Financials Hyundai Glovis Co., Ltd.

Equities

A086280

KR7086280005

Air Freight & Logistics

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
182,800 ^KRW	+0.49%		-0.87%	-4.54%

Apr. 23	South Korean Shares Fall Despite Overnight Gains on Wall Street	MT
Apr. 23	Hyundai Glovis Diversifies Shipping Portfolio Beyond Transport of Hyundai, Kia Vehicles	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,362,500	6,900,000	6,300,000	6,131,250	7,181,250	6,855,000	-	-
Enterprise Value (EV) ²	6,023	7,753	6,882	6,206	6,928	5,794	5,246	4,857
P/E ratio	10.7 x	11.4 x	8.05 x	5.15 x	-	5.72 x	5.36 x	5.06 x
Yield	2.45%	1.9%	2.26%	3.49%	-	3.72%	3.98%	4.22%
Capitalization / Revenue	0.29 x	0.42 x	0.29 x	0.23 x	0.28 x	0.26 x	0.25 x	0.24 x
EV / Revenue	0.33 x	0.47 x	0.32 x	0.23 x	0.27 x	0.22 x	0.19 x	0.17 x
EV / EBITDA	4.99 x	7.5 x	4.45 x	2.74 x	3.29 x	2.63 x	2.24 x	1.97 x
EV / FCF	11.1 x	9.08 x	8.63 x	5.09 x	-	7.1 x	4.84 x	3.86 x
FCF Yield	9.04%	11%	11.6%	19.6%	-	14.1%	20.7%	25.9%
Price to Book	1.15 x	1.36 x	1.09 x	0.89 x	-	0.78 x	0.71 x	0.65 x
Nbr of stocks (in thousands)	37,500	37,500	37,500	37,500	37,500	37,500	-	-
Reference price ³	143,000	184,000	168,000	163,500	191,500	182,800	182,800	182,800
Announcement Date	1/22/20	1/28/21	1/26/22	1/30/23	1/25/24	-	-	-

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	18,270	16,520	21,780	26,982	25,683	26,594	27,739	28,708
EBITDA ¹	1,208	1,034	1,545	2,265	2,106	2,207	2,337	2,465
EBIT ¹	876.5	662.2	1,126	1,799	1,554	1,601	1,695	1,799
Operating Margin	4.8%	4.01%	5.17%	6.67%	6.05%	6.02%	6.11%	6.27%
Earnings before Tax (EBT) ¹	727.3	766.5	985.2	1,597	1,453	1,644	1,762	1,859
Net income ¹	502.5	606.2	782.9	1,190	1,061	1,199	1,278	1,355
Net margin	2.75%	3.67%	3.59%	4.41%	4.13%	4.51%	4.61%	4.72%
EPS ²	13,395	16,165	20,877	31,729	-	31,968	34,075	36,148
Free Cash Flow ³	544,316	853,473	797,269	1,218,286	-	816,610	1,084,417	1,257,500
FCF margin	2,979.28%	5,166.34%	3,660.63%	4,515.2%	-	3,070.64%	3,909.42%	4,380.34%
FCF Conversion (EBITDA)	45,068.81%	82,530.61%	51,592.84%	53,799.01%	-	37,007.23%	46,404.91%	51,021.78%
FCF Conversion (Net income)	108,328.76%	140,790.44%	101,835.78%	102,392.36%	-	68,118.84%	84,867.29%	92,773.31%
Dividend per Share ²	3,500	3,500	3,800	5,700	-	6,802	7,269	7,712
Announcement Date	1/22/20	1/28/21	1/26/22	1/30/23	1/25/24	-	-	-

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	5,404	5,844	6,293	6,863	7,014	6,812	6,301	6,535	6,330	6,517	6,586	6,724	6,553	6,783	6,664
EBITDA ¹	422.1	430.9	-	-	-	-	-	-	526.4	499.4	578	589.1	-	-	-
EBIT ¹	315	325.1	426.3	448.5	478.1	445.7	406.6	412.6	384.2	350.7	384.8	412.5	410.6	417.8	389.4
Operating Margin	5.83%	5.56%	6.77%	6.53%	6.82%	6.54%	6.45%	6.31%	6.07%	5.38%	5.84%	6.14%	6.27%	6.16%	5.84%
Earnings before Tax (EBT) ¹	256.2	290.5	371.3	428.1	345.8	452.2	357.4	390.6	349	356.3	429.7	394.7	389.1	414.9	367.3
Net income ¹	183.4	255.7	292.2	304.1	234.4	358.8	281.3	288.6	244	247.2	304.3	307	309.5	331.3	275.5
Net margin	3.39%	4.38%	4.64%	4.43%	3.34%	5.27%	4.46%	4.42%	3.85%	3.79%	4.62%	4.57%	4.72%	4.88%	4.13%
EPS	4,892	6,819	-	8,108	6,261	9,568	7,501	7,697	6,505	-	-	8,332	8,007	7,669	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/28/21	1/26/22	4/29/22	7/28/22	10/28/22	1/30/23	4/27/23	7/27/23	10/26/23	1/25/24	4/25/24	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	660	853	582	74.8	-	-	-	-
Net Cash position ¹	-	-	-	-	253	1,061	1,609	1,998
Leverage (Debt/EBITDA)	0.5466 x	0.8249 x	0.3765 x	0.033 x	-	-	-	-
Free Cash Flow ²	544,316	853,473	797,269	1,218,286	-	816,610	1,084,417	1,257,500
ROE (net income / shareholders' equity)	11.3%	12.5%	14.4%	18.8%	-	14.5%	14%	13.3%
ROA (Net income/ Total Assets)	5.34%	5.77%	6.79%	9.14%	-	8.15%	8.12%	8.05%
Assets ¹	9,410	10,514	11,535	13,024	-	14,702	15,741	16,846
Book Value Per Share ³	124,541	135,079	154,732	183,094	-	233,098	259,055	283,052
Cash Flow per Share ³	19,759	26,050	29,480	41,568	-	57,916	56,175	59,577
Capex ¹	197	113	308	341	-	871	651	581
Capex / Sales	1.08%	0.68%	1.41%	1.26%	-	3.27%	2.35%	2.02%
Announcement Date	1/22/20	1/28/21	1/26/22	1/30/23	1/25/24	-	-	-

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 Hyundai Glovis Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

182,800 KRW

Average target price

234,474 KRW

Spread / Average Target

+28.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Logistics Operators

	1st Jan change	Capi.
HYUNDAI GLOVIS CO., LTD.	-4.54%	5.01B
DSV A/S	-14.09%	30.64B
PANALPINA WELTTRANSPORT (HOLDING) AG	-1.52%	6.34B
NIPPON EXPRESS HOLDINGS INC.	-0.49%	4.49B
COMPAGNIE DU CAMBODGE	+4.62%	4.1B
COMPAÑÍA DE DISTRIBUCIÓN INTEGRAL LOGISTA HOLDINGS, S.A.	+7.92%	3.75B
AGILITY GLOBAL PLC	0.00%	3.66B
JIAYOU INTERNATIONAL LOGISTICS CO.,LTD	+72.38%	2.63B
SEINO HOLDINGS CO., LTD.	+0.33%	2.31B
KAMIGUMI CO., LTD.	-0.53%	2.29B

Integrated Logistics Operators