Financials Paradise Co., Ltd.

Equities

A034230

KR7034230003

Casinos & Gaming

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
14,890 ^KRW	-0.53%		-0.87%	+11.79%

May. 13	GM's Cruise Says Will Begin Supervised Autonomous Driving In Phoenix This Week; Will Gradually Expand To Scottsdale, Paradise Valley, Tempe, Mesa, Gilbert And Chandler	RE
Apr. 18	Tesla: Humans are so 2000's!

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,682,393	1,308,630	1,278,694	1,506,520	1,150,152	1,285,718	-	-
Enterprise Value (EV) ²	2,589	2,286	2,407	2,230	1,670	1,728	1,632	1,408
P/E ratio	112 x	-11.1 x	-24.3 x	74.9 x	18.4 x	17.5 x	15.6 x	13.6 x
Yield	0.51%	0.65%	-	-	0.75%	0.77%	0.88%	0.92%
Capitalization / Revenue	1.72 x	2.88 x	3.09 x	2.56 x	1.16 x	1.13 x	1.06 x	1.01 x
EV / Revenue	2.64 x	5.03 x	5.81 x	3.79 x	1.68 x	1.52 x	1.34 x	1.1 x
EV / EBITDA	15.9 x	148 x	56.3 x	21.2 x	7.3 x	6.56 x	5.99 x	4.73 x
EV / FCF	36 x	-14.7 x	-48.6 x	47.8 x	7.41 x	8.64 x	8.3 x	6.06 x
FCF Yield	2.78%	-6.82%	-2.06%	2.09%	13.5%	11.6%	12%	16.5%
Price to Book	1.04 x	1.14 x	1.04 x	1.11 x	0.82 x	0.92 x	0.85 x	0.81 x
Nbr of stocks (in thousands)	85,184	85,531	85,531	85,598	86,348	86,348	-	-
Reference price ³	19,750	15,300	14,950	17,600	13,320	14,890	14,890	14,890
Announcement Date	2/26/20	2/25/21	2/17/22	2/15/23	2/15/24	-	-	-

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	979.4	454.4	414.5	587.6	994.2	1,138	1,218	1,275
EBITDA ¹	162.9	15.4	42.79	105.2	228.8	263.4	272.6	297.6
EBIT ¹	51.97	-86.34	-55.26	10.41	145.8	181.7	192.2	209.2
Operating Margin	5.31%	-19%	-13.33%	1.77%	14.66%	15.97%	15.79%	16.4%
Earnings before Tax (EBT) ¹	15.22	-175.2	-60.18	30.13	95.6	133.3	149	179.3
Net income ¹	14.96	-109.8	-45.6	25.48	66.36	76.76	86.93	100.5
Net margin	1.53%	-24.17%	-11%	4.34%	6.68%	6.75%	7.14%	7.88%
EPS ²	177.0	-1,383	-614.0	235.0	725.0	851.8	952.2	1,095
Free Cash Flow ³	71,904	-155,835	-49,549	46,658	225,515	200,075	196,565	232,325
FCF margin	7,341.43%	-34,291.28%	-11,954.98%	7,939.91%	22,683.13%	17,584.64%	16,142.64%	18,215.72%
FCF Conversion (EBITDA)	44,142.67%	-	-	44,360.59%	98,578.25%	75,959.3%	72,119.96%	78,078.36%
FCF Conversion (Net income)	480,516.14%	-	-	183,079.66%	339,815.87%	260,665.6%	226,113.6%	231,229.2%
Dividend per Share ²	100.0	100.0	-	-	100.0	114.3	131.4	137.5
Announcement Date	2/26/20	2/25/21	2/17/22	2/15/23	2/15/24	-	-	-

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	2025 Q1
Net sales ¹	121.8	111.5	99.73	105.2	189.5	193.2	191.5	275.3	285.6	241.8	264.8	284.1	300.3	279.1	-
EBITDA ¹	29.62	2.819	-	-	-	42.03	41.94	74.99	77.12	50.43	64.85	76.71	70.84	42.73	-
EBIT ¹	4.811	-20.34	-25.53	-20.64	38.35	18.23	19.02	54.89	57.13	14.73	48.4	47.46	52.84	33.02	-
Operating Margin	3.95%	-18.25%	-25.6%	-19.61%	20.24%	9.44%	9.93%	19.94%	20.01%	6.09%	18.28%	16.7%	17.6%	11.83%	-
Earnings before Tax (EBT) ¹	-10.75	-63.17	-34.58	31.2	37.01	-3.491	10.3	44.33	51.64	-10.67	40.97	36.2	37.9	4.355	-
Net income ¹	-6.192	-40.12	-28.58	18.61	39.37	-3.913	6.99	29.41	35.26	-5.298	25.94	16.36	17.75	2.819	-
Net margin	-5.09%	-35.99%	-28.65%	17.68%	20.78%	-2.03%	3.65%	10.68%	12.35%	-2.19%	9.8%	5.76%	5.91%	1.01%	-
EPS ²	-72.00	-	-	218.0	354.0	-74.00	81.00	341.0	332.0	-91.00	262.0	234.3	217.1	54.75	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	100.0	-	-	-	179.5	-
Announcement Date	11/9/21	2/17/22	5/12/22	8/10/22	11/10/22	2/15/23	5/10/23	8/10/23	11/9/23	2/15/24	5/9/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	907	977	1,129	723	520	442	346	122
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.567 x	63.48 x	26.37 x	6.875 x	2.273 x	1.679 x	1.27 x	0.4116 x
Free Cash Flow ²	71,904	-155,835	-49,549	46,658	225,515	200,075	196,565	232,325
ROE (net income / shareholders' equity)	1.18%	-9.8%	-4.42%	1%	4.52%	5.11%	5.56%	5.96%
ROA (Net income/ Total Assets)	0.45%	-3.48%	-1.55%	0.73%	1.75%	3.15%	3.24%	3.89%
Assets ¹	3,311	3,154	2,945	3,510	3,782	2,439	2,679	2,582
Book Value Per Share ³	18,972	13,434	14,400	15,915	16,278	16,255	17,461	18,365
Cash Flow per Share ³	1,841	-1,829	-411.0	745.0	3,336	764.0	859.0	-
Capex ¹	84.9	8.71	14.4	17.1	62.1	51.3	46.6	49
Capex / Sales	8.67%	1.92%	3.48%	2.91%	6.25%	4.5%	3.82%	3.84%
Announcement Date	2/26/20	2/25/21	2/17/22	2/15/23	2/15/24	-	-	-

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 Paradise Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14,890 KRW

Average target price

18,936 KRW

Spread / Average Target

+27.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Casinos

	1st Jan change	Capi.
PARADISE CO., LTD.	+11.79%	950M
LAS VEGAS SANDS CORP.	-4.43%	35.04B
MGM RESORTS INTERNATIONAL	-8.17%	12.87B
WYNN RESORTS, LIMITED	+6.23%	10.75B
GENTING SINGAPORE LIMITED	-10.00%	8.08B
SJM HOLDINGS LIMITED	+25.51%	2.82B
KANGWON LAND, INC.	-4.69%	2.28B
BLOOMBERRY RESORTS CORPORATION	+3.66%	2.02B
TRAVELLERS INTERNATIONAL HOTEL GROUP INC	0.00%	1.53B
STUDIO CITY INTERNATIONAL HOLDINGS LIMITED	+20.68%	1.51B

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