Financials Kumho Petro Chemical Co.,Ltd Korea S.E.

Equities

A011785

KR7011781002

Tires & Rubber Products

End-of-day quote Korea S.E. Other stock markets 23:00:00 30/05/2024 BST			5-day change	1st Jan Change
67,900 ^KRW	+0.89%		+0.59%	+10.59%

05-16	Kumho Petro Chemical Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
05-07	South Korean Shares Close Higher on US Fed Rate Cut Hopes	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,027,298	3,774,400	4,452,790	3,277,153	3,180,173	3,639,544	-	-
Enterprise Value (EV) ²	2,989	4,303	4,863	3,507	3,074	3,742	3,608	3,139
P/E ratio	7.35 x	6.94 x	2.36 x	3.38 x	7.95 x	10.8 x	8.43 x	8.29 x
Yield	1.94%	2.76%	6.02%	4.29%	2.18%	1.95%	2.41%	2.59%
Capitalization / Revenue	0.41 x	0.78 x	0.53 x	0.41 x	0.5 x	0.53 x	0.5 x	0.48 x
EV / Revenue	0.6 x	0.89 x	0.57 x	0.44 x	0.49 x	0.55 x	0.5 x	0.41 x
EV / EBITDA	5.24 x	4.66 x	1.86 x	2.52 x	5.1 x	5.91 x	4.6 x	3.7 x
EV / FCF	7.56 x	7.22 x	2.74 x	40.8 x	75.2 x	23.7 x	9.99 x	9.87 x
FCF Yield	13.2%	13.9%	36.5%	2.45%	1.33%	4.23%	10%	10.1%
Price to Book	0.73 x	1.15 x	0.82 x	0.54 x	0.53 x	0.72 x	0.69 x	0.63 x
Nbr of stocks (in thousands)	27,899	27,899	27,899	27,089	25,556	26,322	-	-
Reference price ³	77,500	145,000	166,000	126,000	132,900	147,400	147,400	147,400
Announcement Date	30/01/20	09/02/21	10/02/22	08/02/23	29/01/24	-	-	-

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	4,978	4,810	8,462	7,976	6,322	6,863	7,275	7,577
EBITDA ¹	570.5	923.2	2,615	1,392	602.6	633.5	784.3	848.9
EBIT ¹	367.8	742.2	2,407	1,148	359	355.3	498.3	544.6
Operating Margin	7.39%	15.43%	28.44%	14.39%	5.68%	5.18%	6.85%	7.19%
Earnings before Tax (EBT) ¹	379.3	767.5	2,626	1,252	486	481	621	656.2
Net income ¹	294.6	582.6	1,974	1,025	436	397.6	497.8	512.5
Net margin	5.92%	12.11%	23.32%	12.86%	6.9%	5.79%	6.84%	6.76%
EPS ²	10,549	20,881	70,433	37,290	16,727	13,711	17,484	17,773
Free Cash Flow ³	395,284	596,140	1,773,256	85,844	40,886	158,167	361,143	318,000
FCF margin	7,940.72%	12,394.99%	20,955.91%	1,076.33%	646.69%	2,304.52%	4,963.91%	4,196.86%
FCF Conversion (EBITDA)	69,282.9%	64,573.27%	67,812.12%	6,168.81%	6,784.31%	24,965.81%	46,044.24%	37,460.18%
FCF Conversion (Net income)	134,176.02%	102,324.31%	89,849.1%	8,371.35%	9,377.36%	39,783.14%	72,542.55%	62,051.81%
Dividend per Share ²	1,500	4,000	10,000	5,400	2,900	2,875	3,546	3,815
Announcement Date	30/01/20	09/02/21	10/02/22	08/02/23	29/01/24	-	-	-

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	2,172	2,199	2,244	1,887	1,645	1,721	1,578	1,507	1,516	1,667	1,766	1,812	1,740	1,788	1,770
EBITDA	-	-	412.1	291.7	177.7	-	162.2	147.4	99.65	-	-	-	-	-	-
EBIT ¹	415.3	449.1	354	230.5	114.3	130.2	107.9	84.2	36.7	78.61	81.62	103.8	96.69	163.9	171.9
Operating Margin	19.12%	20.42%	15.77%	12.21%	6.94%	7.56%	6.84%	5.59%	2.42%	4.71%	4.62%	5.73%	5.56%	9.17%	9.71%
Earnings before Tax (EBT) ¹	428.3	503.7	387.4	280	80.47	168.5	140.5	115.8	61.25	120.3	106.6	136.9	125.6	-	-
Net income ¹	310.4	373.2	286.9	210.8	154.6	132.6	117.4	103.6	82.44	102.5	81.32	106.8	105.3	153.4	160
Net margin	14.29%	16.97%	12.78%	11.17%	9.39%	7.7%	7.44%	6.88%	5.44%	6.15%	4.61%	5.89%	6.05%	8.58%	9.04%
EPS	10,798	-	10,392	7,973	5,778	4,893	4,363	3,948	3,554	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/02/22	04/05/22	05/08/22	04/11/22	08/02/23	02/05/23	04/08/23	03/11/23	29/01/24	07/05/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	961	528	410	229	-	102	-	-
Net Cash position ¹	-	-	-	-	106	-	31.4	501
Leverage (Debt/EBITDA)	1.685 x	0.5721 x	0.157 x	0.1649 x	-	0.161 x	-	-
Free Cash Flow ²	395,284	596,140	1,773,256	85,844	40,886	158,167	361,143	318,000
ROE (net income / shareholders' equity)	11.8%	20.2%	47.8%	19.1%	7.59%	6.68%	8.03%	7.75%
ROA (Net income/ Total Assets)	6.42%	12.2%	29.9%	13%	5.69%	4.86%	5.9%	5.67%
Assets ¹	4,587	4,780	6,599	7,917	7,659	8,179	8,434	9,036
Book Value Per Share ³	105,674	126,561	202,890	234,861	250,205	203,629	215,021	233,393
Cash Flow per Share ³	22,419	31,016	85,482	169,848	26,683	21,284	25,356	28,894
Capex ¹	173	175	354	423	590	526	449	433
Capex / Sales	3.47%	3.65%	4.18%	5.3%	9.33%	7.67%	6.17%	5.72%
Announcement Date	30/01/20	09/02/21	10/02/22	08/02/23	29/01/24	-	-	-

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 Kumho Petro Chemical Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

147,400 KRW

Average target price

164,889 KRW

Spread / Average Target

+11.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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