Financials Pan Ocean Co., Ltd.

Equities

A028670

KR7028670008

Marine Freight & Logistics

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-21 pm EDT			5-day change	1st Jan Change
4,355 ^KRW	+0.46%		-5.53%	+16.60%

Mar. 27	Nomura Downgrades Pan Ocean to Neutral From Buy, Adjusts Price Target to 4,800 Won From 5,200 Won	MT
Mar. 12	Pan Ocean Co., Ltd. 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	2,429,617	2,683,539	2,892,021	3,063,083	1,996,617	2,328,050	-	-
Enterprise Value (EV) ²	3,449	3,944	4,602	4,262	3,243	3,702	3,428	3,802
P/E ratio	15.6 x	29.7 x	5.01 x	4.52 x	8.16 x	7.15 x	5.65 x	5.35 x
Yield	-	0.99%	1.83%	2.62%	2.28%	2.78%	3.14%	3.42%
Capitalization / Revenue	0.95 x	1.07 x	0.63 x	0.48 x	0.46 x	0.51 x	0.48 x	0.46 x
EV / Revenue	1.35 x	1.58 x	1 x	0.66 x	0.74 x	0.81 x	0.71 x	0.75 x
EV / EBITDA	7.77 x	8.71 x	-	2.93 x	4.85 x	3.96 x	3.3 x	3.65 x
EV / FCF	17.1 x	22.9 x	10.1 x	4 x	7.41 x	4.77 x	7.94 x	5.87 x
FCF Yield	5.85%	4.36%	9.88%	25%	13.5%	21%	12.6%	17%
Price to Book	0.81 x	0.92 x	0.79 x	0.68 x	0.42 x	0.46 x	0.43 x	0.4 x
Nbr of stocks (in thousands)	534,569	534,570	534,570	534,570	534,570	534,570	-	-
Reference price ³	4,545	5,020	5,410	5,730	3,735	4,355	4,355	4,355
Announcement Date	2/28/20	2/10/21	2/11/22	2/10/23	2/2/24	-	-	-

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	2,562	2,497	4,616	6,420	4,361	4,597	4,805	5,043
EBITDA ¹	444.1	452.9	-	1,456	669	933.9	1,038	1,043
EBIT ¹	218.1	225.2	572.9	789.6	385.9	471.3	514	555.3
Operating Margin	8.51%	9.02%	12.41%	12.3%	8.85%	10.25%	10.7%	11.01%
Earnings before Tax (EBT) ¹	153.9	91.96	550.4	688	248.5	350.2	411.1	434.4
Net income ¹	157.7	90.72	549.3	677.1	245	348.5	412	435
Net margin	6.15%	3.63%	11.9%	10.55%	5.62%	7.58%	8.57%	8.62%
EPS ²	290.4	169.2	1,079	1,267	458.0	608.9	770.8	814.1
Free Cash Flow ³	201,619	171,975	454,568	1,066,083	437,428	776,500	431,920	648,000
FCF margin	7,868.43%	6,886.82%	9,847.42%	16,604.85%	10,030.49%	16,889.7%	8,988.09%	12,848.6%
FCF Conversion (EBITDA)	45,396.93%	37,973.85%	-	73,224.01%	65,385.35%	83,147.22%	41,605%	62,149.33%
FCF Conversion (Net income)	127,854.32%	189,562.41%	82,753.26%	157,452.85%	178,512.55%	222,833.36%	104,832.41%	148,978.36%
Dividend per Share ²	-	49.63	99.23	150.0	85.00	120.9	136.9	148.9
Announcement Date	2/28/20	2/10/21	2/11/22	2/10/23	2/2/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	1,511	1,441	1,722	1,837	1,421	996.4	1,225	1,112	1,028	975.5	1,176	1,252	1,205	981	1,059
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	227.1	169.1	238.8	224.4	157.2	112.6	125	79.46	68.7	98.18	114.2	122.4	127.9	89	95
Operating Margin	15.03%	11.74%	13.87%	12.22%	11.07%	11.3%	10.21%	7.15%	6.68%	10.06%	9.72%	9.78%	10.62%	9.07%	8.97%
Earnings before Tax (EBT) ¹	231.4	163.2	225	167.9	131.9	113.4	92.22	24.81	18.1	60.75	90.25	86.67	71	66	79
Net income ¹	231.5	162.9	224.8	166.8	122.6	113.2	91.9	24.5	15.5	60.44	89.75	86.33	69.5	65	77
Net margin	15.32%	11.3%	13.05%	9.08%	8.63%	11.36%	7.5%	2.2%	1.51%	6.2%	7.63%	6.9%	5.77%	6.63%	7.27%
EPS	431.8	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/11/22	5/11/22	8/1/22	11/11/22	2/10/23	5/11/23	8/11/23	11/10/23	2/2/24	5/13/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,019	1,260	1,710	1,199	1,246	1,374	1,100	1,474
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.295 x	2.783 x	-	0.8236 x	1.862 x	1.471 x	1.059 x	1.413 x
Free Cash Flow ²	201,619	171,975	454,568	1,066,083	437,428	776,500	431,920	648,000
ROE (net income / shareholders' equity)	5.37%	3.18%	17.2%	16.7%	5.32%	7.09%	7.77%	7.78%
ROA (Net income/ Total Assets)	3.46%	1.99%	9.84%	9.65%	3.18%	4.81%	5.2%	5.34%
Assets ¹	4,557	4,557	5,581	7,019	7,703	7,238	7,923	8,145
Book Value Per Share ³	5,634	5,444	6,807	8,404	8,817	9,475	10,177	10,778
Cash Flow per Share ³	773.0	860.0	1,509	2,639	1,404	1,863	2,040	2,020
Capex ¹	225	278	350	345	313	781	624	531
Capex / Sales	8.79%	11.12%	7.58%	5.37%	7.19%	16.98%	12.98%	10.53%
Announcement Date	2/28/20	2/10/21	2/11/22	2/10/23	2/2/24	-	-	-

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 Pan Ocean Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,355 KRW

Average target price

6,020 KRW

Spread / Average Target

+38.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
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AP MOLLER MAERSK	-6.84%	25.89B
NIPPON YUSEN KABUSHIKI KAISHA	+11.90%	14.69B
MITSUI O.S.K. LINES LTD	+11.98%	11.95B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+21.38%	11.26B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+54.25%	10.55B
KAWASAKI KISEN KAISHA, LTD.	+12.91%	10.16B
HMM CO.,LTD	-14.20%	8.6B

Other Marine Freight & Logistics