Financials LG Innotek Co., Ltd.

Equities

A011070

KR7011070000

Electronic Equipment & Parts

End-of-day quote Korea S.E. Other stock markets 23:00:00 16/06/2024 BST			5-day change	1st Jan Change
261,500 ^KRW	-0.95%		+7.61%	+9.19%

06-10	Lg Innotek Solidifying Its Position as A Leader in Camera Modules Through Innovative Ai Processes	CI
05-22	South Korean Shares Decline Slightly as Investors Eye US Fed Policy Meeting Minutes; LG Innotek Stock Sheds 1%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,313,031	4,318,773	8,613,881	5,975,288	5,667,649	6,188,269	-	-
Enterprise Value (EV) ²	4,442	5,350	9,537	7,416	7,016	7,785	7,298	7,276
P/E ratio	32.4 x	18.3 x	9.91 x	6.12 x	10 x	8.6 x	7.73 x	6.86 x
Yield	0.21%	0.38%	0.82%	1.98%	1.09%	1.24%	1.3%	1.38%
Capitalization / Revenue	0.4 x	0.45 x	0.58 x	0.31 x	0.28 x	0.28 x	0.27 x	0.26 x
EV / Revenue	0.54 x	0.56 x	0.64 x	0.38 x	0.34 x	0.36 x	0.32 x	0.31 x
EV / EBITDA	4.38 x	3.96 x	4.69 x	3.44 x	3.74 x	3.49 x	3.12 x	2.95 x
EV / FCF	14.8 x	29.1 x	57 x	-36.7 x	23 x	317 x	12.6 x	13.2 x
FCF Yield	6.74%	3.43%	1.75%	-2.72%	4.34%	0.32%	7.91%	7.57%
Price to Book	1.5 x	1.78 x	2.6 x	1.4 x	1.2 x	1.15 x	1.02 x	0.9 x
Nbr of stocks (in thousands)	23,665	23,665	23,665	23,665	23,665	23,665	-	-
Reference price ³	140,000	182,500	364,000	252,500	239,500	261,500	261,500	261,500
Announcement Date	29/01/20	25/01/21	26/01/22	25/01/23	15/01/24	-	-	-

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	8,302	9,542	14,946	19,589	20,605	21,846	22,733	23,740
EBITDA ¹	1,013	1,350	2,034	2,157	1,877	2,234	2,339	2,463
EBIT ¹	403.1	681	1,264	1,272	830.8	1,033	1,144	1,250
Operating Margin	4.86%	7.14%	8.46%	6.49%	4.03%	4.73%	5.03%	5.27%
Earnings before Tax (EBT) ¹	158.2	442.8	1,193	1,135	639.3	880.8	995.4	1,114
Net income ¹	102.3	236.1	888.3	979.8	565.2	714.6	794.4	901.8
Net margin	1.23%	2.47%	5.94%	5%	2.74%	3.27%	3.49%	3.8%
EPS ²	4,323	9,978	36,745	41,280	23,884	30,422	33,831	38,130
Free Cash Flow ³	299,444	183,607	167,224	-201,909	304,827	24,567	577,191	550,597
FCF margin	3,606.86%	1,924.24%	1,118.89%	-1,030.7%	1,479.36%	112.46%	2,539%	2,319.28%
FCF Conversion (EBITDA)	29,555.43%	13,605.27%	8,222.4%	-	16,244.23%	1,099.84%	24,680.95%	22,355.3%
FCF Conversion (Net income)	292,705.8%	77,758.89%	18,825.6%	-	53,932.48%	3,437.99%	72,657.06%	61,052.87%
Dividend per Share ²	300.0	700.0	3,000	5,000	2,610	3,230	3,401	3,599
Announcement Date	29/01/20	25/01/21	26/01/22	25/01/23	15/01/24	-	-	-

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	5,723	3,952	3,703	5,387	6,548	4,376	3,907	4,764	7,559	4,334	4,440	5,549	7,488	4,908	4,460
EBITDA ¹	646	569	502.6	662.1	423.8	375.5	256.1	434.2	810.8	491	406.1	636.9	759.4	511.3	387.3
EBIT ¹	429.8	367.1	289.9	444.8	170	145.3	18.36	183.4	483.7	176	86.59	294.4	478.7	205.1	118.1
Operating Margin	7.51%	9.29%	7.83%	8.26%	2.6%	3.32%	0.47%	3.85%	6.4%	4.06%	1.95%	5.31%	6.39%	4.18%	2.65%
Earnings before Tax (EBT) ¹	360.8	354.8	278.1	410.4	91.73	111	3.265	146.4	378.6	164.3	65.03	237	461.7	240	127
Net income ¹	262.5	264.2	206.3	302.1	203.9	83.28	2.067	129.1	350.8	138.5	53.59	191.8	362.7	153.8	69.93
Net margin	4.59%	6.69%	5.57%	5.61%	3.11%	1.9%	0.05%	2.71%	4.64%	3.2%	1.21%	3.46%	4.84%	3.13%	1.57%
EPS ²	11,432	11,305	8,719	12,767	8,644	3,519	87.00	5,455	14,822	5,851	2,011	9,086	15,020	5,938	2,103
Dividend per Share ²	3,000	-	-	-	5,000	-	-	-	2,610	-	-	-	4,220	-	-
Announcement Date	26/01/22	27/04/22	27/07/22	26/10/22	25/01/23	26/04/23	26/07/23	25/10/23	15/01/24	24/04/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,129	1,031	923	1,441	1,348	1,596	1,110	1,088
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.115 x	0.764 x	0.454 x	0.6678 x	0.7184 x	0.7147 x	0.4746 x	0.4418 x
Free Cash Flow ²	299,444	183,607	167,224	-201,909	304,827	24,567	577,191	550,597
ROE (net income / shareholders' equity)	4.73%	10.2%	30.9%	25.9%	12.6%	14.3%	14%	13.9%
ROA (Net income/ Total Assets)	1.78%	4%	12.9%	11.2%	5.38%	6.2%	6.46%	6.58%
Assets ¹	5,763	5,905	6,890	8,768	10,499	11,526	12,303	13,702
Book Value Per Share ³	93,161	102,588	140,050	180,261	199,226	226,761	257,332	290,785
Cash Flow per Share ³	32,498	40,156	49,764	64,020	88,912	92,836	94,003	97,425
Capex ¹	470	767	1,010	1,717	1,799	1,232	1,331	1,375
Capex / Sales	5.66%	8.03%	6.76%	8.76%	8.73%	5.64%	5.85%	5.79%
Announcement Date	29/01/20	25/01/21	26/01/22	25/01/23	15/01/24	-	-	-

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 LG Innotek Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

261,500 KRW

Average target price

297,231 KRW

Spread / Average Target

+13.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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