Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,722,509 5,412,214 4,972,002 3,342,871 4,086,757 3,707,721 - -
Enterprise Value (EV) 1 4,722,509 5,412,214 4,972,002 3,342,871 4,086,757 3,707,721 3,707,721 3,707,721
P/E ratio 7.9 x 7.78 x 4.8 x 5.89 x 14.4 x 6.59 x 5.6 x 5.36 x
Yield 2.91% 2.12% 3.47% 4.93% 1.97% 3.49% 4.32% 4.34%
Capitalization / Revenue 0.31 x 2.19 x 1.67 x 1.54 x 2.17 x 1.49 x 1.53 x 1.42 x
EV / Revenue 0.31 x 2.19 x 1.67 x 1.54 x 2.17 x 1.49 x 1.53 x 1.42 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.57 x 0.66 x 0.39 x 0.37 x 0.42 x 0.39 x 0.37 x 0.35 x
Nbr of stocks (in thousands) 689,471 645,701 639,781 606,146 606,182 587,980 - -
Reference price 2 7,550 9,440 8,650 6,080 7,630 7,140 7,140 7,140
Announcement Date 20-01-30 21-01-28 22-01-26 23-01-26 24-02-06 - - -
1KRW in Million2KRW
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,456 2,474 2,977 2,176 1,887 2,492 2,426 2,620
EBITDA - - - - - - - -
EBIT 1 727.2 1,105 1,486 835.6 511 966.6 997.4 1,126
Operating Margin 4.71% 44.66% 49.92% 38.4% 27.08% 38.79% 41.12% 42.99%
Earnings before Tax (EBT) 1 893 1,140 - 826.3 370.1 922.4 1,039 1,164
Net income 1 663.7 821.8 1,153 639.5 298 668 753.6 853.2
Net margin 4.29% 33.23% 38.72% 29.39% 15.79% 26.8% 31.07% 32.56%
EPS 2 956.0 1,213 1,803 1,033 531.0 1,084 1,275 1,332
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 220.0 200.0 300.0 300.0 150.0 249.4 308.5 310.0
Announcement Date 20-01-30 21-01-28 22-01-26 23-01-26 24-02-06 - - -
1KRW in Billions2KRW
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 586.8 612.2 700.7 451.1 412 639.9 488.8 523.5 235.1 677.5 579.7 590 598
EBITDA - - - - - - - - - - - - -
EBIT 1 234.9 284.7 321.3 149.8 79.85 281.7 156.7 173.1 -90.38 270.5 235.2 203 208
Operating Margin 40.03% 46.5% 45.85% 33.2% 19.38% 44.02% 32.05% 33.06% -38.44% 39.92% 40.58% 34.41% 34.78%
Earnings before Tax (EBT) 1 281.1 272.6 354.2 154 45.45 294.6 172.3 64.47 -152.3 232.3 221 - -
Net income 1 177 191.8 253.7 103.6 90.43 236.7 132.5 77.45 -119.7 164.7 160.5 162 165
Net margin 30.17% 31.32% 36.21% 22.96% 21.95% 37% 27.11% 14.79% -50.89% 24.31% 27.69% 27.46% 27.59%
EPS - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 22-01-26 22-05-12 22-08-09 22-11-10 23-01-26 23-05-11 23-08-10 23-11-09 24-02-06 24-05-09 - - -
1KRW in Billions
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 7.57% 8.86% 11.9% 5.83% 2.67% 5.85% 6.3% 6.73%
ROA (Net income/ Total Assets) 0.53% 0.62% 0.96% 0.6% 0.28% 0.51% 0.5% 0.57%
Assets 1 125,639 133,371 119,800 107,435 107,130 129,953 151,544 150,015
Book Value Per Share 2 13,332 14,363 21,922 16,307 18,316 18,298 19,193 20,199
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 20-01-30 21-01-28 22-01-26 23-01-26 24-02-06 - - -
1KRW in Billions2KRW
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
7,140 KRW
Average target price
8,918 KRW
Spread / Average Target
+24.90%
Consensus

Quarterly revenue - Rate of surprise

  1. Stock Market
  2. Equities
  3. A006800 Stock
  4. Financials Mirae Asset Securities Co., Ltd.