Financials SPG Co., Ltd.

Equities

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
27,950 ^KRW	-0.71%		-2.10%	-22.36%

May. 06	Simon Property Q1 FFO, Revenue Increase	MT
Mar. 06	New Zealand Shares Rise on Wednesday, Investore Property Declares Dividend Reinvestment Plan Issue Price	MT

Fiscal Period: December	2021	2023	2024	2025	2026
Capitalization ¹	253,323	798,385	619,857	-	-
Enterprise Value (EV) ²	253.3	798.4	661	665.2	669
P/E ratio	10.9 x	-	-	-	-
Yield	-	0.56%	0.72%	0.81%	0.89%
Capitalization / Revenue	-	2.03 x	1.46 x	1.22 x	1.17 x
EV / Revenue	-	2.03 x	1.56 x	1.31 x	1.26 x
EV / EBITDA	-	-	21.6 x	18 x	14.6 x
EV / FCF	-	-	-6,610 x	950 x	291 x
FCF Yield	-	-	-0.02%	0.11%	0.34%
Price to Book	-	3.65 x	2.68 x	2.44 x	2.28 x
Nbr of stocks (in thousands)	21,377	22,177	22,177	-	-
Reference price ³	11,850	36,000	27,950	27,950	27,950
Announcement Date	3/17/22	3/19/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2021	2023	2024	2025	2026
Net sales ¹	-	393.8	424.6	508.9	531.9
EBITDA ¹	-	-	30.6	36.9	45.8
EBIT ¹	-	15.97	23.3	33.6	37.6
Operating Margin	-	4.06%	5.49%	6.6%	7.07%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	22.92	-	-	-	-
Net margin	-	-	-	-	-
EPS	1,092	-	-	-	-
Free Cash Flow ²	-	-	-100	700	2,300
FCF margin	-	-	-23.55%	137.55%	432.41%
FCF Conversion (EBITDA)	-	-	-	1,897.02%	5,021.83%
FCF Conversion (Net income)	-	-	-	-	-
Dividend per Share ³	-	200.0	200.0	225.0	250.0
Announcement Date	3/17/22	3/19/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Fiscal Period: December	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	97.57	96.94	97.82	104.6	107.8	111
EBITDA	-	-	-	-	-	-
EBIT ¹	-	2.648	3.073	5.6	6.1	6.6
Operating Margin	-	2.73%	3.14%	5.35%	5.66%	5.95%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	-0.049	-	-	-	-	-
Net margin	-0.05%	-	-	-	-	-
EPS	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	11/14/23	3/19/24	5/16/24	-	-	-

¹KRW in Billions

Estimates

Fiscal Period: December	2021	2023	2024	2025	2026
Net Debt ¹	-	-	41.1	45.3	49.1
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	1.343 x	1.228 x	1.072 x
Free Cash Flow ²	-	-	-100	700	2,300
ROE (net income / shareholders' equity)	-	5.09%	7.4%	10.6%	11%
ROA (Net income/ Total Assets)	-	-	4.7%	5.7%	7.1%
Assets	-	-	-	-	-
Book Value Per Share ³	-	9,871	10,424	11,450	12,233
Cash Flow per Share ³	-	1,575	1,331	1,612	-
Capex ¹	-	5.27	14.5	15.3	16
Capex / Sales	-	1.34%	3.41%	3.01%	3.01%
Announcement Date	3/17/22	3/19/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

27,950 KRW

Average target price

38,000 KRW

Spread / Average Target

+35.96%

	1st Jan change	Capi.
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