Financials Kia Corporation

Equities

A000270

KR7000270009

Auto & Truck Manufacturers

End-of-day quote Korea S.E. Other stock markets 18:00:00 2024-04-28 EDT			5-day change	1st Jan Change
118,300 ^KRW	+0.08%		+2.78%	+18.30%

04-29	Nomura Adjusts Kia Motors' Price Target to KRW180,000 From KRW140,000, Keeps at Buy	MT
04-29	Kia Corp’s Attributable Income Jumps 33% in Q1 2024	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,761,255	25,018,111	32,956,550	23,775,209	39,508,169	46,871,267	-	-
Enterprise Value (EV) ²	15,338	22,111	24,762	17,797	22,775	28,857	22,969	15,523
P/E ratio	9.72 x	16.8 x	6.92 x	4.39 x	4.51 x	4.56 x	5.02 x	4.75 x
Yield	2.6%	1.6%	3.65%	5.9%	5.6%	4.88%	5.04%	5.33%
Capitalization / Revenue	0.31 x	0.42 x	0.47 x	0.27 x	0.4 x	0.44 x	0.44 x	0.42 x
EV / Revenue	0.26 x	0.37 x	0.35 x	0.21 x	0.23 x	0.27 x	0.21 x	0.14 x
EV / EBITDA	3.71 x	5.16 x	3.4 x	1.84 x	1.63 x	1.88 x	1.59 x	1.03 x
EV / FCF	8.18 x	5.88 x	4.1 x	2.27 x	2.54 x	3.59 x	2.89 x	1.87 x
FCF Yield	12.2%	17%	24.4%	44%	39.3%	27.9%	34.6%	53.6%
Price to Book	0.61 x	0.84 x	0.94 x	0.6 x	0.85 x	0.87 x	0.77 x	0.68 x
Nbr of stocks (in thousands)	400,931	400,931	400,931	400,931	395,082	396,207	-	-
Reference price ³	44,300	62,400	82,200	59,300	100,000	118,300	118,300	118,300
Announcement Date	20-01-22	21-01-27	22-01-26	23-01-27	24-01-24	-	-	-

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	58,146	59,168	69,862	86,559	99,808	105,831	107,580	112,509
EBITDA ¹	4,139	4,286	7,287	9,656	13,961	15,345	14,430	15,113
EBIT ¹	2,010	2,066	5,066	7,233	11,608	12,613	11,589	12,141
Operating Margin	3.46%	3.49%	7.25%	8.36%	11.63%	11.92%	10.77%	10.79%
Earnings before Tax (EBT) ¹	2,531	1,841	6,394	7,502	12,677	13,928	12,731	13,664
Net income ¹	1,827	1,503	4,760	5,409	8,777	10,265	9,277	9,883
Net margin	3.14%	2.54%	6.81%	6.25%	8.79%	9.7%	8.62%	8.78%
EPS ²	4,556	3,710	11,874	13,495	22,168	25,968	23,584	24,916
Free Cash Flow ³	1,874,172	3,761,998	6,040,147	7,838,584	8,961,366	8,040,000	7,939,642	8,318,780
FCF margin	3,223.22%	6,358.15%	8,645.78%	9,055.77%	8,978.57%	7,597.04%	7,380.19%	7,393.9%
FCF Conversion (EBITDA)	45,279.33%	87,774.53%	82,892.58%	81,180.74%	64,187.15%	52,396.44%	55,021.67%	55,044.81%
FCF Conversion (Net income)	102,601.09%	250,346.91%	126,881.85%	144,905.94%	102,100.91%	78,325.57%	85,583.31%	84,170.34%
Dividend per Share ²	1,150	1,000	3,000	3,500	5,600	5,770	5,963	6,305
Announcement Date	20-01-22	21-01-27	22-01-26	23-01-27	24-01-24	-	-	-

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	17,753	17,188	18,357	21,876	23,162	23,164	23,691	26,244	25,545	24,328	26,213	26,981	25,781	25,077	26,206
EBITDA ¹	1,904	1,697	-	2,841	1,388	-	3,468	-	-	-	3,486	3,870	3,579	3,590	-
EBIT ¹	1,327	1,175	1,606	2,234	768.2	2,624	2,874	3,403	2,865	2,466	3,426	3,342	2,839	2,666	3,141
Operating Margin	7.47%	6.84%	8.75%	10.21%	3.32%	11.33%	12.13%	12.97%	11.22%	10.14%	13.07%	12.38%	11.01%	10.63%	11.99%
Earnings before Tax (EBT) ¹	1,606	1,631	1,518	2,624	730	2,630	3,142	3,682	3,327	2,526	3,785	3,667	3,330	2,848	-
Net income ¹	1,135	1,248	1,033	1,881	458.7	2,037	2,120	2,817	2,220	1,620	2,808	2,742	2,387	2,122	2,664
Net margin	6.39%	7.26%	5.63%	8.6%	1.98%	8.79%	8.95%	10.73%	8.69%	6.66%	10.71%	10.16%	9.26%	8.46%	10.17%
EPS ²	2,830	3,113	2,576	4,692	1,144	5,083	5,323	7,130	5,620	4,095	5,709	7,363	6,131	5,271	6,789
Dividend per Share ²	-	3,000	-	-	-	3,500	-	-	-	5,600	-	-	-	6,000	-
Announcement Date	21-10-27	22-01-26	22-04-25	22-07-22	22-10-25	23-01-27	23-04-26	23-07-27	23-10-27	24-01-24	24-04-26	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	2,423	2,907	8,195	5,978	16,733	18,015	23,902	31,349
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	1,874,172	3,761,998	6,040,147	7,838,584	8,961,366	8,040,000	7,939,642	8,318,780
ROE (net income / shareholders' equity)	6.5%	5.1%	14.7%	14.6%	20.4%	20.4%	16.1%	15.2%
ROA (Net income/ Total Assets)	3.41%	2.59%	7.48%	7.7%	11.4%	12.1%	10.1%	9.98%
Assets ¹	53,537	57,925	63,670	70,281	77,169	84,650	92,302	99,054
Book Value Per Share ³	72,277	74,556	87,077	98,135	117,576	135,871	152,846	173,721
Cash Flow per Share ³	9,006	13,528	18,357	23,283	28,531	29,624	29,716	28,845
Capex ¹	1,736	1,662	1,320	1,495	2,335	3,236	3,100	2,860
Capex / Sales	2.99%	2.81%	1.89%	1.73%	2.34%	3.06%	2.88%	2.54%
Announcement Date	20-01-22	21-01-27	22-01-26	23-01-27	24-01-24	-	-	-

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 Kia Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

118,300 KRW

Average target price

146,258 KRW

Spread / Average Target

+23.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Automobiles & Multi Utility Vehicles

	1st Jan change	Capi.
KIA CORPORATION	+18.30%	34.02B
PORSCHE AG	+9.24%	87.34B
BYD COMPANY LIMITED	+1.40%	84.51B
FERRARI N.V.	+24.82%	76.07B
MARUTI SUZUKI INDIA LTD	+25.98%	47.89B
SAIC MOTOR CORPORATION LIMITED	+12.93%	23.85B
CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED	-2.79%	19.82B
FORD OTOMOTIV SANAYI	+49.56%	11.99B
GUANGZHOU AUTOMOBILE GROUP CO., LTD.	-10.47%	10.13B
YUTONG BUS CO.,LTD.	+91.55%	7.85B

Automobiles & Multi Utility Vehicles