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 17,886,542 - -
Change - 8.54% -7.86% 17.83% 27.67% 21.28% - -
Enterprise Value (EV) 1 9,004 9,411 9,377 10,788 15,648 18,313 17,880 17,548
Change - 4.52% -0.36% 15.06% 45.05% 17.03% -2.37% -1.85%
P/E 9.99x 10.8x 11.1x 9.47x 13.9x 13.4x 12.4x 11.6x
PBR 1.03x 1.14x 1.07x 1.25x 1.59x 1.85x 1.72x 1.59x
PEG - 1.48x -1.46x 0.2x -1.44x 0.5x 1.5x 1.64x
Capitalization / Revenue 1.87x 1.82x 1.67x 1.95x 2.24x 2.53x 2.4x 2.29x
EV / Revenue 1.72x 1.61x 1.6x 1.83x 2.38x 2.59x 2.4x 2.25x
EV / EBITDA 5.79x 6.3x 6.66x 7.5x 9.56x 9.82x 8.97x 8.4x
EV / EBIT 6.73x 7.42x 8.03x 9.11x 11.6x 11.9x 10.6x 9.91x
EV / FCF 7.88x 14.6x 11.8x 197x -276x 14.4x 14.4x 12.9x
FCF Yield 12.7% 6.87% 8.46% 0.51% -0.36% 6.96% 6.94% 7.72%
Dividend per Share 3 4,800 5,000 5,200 5,400 6,000 6,944 7,622 8,165
Rate of return 6.08% 5.46% 5.98% 5.04% 4.22% 4.03% 4.42% 4.74%
EPS 3 7,910 8,489 7,843 11,314 10,220 12,817 13,878 14,857
Distribution rate 60.7% 58.9% 66.3% 47.7% 58.7% 54.2% 54.9% 55%
Net sales 1 5,228 5,856 5,872 5,910 6,580 7,067 7,456 7,799
EBITDA 1 1,556 1,493 1,408 1,439 1,636 1,866 1,993 2,088
EBIT 1 1,338 1,268 1,168 1,185 1,350 1,543 1,687 1,771
Net income 1 978.7 1,005 902.7 1,144 1,082 1,334 1,417 1,500
Net Debt 1 -798.6 -1,229 -426.6 -763.1 899.8 426.7 -6.611 -338.1
Reference price 3 79,000.00 91,500.00 86,900.00 107,100.00 142,100.00 172,300.00 172,300.00 172,300.00
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.($)
13.44x2.59x9.82x4.03% 12.91B
11.92x6.38x9.85x6.54% 110B
19.24x3.39x10.8x3.85% 77.95B
18.98x4.19x13.68x4.78% 35.28B
10.7x0.69x6.84x8.75% 4.91B
9.91x0.38x4.24x3.16% 2.25B
13.83x-0.13x-0.85x7.18% 2.21B
9.4x2.35x7.01x8.63% 2.12B
Average 13.43x 2.48x 7.67x 5.86% 31B
Weighted average by Cap. 15.26x 4.67x 10.46x 5.35%

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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