Financials Cosmax, Inc.

Equities

A192820

KR7192820009

Personal Products

End-of-day quote Korea S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
1,60,500 ^KRW	+1.78%		+14.72%	+26.98%

2023	South Korea's Cosmax Plans Expansion in China with New Guangzhou Facility	MT
2023	China opens up to more destinations for outbound group tourism	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,02,679	9,99,543	9,91,611	8,40,714	14,34,092	18,20,979	-	-
Enterprise Value (EV) ²	1,240	1,479	1,371	1,336	1,855	2,175	2,110	1,970
P/E ratio	25.2 x	46.8 x	12.6 x	40.3 x	25.1 x	15.1 x	12.9 x	11.2 x
Yield	1.13%	-	0.63%	-	0.4%	0.34%	0.42%	0.41%
Capitalization / Revenue	0.6 x	0.72 x	0.62 x	0.53 x	0.81 x	0.83 x	0.74 x	0.67 x
EV / Revenue	0.93 x	1.07 x	0.86 x	0.84 x	1.04 x	0.99 x	0.86 x	0.72 x
EV / EBITDA	13.5 x	13.1 x	7.86 x	11.9 x	10.6 x	8.34 x	7.33 x	6.17 x
EV / FCF	-173 x	-84.5 x	23.1 x	72.8 x	12.8 x	93.4 x	18.5 x	13.3 x
FCF Yield	-0.58%	-1.18%	4.33%	1.37%	7.8%	1.07%	5.42%	7.53%
Price to Book	2.34 x	2.92 x	1.77 x	1.45 x	3.96 x	3.85 x	2.94 x	2.38 x
Nbr of stocks (in thousands)	10,046	10,046	11,346	11,346	11,346	11,346	-	-
Reference price ³	79,900	99,500	87,400	74,100	1,26,400	1,60,500	1,60,500	1,60,500
Announcement Date	20/02/20	02/03/21	07/03/22	09/03/23	07/03/24	-	-	-

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	1,331	1,383	1,591	1,600	1,777	2,187	2,445	2,718
EBITDA ¹	91.99	112.5	174.4	111.9	175.1	260.7	287.8	319.2
EBIT ¹	54	66.64	122.6	53.05	115.7	192.8	216.8	248.6
Operating Margin	4.06%	4.82%	7.7%	3.32%	6.51%	8.82%	8.87%	9.15%
Earnings before Tax (EBT) ¹	35.93	0.1134	78.27	6.121	84.22	165	190.3	224.4
Net income ¹	31.82	21.38	34.44	20.85	37.8	121.9	141.8	162.7
Net margin	2.39%	1.55%	2.16%	1.3%	2.13%	5.57%	5.8%	5.98%
EPS ²	3,168	2,128	6,944	1,838	5,036	10,601	12,466	14,286
Free Cash Flow ³	-7,181	-17,499	59,293	18,366	1,44,737	23,278	1,14,291	1,48,256
FCF margin	-539.64%	-1,265.43%	3,725.65%	1,147.76%	8,142.78%	1,064.32%	4,675.37%	5,453.81%
FCF Conversion (EBITDA)	-	-	33,998.22%	16,411.19%	82,650.7%	8,930.42%	39,717.07%	46,452.04%
FCF Conversion (Net income)	-	-	1,72,188.56%	88,094.51%	3,82,902.16%	19,102.25%	80,617.37%	91,126.7%
Dividend per Share ²	900.0	-	550.0	-	500.0	545.8	674.3	654.5
Announcement Date	20/02/20	02/03/21	07/03/22	09/03/23	07/03/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	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
Net sales ¹	395	421.2	397.9	405	396.8	400.5	403.3	479.3	458.3	436.7	526.8	585.2	554.7	534.4	592
EBITDA	38.78	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	24.97	30.42	13.74	17.23	19.74	2.391	13.81	46.05	33.3	22.52	45.45	59.06	47.98	40.86	48
Operating Margin	6.32%	7.22%	3.45%	4.25%	4.98%	0.6%	3.43%	9.61%	7.27%	5.16%	8.63%	10.09%	8.65%	7.65%	8.11%
Earnings before Tax (EBT) ¹	9.617	6.811	13.31	17.43	25.77	-50.34	9.831	37.46	26.84	10.1	33.88	50.98	40.8	32.85	45
Net income ¹	11.18	15.18	15.28	11.49	11.32	-17.24	6.703	30.45	15.24	4.748	19.24	38.8	30.25	28.55	35
Net margin	2.83%	3.6%	3.84%	2.84%	2.85%	-4.31%	1.66%	6.35%	3.33%	1.09%	3.65%	6.63%	5.45%	5.34%	5.91%
EPS ²	985.0	1,196	1,347	1,013	997.0	-1,519	591.0	2,684	1,343	418.0	2,708	3,653	3,255	2,146	3,275
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/11/21	07/03/22	16/05/22	16/08/22	14/11/22	09/03/23	12/05/23	10/08/23	13/11/23	07/03/24	13/05/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	437	479	379	496	421	354	289	149
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.752 x	4.261 x	2.173 x	4.429 x	2.405 x	1.358 x	1.003 x	0.4658 x
Free Cash Flow ²	-7,181	-17,499	59,293	18,366	1,44,737	23,278	1,14,291	1,48,256
ROE (net income / shareholders' equity)	10.5%	6.23%	9.34%	3.97%	9.42%	28.9%	24.5%	22.5%
ROA (Net income/ Total Assets)	3.42%	1.79%	5.72%	1.48%	3.87%	7.31%	7.98%	8.12%
Assets ¹	929.4	1,197	601.6	1,404	977	1,667	1,775	2,004
Book Value Per Share ³	34,190	34,133	49,474	51,220	31,952	41,723	54,563	67,342
Cash Flow per Share ³	7,423	4,127	8,818	9,037	20,362	17,442	21,719	23,936
Capex ¹	81.7	59	40.8	84.2	86.3	102	94.6	93.8
Capex / Sales	6.14%	4.26%	2.56%	5.26%	4.85%	4.67%	3.87%	3.45%
Announcement Date	20/02/20	02/03/21	07/03/22	09/03/23	07/03/24	-	-	-

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 Cosmax, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,60,500 KRW

Average target price

1,87,750 KRW

Spread / Average Target

+16.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Cosmetics & Perfumes

	1st Jan change	Capi.
COSMAX, INC.	+26.98%	1.33B
L'ORÉAL	+1.36%	264B
KAO CORPORATION	+18.26%	20.44B
SHISEIDO COMPANY, LIMITED	+11.36%	12.29B
COTY INC.	-12.64%	9.5B
AMOREPACIFIC CORPORATION	+16.55%	7.6B
PROYA COSMETICS CO.,LTD.	+11.43%	6.16B
NATURA &CO HOLDING S.A.	-2.43%	4.24B
INTER PARFUMS, INC.	-13.62%	3.92B
KOSÉ CORPORATION	-7.58%	3.67B

Cosmetics & Perfumes