KEPCO PLANT SERVICE & ENGINEERING CO.,LTD.

Financials KEPCO Plant Service & Engineering Co.,Ltd.

Equities

A051600

KR7051600005

Business Support Services

End-of-day quote Korea S.E. Other stock markets 23:00:00 26/06/2024 BST			5-day change	1st Jan Change
37,150 ^KRW	-0.54%		-0.13%	+9.10%

03-12	KEPCO Plant Service & Engineering Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	KEPCO Plant Service & Engineering Co.,Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,761,750	1,336,500	1,734,750	1,494,000	1,532,250	1,671,750	-	-
Enterprise Value (EV) ²	1,496	1,134	1,661	1,346	1,483	1,565	1,523	1,474
P/E ratio	11.5 x	15.3 x	17.6 x	14.9 x	9.42 x	10.9 x	10.4 x	9.73 x
Yield	4.57%	6.46%	2.97%	3.61%	3.83%	5.38%	5.58%	4.93%
Capitalization / Revenue	1.41 x	1.03 x	1.26 x	1.05 x	1 x	1.08 x	1.05 x	1 x
EV / Revenue	1.2 x	0.87 x	1.2 x	0.94 x	0.97 x	1.01 x	0.95 x	0.88 x
EV / EBITDA	6.29 x	6.36 x	9.86 x	7.56 x	5.9 x	6.49 x	6.11 x	5.76 x
EV / FCF	11.4 x	45.3 x	16.1 x	31 x	-18.7 x	11 x	12.1 x	9.32 x
FCF Yield	8.8%	2.21%	6.21%	3.23%	-5.35%	9.06%	8.23%	10.7%
Price to Book	1.66 x	1.27 x	1.56 x	1.23 x	1.2 x	1.26 x	1.2 x	1.16 x
Nbr of stocks (in thousands)	45,000	45,000	45,000	45,000	45,000	45,000	-	-
Reference price ³	39,150	29,700	38,550	33,200	34,050	37,150	37,150	37,150
Announcement Date	11/02/20	09/02/21	14/02/22	10/02/23	14/02/24	-	-	-

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	1,247	1,303	1,381	1,429	1,534	1,551	1,595	1,667
EBITDA ¹	237.8	178.4	168.5	178.2	251.3	241.1	249.2	256
EBIT ¹	193.9	135.4	124	130.6	199.4	190.2	198	210
Operating Margin	15.55%	10.39%	8.98%	9.14%	13%	12.26%	12.41%	12.6%
Earnings before Tax (EBT) ¹	198.5	111	135.9	134.6	210.9	200	211.3	222.4
Net income ¹	153.3	87.06	98.68	100.2	162.7	152.9	161.4	171.8
Net margin	12.3%	6.68%	7.15%	7.01%	10.61%	9.86%	10.12%	10.3%
EPS ²	3,407	1,935	2,193	2,226	3,615	3,397	3,589	3,818
Free Cash Flow ³	131,711	25,022	103,190	43,442	-79,330	141,826	125,412	158,118
FCF margin	10,562.62%	1,920.02%	7,474.55%	3,039.87%	-5,171.95%	9,142.33%	7,861.47%	9,485.77%
FCF Conversion (EBITDA)	55,393.8%	14,024.1%	61,237.64%	24,382.09%	-	58,826.67%	50,318.3%	61,768.42%
FCF Conversion (Net income)	85,899.5%	28,741.32%	104,570.39%	43,363.08%	-	92,766.04%	77,690.44%	92,058.57%
Dividend per Share ²	1,790	1,920	1,146	1,199	1,305	2,000	2,075	1,831
Announcement Date	11/02/20	09/02/21	14/02/22	10/02/23	14/02/24	-	-	-

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	379.5	303	385.6	341.9	398.5	351.1	410	332.3	440.4	342.8	396.8	342.6	441.1	347.3	415.7
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	0.9	22.52	28.55	31.15	48.34	54.91	48.85	36.42	59.2	52.24	44.22	43.75	49.5	53.3	49.4
Operating Margin	0.24%	7.43%	7.4%	9.11%	12.13%	15.64%	11.91%	10.96%	13.44%	15.24%	11.15%	12.77%	11.22%	15.35%	11.88%
Earnings before Tax (EBT) ¹	0.898	26.73	32.63	32.13	43.11	59.91	52.65	39.31	59.04	56.32	50	39	50.5	57.7	53.5
Net income ¹	-3.846	20.85	24.45	24.11	30.77	46.01	40.69	29.88	46.09	43.56	39	29.8	38.9	44.7	41.8
Net margin	-1.01%	6.88%	6.34%	7.05%	7.72%	13.1%	9.92%	8.99%	10.47%	12.7%	9.83%	8.7%	8.82%	12.87%	10.06%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	14/02/22	13/05/22	12/08/22	11/11/22	10/02/23	12/05/23	09/08/23	08/11/23	14/02/24	13/05/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	265	202	74	148	49.1	107	148	197
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	131,711	25,022	103,190	43,442	-79,330	141,826	125,412	158,118
ROE (net income / shareholders' equity)	15%	8.23%	9.12%	8.61%	13.1%	11.8%	11.9%	12.1%
ROA (Net income/ Total Assets)	11.6%	6.43%	7.11%	6.7%	10.3%	9.33%	9.18%	9.19%
Assets ¹	1,320	1,355	1,388	1,494	1,580	1,638	1,759	1,868
Book Value Per Share ³	23,632	23,371	24,711	27,016	28,280	29,402	30,903	31,928
Cash Flow per Share ³	3,568	1,657	2,962	1,808	-847.0	3,251	4,339	2,680
Capex ¹	28.8	49.5	30.1	37.9	41.2	54	43.7	30.7
Capex / Sales	2.31%	3.8%	2.18%	2.65%	2.69%	3.48%	2.74%	1.84%
Announcement Date	11/02/20	09/02/21	14/02/22	10/02/23	14/02/24	-	-	-

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 KEPCO Plant Service & Engineering Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

37,150 KRW

Average target price

48,000 KRW

Spread / Average Target

+29.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Maintenance & Repair Services

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Maintenance & Repair Services