HD HYUNDAI CONSTRUCTION EQUIPMENT CO., LTD.

Financials HD Hyundai Construction Equipment Co., LTD.

Equities

A267270

KR7267270007

Heavy Machinery & Vehicles

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-19 pm EDT			5-day change	1st Jan Change
55,500 ^KRW	0.00%		-0.89%	+7.35%

Apr. 08	Hyundai Commercial Enters Partnership for Used Equipment Online Auction Platform	MT
Feb. 06	HD Hyundai Construction Equipment Co., LTD. announces an Equity Buyback for KRW 30,300 million worth of its shares.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	569,804	624,117	772,761	1,132,245	941,111	957,698	-	-
Enterprise Value (EV) ²	1,306	1,026	1,528	1,607	1,298	1,160	1,076	929.6
P/E ratio	177 x	-64.7 x	6.81 x	10.2 x	6.75 x	6.3 x	5.83 x	5.22 x
Yield	2.01%	-	2.96%	2.81%	1.35%	1.6%	2.89%	4.26%
Capitalization / Revenue	0.2 x	0.24 x	0.24 x	0.32 x	0.25 x	0.25 x	0.23 x	0.23 x
EV / Revenue	0.46 x	0.39 x	0.47 x	0.46 x	0.34 x	0.3 x	0.26 x	0.22 x
EV / EBITDA	5.59 x	6.35 x	6.72 x	6.84 x	5.04 x	3.95 x	3.43 x	2.63 x
EV / FCF	21.7 x	5.81 x	-5.87 x	8.21 x	6.4 x	7.07 x	10.1 x	6.35 x
FCF Yield	4.61%	17.2%	-17.1%	12.2%	15.6%	14.1%	9.94%	15.8%
Price to Book	0.49 x	0.51 x	0.58 x	0.84 x	0.65 x	0.6 x	0.55 x	0.52 x
Nbr of stocks (in thousands)	19,057	19,057	19,057	18,203	18,203	17,350	-	-
Reference price ³	29,900	32,750	40,550	62,200	51,700	55,200	55,200	55,200
Announcement Date	2/4/20	2/3/21	2/4/22	2/6/23	1/23/24	-	-	-

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	2,852	2,618	3,284	3,516	3,825	3,877	4,097	4,234
EBITDA ¹	233.4	161.5	227.4	235.1	257.3	293.8	314.1	352.9
EBIT ¹	157.8	91.57	160.7	170.5	257.2	235.9	251.5	293.4
Operating Margin	5.53%	3.5%	4.89%	4.85%	6.72%	6.09%	6.14%	6.93%
Earnings before Tax (EBT) ¹	70.5	9.234	157.6	152.7	189.7	211.9	235.2	265.2
Net income ¹	3.2	-9.65	126.4	111.6	127.1	162.6	176.4	197.5
Net margin	0.11%	-0.37%	3.85%	3.17%	3.32%	4.19%	4.31%	4.66%
EPS ²	169.0	-506.0	5,953	6,112	7,659	8,764	9,469	10,580
Free Cash Flow ³	60,200	176,650	-260,481	195,784	202,927	164,000	106,975	146,433
FCF margin	2,110.73%	6,748.71%	-7,931.01%	5,568.84%	5,305.32%	4,230.34%	2,611.31%	3,458.21%
FCF Conversion (EBITDA)	25,792.57%	109,351.25%	-	83,272.23%	78,869.16%	55,826.62%	34,059.79%	41,494.29%
FCF Conversion (Net income)	1,881,250%	-	-	175,433.57%	159,678.8%	100,885.83%	60,643.42%	74,155.97%
Dividend per Share ²	600.0	-	1,200	1,750	700.0	884.7	1,596	2,350
Announcement Date	2/4/20	2/3/21	2/4/22	2/6/23	1/23/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	813.8	757.2	932.4	875.1	874.8	1,018	1,032	928.7	845.9	979.1	1,022	998	952
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	43	-16	46.7	36.7	63	80	96.6	53.8	26.8	53.6	69.5	65.5	48.5
Operating Margin	5.28%	-2.11%	5.01%	4.19%	7.2%	7.86%	9.36%	5.79%	3.17%	5.47%	6.8%	6.56%	5.09%
Earnings before Tax (EBT) ¹	44.5	-33.5	68.2	32.5	71.4	91.2	95.6	47.3	-43.9	53.9	72	65	36
Net income ¹	32.3	-27.4	51.8	19.5	55.9	71.7	68.2	36.3	-36.8	45.8	54	48	26
Net margin	3.97%	-3.62%	5.56%	2.23%	6.39%	7.04%	6.61%	3.91%	-4.35%	4.68%	5.28%	4.81%	2.73%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/27/21	2/4/22	4/28/22	7/27/22	10/26/22	4/26/23	7/26/23	10/25/23	1/23/24	4/24/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	736	402	755	475	357	202	118	-
Net Cash position ¹	-	-	-	-	-	-	-	28.1
Leverage (Debt/EBITDA)	3.153 x	2.486 x	3.321 x	2.02 x	1.386 x	0.6885 x	0.3768 x	-
Free Cash Flow ²	60,200	176,650	-260,481	195,784	202,927	164,000	106,975	146,433
ROE (net income / shareholders' equity)	0.26%	-0.79%	7.97%	7.99%	7.39%	10%	9.76%	10.4%
ROA (Net income/ Total Assets)	0.1%	-0.3%	3.28%	3.18%	4.13%	4.7%	4.98%	5.7%
Assets ¹	3,200	3,271	3,850	3,507	3,074	3,459	3,542	3,464
Book Value Per Share ³	61,453	63,930	69,619	74,277	80,021	91,923	100,603	106,163
Cash Flow per Share ³	8,142	14,417	-10,284	-	17,479	11,824	15,632	-
Capex ¹	85	93.9	64.5	59.2	115	125	95.2	37.5
Capex / Sales	2.98%	3.59%	1.96%	1.68%	3.01%	3.23%	2.32%	0.89%
Announcement Date	2/4/20	2/3/21	2/4/22	2/6/23	1/23/24	-	-	-

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 HD Hyundai Construction Equipment Co., LTD.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

55,500 KRW

Average target price

66,400 KRW

Spread / Average Target

+19.64%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
HD HYUNDAI CONSTRUCTION EQUIPMENT CO., LTD.	+7.35%	708M
CATERPILLAR INC.	+21.79%	177B
SANY HEAVY INDUSTRY CO.,LTD	+22.80%	19.75B
XCMG CONSTRUCTION MACHINERY CO., LTD.	+40.29%	12.51B
ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+29.25%	9.49B
DOOSAN BOBCAT INC.	+12.50%	4.18B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	+2.27%	2.99B
GUANGXI LIUGONG MACHINERY CO., LTD.	+58.75%	2.89B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+89.38%	2.11B
TAKEUCHI MFG. CO., LTD.	+47.49%	1.93B

Construction Machinery