HANON SYSTEMS |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 5,710 KRW | +0.18% |
|
-2.73% | -21.67% |
| May. 10 | Nomura Adjusts Hanon Systems’ Price Target to KRW3,000 From KRW4,000, Keeps at Reduce | MT |
| May. 10 | Hanon Systems Q1 Profit Falls 81% | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,951,870 | 8,672,112 | 7,177,840 | 4,317,378 | 3,890,443 | 3,047,247 | - | - |
| Enterprise Value (EV) 2 | 7,999 | 10,797 | 9,497 | 7,149 | 3,890 | 6,361 | 6,287 | 6,192 |
| P/E ratio | 18.7 x | 78.5 x | 23.4 x | 150 x | 75.9 x | 19.5 x | 11.4 x | 9.56 x |
| Yield | 2.87% | 1.97% | 2.68% | 4.45% | - | 5.16% | 5.3% | 5.24% |
| Capitalization / Revenue | 0.83 x | 1.26 x | 0.98 x | 0.5 x | 0.41 x | 0.31 x | 0.29 x | 0.27 x |
| EV / Revenue | 1.12 x | 1.57 x | 1.29 x | 0.83 x | 0.41 x | 0.64 x | 0.6 x | 0.55 x |
| EV / EBITDA | 9.26 x | 13.8 x | 11.4 x | 8.78 x | 4.44 x | 6.51 x | 5.67 x | 5.19 x |
| EV / FCF | 23.7 x | 27.4 x | 38.2 x | -1,780 x | - | 16.3 x | 13.5 x | 13.1 x |
| FCF Yield | 4.21% | 3.64% | 2.62% | -0.06% | - | 6.13% | 7.4% | 7.62% |
| Price to Book | 2.68 x | 4.1 x | 3.06 x | 1.92 x | - | 1.27 x | 1.19 x | 1.13 x |
| Nbr of stocks (in thousands) | 533,800 | 533,668 | 533,668 | 533,668 | 533,668 | 533,668 | - | - |
| Reference price 3 | 11,150 | 16,250 | 13,450 | 8,090 | 7,290 | 5,710 | 5,710 | 5,710 |
| Announcement Date | 2/11/20 | 2/9/21 | 2/10/22 | 2/9/23 | 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 | 7,154 | 6,870 | 7,351 | 8,628 | 9,559 | 9,901 | 10,554 | 11,183 |
| EBITDA 1 | 864 | 784 | 834 | 814.5 | 875.7 | 977 | 1,108 | 1,194 |
| EBIT 1 | 484 | 315.8 | 325.8 | 256.6 | 277.3 | 354.9 | 480.5 | 559.3 |
| Operating Margin | 6.77% | 4.6% | 4.43% | 2.97% | 2.9% | 3.59% | 4.55% | 5% |
| Earnings before Tax (EBT) 1 | 407.3 | 139.8 | 354.6 | 107.5 | 144.6 | 229.6 | 377.8 | 457.4 |
| Net income 1 | 318.5 | 110.4 | 308.5 | 28.78 | 50.98 | 162.4 | 283.6 | 343.7 |
| Net margin | 4.45% | 1.61% | 4.2% | 0.33% | 0.53% | 1.64% | 2.69% | 3.07% |
| EPS 2 | 596.0 | 207.0 | 575.0 | 54.00 | 96.00 | 292.7 | 499.1 | 597.4 |
| Free Cash Flow 3 | 337,025 | 393,528 | 248,637 | -4,016 | - | 389,612 | 465,078 | 471,817 |
| FCF margin | 4,711% | 5,728.21% | 3,382.17% | -46.55% | - | 3,935.26% | 4,406.5% | 4,218.95% |
| FCF Conversion (EBITDA) | 39,007.5% | 50,194.93% | 29,812.64% | - | - | 39,877.42% | 41,965.85% | 39,522.08% |
| FCF Conversion (Net income) | 105,803.99% | 356,560.07% | 80,591.67% | - | - | 239,866.21% | 164,001.62% | 137,272.41% |
| Dividend per Share 2 | 320.0 | 320.0 | 360.0 | 360.0 | - | 294.4 | 302.7 | 299.5 |
| Announcement Date | 2/11/20 | 2/9/21 | 2/10/22 | 2/9/23 | 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 | 1,704 | 1,926 | 1,980 | 2,107 | 2,196 | 2,345 | 2,340 | 2,429 | 2,327 | 2,463 | 2,405 | 2,501 | 2,413 | 2,582 | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 70.58 | 60.73 | 30.46 | 60.07 | 61.76 | 104.3 | 60.22 | 143.5 | 20.29 | 53.29 | 65.32 | 86.51 | 84.38 | 118.6 | - |
| Operating Margin | 4.14% | 3.15% | 1.54% | 2.85% | 2.81% | 4.45% | 2.57% | 5.91% | 0.87% | 2.16% | 2.72% | 3.46% | 3.5% | 4.59% | - |
| Earnings before Tax (EBT) 1 | 53.3 | 95.45 | 29.94 | 14.58 | 25.65 | 37.33 | 66.64 | 135.2 | -26.89 | -30.38 | 20.79 | 60.17 | 65.45 | 97.35 | - |
| Net income 1 | 50.89 | 102.1 | 19.71 | 13.96 | 16.81 | -21.7 | 43.88 | 107.2 | -45.35 | -54.77 | 8.287 | 42.17 | 43.99 | 68.42 | - |
| Net margin | 2.99% | 5.3% | 1% | 0.66% | 0.77% | -0.93% | 1.88% | 4.41% | -1.95% | -2.22% | 0.34% | 1.69% | 1.82% | 2.65% | - |
| EPS 2 | 95.00 | 190.0 | 37.00 | 26.00 | 32.00 | -41.00 | 82.00 | 201.0 | -85.00 | -102.0 | 65.63 | 61.59 | 100.8 | 125.9 | - |
| Dividend per Share 2 | - | - | - | - | 90.00 | 90.00 | - | - | - | - | - | - | - | 200.0 | - |
| Announcement Date | 11/9/21 | 2/10/22 | 5/11/22 | 8/10/22 | 11/9/22 | 2/9/23 | 5/11/23 | 8/10/23 | 11/9/23 | 2/14/24 | 5/9/24 | - | - | - | - |
1KRW in Billions2KRW
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,047 | 2,125 | 2,319 | 2,832 | - | 3,313 | 3,240 | 3,145 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.37 x | 2.71 x | 2.781 x | 3.477 x | - | 3.391 x | 2.924 x | 2.634 x |
| Free Cash Flow 2 | 337,025 | 393,528 | 248,637 | -4,016 | - | 389,613 | 465,078 | 471,817 |
| ROE (net income / shareholders' equity) | 15% | 5.24% | 13.2% | 1.25% | - | 6.13% | 10.6% | 12% |
| ROA (Net income/ Total Assets) | 5.12% | 1.52% | 3.85% | 0.33% | - | 2.48% | 3.48% | 4.19% |
| Assets 1 | 6,219 | 7,242 | 8,020 | 8,675 | - | 6,543 | 8,140 | 8,210 |
| Book Value Per Share 3 | 4,153 | 3,967 | 4,391 | 4,208 | - | 4,503 | 4,792 | 5,059 |
| Cash Flow per Share 3 | 1,457 | 1,489 | 1,186 | 709.0 | - | 1,488 | 1,653 | 1,746 |
| Capex 1 | 441 | 402 | 388 | 389 | - | 482 | 471 | 459 |
| Capex / Sales | 6.17% | 5.85% | 5.27% | 4.51% | - | 4.86% | 4.47% | 4.11% |
| Announcement Date | 2/11/20 | 2/9/21 | 2/10/22 | 2/9/23 | 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
24
Last Close Price
5,710
KRW
Average target price
6,796
KRW
Spread / Average Target
+19.01%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -21.67% | 2.22B | |
| +1.89% | 3.9B | |
| -15.93% | 3.49B | |
| +0.84% | 2.67B | |
| +37.18% | 2.3B | |
| +79.23% | 1.75B | |
| -7.51% | 1.46B | |
| -14.15% | 1.25B | |
| -19.33% | 1.09B | |
| +41.60% | 1.07B |
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- Financials Hanon Systems