Financials S-Fuelcell co., Ltd.

Equities

A288620

KR7288620008

Renewable Energy Equipment & Services

End-of-day quote Korea S.E. Other stock markets 23:00:00 23/05/2024 BST			5-day change	1st Jan Change
16,610 ^KRW	-4.27%		+13.85%	-2.58%

2023	S-Fuelcell co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2022	S-Fuelcell co., Ltd. announced that it has received KRW 20 billion in funding from a group of investors	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	191,793	139,549	118,997	115,926	-	-
Enterprise Value (EV) ²	191.8	114.3	92.34	106.7	110.2	114.7
P/E ratio	39.6 x	165 x	-50.6 x	-378 x	369 x	61.7 x
Yield	-	0.25%	-	0.3%	0.3%	0.3%
Capitalization / Revenue	-	2.98 x	3.66 x	2.55 x	2.23 x	1.9 x
EV / Revenue	-	2.44 x	2.84 x	2.35 x	2.12 x	1.88 x
EV / EBITDA	-	41.2 x	-187 x	39.5 x	30.6 x	20.1 x
EV / FCF	-	-15.4 x	29.3 x	38.1 x	-47.9 x	-41 x
FCF Yield	-	-6.47%	3.41%	2.62%	-2.09%	-2.44%
Price to Book	-	1.98 x	1.72 x	1.69 x	1.69 x	1.66 x
Nbr of stocks (in thousands)	6,874	6,874	6,979	6,979	-	-
Reference price ³	27,900	20,300	17,050	16,610	16,610	16,610
Announcement Date	16/03/22	16/03/23	14/03/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	-	46.78	32.53	45.5	51.9	61.1
EBITDA ¹	-	2.776	-0.4934	2.7	3.6	5.7
EBIT ¹	-	1.192	-2.482	0.7	1.6	3.7
Operating Margin	-	2.55%	-7.63%	1.54%	3.08%	6.06%
Earnings before Tax (EBT) ¹	-	0.2215	-4.48	-0.4	0.4	2.3
Net income ¹	4.883	0.8461	-2.345	-0.3	0.3	1.9
Net margin	-	1.81%	-7.21%	-0.66%	0.58%	3.11%
EPS ²	705.0	123.0	-337.0	-44.00	45.00	269.0
Free Cash Flow ³	-	-7,403	3,153	2,800	-2,300	-2,800
FCF margin	-	-15,826.16%	9,692.86%	6,153.85%	-4,431.6%	-4,582.65%
FCF Conversion (EBITDA)	-	-	-	103,703.7%	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	50.00	-	50.00	50.00	50.00
Announcement Date	16/03/22	16/03/23	14/03/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3	2022 Q4
Net sales ¹	11.41	14.38	13.1
EBITDA	-	-	-
EBIT ¹	0.525	0.7878	-0.222
Operating Margin	4.6%	5.48%	-1.69%
Earnings before Tax (EBT) ¹	0.3913	0.6455	-0.4654
Net income ¹	0.3101	0.5205	0.28
Net margin	2.72%	3.62%	2.14%
EPS	-	-	-
Dividend per Share	-	-	-
Announcement Date	16/08/22	14/11/22	16/03/23

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	25.2	26.7	9.2	5.7	1.2
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ²	-	-7,403	3,153	2,800	-2,300	-2,800
ROE (net income / shareholders' equity)	-	1.2%	-3.27%	-0.4%	0.5%	2.7%
ROA (Net income/ Total Assets)	-	0.62%	-1.53%	-0.2%	0.2%	1.2%
Assets ¹	-	136	152.8	150	150	158.3
Book Value Per Share ³	-	10,231	9,921	9,827	9,822	9,991
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	0.75	0.12	1.5	2	2.5
Capex / Sales	-	1.6%	0.38%	3.3%	3.85%	4.09%
Announcement Date	16/03/22	16/03/23	14/03/24	-	-	-

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 S-Fuelcell co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

16,610 KRW

Average target price

20,000 KRW

Spread / Average Target

+20.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Stationary Fuel Cells

	1st Jan change	Capi.
S-FUELCELL CO., LTD.	-2.58%	84.91M
PLUG POWER INC.	-27.78%	2.41B
DOOSAN FUEL CELL CO., LTD.	+7.76%	1.2B
SINO-SYNERGY HYDROGEN ENERGY TECHNOLOGY (JIAXING) CO., LTD.	-12.50%	1.14B
BALLARD POWER SYSTEMS INC.	-14.46%	920M
CERES POWER HOLDINGS PLC	+25.82%	566M
FUELCELL ENERGY, INC.	-45.33%	395M
AFC ENERGY PLC	+9.76%	214M

Stationary Fuel Cells