Financials Hanwha Aerospace Co., Ltd.

Equities

A012450

KR7012450003

Aerospace & Defense

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-20 pm EDT			5-day change	1st Jan Change
207,500 ^KRW	-1.43%		-6.32%	+66.67%

May. 13	Hanwha Aerospace Signs 950.5 Billion Won Deal for South Korea's Next-Gen Launch Vehicle Development	MT
May. 02	Nomura Adjusts Hanwha Aerospace’s Price Target to KRW270,000 From KRW290,000, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,807,178	1,442,372	2,427,332	3,721,909	6,295,892	10,493,153	-	-
Enterprise Value (EV) ²	2,859	2,456	2,680	4,034	8,567	12,521	11,992	11,303
P/E ratio	13.7 x	11.9 x	9.62 x	18.9 x	7.73 x	17.3 x	13.2 x	10.8 x
Yield	-	-	1.46%	1.36%	1.45%	0.93%	1.03%	1.23%
Capitalization / Revenue	0.34 x	0.27 x	0.38 x	0.57 x	0.67 x	0.96 x	0.85 x	0.78 x
EV / Revenue	0.54 x	0.46 x	0.42 x	0.62 x	0.91 x	1.15 x	0.97 x	0.84 x
EV / EBITDA	7.45 x	5.02 x	4.32 x	6.38 x	8.32 x	9.88 x	7.83 x	6.42 x
EV / FCF	5.09 x	10 x	4.05 x	3.04 x	9.14 x	21.7 x	16.5 x	14.4 x
FCF Yield	19.6%	9.99%	24.7%	32.8%	10.9%	4.61%	6.05%	6.96%
Price to Book	0.73 x	0.56 x	0.84 x	1.3 x	1.78 x	2.64 x	2.21 x	1.9 x
Nbr of stocks (in thousands)	51,560	50,610	50,569	50,569	50,569	50,569	-	-
Reference price ³	35,050	28,500	48,000	73,600	124,500	207,500	207,500	207,500
Announcement Date	2/21/20	2/26/21	2/25/22	2/24/23	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	5,264	5,321	6,415	6,540	9,366	10,893	12,356	13,439
EBITDA ¹	384	489.6	620.5	632.6	1,030	1,267	1,532	1,761
EBIT ¹	165.2	243.9	383	375.3	701.7	916.9	1,192	1,407
Operating Margin	3.14%	4.58%	5.97%	5.74%	7.49%	8.42%	9.64%	10.47%
Earnings before Tax (EBT) ¹	156.3	171.8	405.3	171.8	1,240	883.8	1,169	1,469
Net income ¹	132.2	121.4	252.6	156.9	998.4	563	806.7	971.2
Net margin	2.51%	2.28%	3.94%	2.4%	10.66%	5.17%	6.53%	7.23%
EPS ²	2,558	2,390	4,989	3,897	16,103	11,972	15,702	19,184
Free Cash Flow ³	561,306	245,358	661,728	1,325,011	936,855	576,912	725,825	786,533
FCF margin	10,662.9%	4,610.74%	10,315.17%	20,261.33%	10,002.76%	5,295.94%	5,874.11%	5,852.41%
FCF Conversion (EBITDA)	146,174.28%	50,115.33%	106,648.4%	209,453.88%	90,938.07%	45,527.25%	47,388.7%	44,655.7%
FCF Conversion (Net income)	424,572.05%	202,106.85%	261,966.56%	844,580.11%	93,834.09%	102,475.12%	89,977.37%	80,983.67%
Dividend per Share ²	-	-	700.0	1,000	1,800	1,920	2,142	2,555
Announcement Date	2/21/20	2/26/21	2/25/22	2/24/23	2/7/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	1,974	1,378	1,671	1,398	2,518	1,927	1,798	1,982	3,442	1,848	2,467	2,737	3,707
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	81.3	66.4	112.9	64.4	176.6	228.5	83.1	104.3	289.5	37.4	216.2	269.8	350.4
Operating Margin	4.12%	4.82%	6.76%	4.61%	7.01%	11.86%	4.62%	5.26%	8.41%	2.02%	8.76%	9.86%	9.45%
Earnings before Tax (EBT) ¹	42	57	46	111.4	54.62	654.5	344.3	13.7	227.1	56.2	197.4	268	361.8
Net income ¹	30.2	40.4	25.7	88.7	89.69	408.8	269.6	-20.6	171.8	-12.6	128.8	181.1	246.1
Net margin	1.53%	2.93%	1.54%	6.35%	3.56%	21.21%	14.99%	-1.04%	4.99%	-0.68%	5.22%	6.62%	6.64%
EPS	596.0	-	-	-	-	8,041	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/25/22	4/29/22	7/29/22	10/31/22	2/24/23	4/27/23	7/27/23	10/31/23	2/7/24	4/30/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,052	1,014	253	312	2,271	2,028	1,499	810
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.74 x	2.071 x	0.4071 x	0.4937 x	2.204 x	1.6 x	0.9789 x	0.4597 x
Free Cash Flow ²	561,306	245,358	661,728	1,325,011	936,855	576,913	725,825	786,533
ROE (net income / shareholders' equity)	6.02%	5.64%	8.72%	3.98%	23.2%	14.5%	18.1%	18%
ROA (Net income/ Total Assets)	2.05%	1.81%	2.46%	1.86%	4.71%	2.94%	3.77%	4.32%
Assets ¹	6,437	6,696	10,256	8,416	21,186	19,130	21,416	22,482
Book Value Per Share ³	48,217	51,133	57,134	56,612	69,773	78,570	94,045	109,020
Cash Flow per Share ³	13,836	8,557	19,556	30,038	27,384	20,165	23,874	29,881
Capex ¹	154	189	166	197	453	365	390	419
Capex / Sales	2.92%	3.56%	2.59%	3.01%	4.84%	3.35%	3.16%	3.12%
Announcement Date	2/21/20	2/26/21	2/25/22	2/24/23	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 Hanwha Aerospace Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

207,500 KRW

Average target price

243,875 KRW

Spread / Average Target

+17.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Aerospace & Defense

	1st Jan change	Capi.
HANWHA AEROSPACE CO., LTD.	+66.67%	7.83B
RTX CORPORATION	+25.39%	139B
GENERAL DYNAMICS CORPORATION	+15.10%	82.24B
NORTHROP GRUMMAN CORPORATION	+0.89%	69.4B
BAE SYSTEMS PLC	+24.90%	52.48B
ROLLS-ROYCE HOLDINGS PLC	+44.48%	46.41B
L3HARRIS TECHNOLOGIES, INC.	+6.96%	42.42B
HINDUSTAN AERONAUTICS LIMITED	+70.55%	37.98B
RHEINMETALL AG	+83.62%	25.05B
BHARAT ELECTRONICS LIMITED	+48.89%	22.72B

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