Financials BGF retail CO., LTD.

Equities

A282330

KR7282330000

Food Retail & Distribution

End-of-day quote Korea S.E. Other stock markets 18:00:00 2024-05-13 EDT			5-day change	1st Jan Change
126,000 ^KRW	-1.41%		-7.49%	-4.04%

05-03	BGF Retail Q1 Profit Falls 16%, Sales Up 6%	MT
03-08	BGF Retail's CU Launches First Central Asian Outlet in Kazakhstan	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,928,115	2,340,765	2,513,515	3,636,391	2,268,209	2,176,652	-	-
Enterprise Value (EV) ²	2,843	2,764	2,168	3,231	1,906	1,692	1,520	1,358
P/E ratio	19.3 x	19.1 x	17 x	18.8 x	11.6 x	11 x	9.69 x	8.9 x
Yield	1.59%	1.77%	2.06%	1.95%	3.12%	3.36%	3.56%	3.82%
Capitalization / Revenue	0.49 x	0.38 x	0.37 x	0.48 x	0.28 x	0.25 x	0.23 x	0.22 x
EV / Revenue	0.48 x	0.45 x	0.32 x	0.42 x	0.23 x	0.19 x	0.16 x	0.14 x
EV / EBITDA	8.5 x	5.37 x	3.73 x	4.75 x	2.61 x	2.35 x	2.06 x	1.81 x
EV / FCF	7.77 x	8.27 x	5.77 x	7.92 x	4.32 x	4.16 x	3.96 x	3.7 x
FCF Yield	12.9%	12.1%	17.3%	12.6%	23.1%	24%	25.3%	27%
Price to Book	4.7 x	3.36 x	3.11 x	3.78 x	2.11 x	1.82 x	1.63 x	1.46 x
Nbr of stocks (in thousands)	17,275	17,275	17,275	17,275	17,275	17,275	-	-
Reference price ³	169,500	135,500	145,500	210,500	131,300	126,000	126,000	126,000
Announcement Date	20-02-11	21-02-09	22-02-10	23-02-09	24-02-07	-	-	-

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	5,946	6,181	6,781	7,616	8,195	8,737	9,312	9,796
EBITDA ¹	334.3	514.9	581.8	680.3	730.7	720.4	738.4	752.2
EBIT ¹	196.6	162.2	199.4	259.3	253.2	265.3	297.3	325
Operating Margin	3.31%	2.62%	2.94%	3.41%	3.09%	3.04%	3.19%	3.32%
Earnings before Tax (EBT) ¹	201.1	163.1	192.5	261	248.4	263.4	296.8	323.5
Net income ¹	151.4	122.7	147.6	198.8	195.8	198.6	225.3	244.4
Net margin	2.55%	1.99%	2.18%	2.61%	2.39%	2.27%	2.42%	2.5%
EPS ²	8,763	7,103	8,547	11,203	11,337	11,502	13,005	14,162
Free Cash Flow ³	365,823	334,325	376,020	407,843	440,921	406,433	383,800	366,971
FCF margin	6,152.33%	5,408.68%	5,545.07%	5,355.25%	5,380.49%	4,651.89%	4,121.71%	3,745.96%
FCF Conversion (EBITDA)	109,426%	64,928.32%	64,630.32%	59,949.24%	60,339.43%	56,420.35%	51,974.8%	48,789.65%
FCF Conversion (Net income)	241,627.13%	272,448.49%	254,682.38%	205,168.57%	225,189.28%	204,642.06%	170,370.5%	150,136.81%
Dividend per Share ²	2,700	2,400	3,000	4,100	4,100	4,238	4,489	4,817
Announcement Date	20-02-11	21-02-09	22-02-10	23-02-09	24-02-07	-	-	-

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	1,836	1,743	1,692	1,919	2,056	1,949	1,850	2,098	2,207	2,040	1,954	2,246	2,365	2,178	-
EBITDA	-	-	-	-	-	-	-	-	-	175.5	-	-	-	-	-
EBIT ¹	69.5	49.6	37.8	70.8	91.5	59.2	37	78.1	87	51.1	32.6	81.19	94.15	56.24	-
Operating Margin	3.78%	2.85%	2.23%	3.69%	4.45%	3.04%	2%	3.72%	3.94%	2.5%	1.67%	3.62%	3.98%	2.58%	-
Earnings before Tax (EBT) ¹	64.2	46.3	34.5	74.9	90.8	60.8	36.1	75	89.4	47.9	30.9	78.77	92.25	56.49	-
Net income ¹	49.3	35.6	26	57.4	69.3	46.1	27.7	59.5	70	38.6	23.4	60.01	69.42	41.27	-
Net margin	2.68%	2.04%	1.54%	2.99%	3.37%	2.36%	1.5%	2.84%	3.17%	1.89%	1.2%	2.67%	2.94%	1.89%	-
EPS ²	2,854	2,065	1,504	3,322	4,010	2,366	-	3,444	4,054	2,234	1,593	3,435	4,104	2,239	-
Dividend per Share ²	-	3,000	-	-	-	4,100	-	-	-	4,100	-	-	-	4,075	-
Announcement Date	21-11-04	22-02-10	22-05-09	22-08-04	22-11-03	23-02-09	23-05-02	23-08-03	23-11-02	24-02-07	24-05-02	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	423	-	-	-	-	-	-
Net Cash position ¹	85	-	345	405	362	485	657	818
Leverage (Debt/EBITDA)	-	0.8215 x	-	-	-	-	-	-
Free Cash Flow ²	365,823	334,325	376,020	407,843	440,921	406,433	383,800	366,971
ROE (net income / shareholders' equity)	26.5%	18.6%	19.6%	22.4%	19.2%	17.4%	17.5%	17.3%
ROA (Net income/ Total Assets)	8.28%	5.4%	5.94%	6.98%	6.35%	5.86%	6.35%	6.64%
Assets ¹	1,828	2,272	2,484	2,846	3,082	3,387	3,547	3,683
Book Value Per Share ³	36,040	40,337	46,849	55,724	62,133	69,355	77,313	86,222
Cash Flow per Share ³	30,843	29,369	31,152	36,493	37,458	41,978	38,157	38,246
Capex ¹	167	173	162	223	206	263	299	268
Capex / Sales	2.81%	2.8%	2.39%	2.92%	2.52%	3.01%	3.21%	2.74%
Announcement Date	20-02-11	21-02-09	22-02-10	23-02-09	24-02-07	-	-	-

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 BGF retail CO., LTD.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

126,000 KRW

Average target price

172,333 KRW

Spread / Average Target

+36.77%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
BGF RETAIL CO., LTD.	-4.04%	1.61B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-7.84%	39.04B
AVENUE SUPERMARTS LIMITED	+14.78%	36.29B
SEVEN & I HOLDINGS CO., LTD.	+8.47%	33.75B
SM INVESTMENTS CORPORATION	-0.69%	18.44B
COLES GROUP LIMITED	+2.05%	14.45B
JERÓNIMO MARTINS, SGPS, S.A.	-11.72%	13.77B
CARREFOUR	-2.26%	12.12B
CASEY'S GENERAL STORES, INC.	+22.91%	12.5B
ICA GRUPPEN	-.--%	11.82B

Supermarkets & Convenience Stores