Financials Hotel Shilla Co.,Ltd

Equities

A008770

KR7008770000

Airport Services

End-of-day quote Korea S.E. Other stock markets 18:00:00 2024-05-02 EDT			5-day change	1st Jan Change
58,300 ^KRW	+1.39%		+1.22%	-10.86%

05-02	Hotel Shilla Falls to Q1 Loss Despite Higher Sales; Shares Down 4%	MT
03-14	Shilla Duty Free Shop Unveils New Store at Incheon Airport	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,409,042	3,113,500	2,951,618	3,130,676	2,462,741	2,196,424	-	-
Enterprise Value (EV) ²	4,432	5,044	4,687	4,893	2,463	3,069	2,877	2,809
P/E ratio	20.3 x	-11 x	109 x	-62.7 x	-	21.6 x	14.9 x	12.8 x
Yield	0.39%	0.24%	0.26%	0.24%	-	0.4%	0.43%	0.63%
Capitalization / Revenue	0.6 x	0.98 x	0.78 x	0.64 x	0.69 x	0.49 x	0.43 x	0.4 x
EV / Revenue	0.78 x	1.58 x	1.24 x	0.99 x	0.69 x	0.68 x	0.57 x	0.51 x
EV / EBITDA	8.6 x	131 x	19 x	23.9 x	-	11.5 x	8.6 x	7.61 x
EV / FCF	13.1 x	-50.7 x	231 x	29.4 x	-	17.7 x	14.1 x	12.3 x
FCF Yield	7.62%	-1.97%	0.43%	3.4%	-	5.66%	7.09%	8.11%
Price to Book	3.67 x	4.9 x	5.02 x	5.71 x	-	3.28 x	2.66 x	2.3 x
Nbr of stocks (in thousands)	37,854	37,854	37,854	37,854	37,854	37,854	-	-
Reference price ³	90,800	82,300	78,000	83,100	65,400	58,300	58,300	58,300
Announcement Date	20-01-31	21-01-29	22-01-28	23-01-27	24-01-26	-	-	-

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	5,717	3,188	3,779	4,922	3,568	4,489	5,056	5,468
EBITDA ¹	515.1	38.64	246.5	204.7	-	267.2	334.3	369.3
EBIT ¹	295.9	-185.3	118.8	78.35	91.23	154.3	229	254.4
Operating Margin	5.17%	-5.81%	3.14%	1.59%	2.56%	3.44%	4.53%	4.65%
Earnings before Tax (EBT) ¹	225.6	-360.7	47.92	-59.65	107.4	138.2	198.6	228.8
Net income ¹	169.7	-283.4	27.06	-50.16	85.98	102.9	156.1	178.5
Net margin	2.97%	-8.89%	0.72%	-1.02%	2.41%	2.29%	3.09%	3.26%
EPS ²	4,483	-7,487	714.0	-1,325	-	2,701	3,921	4,550
Free Cash Flow ³	337,914	-99,429	20,269	166,522	-	173,639	203,954	227,820
FCF margin	5,910.37%	-3,118.79%	536.34%	3,383.22%	-	3,868.26%	4,033.62%	4,166.26%
FCF Conversion (EBITDA)	65,598.34%	-	8,224.06%	81,350.51%	-	64,983.69%	61,000.2%	61,687.77%
FCF Conversion (Net income)	199,089.12%	-	74,890.35%	-	-	168,693.44%	130,684.07%	127,656.41%
Dividend per Share ²	350.0	200.0	200.0	200.0	-	233.4	251.4	369.2
Announcement Date	20-01-31	21-01-29	22-01-28	23-01-27	24-01-26	-	-	-

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	968.7	1,130	1,094	1,166	1,362	1,300	752.1	866.9	1,012	937.6	980.8	1,110	1,234	1,217	-
EBITDA ¹	52.26	56.81	45.8	74.37	58.54	25.99	66.09	98.34	40.68	-	50.4	-	-	-	-
EBIT ¹	20.86	24.99	15.14	43.22	26.65	-6.656	34.52	67.22	7.741	-18.26	12.12	49.23	58.28	45.63	-
Operating Margin	2.15%	2.21%	1.38%	3.71%	1.96%	-0.51%	4.59%	7.75%	0.77%	-1.95%	1.24%	4.43%	4.72%	3.75%	-
Earnings before Tax (EBT) ¹	-0.125	27.57	-7.796	29.31	14.55	-95.72	63.96	85.91	-4.027	-38.47	2.653	50.17	51.41	46.14	-
Net income ¹	-1.154	17.68	-7.68	24.53	13.98	-81	53.21	72.37	-3.29	-36.32	-1.609	31.86	35.44	37.19	-
Net margin	-0.12%	1.56%	-0.7%	2.1%	1.03%	-6.23%	7.07%	8.35%	-0.33%	-3.87%	-0.16%	2.87%	2.87%	3.05%	-
EPS ²	-31.00	467.0	-203.0	648.0	382.0	-2,139	1,405	1,912	-87.00	-	240.6	1,012	768.9	1,739	-
Dividend per Share ²	-	200.0	-	-	-	200.0	-	-	-	-	-	-	-	350.0	-
Announcement Date	21-10-29	22-01-28	22-04-29	22-07-29	22-10-28	23-01-27	23-04-28	23-07-28	23-10-27	24-01-26	24-04-30	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,023	1,930	1,736	1,762	-	873	681	613
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.986 x	49.95 x	7.043 x	8.609 x	-	3.267 x	2.036 x	1.66 x
Free Cash Flow ²	337,914	-99,429	20,269	166,522	-	173,639	203,954	227,820
ROE (net income / shareholders' equity)	20.2%	-36.7%	4.51%	-8.98%	-	17%	19.8%	19.7%
ROA (Net income/ Total Assets)	5.82%	-8.83%	0.98%	-1.79%	-	3.61%	5.44%	5.8%
Assets ¹	2,916	3,211	2,775	2,797	-	2,849	2,868	3,077
Book Value Per Share ³	24,767	16,800	15,532	14,543	-	17,770	21,892	25,380
Cash Flow per Share ³	10,663	-1,392	1,141	5,940	-	5,691	6,098	7,120
Capex ¹	65.8	47.8	22.1	53.9	-	66.7	67.8	75.9
Capex / Sales	1.15%	1.5%	0.58%	1.1%	-	1.49%	1.34%	1.39%
Announcement Date	20-01-31	21-01-29	22-01-28	23-01-27	24-01-26	-	-	-

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 Hotel Shilla Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

58,300 KRW

Average target price

69,000 KRW

Spread / Average Target

+18.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Duty Free Shops

	1st Jan change	Capi.
HOTEL SHILLA CO.,LTD	-10.86%	1.62B
CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED	-10.50%	21.24B
JORDANIAN DUTY FREE SHOPS	-9.32%	238M
JTC INC.	+48.70%	212M
BAHRAIN DUTY FREE SHOP COMPLEX BSC	-8.33%	208M
ATLAN HOLDINGS	-2.15%	146M
PT SONA TOPAS TOURISM INDUSTRY TBK	+55.88%	65.6M

Duty Free Shops