Financials E-MART Inc.

Equities

A139480

KR7139480008

Food Retail & Distribution

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
65,500 ^KRW	+0.31%		+1.24%	-14.49%

May. 17	E-Mart's Net Income Jumps 146% in Q1, Revenue Rises 1%	MT
Mar. 20	E-MART Inc. 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	3,473,633	4,085,073	4,196,042	2,625,259	2,051,988	1,754,637	-	-
Enterprise Value (EV) ²	7,930	6,281	9,869	8,703	2,052	10,507	10,512	9,818
P/E ratio	16.7 x	12.2 x	2.69 x	2.61 x	-19.8 x	22 x	8.71 x	7.13 x
Yield	1.57%	1.32%	1.33%	2.04%	-	3.12%	3.37%	3.51%
Capitalization / Revenue	0.18 x	0.19 x	0.17 x	0.09 x	0.07 x	0.06 x	0.06 x	0.05 x
EV / Revenue	0.42 x	0.29 x	0.4 x	0.3 x	0.07 x	0.35 x	0.34 x	0.31 x
EV / EBITDA	7.67 x	5.13 x	6.79 x	5.13 x	1.32 x	6.69 x	6.12 x	5.52 x
EV / FCF	-25.1 x	6.22 x	9.37 x	24.3 x	-	10.5 x	12 x	12.1 x
FCF Yield	-3.98%	16.1%	10.7%	4.12%	-	9.51%	8.37%	8.29%
Price to Book	0.39 x	0.45 x	0.41 x	0.23 x	-	0.15 x	0.15 x	0.15 x
Nbr of stocks (in thousands)	27,244	26,964	27,788	26,788	26,788	26,788	-	-
Reference price ³	127,500	151,500	151,000	98,000	76,600	65,500	65,500	65,500
Announcement Date	2/5/20	2/9/21	2/10/22	2/28/23	2/14/24	-	-	-

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	19,063	21,395	24,933	29,332	29,472	30,058	31,079	32,096
EBITDA ¹	1,033	1,223	1,454	1,696	1,549	1,570	1,719	1,778
EBIT ¹	150.7	237.2	315.6	135.7	-46.9	175.4	364.2	407.9
Operating Margin	0.79%	1.11%	1.27%	0.46%	-0.16%	0.58%	1.17%	1.27%
Earnings before Tax (EBT) ¹	282.1	621.9	2,114	1,252	-212.3	97.17	298	354.1
Net income ¹	233.9	362.6	1,571	1,029	-89.1	79.12	200.6	240.7
Net margin	1.23%	1.69%	6.3%	3.51%	-0.3%	0.26%	0.65%	0.75%
EPS ²	7,620	12,378	56,152	37,528	-3,864	2,975	7,518	9,183
Free Cash Flow ³	-315,870	1,009,911	1,053,219	358,178	-	998,963	879,552	813,654
FCF margin	-1,656.99%	4,720.33%	4,224.25%	1,221.1%	-	3,323.45%	2,830.01%	2,535.06%
FCF Conversion (EBITDA)	-	82,546.66%	72,437.39%	21,114.02%	-	63,621.35%	51,180.94%	45,751.88%
FCF Conversion (Net income)	-	278,533.74%	67,052.15%	34,798.78%	-	1,262,555.4%	438,476.46%	338,082.92%
Dividend per Share ²	2,000	2,000	2,012	2,000	-	2,042	2,209	2,300
Announcement Date	2/5/20	2/9/21	2/10/22	2/28/23	2/14/24	-	-	-

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	6,312	6,860	7,004	7,147	7,707	7,474	7,135	7,271	7,710	7,356	7,207	7,355	7,934	7,583	-
EBITDA ¹	458.6	344.3	413.9	374.9	1,449	414.8	403.3	346.4	483.4	315.9	450.4	312.1	468.8	408.5	-
EBIT ¹	108.6	76.1	34.4	-12.3	100.7	12.79	13.7	-53	77.92	-85.5	47.1	-31.25	114.7	59.16	-
Operating Margin	1.72%	1.11%	0.49%	-0.17%	1.31%	0.17%	0.19%	-0.73%	1.01%	-1.16%	0.65%	-0.42%	1.45%	0.78%	-
Earnings before Tax (EBT) ¹	1,273	42.85	1,097	-82.4	181.4	56.77	5.3	-137.2	41.81	-122.2	32.9	-48.6	92.74	33.55	-
Net income ¹	933.6	69.46	811.1	-61.1	106.4	172.9	11.2	-87.8	41.24	-53.7	27.5	-22.15	76.83	38.31	-
Net margin	14.79%	1.01%	11.58%	-0.85%	1.38%	2.31%	0.16%	-1.21%	0.53%	-0.73%	0.38%	-0.3%	0.97%	0.51%	-
EPS ²	33,657	2,272	29,162	-1,790	4,100	6,056	284.0	-3,412	1,404	-2,140	893.0	102.8	843.2	-350.0	-
Dividend per Share ²	-	2,012	-	-	-	2,000	-	-	-	-	-	-	-	2,000	-
Announcement Date	11/11/21	2/10/22	5/12/22	8/11/22	11/10/22	2/28/23	5/11/23	8/14/23	11/14/23	2/14/24	5/16/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,456	2,196	5,673	6,078	-	8,752	8,757	8,063
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.313 x	1.795 x	3.902 x	3.583 x	-	5.574 x	5.096 x	4.534 x
Free Cash Flow ²	-315,870	1,009,911	1,053,219	358,178	-	998,963	879,552	813,654
ROE (net income / shareholders' equity)	2.35%	3.5%	13.9%	7.85%	-	0.83%	1.86%	2.08%
ROA (Net income/ Total Assets)	1.18%	1.67%	5.86%	3.1%	-	0.29%	0.69%	0.72%
Assets ¹	19,763	21,718	26,791	33,202	-	27,635	29,256	33,237
Book Value Per Share ³	329,988	336,509	369,202	418,373	-	443,912	440,933	451,048
Cash Flow per Share ³	28,754	60,964	49,583	52,493	-	73,905	61,953	79,812
Capex ¹	1,132	634	1,133	1,154	-	752	831	857
Capex / Sales	5.94%	2.96%	4.55%	3.93%	-	2.5%	2.67%	2.67%
Announcement Date	2/5/20	2/9/21	2/10/22	2/28/23	2/14/24	-	-	-

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 E-MART Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

65,500 KRW

Average target price

82,143 KRW

Spread / Average Target

+25.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
E-MART INC.	-14.49%	1.3B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-9.85%	38.7B
AVENUE SUPERMARTS LIMITED	+14.40%	36.58B
SEVEN & I HOLDINGS CO., LTD.	+8.55%	33.85B
SM INVESTMENTS CORPORATION	+0.34%	18.54B
COLES GROUP LIMITED	+1.18%	14.54B
JERÓNIMO MARTINS, SGPS, S.A.	-10.94%	14.02B
CASEY'S GENERAL STORES, INC.	+22.11%	12.42B
CARREFOUR	-0.36%	12.42B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores