	-	10,354	10,851	12,200
Capex ¹	202	122	224	177	-	248	265	299
Capex / Sales	4.49%	2.85%	3.86%	2.05%	-	2.53%	2.65%	2.86%
Announcement Date	2/13/20	2/8/21	2/9/22	2/8/23	1/19/24	-	-	-

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 Doosan Bobcat Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

53,600 KRW

Average target price

64,375 KRW

Spread / Average Target

+20.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
DOOSAN BOBCAT INC.	+6.35%	3.93B
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Construction Machinery