Financials E Kocref Cr-Reit

Equities

End-of-day quote Korea S.E. Other stock markets 23:00:00 09/05/2024 BST			5-day change	1st Jan Change
4,755 ^KRW	+0.74%		+1.60%	-2.06%

2023	E Kocref Cr-Reit(KOSE:A088260) dropped from S&P Global BMI Index	CI
2023	E Kocref Cr-Reit Reports Earnings Results for the Second Half Year Ended December 31, 2022	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	430,723	342,678	377,516	329,376	307,523	301,189	301,189	-
Enterprise Value (EV) ²	430.7	753.4	788.4	624.7	724.9	301.2	709.1	703.7
P/E ratio	-	26.3 x	27.7 x	20.3 x	16.7 x	-	14.4 x	13.5 x
Yield	-	6.47%	5.87%	6.73%	-	8.41%	7.69%	7.66%
Capitalization / Revenue	24.9 x	8.19 x	8.93 x	7.74 x	7.15 x	6.82 x	6.98 x	6.51 x
EV / Revenue	24.9 x	18 x	18.6 x	14.7 x	16.9 x	6.82 x	16.4 x	15.2 x
EV / EBITDA	-	18.6 x	19.3 x	15.2 x	-	7.06 x	16.2 x	15.7 x
EV / FCF	-	33.2 x	33.8 x	-	-	21.2 x	37.3 x	32 x
FCF Yield	-	3.02%	2.96%	-	-	4.72%	2.68%	3.13%
Price to Book	-	1.3 x	1.48 x	1.32 x	1.27 x	1.08 x	1.18 x	1.28 x
Nbr of stocks (in thousands)	63,342	63,342	63,342	63,342	63,342	63,342	63,342	-
Reference price ³	6,800	5,410	5,960	5,200	4,855	4,755	4,755	4,755
Announcement Date	14/03/19	30/03/20	15/03/21	15/03/22	07/03/23	14/03/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	17.32	41.84	42.29	42.53	43	44.13	43.17	46.25
EBITDA ¹	-	40.46	40.95	41.2	-	42.68	43.65	44.9
EBIT ¹	-	31.92	32.4	32.64	33.05	34.09	33.97	36
Operating Margin	-	76.28%	76.61%	76.74%	76.86%	77.24%	78.69%	77.84%
Earnings before Tax (EBT) ¹	-	13.09	13.59	16.21	18.41	18.51	17.05	16.65
Net income ¹	-	13.09	13.59	16.21	18.41	18.51	17.05	16.65
Net margin	-	31.29%	32.13%	38.1%	42.82%	41.94%	39.5%	36%
EPS	-	206.0	215.0	256.0	290.0	-	329.6	351.0
Free Cash Flow ²	-	22,719	23,331	-	-	28,000	19,000	22,000
FCF margin	-	54,295.96%	55,166.14%	-	-	68,043.74%	44,015.44%	47,567.57%
FCF Conversion (EBITDA)	-	56,146.03%	56,978.02%	-	-	66,037.74%	43,528.06%	48,997.77%
FCF Conversion (Net income)	-	173,498.36%	171,718.98%	-	-	152,173.91%	111,436.95%	132,132.13%
Dividend per Share ³	-	350.0	350.0	350.0	-	400.0	365.7	364.0
Announcement Date	14/03/19	30/03/20	15/03/21	15/03/22	07/03/23	14/03/24	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	411	411	295	417	292	408	403
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	10.15 x	10.03 x	7.169 x	-	6.875 x	9.345 x	8.964 x
Free Cash Flow ²	-	22,719	23,331	-	-	28,000	19,000	22,000
ROE (net income / shareholders' equity)	-	4.87%	5.22%	6.46%	-	7.85%	7.43%	7.37%
ROA (Net income/ Total Assets)	-	1.81%	1.91%	2.31%	-	3.25%	2.83%	2.35%
Assets ¹	-	724.2	713.2	700.4	-	566.2	601.8	708.5
Book Value Per Share ³	-	4,174	4,039	3,942	3,815	4,408	4,033	3,712
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	-	-	-	-	0.2	3.9	0.1
Capex / Sales	-	-	-	-	-	0.49%	9.03%	0.22%
Announcement Date	14/03/19	30/03/20	15/03/21	15/03/22	07/03/23	14/03/24	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,755 KRW

Average target price

6,567 KRW

Spread / Average Target

+38.10%

	1st Jan change	Capi.
E KOCREF CR-REIT	-2.06%	219M
KIMCO REALTY CORPORATION	-10.63%	12.84B
THE LINK REAL ESTATE INVESTMENT TRUST	-19.27%	11.37B
REGENCY CENTERS CORPORATION	-11.19%	10.93B
NNN REIT, INC.	-1.88%	7.74B
BRIXMOR PROPERTY GROUP INC.	-4.34%	6.72B
VICINITY CENTRES	-5.88%	5.78B
AGREE REALTY CORPORATION	-4.58%	5.97B
KITE REALTY GROUP TRUST	-7.57%	4.67B
PHILLIPS EDISON & COMPANY, INC.	-9.87%	4.06B