Financials Ecopro BM. Co., Ltd.

Equities

A247540

KR7247540008

Electrical Components & Equipment

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
217,500 ^KRW	-1.36%		-6.65%	-24.48%

Mar. 25	Ecopro Global Co., Ltd. announced that it expects to receive KRW 40 billion in funding from Ecopro BM. Co., Ltd.	CI
Feb. 26	Ecopro Global Co., Ltd. announced that it expects to receive KRW 50 billion in funding from Ecopro BM. Co., Ltd.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,089,466	3,578,082	10,936,967	8,994,026	28,126,103	21,241,068	-	-
Enterprise Value (EV) ²	1,276	3,712	11,382	9,619	28,126	23,496	24,170	24,990
P/E ratio	33.3 x	82.1 x	111 x	32.4 x	-	259 x	71 x	46.9 x
Yield	-	0.26%	0.18%	0.49%	-	0.2%	0.19%	0.21%
Capitalization / Revenue	1.77 x	4.19 x	7.36 x	1.68 x	4.08 x	4.21 x	2.44 x	1.69 x
EV / Revenue	2.07 x	4.34 x	7.66 x	1.8 x	4.08 x	4.65 x	2.77 x	1.99 x
EV / EBITDA	19.3 x	40.5 x	71.3 x	21.6 x	115 x	69.3 x	32.7 x	23.3 x
EV / FCF	-7.55 x	139 x	-33.7 x	-13.8 x	-	-21.9 x	-39.1 x	-34 x
FCF Yield	-13.2%	0.72%	-2.97%	-7.24%	-	-4.57%	-2.56%	-2.94%
Price to Book	2.93 x	8.69 x	19.5 x	6.6 x	-	14.4 x	12.1 x	10 x
Nbr of stocks (in thousands)	82,224	84,141	87,356	97,655	97,660	97,660	-	-
Reference price ³	13,250	42,525	125,200	92,100	288,000	217,500	217,500	217,500
Announcement Date	2/6/20	1/29/21	2/3/22	1/26/23	2/6/24	-	-	-

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	616.1	854.7	1,486	5,357	6,901	5,051	8,722	12,535
EBITDA ¹	66.24	91.65	159.6	445.5	245.2	339.2	738.6	1,072
EBIT ¹	37.08	54.52	116.2	382.5	153.2	158.6	508	753.2
Operating Margin	6.02%	6.38%	7.82%	7.14%	2.22%	3.14%	5.82%	6.01%
Earnings before Tax (EBT) ¹	28.34	47.37	115.1	325.1	73.42	85.35	415.2	596.4
Net income ¹	34.48	42.68	103.5	269	46.01	65.26	301.2	463.2
Net margin	5.6%	4.99%	6.96%	5.02%	0.67%	1.29%	3.45%	3.7%
EPS ²	397.7	517.8	1,133	2,842	-	839.5	3,064	4,640
Free Cash Flow ³	-169,028	26,639	-337,850	-696,578	-	-1,073,275	-618,093	-735,070
FCF margin	-27,435.81%	3,116.63%	-22,741.22%	-13,003.27%	-	-21,250.86%	-7,086.34%	-5,864.04%
FCF Conversion (EBITDA)	-	29,066.57%	-	-	-	-	-	-
FCF Conversion (Net income)	-	62,413.58%	-	-	-	-	-	-
Dividend per Share ²	-	112.5	230.0	450.0	-	436.3	418.8	449.4
Announcement Date	2/6/20	1/29/21	2/3/22	1/26/23	2/6/24	-	-	-

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	408.1	503.9	662.5	1,187	1,563	1,944	2,011	1,906	1,803	1,180	970.5	877.6	1,318	1,713	1,847
EBITDA ¹	41.09	70.99	41.66	113.7	157.2	158.4	108.3	115.7	46.7	-88.4	6.714	29.06	78.58	115.2	157.5
EBIT ¹	40.69	28.65	41.06	102.9	140.9	97.04	107.3	114.7	45.9	-114.7	6.684	-9.795	48.42	94.06	77.41
Operating Margin	9.97%	5.68%	6.2%	8.67%	9.01%	4.99%	5.34%	6.02%	2.55%	-9.71%	0.69%	-1.12%	3.67%	5.49%	4.19%
Earnings before Tax (EBT) ¹	43.02	26.41	35.78	89.68	133.2	66.51	97.54	105.5	24.49	-154.1	-6.518	-20.14	34	54.96	33
Net income ¹	32.78	34.51	26.06	68.97	100.2	33.19	70.32	56.55	2.514	-	17	-30.35	12.1	38.4	23.3
Net margin	8.03%	6.85%	3.93%	5.81%	6.41%	1.71%	3.5%	2.97%	0.14%	-	1.62%	-3.46%	0.92%	2.24%	1.26%
EPS ²	359.2	376.2	285.2	753.0	1,025	757.0	823.0	579.0	26.00	-	-330.8	636.3	703.6	199.0	500.7
Dividend per Share ²	-	230.0	-	-	-	450.0	-	-	-	-	-	-	-	449.3	-
Announcement Date	11/2/21	2/3/22	5/2/22	7/13/22	10/18/22	1/26/23	4/11/23	7/12/23	10/13/23	2/6/24	5/2/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	187	134	445	625	-	2,255	2,929	3,749
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.817 x	1.462 x	2.79 x	1.403 x	-	6.648 x	3.966 x	3.496 x
Free Cash Flow ²	-169,028	26,639	-337,850	-696,578	-	-1,073,275	-618,093	-735,070
ROE (net income / shareholders' equity)	13%	10.3%	20.7%	25.8%	2.99%	4.94%	17.6%	22.2%
ROA (Net income/ Total Assets)	6.21%	5.92%	9.3%	9.68%	1.21%	0.77%	5.08%	5.76%
Assets ¹	555.7	721.1	1,113	2,779	3,818	8,459	5,923	8,046
Book Value Per Share ³	4,521	4,894	6,411	13,962	-	15,085	17,913	21,734
Cash Flow per Share ³	-2,160	1,380	-1,173	-2,549	-	3,659	8,700	14,870
Capex ¹	182	98.4	236	455	-	1,295	1,054	1,268
Capex / Sales	29.51%	11.51%	15.92%	8.5%	-	25.65%	12.08%	10.12%
Announcement Date	2/6/20	1/29/21	2/3/22	1/26/23	2/6/24	-	-	-

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 Ecopro BM. Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

217,500 KRW

Average target price

228,880 KRW

Spread / Average Target

+5.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Batteries & Uninterruptable Power Supplies

	1st Jan change	Capi.
ECOPRO BM. CO., LTD.	-24.48%	15.51B
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED	+24.65%	124B
LG ENERGY SOLUTION, LTD.	-10.29%	65.52B
SAMSUNG SDI CO., LTD.	-9.11%	20.75B
TDK CORPORATION	+2.72%	16.79B
EVE ENERGY CO., LTD.	-7.70%	11B
GOTION HIGH-TECH CO.,LTD.	-10.60%	4.74B
VOLTRONIC POWER TECHNOLOGY CORP.	-7.02%	4.3B
TIANNENG BATTERY GROUP CO., LTD.	+6.02%	3.98B
SUNWODA ELECTRONIC CO.,LTD	+3.18%	3.89B

Batteries & Uninterruptable Power Supplies