Financials Korean Airlines Co.,Ltd. Korea S.E.

Equities

A003495

KR7003491008

Airlines

End-of-day quote Korea S.E. Other stock markets 23:00:00 16/05/2024 BST			5-day change	1st Jan Change
23,250 ^KRW	-1.27%		-1.06%	-6.44%

05-13	Korean Air Lines to Sell Five B747-8i Aircraft to US Aerospace Firm	MT
05-09	Korean Air Lines' Net Income Declines 2.9% in Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,725,065	4,786,823	10,249,973	8,484,764	8,828,076	8,016,213	-	-
Enterprise Value (EV) ²	18,166	17,130	18,629	16,638	13,469	12,170	11,325	10,615
P/E ratio	-4.35 x	-17.3 x	17.7 x	4.79 x	8.2 x	7.13 x	7.1 x	7.57 x
Yield	0.88%	-	-	-	3.14%	3.46%	3.5%	3.46%
Capitalization / Revenue	0.21 x	0.63 x	1.14 x	0.6 x	0.55 x	0.44 x	0.44 x	0.44 x
EV / Revenue	1.43 x	2.25 x	2.07 x	1.18 x	0.84 x	0.67 x	0.62 x	0.58 x
EV / EBITDA	7.76 x	8.24 x	5.98 x	3.71 x	3.83 x	3.34 x	3.21 x	3.09 x
EV / FCF	16.3 x	22.4 x	5.87 x	3.46 x	6.17 x	6.57 x	5.94 x	7.15 x
FCF Yield	6.15%	4.47%	17%	28.9%	16.2%	15.2%	16.8%	14%
Price to Book	0.96 x	1.14 x	1.39 x	0.92 x	0.93 x	0.77 x	0.69 x	0.66 x
Nbr of stocks (in thousands)	95,955	175,320	348,932	369,331	369,331	369,331	-	-
Reference price ³	28,500	27,200	29,350	22,950	23,900	21,700	21,700	21,700
Announcement Date	06/02/20	04/02/21	27/01/22	01/02/23	30/01/24	-	-	-

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	12,683	7,606	9,017	14,097	16,112	18,040	18,207	18,404
EBITDA ¹	2,340	2,078	3,113	4,480	3,513	3,642	3,525	3,432
EBIT ¹	257.5	108.9	1,418	2,831	1,790	1,900	1,752	1,649
Operating Margin	2.03%	1.43%	15.73%	20.08%	11.11%	10.53%	9.62%	8.96%
Earnings before Tax (EBT) ¹	-734.5	-934.1	796.7	2,562	1,576	1,591	1,591	1,511
Net income ¹	-629.1	-211.5	531.4	1,732	1,132	1,118	1,329	1,048
Net margin	-4.96%	-2.78%	5.89%	12.29%	7.02%	6.2%	7.3%	5.69%
EPS ²	-6,557	-1,568	1,662	4,787	2,916	3,044	3,057	2,868
Free Cash Flow ³	1,117,845	765,674	3,171,231	4,810,659	2,183,944	1,852,750	1,907,620	1,483,750
FCF margin	8,813.44%	10,066.41%	35,170.15%	34,126.23%	13,554.94%	10,269.95%	10,477.49%	8,062.28%
FCF Conversion (EBITDA)	47,769%	36,846%	101,859.66%	107,373.05%	62,167.75%	50,865.14%	54,118.69%	43,227.91%
FCF Conversion (Net income)	-	-	596,816.18%	277,690.5%	192,955.57%	165,744.74%	143,583.01%	141,613.73%
Dividend per Share ²	250.0	-	-	-	750.2	750.0	759.1	750.0
Announcement Date	06/02/20	04/02/21	27/01/22	01/02/23	30/01/24	-	-	-

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	2,304	2,908	2,884	3,421	3,911	3,880	3,592	3,877	4,249	4,393	4,291	4,324	4,790	4,578	5,072
EBITDA	-	-	1,163	-	-	964.9	-	930.8	954.8	-	-	-	-	-	-
EBIT ¹	420.2	703.7	773.1	740.3	800.7	516.5	485.5	477.2	543	284.3	537.5	430.6	560.3	438.4	512
Operating Margin	18.24%	24.2%	26.8%	21.64%	20.47%	13.31%	13.52%	12.31%	12.78%	6.47%	12.53%	9.96%	11.7%	9.58%	10.09%
Earnings before Tax (EBT) ¹	150.2	590.7	735.2	621.6	559.4	646	364.8	488.6	577	145.2	547.2	356	514.8	397.2	523
Net income ¹	106.2	411.8	532.6	448.3	393.6	353.9	233.8	354.4	406.7	66.19	374.9	234.8	359.2	281.3	358
Net margin	4.61%	14.16%	18.47%	13.1%	10.06%	9.12%	6.51%	9.14%	9.57%	1.51%	8.74%	5.43%	7.5%	6.15%	7.06%
EPS	-	1,186	1,571	1,266	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	12/11/21	27/01/22	13/05/22	04/08/22	11/11/22	01/02/23	12/05/23	02/08/23	14/11/23	30/01/24	08/05/24	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,440	12,343	8,379	8,153	4,641	4,153	3,309	2,599
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.598 x	5.94 x	2.691 x	1.82 x	1.321 x	1.14 x	0.9388 x	0.7571 x
Free Cash Flow ²	1,117,845	765,674	3,171,231	4,810,659	2,183,944	1,852,750	1,907,620	1,483,750
ROE (net income / shareholders' equity)	-21.5%	-7.22%	10.5%	21.4%	11.8%	11.2%	10.6%	9.02%
ROA (Net income/ Total Assets)	-2.38%	-0.81%	2.23%	6.21%	3.57%	3.72%	3.8%	3.59%
Assets ¹	26,410	26,102	23,806	27,899	31,704	30,031	34,963	29,220
Book Value Per Share ³	29,716	23,769	21,063	25,046	25,793	28,133	31,326	32,834
Cash Flow per Share ³	24,258	10,205	10,324	15,517	11,114	10,782	10,515	10,026
Capex ¹	1,183	611	343	762	1,909	1,638	1,434	1,680
Capex / Sales	9.33%	8.03%	3.8%	5.4%	11.85%	9.08%	7.88%	9.13%
Announcement Date	06/02/20	04/02/21	27/01/22	01/02/23	30/01/24	-	-	-

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 Korean Airlines Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

21,700 KRW

Average target price

30,417 KRW

Spread / Average Target

+40.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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