Financials KCC Corporation

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-21 pm EDT			5-day change	1st Jan Change
320,500 ^KRW	-0.47%		+6.66%	+40.26%

May. 14	Norway's KCC Concludes NOK300 Unsecured Bonds Tap Issue	MT
May. 14	KCC Corporation completed the acquisition of remaining stake in MPM Holdings Inc. from SJL Partners.	CI

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Capitalization ¹	2,294,383	1,642,119	2,412,318	1,680,428	2,287,147	-	-
Enterprise Value (EV) ²	3,950	4,207	5,958	1,680	5,198	4,710	4,174
P/E ratio	-12.3 x	2.71 x	-52.7 x	-	4.74 x	11.2 x	10.6 x
Yield	1.62%	2.53%	1.59%	-	2.5%	2.5%	2.5%
Capitalization / Revenue	0.84 x	0.32 x	0.41 x	0.27 x	0.36 x	0.34 x	0.34 x
EV / Revenue	1.45 x	0.83 x	1.01 x	0.27 x	0.81 x	0.71 x	0.62 x
EV / EBITDA	10.5 x	7.59 x	7.47 x	-	5.55 x	4.37 x	3.73 x
EV / FCF	-45.1 x	9.51 x	35.1 x	-	10.9 x	7.61 x	6.38 x
FCF Yield	-2.22%	10.5%	2.85%	-	9.16%	13.1%	15.7%
Price to Book	0.61 x	0.34 x	0.48 x	-	0.52 x	0.5 x	0.48 x
Nbr of stocks (in thousands)	8,272	8,315	7,658	7,354	7,354	-	-
Reference price ³	277,382	197,500	315,000	228,500	320,500	320,500	320,500
Announcement Date	3/12/20	2/10/21	2/14/22	2/7/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net sales ¹	2,720	5,083	5,875	6,288	6,409	6,654	6,762
EBITDA ¹	377.8	554	797.2	-	936	1,077	1,118
EBIT ¹	133.2	132.8	382.7	-	449	532	555
Operating Margin	4.9%	2.61%	6.51%	-	7.01%	8%	8.21%
Earnings before Tax (EBT) ¹	-195.5	683.5	112.9	-	768	280	271
Net income ¹	-221.9	549.3	-45.78	-	601	254	268
Net margin	-8.16%	10.81%	-0.78%	-	9.38%	3.82%	3.96%
EPS ²	-22,629	72,945	-5,978	-	67,605	28,587	30,121
Free Cash Flow ³	-87,645	442,603	169,641	-	476,000	619,000	654,000
FCF margin	-3,222.76%	8,706.69%	2,887.56%	-	7,427.06%	9,302.68%	9,671.69%
FCF Conversion (EBITDA)	-	79,888.81%	21,279%	-	50,854.7%	57,474.47%	58,497.32%
FCF Conversion (Net income)	-	80,568.71%	-	-	79,201.33%	243,700.79%	244,029.85%
Dividend per Share ²	4,500	5,000	5,000	-	8,000	8,000	8,000
Announcement Date	3/12/20	2/10/21	2/14/22	2/7/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

¹KRW in Billions

Estimates

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net Debt ¹	1,656	2,565	3,546	-	2,911	2,423	1,887
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.383 x	4.63 x	4.447 x	-	3.11 x	2.25 x	1.688 x
Free Cash Flow ²	-87,645	442,603	169,641	-	476,000	619,000	654,000
ROE (net income / shareholders' equity)	-4.44%	11.3%	-0.92%	-	11.1%	4.4%	4.5%
ROA (Net income/ Total Assets)	-2.46%	5.04%	-0.36%	-	4.4%	1.8%	1.9%
Assets ¹	9,011	10,890	12,613	-	13,659	14,111	14,105
Book Value Per Share ³	453,073	585,823	657,509	-	618,253	640,292	663,814
Cash Flow per Share	27,943	83,152	-	-	-	-	-
Capex ¹	363	237	254	-	236	220	220
Capex / Sales	13.34%	4.67%	4.33%	-	3.68%	3.31%	3.25%
Announcement Date	3/12/20	2/10/21	2/14/22	2/7/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

320,500 KRW

Average target price

400,000 KRW

Spread / Average Target

+24.80%

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