Financials LOTTE REIT Co., Ltd.

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
3,310 ^KRW	+1.85%		+4.25%	+4.91%

2020	LOTTE REIT Co., Ltd. agreed to acquire six shopping retail properties from Lotte Shopping Co., Ltd. for approximately KRW 780 billion.	CI
2020	LOTTE REIT Co., Ltd.(KOSE:A330590) added to S&P Global BMI Index	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Capitalization ¹	1,348,477	969,446	766,567	804,227	804,227	-
Enterprise Value (EV) ²	1,967	2,095	1,882	804.2	1,920	1,896
P/E ratio	30.7 x	25.9 x	23.2 x	89.5 x	58.6 x	34.9 x
Yield	5.8%	7.47%	9.7%	6.66%	6.1%	7.31%
Capitalization / Revenue	17.6 x	9.25 x	6.64 x	6.81 x	6.64 x	6.54 x
EV / Revenue	25.7 x	20 x	16.3 x	6.81 x	15.9 x	15.4 x
EV / EBITDA	27.1 x	21.1 x	17.2 x	17.5 x	16.8 x	16.2 x
EV / FCF	27.4 x	16 x	17.6 x	36.6 x	21.1 x	36.5 x
FCF Yield	3.65%	6.23%	5.67%	2.74%	4.74%	2.74%
Price to Book	1.11 x	0.84 x	0.69 x	0.76 x	0.77 x	0.78 x
Nbr of stocks (in thousands)	242,969	242,969	242,969	242,969	242,969	-
Reference price ³	5,550	3,990	3,155	3,310	3,310	3,310
Announcement Date	3/22/21	3/10/22	3/2/23	3/6/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	76.42	104.8	115.4	118.1	121	122.9
EBITDA ¹	72.51	99.18	109.2	111	114.1	116.8
EBIT ¹	48.05	61.8	67.86	70.9	74.57	75.88
Operating Margin	62.88%	58.96%	58.8%	60.04%	61.61%	61.72%
Earnings before Tax (EBT) ¹	31.16	35.38	33.14	9.043	13.5	23
Net income ¹	31.16	35.38	33.14	9.043	13.6	23.07
Net margin	40.78%	33.76%	28.72%	7.66%	11.24%	18.76%
EPS ²	181.0	154.0	136.0	37.00	56.50	94.77
Free Cash Flow ³	71,723	130,534	106,703	53,000	91,000	52,000
FCF margin	93,853.93%	124,528.84%	92,463.98%	45,396.15%	75,185.9%	42,302.22%
FCF Conversion (EBITDA)	98,916.77%	131,613.46%	97,730.37%	47,747.75%	79,731.31%	44,533.26%
FCF Conversion (Net income)	230,169.41%	368,901.39%	321,944.13%	371,929.82%	669,117.65%	225,433.49%
Dividend per Share ²	322.0	298.0	306.0	220.5	202.0	241.8
Announcement Date	3/22/21	3/10/22	3/2/23	3/6/24	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt ¹	619	1,125	1,115	1,133	1,116	1,092
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	8.531 x	11.35 x	10.21 x	10.21 x	9.775 x	9.349 x
Free Cash Flow ²	71,723	130,534	106,703	53,000	91,000	52,000
ROE (net income / shareholders' equity)	3.62%	3.05%	2.93%	1.5%	1.33%	2.25%
ROA (Net income/ Total Assets)	1.97%	1.48%	1.39%	0.6%	0.6%	1%
Assets ¹	1,584	2,397	2,384	2,375	2,267	2,307
Book Value Per Share ³	5,008	4,746	4,559	4,382	4,300	4,231
Cash Flow per Share	-	-	-	-	-	-
Capex	-	-	-	-	-	0.3
Capex / Sales	-	-	-	-	-	0.24%
Announcement Date	3/22/21	3/10/22	3/2/23	3/6/24	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,310 KRW

Average target price

3,925 KRW

Spread / Average Target

+18.58%

	1st Jan change	Capi.
LOTTE REIT CO., LTD.	+4.91%	589M
SIMON PROPERTY GROUP, INC.	+3.67%	48.2B
KIMCO REALTY CORPORATION	-11.22%	12.75B
THE LINK REAL ESTATE INVESTMENT TRUST	-20.64%	11.32B
REGENCY CENTERS CORPORATION	-12.43%	10.81B
NNN REIT, INC.	-3.20%	7.65B
BRIXMOR PROPERTY GROUP INC.	-4.86%	6.67B
VICINITY CENTRES	-5.88%	5.81B
AGREE REALTY CORPORATION	-7.31%	5.42B
KITE REALTY GROUP TRUST	-7.17%	4.66B