Financials SK hynix Inc.

Equities

A000660

KR7000660001

Semiconductors

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
174,200 ^KRW	-0.97%		+1.52%	+23.11%

06:19am	Samsung: AI set to drive tech demand	RE
03:42am	South Korean shares rise as Samsung Electronics jumps on earnings	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	64,364,569	81,054,213	90,078,308	51,573,828	97,368,441	121,043,588	-	-
Enterprise Value (EV) ²	70,894	88,654	100,555	70,491	97,368	135,981	125,620	114,270
P/E ratio	32 x	17.1 x	9.37 x	23.1 x	-10.7 x	9.05 x	6.32 x	6.94 x
Yield	1.06%	0.99%	1.18%	1.6%	0.85%	0.84%	0.99%	1.1%
Capitalization / Revenue	2.38 x	2.54 x	2.09 x	1.16 x	2.97 x	1.87 x	1.51 x	1.43 x
EV / Revenue	2.63 x	2.78 x	2.34 x	1.58 x	2.97 x	2.1 x	1.56 x	1.35 x
EV / EBITDA	6.19 x	6.12 x	4.42 x	3.36 x	16.5 x	4.11 x	2.97 x	2.82 x
EV / FCF	-9.57 x	39.5 x	14.4 x	-16.7 x	-	10 x	7.41 x	6.4 x
FCF Yield	-10.5%	2.53%	6.95%	-6%	-	9.99%	13.5%	15.6%
Price to Book	1.34 x	1.56 x	1.53 x	0.81 x	-	1.88 x	1.49 x	1.24 x
Nbr of stocks (in thousands)	684,002	684,002	687,621	687,651	688,116	688,139	-	-
Reference price ³	94,100	118,500	131,000	75,000	141,500	175,900	175,900	175,900
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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	26,991	31,900	42,998	44,648	32,766	64,740	80,355	84,649
EBITDA ¹	11,446	14,488	22,745	20,962	5,889	33,091	42,276	40,450
EBIT ¹	2,713	5,010	12,410	7,007	-7,730	19,854	27,589	25,226
Operating Margin	10.05%	15.71%	28.86%	15.69%	-23.59%	30.67%	34.33%	29.8%
Earnings before Tax (EBT) ¹	2,443	6,237	13,416	4,200	-11,658	17,950	25,891	22,845
Net income ¹	2,013	4,755	9,602	2,427	-9,112	13,372	19,603	17,864
Net margin	7.46%	14.91%	22.33%	5.44%	-27.81%	20.65%	24.4%	21.1%
EPS ²	2,943	6,950	13,984	3,242	-13,244	19,445	27,850	25,359
Free Cash Flow ³	-7,410,303	2,245,909	6,986,917	-4,229,744	-	13,583,600	16,942,763	17,849,145
FCF margin	-27,454.99%	7,040.47%	16,249.48%	-9,473.54%	-	20,981.92%	21,084.95%	21,086.07%
FCF Conversion (EBITDA)	-	15,501.53%	30,718.82%	-	-	41,049.1%	40,076.51%	44,126.36%
FCF Conversion (Net income)	-	47,231.56%	72,762.84%	-	-	101,584%	86,430.46%	99,917.27%
Dividend per Share ²	1,000	1,170	1,540	1,200	1,200	1,482	1,740	1,929
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	11,805	12,377	12,156	13,811	10,983	7,699	5,088	7,306	12,394	9,066	11,306	12,430	15,454	27,377	17,711	19,458	35,128	19,133
EBITDA ¹	6,882	6,691	6,264	7,682	5,220	1,793	154	612	-	1,541	3,582	6,073	8,029	-	9,612	10,678	-	12,125
EBIT ¹	4,172	4,220	2,860	4,193	1,656	-1,701	-3,402	-2,882	-	-1,792	346	2,886	4,580	-	5,970	6,909	-	7,140
Operating Margin	35.34%	34.09%	23.52%	30.36%	15.07%	-22.09%	-66.87%	-39.45%	-	-19.77%	3.06%	23.22%	29.64%	-	33.71%	35.51%	-	37.32%
Earnings before Tax (EBT) ¹	4,599	4,666	2,774	3,967	1,683	-4,224	-3,525	-3,788	-	-2,470	-1,875	2,373	4,213	-	6,296	6,671	-	7,745
Net income ¹	3,311	3,317	1,979	2,872	1,107	-3,530	-2,580	-2,991	-	-2,184	-1,357	1,919	3,177	-	4,584	4,703	-	6,784
Net margin	28.05%	26.8%	16.28%	20.79%	10.08%	-45.85%	-50.71%	-40.94%	-	-24.09%	-12%	15.44%	20.56%	-	25.88%	24.17%	-	35.46%
EPS ²	4,813	4,825	2,877	4,175	1,609	-5,419	-3,751	-4,347	-8,098	-3,174	-1,972	2,788	5,293	6,664	7,475	8,507	10,883	8,415
Dividend per Share ²	-	1,540	300.0	300.0	300.0	300.0	300.0	-	-	-	300.0	300.0	300.0	-	300.0	979.8	-	300.0
Announcement Date	10/25/21	1/27/22	4/26/22	7/26/22	10/25/22	1/31/23	4/25/23	7/25/23	7/25/23	10/25/23	1/24/24	4/24/24	-	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,529	7,600	10,477	18,917	-	14,937	4,576	-
Net Cash position ¹	-	-	-	-	-	-	-	6,773
Leverage (Debt/EBITDA)	0.5704 x	0.5245 x	0.4606 x	0.9025 x	-	0.4514 x	0.1083 x	-
Free Cash Flow ²	-7,410,303	2,245,909	6,986,917	-4,229,744	-	13,583,600	16,942,763	17,849,145
ROE (net income / shareholders' equity)	4.25%	9.53%	16.8%	3.88%	-15.6%	23.3%	26.1%	19.3%
ROA (Net income/ Total Assets)	3.14%	6.98%	11.5%	2.23%	-8.92%	12.6%	15.6%	13.1%
Assets ¹	64,137	68,157	83,780	108,965	102,101	105,922	125,813	136,500
Book Value Per Share ³	70,092	75,860	85,380	92,356	-	93,772	118,123	141,511
Cash Flow per Share ³	9,517	17,999	28,360	21,492	-	39,523	42,337	43,481
Capex ¹	13,920	10,069	12,487	19,010	-	14,388	16,684	16,903
Capex / Sales	51.57%	31.56%	29.04%	42.58%	-	22.22%	20.76%	19.97%
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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 SK hynix Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

175,900 KRW

Average target price

228,750 KRW

Spread / Average Target

+30.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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