Financials LS Corp.

Equities

A006260

KR7006260004

Electrical Components & Equipment

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-08 pm EDT			5-day change	1st Jan Change
143,500 ^KRW	-0.69%		+3.91%	+53.97%

Mar. 26	LS Group Scraps RSU Plan, Returns to Bonuses After Employee Dissatisfaction	MT
Mar. 20	LS Corp. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,327,266	1,982,569	1,502,199	1,913,867	2,559,144	3,940,313	-	-
Enterprise Value (EV) ²	4,256	4,520	4,976	7,370	8,315	8,948	8,846	9,759
P/E ratio	52.4 x	15.5 x	5.38 x	4.31 x	5.78 x	11.3 x	9.84 x	8.23 x
Yield	3.03%	2.03%	2.68%	2.08%	1.66%	1.13%	1.16%	1.22%
Capitalization / Revenue	0.13 x	0.19 x	0.11 x	0.11 x	0.1 x	0.16 x	0.15 x	0.14 x
EV / Revenue	0.42 x	0.43 x	0.38 x	0.42 x	0.34 x	0.36 x	0.33 x	0.34 x
EV / EBITDA	6.77 x	6.4 x	5.47 x	7.3 x	6.37 x	6.6 x	6.03 x	6.3 x
EV / FCF	-602 x	10.8 x	-11.4 x	-444 x	-35.9 x	12.2 x	11.6 x	17.6 x
FCF Yield	-0.17%	9.28%	-8.77%	-0.23%	-2.79%	8.22%	8.62%	5.67%
Price to Book	0.42 x	0.61 x	0.42 x	0.49 x	0.54 x	0.91 x	0.85 x	0.71 x
Nbr of stocks (in thousands)	27,767	27,767	27,767	27,459	27,459	27,459	-	-
Reference price ³	47,800	71,400	54,100	69,700	93,200	143,500	143,500	143,500
Announcement Date	2/11/20	2/9/21	2/14/22	2/14/23	2/5/24	-	-	-

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	10,181	10,444	13,096	17,493	24,516	25,184	26,525	28,555
EBITDA ¹	628.7	705.9	909	1,009	1,305	1,357	1,468	1,549
EBIT ¹	352	414.8	604	645.3	899.9	953.8	1,054	1,117
Operating Margin	3.46%	3.97%	4.61%	3.69%	3.67%	3.79%	3.97%	3.91%
Earnings before Tax (EBT) ¹	160.4	301.3	421	681	638.2	687.6	773.3	877
Net income ¹	25.33	126.8	277.8	524.6	541.7	398.3	455.4	509.5
Net margin	0.25%	1.21%	2.12%	3%	2.21%	1.58%	1.72%	1.78%
EPS ²	912.0	4,597	10,056	16,165	16,117	12,750	14,587	17,434
Free Cash Flow ³	-7,067	419,506	-436,495	-16,617	-231,652	735,333	762,333	553,333
FCF margin	-69.41%	4,016.6%	-3,333.1%	-94.99%	-944.89%	2,919.85%	2,873.97%	1,937.78%
FCF Conversion (EBITDA)	-	59,431.4%	-	-	-	54,200.14%	51,940.68%	35,714.29%
FCF Conversion (Net income)	-	330,710.29%	-	-	-	184,617.96%	167,417.01%	108,603.21%
Dividend per Share ²	1,450	1,450	1,450	1,450	1,550	1,619	1,650	1,750
Announcement Date	2/11/20	2/9/21	2/14/22	2/14/23	2/5/24	-	-	-

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	3,330	3,514	3,713	4,120	3,859	5,799	6,098	6,509	6,014	5,852	5,980	6,355	6,396	6,464
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	149.7	107.4	167.7	196.4	178.4	133.8	238.2	281.6	226.2	153.7	197.8	253.5	249	246.8
Operating Margin	4.49%	3.06%	4.52%	4.77%	4.62%	2.31%	3.91%	4.33%	3.76%	2.63%	3.31%	3.99%	3.89%	3.82%
Earnings before Tax (EBT) ¹	76.7	-	161.5	121.9	239.1	133.7	122.8	178.5	121.2	215.7	158.2	172.2	185.4	175.1
Net income ¹	55.92	76.59	118.3	70.19	135.6	121.6	78.64	89.07	37.15	205.2	86.48	98.6	99.53	106.2
Net margin	1.68%	2.18%	3.19%	1.7%	3.51%	2.1%	1.29%	1.37%	0.62%	3.51%	1.45%	1.55%	1.56%	1.64%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/15/21	2/14/22	5/16/22	8/16/22	11/14/22	2/14/23	5/15/23	8/14/23	11/14/23	2/5/24	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,929	2,537	3,474	5,456	5,756	5,007	4,906	5,819
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.658 x	3.594 x	3.822 x	5.405 x	4.41 x	3.691 x	3.343 x	3.755 x
Free Cash Flow ²	-7,067	419,506	-436,495	-16,617	-231,652	735,333	762,333	553,333
ROE (net income / shareholders' equity)	2.03%	4.44%	7.96%	10.1%	8.89%	8.87%	9.36%	10%
ROA (Net income/ Total Assets)	0.82%	1.73%	2.29%	3.07%	2.46%	3.14%	3.36%	3.57%
Assets ¹	3,073	7,338	12,143	17,100	22,059	12,685	13,552	14,285
Book Value Per Share ³	114,028	117,666	127,727	143,355	172,393	157,565	169,811	202,187
Cash Flow per Share ³	10,938	25,257	-4,796	16,868	13,164	36,533	41,519	34,553
Capex ¹	311	282	303	484	593	511	436	472
Capex / Sales	3.05%	2.7%	2.32%	2.77%	2.42%	2.03%	1.65%	1.65%
Announcement Date	2/11/20	2/9/21	2/14/22	2/14/23	2/5/24	-	-	-

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 LS Corp.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

143,500 KRW

Average target price

139,286 KRW

Spread / Average Target

-2.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Wires & Cables

	1st Jan change	Capi.
LS CORP.	+53.97%	2.91B
PRYSMIAN S.P.A.	+33.16%	15.49B
NEXANS	+34.01%	4.88B
WALSIN LIHWA CORPORATION	-8.02%	4.53B
ENCORE WIRE CORPORATION	+31.74%	4.44B
NINGBO ORIENT WIRES & CABLES CO.,LTD.	+6.67%	4.33B
KEI INDUSTRIES LIMITED	+18.04%	4.08B
RIYADH CABLES GROUP COMPANY	+3.46%	3.86B
R R KABEL LIMITED	+1.94%	2.23B
TAIHAN CABLE & SOLUTION CO., LTD.	+42.66%	1.91B

Wires & Cables