Financials BGF retail CO., LTD.

Equities

A282330

KR7282330000

Food Retail & Distribution

End-of-day quote Korea S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
1,03,300 ^KRW	-0.67%		-5.83%	-21.33%

13/06	BGF retail CO., LTD. agreed to acquire BGFnetworks Corporation from BGF Co., Ltd. for KRW 72.3 billion.	CI
03/05	BGF Retail Q1 Profit Falls 16%, Sales Up 6%	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,28,115	23,40,765	25,13,515	36,36,391	22,68,209	17,84,509	-	-
Enterprise Value (EV) ²	2,843	2,764	2,168	3,231	1,906	1,300	1,200	1,031
P/E ratio	19.3 x	19.1 x	17 x	18.8 x	11.6 x	9 x	7.96 x	7.28 x
Yield	1.59%	1.77%	2.06%	1.95%	3.12%	4.06%	4.32%	4.56%
Capitalization / Revenue	0.49 x	0.38 x	0.37 x	0.48 x	0.28 x	0.2 x	0.19 x	0.18 x
EV / Revenue	0.48 x	0.45 x	0.32 x	0.42 x	0.23 x	0.15 x	0.13 x	0.1 x
EV / EBITDA	8.5 x	5.37 x	3.73 x	4.75 x	2.61 x	1.81 x	1.64 x	1.37 x
EV / FCF	7.77 x	8.27 x	5.77 x	7.92 x	4.32 x	3.41 x	3.05 x	2.82 x
FCF Yield	12.9%	12.1%	17.3%	12.6%	23.1%	29.3%	32.8%	35.5%
Price to Book	4.7 x	3.36 x	3.11 x	3.78 x	2.11 x	1.49 x	1.34 x	1.2 x
Nbr of stocks (in thousands)	17,275	17,275	17,275	17,275	17,275	17,275	-	-
Reference price ³	1,69,500	1,35,500	1,45,500	2,10,500	1,31,300	1,03,300	1,03,300	1,03,300
Announcement Date	11/02/20	09/02/21	10/02/22	09/02/23	07/02/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,946	6,181	6,781	7,616	8,195	8,754	9,311	9,826
EBITDA ¹	334.3	514.9	581.8	680.3	730.7	717.9	732.1	751.6
EBIT ¹	196.6	162.2	199.4	259.3	253.2	266.7	297.4	326.1
Operating Margin	3.31%	2.62%	2.94%	3.41%	3.09%	3.05%	3.19%	3.32%
Earnings before Tax (EBT) ¹	201.1	163.1	192.5	261	248.4	262.3	296.7	324.6
Net income ¹	151.4	122.7	147.6	198.8	195.8	198.7	224.9	245.2
Net margin	2.55%	1.99%	2.18%	2.61%	2.39%	2.27%	2.42%	2.5%
EPS ²	8,763	7,103	8,547	11,203	11,337	11,477	12,980	14,196
Free Cash Flow ³	3,65,823	3,34,325	3,76,020	4,07,843	4,40,921	3,81,086	3,93,925	3,65,400
FCF margin	6,152.33%	5,408.68%	5,545.07%	5,355.25%	5,380.49%	4,353.47%	4,230.92%	3,718.64%
FCF Conversion (EBITDA)	1,09,426%	64,928.32%	64,630.32%	59,949.24%	60,339.43%	53,085.87%	53,808.66%	48,615.85%
FCF Conversion (Net income)	2,41,627.13%	2,72,448.49%	2,54,682.38%	2,05,168.57%	2,25,189.28%	1,91,765.95%	1,75,193.21%	1,49,022.54%
Dividend per Share ²	2,700	2,400	3,000	4,100	4,100	4,193	4,463	4,715
Announcement Date	11/02/20	09/02/21	10/02/22	09/02/23	07/02/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

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	2025 Q1	2025 Q2
Net sales ¹	1,743	1,692	1,919	2,056	1,949	1,850	2,098	2,207	2,040	1,954	2,244	2,367	2,185	2,114	2,400
EBITDA	-	-	-	-	-	-	-	-	175.5	-	-	-	-	-	-
EBIT ¹	49.6	37.8	70.8	91.5	59.2	37	78.1	87	51.1	32.6	81.49	94.4	56.51	41	85
Operating Margin	2.85%	2.23%	3.69%	4.45%	3.04%	2%	3.72%	3.94%	2.5%	1.67%	3.63%	3.99%	2.59%	1.94%	3.54%
Earnings before Tax (EBT) ¹	46.3	34.5	74.9	90.8	60.8	36.1	75	89.4	47.9	30.9	78.7	92.75	56.06	38	82
Net income ¹	35.6	26	57.4	69.3	46.1	27.7	59.5	70	38.6	23.4	60.59	70.88	41.87	29	62
Net margin	2.04%	1.54%	2.99%	3.37%	2.36%	1.5%	2.84%	3.17%	1.89%	1.2%	2.7%	2.99%	1.92%	1.37%	2.58%
EPS ²	2,065	1,504	3,322	4,010	2,366	-	3,444	4,054	2,234	1,355	3,504	4,336	2,239	2,146	3,919
Dividend per Share ²	3,000	-	-	-	4,100	-	-	-	4,100	-	-	-	4,075	-	-
Announcement Date	10/02/22	09/05/22	04/08/22	03/11/22	09/02/23	02/05/23	03/08/23	02/11/23	07/02/24	02/05/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	423	-	-	-	-	-	-
Net Cash position ¹	85	-	345	405	362	485	585	754
Leverage (Debt/EBITDA)	-	0.8215 x	-	-	-	-	-	-
Free Cash Flow ²	3,65,823	3,34,325	3,76,020	4,07,843	4,40,921	3,81,086	3,93,925	3,65,400
ROE (net income / shareholders' equity)	26.5%	18.6%	19.6%	22.4%	19.2%	17.4%	17.6%	17.4%
ROA (Net income/ Total Assets)	8.28%	5.4%	5.94%	6.98%	6.35%	5.86%	6.27%	6.52%
Assets ¹	1,828	2,272	2,484	2,846	3,082	3,390	3,584	3,759
Book Value Per Share ³	36,040	40,337	46,849	55,724	62,133	69,314	77,080	86,372
Cash Flow per Share ³	30,843	29,369	31,152	36,493	37,458	38,858	38,761	38,867
Capex ¹	167	173	162	223	206	249	281	289
Capex / Sales	2.81%	2.8%	2.39%	2.92%	2.52%	2.85%	3.02%	2.94%
Announcement Date	11/02/20	09/02/21	10/02/22	09/02/23	07/02/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BGF retail CO., LTD.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,03,300 KRW

Average target price

1,69,273 KRW

Spread / Average Target

+63.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Supermarkets & Convenience Stores

	1st Jan change	Capi.
BGF RETAIL CO., LTD.	-21.33%	1.29B
AVENUE SUPERMARTS LIMITED	+15.53%	36.82B
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V.	-10.94%	34.56B
SEVEN & I HOLDINGS CO., LTD.	+5.09%	31.27B
SM INVESTMENTS CORPORATION	-4.76%	17.37B
COLES GROUP LIMITED	+5.71%	15.16B
CASEY'S GENERAL STORES, INC.	+38.88%	14.16B
JERÓNIMO MARTINS, SGPS, S.A.	-20.79%	12.29B
ICA GRUPPEN	-.--%	11.82B
DINO POLSKA S.A.	-11.83%	9.9B

Supermarkets & Convenience Stores