Financials Sang-A Frontec Co.,Ltd.

Equities

End-of-day quote Korea S.E. Other stock markets 18:00:00 2024-06-23 EDT			5-day change	1st Jan Change
27,600 ^KRW	0.00%		+14.05%	+23.77%

03-15	Sang-A America Inc. announced that it expects to receive KRW 14.09083 billion in funding from Sang-A Frontec Co.,Ltd.	CI
2023	Sang-A Frontec Co.,Ltd. agreed to acquire remaining shares in SANG-A FRONTEC EU KFT for KRW 8.5 billion.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	231,527	694,406	815,385	422,504	347,669	430,299	-	-
Enterprise Value (EV) ²	267.3	729.2	855.1	422.5	371.1	519.7	519.2	505.7
P/E ratio	19.1 x	301 x	87 x	56.9 x	29 x	67.5 x	46.5 x	25.3 x
Yield	1.05%	-	0.38%	-	0.9%	0.72%	0.72%	0.72%
Capitalization / Revenue	1.24 x	4.53 x	4.57 x	-	1.89 x	2.15 x	1.82 x	1.36 x
EV / Revenue	1.44 x	4.76 x	4.79 x	-	2.02 x	2.6 x	2.2 x	1.59 x
EV / EBITDA	11.1 x	43.4 x	37.7 x	-	16.5 x	19.7 x	16.1 x	11.8 x
EV / FCF	-39.8 x	-338 x	-44.7 x	-	-3,282 x	-20.1 x	144 x	30.1 x
FCF Yield	-2.52%	-0.3%	-2.24%	-	-0.03%	-4.96%	0.69%	3.32%
Price to Book	1.57 x	4.66 x	4.6 x	-	1.8 x	2.26 x	2.19 x	2.05 x
Nbr of stocks (in thousands)	15,182	15,195	15,591	15,591	15,591	15,591	-	-
Reference price ³	15,250	45,700	52,300	27,100	22,300	27,600	27,600	27,600
Announcement Date	20-03-16	21-02-08	22-02-16	23-03-20	24-02-23	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	186.2	153.3	178.4	-	183.6	199.9	236.5	317.4
EBITDA ¹	24.09	16.79	22.69	-	22.54	26.4	32.3	42.7
EBIT ¹	14.89	7.383	11.83	-	8.958	11.2	16.3	25.9
Operating Margin	8%	4.81%	6.63%	-	4.88%	5.6%	6.89%	8.16%
Earnings before Tax (EBT) ¹	14.16	7.124	10.75	-	17	8.1	11.8	21.7
Net income ¹	12.45	2.32	9.196	7.426	11.73	6.5	9.5	17.4
Net margin	6.69%	1.51%	5.16%	-	6.39%	3.25%	4.02%	5.48%
EPS ²	799.0	152.0	601.0	476.0	769.0	409.0	594.0	1,090
Free Cash Flow ³	-6,724	-2,159	-19,131	-	-113.1	-25,800	3,600	16,800
FCF margin	-3,611.47%	-1,408.16%	-10,725.97%	-	-61.58%	-12,906.45%	1,522.2%	5,293.01%
FCF Conversion (EBITDA)	-	-	-	-	-	-	11,145.51%	39,344.26%
FCF Conversion (Net income)	-	-	-	-	-	-	37,894.74%	96,551.72%
Dividend per Share ²	160.0	-	200.0	-	200.0	200.0	200.0	200.0
Announcement Date	20-03-16	21-02-08	22-02-16	23-03-20	24-02-23	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	35.8	34.8	39.7	-	23.4	89.4	88.9	75.4
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.485 x	2.073 x	1.748 x	-	1.04 x	3.386 x	2.752 x	1.766 x
Free Cash Flow ²	-6,724	-2,159	-19,131	-	-113	-25,800	3,600	16,800
ROE (net income / shareholders' equity)	9.47%	1.75%	5.55%	-	6.21%	3.4%	4.8%	8.4%
ROA (Net income/ Total Assets)	5.11%	-	-	-	-	-	-	-
Assets ¹	243.7	-	-	-	-	-	-	-
Book Value Per Share ³	9,720	9,797	11,358	-	12,381	12,191	12,585	13,474
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	10.2	14.6	39.9	-	-	27.8	23.6	31.7
Capex / Sales	5.5%	9.53%	22.37%	-	-	13.91%	9.98%	9.99%
Announcement Date	20-03-16	21-02-08	22-02-16	23-03-20	24-02-23	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

27,600 KRW

Average target price

40,000 KRW

Spread / Average Target

+44.93%

	1st Jan change	Capi.
SANG-A FRONTEC CO.,LTD.	+23.77%	309M
KEYENCE CORPORATION	+15.86%	107B
HEXAGON AB	-3.68%	29.73B
BOE TECHNOLOGY GROUP COMPANY LIMITED	+1.54%	19.85B
TELEDYNE TECHNOLOGIES INCORPORATED	-13.70%	18.27B
KYOCERA CORPORATION	-8.41%	16.56B
ZEBRA TECHNOLOGIES CORPORATION	+11.97%	15.74B
HALMA PLC	+17.60%	12.84B
FLEX LTD.	+0.92%	12.35B
MINEBEAMITSUMI INC.	+14.40%	8.35B