Company Valuation: KT&G Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,802,314 10,639,613 9,803,182 11,551,382 14,748,224 17,627,015 - -
Change - 8.54% -7.86% 17.83% 27.67% 19.52% - -
Enterprise Value (EV) 1 9,004 9,411 9,377 10,788 15,648 18,054 17,698 17,289
Change - 4.52% -0.36% 15.06% 45.05% 15.37% -1.97% -2.31%
P/E 9.99x 10.8x 11.1x 9.47x 13.9x 13.2x 12.1x 11.4x
PBR 1.03x 1.14x 1.07x 1.25x 1.59x 1.82x 1.69x 1.57x
PEG - 1.48x -1.46x 0.2x -1.44x 0.5x 1.3x 1.89x
Capitalization / Revenue 1.87x 1.82x 1.67x 1.95x 2.24x 2.49x 2.36x 2.26x
EV / Revenue 1.72x 1.61x 1.6x 1.83x 2.38x 2.55x 2.37x 2.22x
EV / EBITDA 5.79x 6.3x 6.66x 7.5x 9.56x 9.68x 8.85x 8.28x
EV / EBIT 6.73x 7.42x 8.03x 9.11x 11.6x 11.6x 10.5x 9.76x
EV / FCF 7.88x 14.6x 11.8x 197x -276x 14.2x 13.5x 12.8x
FCF Yield 12.7% 6.87% 8.46% 0.51% -0.36% 7.06% 7.39% 7.84%
Dividend per Share 3 4,800 5,000 5,200 5,400 6,000 6,991 7,698 8,165
Rate of return 6.08% 5.46% 5.98% 5.04% 4.22% 4.12% 4.53% 4.81%
EPS 3 7,910 8,489 7,843 11,314 10,220 12,817 14,012 14,857
Distribution rate 60.7% 58.9% 66.3% 47.7% 58.7% 54.5% 54.9% 55%
Net sales 1 5,228 5,856 5,872 5,910 6,580 7,067 7,463 7,799
EBITDA 1 1,556 1,493 1,408 1,439 1,636 1,866 1,999 2,088
EBIT 1 1,338 1,268 1,168 1,185 1,350 1,555 1,691 1,771
Net income 1 978.7 1,005 902.7 1,144 1,082 1,339 1,420 1,500
Net Debt 1 -798.6 -1,229 -426.6 -763.1 899.8 426.7 71.12 -338.1
Reference price 3 79,000.00 91,500.00 86,900.00 107,100.00 142,100.00 169,800.00 169,800.00 169,800.00
Nbr of stocks (in thousands) 124,080 116,280 112,810 107,856 103,788 103,810 - -
Announcement Date 2/10/22 2/9/23 2/7/24 2/6/25 2/5/26 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.29x2.56x9.71x4.1% 13.13B
12.42x6.6x10.2x6.27% 115B
18.48x3.28x10.45x4.01% 77.52B
18.6x4.12x13.64x4.89% 34.91B
10.78x0.69x6.89x8.7% 4.95B
13.73x0.19x1.25x7.13% 2.2B
9.12x0.36x3.95x3.25% 2.19B
9.29x2.17x6.38x8.62% 2.13B
9.53x - - 8.51% 1.02B
Average 12.80x 2.50x 7.81x 6.16% 28.12B
Weighted average by Cap. 15.09x 4.76x 10.50x 5.33%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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