Financials Seoul Semiconductor Co., Ltd.

Equities

A046890

KR7046890000

Semiconductors

End-of-day quote Korea S.E. Other stock markets 23:00:00 16/06/2024 BST			5-day change	1st Jan Change
9,540 ^KRW	0.00%		-1.65%	-6.10%

05-16	Seoul Semiconductor Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-20	Seoul Semiconductor Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	932,681	1,179,689	868,273	569,452	572,834	537,878	-	-
Enterprise Value (EV) ²	1,071	1,351	1,100	761.1	685.1	764.9	774.9	568.3
P/E ratio	27 x	66.3 x	17.5 x	-505 x	-25.6 x	71 x	29.7 x	25 x
Yield	0.96%	0.76%	2.99%	2.18%	2.17%	1.5%	1.77%	5.26%
Capitalization / Revenue	0.83 x	1.02 x	0.67 x	0.51 x	0.55 x	0.5 x	0.48 x	0.46 x
EV / Revenue	0.95 x	1.17 x	0.85 x	0.69 x	0.66 x	0.71 x	0.69 x	0.48 x
EV / EBITDA	8.38 x	9.68 x	7.83 x	14.7 x	16.5 x	8.21 x	6.35 x	4.71 x
EV / FCF	11.3 x	41.9 x	-25.5 x	7.15 x	9.83 x	25.5 x	43 x	25.8 x
FCF Yield	8.87%	2.39%	-3.93%	14%	10.2%	3.92%	2.32%	3.87%
Price to Book	1.41 x	1.76 x	1.19 x	0.81 x	0.85 x	0.8 x	0.77 x	0.75 x
Nbr of stocks (in thousands)	57,396	57,406	56,381	56,381	56,381	56,381	-	-
Reference price ³	16,250	20,550	15,400	10,100	10,160	9,540	9,540	9,540
Announcement Date	12/02/20	08/02/21	10/02/22	09/02/23	15/02/24	-	-	-

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	1,127	1,153	1,301	1,109	1,033	1,072	1,119	1,175
EBITDA ¹	127.8	139.6	140.6	51.73	41.54	93.19	122	120.8
EBIT ¹	49.6	59.5	66.42	-33.44	-48.21	6.995	44.81	53.68
Operating Margin	4.4%	5.16%	5.11%	-3.01%	-4.67%	0.65%	4%	4.57%
Earnings before Tax (EBT) ¹	48.8	54.1	75.83	-30.78	-62.03	3.3	25.9	31
Net income ¹	37.14	28.43	49.65	-1.1	-	7	19	21
Net margin	3.3%	2.47%	3.82%	-0.1%	-	0.65%	1.7%	1.79%
EPS ²	601.0	310.0	878.0	-20.00	-397.0	134.4	321.7	381.8
Free Cash Flow ³	95,070	32,244	-43,203	106,497	69,724	30,000	18,000	22,000
FCF margin	8,434.75%	2,796.41%	-3,321.98%	9,599.32%	6,751.23%	2,799.52%	1,608.63%	1,871.57%
FCF Conversion (EBITDA)	74,364.3%	23,102.28%	-	205,880.29%	167,852.63%	32,191.55%	14,754.48%	18,217.29%
FCF Conversion (Net income)	255,984.05%	113,415.8%	-	-	-	428,571.43%	94,736.84%	104,761.9%
Dividend per Share ²	156.0	157.0	460.0	220.0	220.0	143.0	168.7	501.9
Announcement Date	12/02/20	08/02/21	10/02/22	09/02/23	15/02/24	-	-	-

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
Net sales ¹	313	287.6	293.6	281.8	244.6	221	257.2	283.9	271	243	278.1	292.9	275.4
EBITDA ¹	13.58	-	-	10.85	1.592	8.53	20.06	9.291	3.655	19.12	22.61	25.44	27.86
EBIT ¹	-3.197	-7.004	3.697	-11.83	-20.95	-13.8	-4.093	-13.46	-18.15	-3.623	2.9	3.871	4.287
Operating Margin	-1.02%	-2.44%	1.26%	-4.2%	-8.56%	-6.24%	-1.59%	-4.74%	-6.7%	-1.49%	1.04%	1.32%	1.56%
Earnings before Tax (EBT) ¹	-10.57	-4.108	12.41	6.07	-47.16	-12.75	-4.276	-16.57	-29.85	-3.408	2	3.6	1.1
Net income	-4.632	5.133	16.55	1.319	-37.92	1.895	2.987	-1.613	-	2.542	-	-	-
Net margin	-1.48%	1.79%	5.64%	0.47%	-15.5%	0.86%	1.16%	-0.57%	-	1.05%	-	-	-
EPS ²	-81.00	91.00	294.0	268.0	-673.0	32.00	-	-29.00	-487.0	49.00	49.66	24.02	42.20
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/02/22	16/05/22	16/08/22	10/11/22	09/02/23	11/05/23	10/08/23	09/11/23	15/02/24	14/05/24	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	139	172	232	192	112	227	237	30.5
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.085 x	1.231 x	1.65 x	3.704 x	2.703 x	2.436 x	1.943 x	0.2521 x
Free Cash Flow ²	95,070	32,244	-43,203	106,497	69,724	30,000	18,000	22,000
ROE (net income / shareholders' equity)	5.27%	2.64%	7.03%	-6.68%	-3.24%	1.12%	4.23%	5.2%
ROA (Net income/ Total Assets)	2.64%	1.34%	3.49%	-0.08%	-1.78%	0.6%	1.95%	2.7%
Assets ¹	1,408	2,122	1,422	1,401	-	1,167	974.4	777.8
Book Value Per Share ³	11,517	11,654	12,942	12,504	12,013	11,863	12,370	12,720
Cash Flow per Share ³	2,951	1,566	1,741	2,761	2,140	2,008	2,008	2,058
Capex ¹	74.4	57.6	142	49.2	46.2	40	70	40
Capex / Sales	6.6%	4.99%	10.89%	4.43%	4.47%	3.73%	6.26%	3.4%
Announcement Date	12/02/20	08/02/21	10/02/22	09/02/23	15/02/24	-	-	-

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 Seoul Semiconductor Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

9,540 KRW

Average target price

10,000 KRW

Spread / Average Target

+4.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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