KEPCO PLANT SERVICE & ENGINEERING CO.,LTD.

Financials KEPCO Plant Service & Engineering Co.,Ltd.

Equities

A051600

KR7051600005

Business Support Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-12 pm EDT			5-day change	1st Jan Change
36,100 ^KRW	+0.56%		+3.59%	+6.02%

Mar. 12	KEPCO Plant Service & Engineering Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	KEPCO Plant Service & Engineering Co.,Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,761,750	1,336,500	1,734,750	1,494,000	1,532,250	1,624,500	-	-
Enterprise Value (EV) ²	1,496	1,134	1,661	1,346	1,532	1,366	1,299	1,292
P/E ratio	11.5 x	15.3 x	17.6 x	14.9 x	9.42 x	10.7 x	10.2 x	9.18 x
Yield	4.57%	6.46%	2.97%	3.61%	-	5.13%	5.22%	-
Capitalization / Revenue	1.41 x	1.03 x	1.26 x	1.05 x	1 x	1.05 x	1.03 x	0.94 x
EV / Revenue	1.2 x	0.87 x	1.2 x	0.94 x	1 x	0.88 x	0.83 x	0.75 x
EV / EBITDA	6.29 x	6.36 x	9.86 x	7.56 x	6.1 x	5.76 x	5.33 x	4.82 x
EV / FCF	11.4 x	45.3 x	16.1 x	31 x	-	9.24 x	8.32 x	4.62 x
FCF Yield	8.8%	2.21%	6.21%	3.23%	-	10.8%	12%	21.7%
Price to Book	1.66 x	1.27 x	1.56 x	1.23 x	-	1.22 x	1.16 x	1.15 x
Nbr of stocks (in thousands)	45,000	45,000	45,000	45,000	45,000	45,000	-	-
Reference price ³	39,150	29,700	38,550	33,200	34,050	36,100	36,100	36,100
Announcement Date	2/11/20	2/9/21	2/14/22	2/10/23	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	1,247	1,303	1,381	1,429	1,534	1,546	1,575	1,724
EBITDA ¹	237.8	178.4	168.5	178.2	251.3	237.2	243.6	268
EBIT ¹	193.9	135.4	124	130.6	199.4	188.1	194.2	211
Operating Margin	15.55%	10.39%	8.98%	9.14%	13%	12.17%	12.33%	12.24%
Earnings before Tax (EBT) ¹	198.5	111	135.9	134.6	210.9	198.4	207.9	224
Net income ¹	153.3	87.06	98.68	100.2	162.7	151.6	158.8	176.5
Net margin	12.3%	6.68%	7.15%	7.01%	10.61%	9.81%	10.09%	10.24%
EPS ²	3,407	1,935	2,193	2,226	3,615	3,369	3,529	3,932
Free Cash Flow ³	131,711	25,022	103,190	43,442	-	147,720	156,240	280,000
FCF margin	10,562.62%	1,920.02%	7,474.55%	3,039.87%	-	9,554.77%	9,921.34%	16,246.01%
FCF Conversion (EBITDA)	55,393.8%	14,024.1%	61,237.64%	24,382.09%	-	62,283.12%	64,147.81%	104,477.61%
FCF Conversion (Net income)	85,899.5%	28,741.32%	104,570.39%	43,363.08%	-	97,440.63%	98,356.94%	158,640.23%
Dividend per Share ²	1,790	1,920	1,146	1,199	-	1,851	1,885	-
Announcement Date	2/11/20	2/9/21	2/14/22	2/10/23	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
Net sales ¹	311.4	379.5	303	385.6	341.9	398.5	351.1	410	332.3	440.4	342.8	413.4	360.8	430.9
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	30.56	0.9	22.52	28.55	31.15	48.34	54.91	48.85	36.42	59.2	52.24	45.92	44.28	48.58
Operating Margin	9.82%	0.24%	7.43%	7.4%	9.11%	12.13%	15.64%	11.91%	10.96%	13.44%	15.24%	11.11%	12.27%	11.27%
Earnings before Tax (EBT) ¹	34.09	0.898	26.73	32.63	32.13	43.11	59.91	52.65	39.31	59.04	56.32	46.7	46.87	38.8
Net income ¹	26.36	-3.846	20.85	24.45	24.11	30.77	46.01	40.69	29.88	46.09	43.56	35.57	35.47	36.67
Net margin	8.46%	-1.01%	6.88%	6.34%	7.05%	7.72%	13.1%	9.92%	8.99%	10.47%	12.7%	8.6%	9.83%	8.51%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/15/21	2/14/22	5/13/22	8/12/22	11/11/22	2/10/23	5/12/23	8/9/23	11/8/23	2/14/24	5/13/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	265	202	74	148	-	259	325	332
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	131,711	25,022	103,190	43,442	-	147,720	156,240	280,000
ROE (net income / shareholders' equity)	15%	8.23%	9.12%	8.61%	13.1%	11.6%	11.6%	12.4%
ROA (Net income/ Total Assets)	11.6%	6.43%	7.11%	6.7%	-	9.03%	8.85%	7.9%
Assets ¹	1,320	1,355	1,388	1,494	-	1,678	1,795	2,234
Book Value Per Share ³	23,632	23,371	24,711	27,016	-	29,494	31,128	31,478
Cash Flow per Share ³	3,568	1,657	2,962	1,808	-	4,256	4,342	-
Capex ¹	28.8	49.5	30.1	37.9	-	42.4	40.8	-
Capex / Sales	2.31%	3.8%	2.18%	2.65%	-	2.74%	2.59%	-
Announcement Date	2/11/20	2/9/21	2/14/22	2/10/23	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

Ratings for KEPCO Plant Service & Engineering Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

36,100 KRW

Average target price

48,500 KRW

Spread / Average Target

+34.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Maintenance & Repair Services

	1st Jan change	Capi.
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VIAFIN SERVICE OYJ	+33.86%	64.32M
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Maintenance & Repair Services