YESCO HOLDINGS CO., LTD.

Financials Yesco Holdings Co., Ltd.

Equities

A015360

KR7015360001

Natural Gas Utilities

End-of-day quote Korea S.E. Other stock markets 18:00:00 2024-05-13 EDT			5-day change	1st Jan Change
41,800 ^KRW	+1.95%		+3.59%	+26.67%

05-13	An undisclosed buyer agreed to acquire 65% stake in HANSUNG PCC Co. Ltd. from Yesco Holdings Co., Ltd. for KRW 80.5 billion.	CI
05-08	Jeong In-cheol and Moon Man-young acquired 62.88% stake in Yesco Service Co., Ltd. from Yesco Holdings Co., Ltd. for KRW760 million.	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	170,418	159,541	149,303	152,715	134,372	140,771
Enterprise Value (EV) ¹	341,602	318,242	373,517	333,750	341,565	233,475
P/E ratio	24.6 x	8.11 x	-2.21 x	7.07 x	-13.5 x	5.96 x
Yield	3.75%	4.68%	5.71%	6.28%	7.94%	26.5%
Capitalization / Revenue	0.16 x	0.14 x	0.13 x	0.12 x	0.09 x	0.1 x
EV / Revenue	0.31 x	0.29 x	0.33 x	0.26 x	0.23 x	0.16 x
EV / EBITDA	5.88 x	5.37 x	36.8 x	4.13 x	9.52 x	2.5 x
EV / FCF	8.68 x	-3.31 x	-3.06 x	1.69 x	-29.3 x	2.09 x
FCF Yield	11.5%	-30.2%	-32.7%	59.1%	-3.41%	47.8%
Price to Book	0.29 x	0.29 x	0.31 x	0.31 x	0.28 x	0.3 x
Nbr of stocks (in thousands)	4,266	4,266	4,266	4,266	4,266	4,266
Reference price ²	39,950	37,400	35,000	35,800	31,500	33,000
Announcement Date	19-03-20	20-03-20	21-03-22	22-03-21	23-03-20	24-03-12

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	1,095,366	1,108,192	1,122,374	1,266,671	1,471,471	1,430,506
EBITDA ¹	58,078	59,256	10,161	80,826	35,871	93,469
EBIT ¹	23,075	20,149	-31,000	45,970	111.8	57,080
Operating Margin	2.11%	1.82%	-2.76%	3.63%	0.01%	3.99%
Earnings before Tax (EBT) ¹	8,523	29,108	-64,019	54,378	-6,858	52,887
Net income ¹	7,040	19,669	-67,625	21,605	-9,965	23,637
Net margin	0.64%	1.77%	-6.03%	1.71%	-0.68%	1.65%
EPS ²	1,625	4,611	-15,853	5,065	-2,336	5,541
Free Cash Flow ¹	39,335	-96,228	-122,143	197,186	-11,639	111,630
FCF margin	3.59%	-8.68%	-10.88%	15.57%	-0.79%	7.8%
FCF Conversion (EBITDA)	67.73%	-	-	243.96%	-	119.43%
FCF Conversion (Net income)	558.78%	-	-	912.67%	-	472.27%
Dividend per Share ²	1,500	1,750	2,000	2,250	2,500	8,750
Announcement Date	19-03-20	20-03-20	21-03-22	22-03-21	23-03-20	24-03-12

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	171,184	158,702	224,214	181,035	207,193	92,704
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.947 x	2.678 x	22.07 x	2.24 x	5.776 x	0.9918 x
Free Cash Flow ¹	39,335	-96,228	-122,143	197,186	-11,639	111,630
ROE (net income / shareholders' equity)	1.59%	3.66%	-13.8%	3.57%	-1.49%	7.18%
ROA (Net income/ Total Assets)	0.98%	0.84%	-1.25%	1.92%	0%	2.5%
Assets ¹	721,410	2,349,901	5,424,752	1,123,178	-212,012,085	943,957
Book Value Per Share ²	137,418	129,139	111,516	114,939	112,673	109,369
Cash Flow per Share ²	29,156	37,638	45,493	38,543	21,755	17,309
Capex ¹	23,423	30,463	23,427	30,109	49,038	44,100
Capex / Sales	2.14%	2.75%	2.09%	2.38%	3.33%	3.08%
Announcement Date	19-03-20	20-03-20	21-03-22	22-03-21	23-03-20	24-03-12

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Natural Gas Distribution

	1st Jan change	Capi.
YESCO HOLDINGS CO., LTD.	+26.67%	128M
THE HONG KONG AND CHINA GAS CO LTD	+6.35%	15.1B
ENN ENERGY HOLDINGS LIMITED	+33.65%	11.02B
KUNLUN ENERGY COMPANY LIMITED	+17.33%	9.07B
CHINA RESOURCES GAS GROUP LIMITED	+6.64%	8.13B
ENN NATURAL GAS CO.,LTD.	+10.34%	7.92B
GRUPO ENERGÍA BOGOTÁ S.A. E.S.P.	+34.47%	5.98B
NEW FORTRESS ENERGY INC.	-23.51%	5.55B
UGI CORPORATION	+0.53%	5.17B
BROOKFIELD INFRASTRUCTURE CORPORATION	-3.68%	4.91B

Natural Gas Distribution

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A015360 Stock
Financials Yesco Holdings Co., Ltd.

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