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 18,955,789 - -
Change - 8.54% -7.86% 17.83% 27.67% 28.53% - -
Enterprise Value (EV) 1 9,004 9,411 9,377 10,788 15,648 19,243 18,991 18,784
Change - 4.52% -0.36% 15.06% 45.05% 22.97% -1.31% -1.09%
P/E 9.99x 10.8x 11.1x 9.47x 13.9x 14.6x 13.7x 12.6x
PBR 1.03x 1.14x 1.07x 1.25x 1.59x 1.97x 1.86x 1.7x
PEG - 1.48x -1.46x 0.2x -1.44x 0.6x 2.2x 1.36x
Capitalization / Revenue 1.87x 1.82x 1.67x 1.95x 2.24x 2.7x 2.57x 2.46x
EV / Revenue 1.72x 1.61x 1.6x 1.83x 2.38x 2.74x 2.58x 2.44x
EV / EBITDA 5.79x 6.3x 6.66x 7.5x 9.56x 10.4x 9.66x 9.12x
EV / EBIT 6.73x 7.42x 8.03x 9.11x 11.6x 12.5x 11.4x 10.8x
EV / FCF 7.88x 14.6x 11.8x 197x -276x 16.4x 16.1x 14.7x
FCF Yield 12.7% 6.87% 8.46% 0.51% -0.36% 6.1% 6.19% 6.81%
Dividend per Share 3 4,800 5,000 5,200 5,400 6,000 6,602 7,148 7,619
Rate of return 6.08% 5.46% 5.98% 5.04% 4.22% 3.62% 3.91% 4.17%
EPS 3 7,910 8,489 7,843 11,314 10,220 12,529 13,310 14,544
Distribution rate 60.7% 58.9% 66.3% 47.7% 58.7% 52.7% 53.7% 52.4%
Net sales 1 5,228 5,856 5,872 5,910 6,580 7,012 7,372 7,710
EBITDA 1 1,556 1,493 1,408 1,439 1,636 1,846 1,967 2,059
EBIT 1 1,338 1,268 1,168 1,185 1,350 1,535 1,661 1,747
Net income 1 978.7 1,005 902.7 1,144 1,082 1,304 1,372 1,456
Net Debt 1 -798.6 -1,229 -426.6 -763.1 899.8 287.1 35.02 -171.9
Reference price 3 79,000.00 91,500.00 86,900.00 107,100.00 142,100.00 182,600.00 182,600.00 182,600.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.33x2.7x10.25x3.68% 12.64B
12.88x6.87x10.65x6.03% 120B
18.42x3.18x10.31x3.99% 69B
18.33x4.28x13.81x4.81% 36.39B
10.42x0.67x6.64x9% 4.71B
16.3x0.2x1.21x7.21% 2.47B
9.79x2.45x7.3x8.3% 2.19B
9.24x0.46x5.24x3.49% 1.9B
Average 13.71x 2.60x 8.18x 5.81% 31.21B
Weighted average by Cap. 15.21x 4.99x 10.76x 5.23%

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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