CR HOLDINGS CO., LTD.

Financials CR Holdings Co., LTD.

Equities

A000480

KR7000480004

Construction Materials

End-of-day quote Korea S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
6,210 ^KRW	+0.98%		-0.64%	-3.87%

13/03	CR Holdings Co., LTD. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	CR Holdings Co., LTD. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,71,375	2,88,600	2,57,920	2,59,200	2,42,560	2,66,549
Enterprise Value (EV) ¹	3,12,337	3,20,024	2,94,575	4,08,391	6,12,915	6,85,480
P/E ratio	5.15 x	11.9 x	7.73 x	10.3 x	5.93 x	476 x
Yield	4.79%	4.5%	5.21%	5.56%	5.94%	6.35%
Capitalization / Revenue	0.34 x	0.38 x	0.37 x	0.35 x	0.3 x	0.33 x
EV / Revenue	0.4 x	0.42 x	0.42 x	0.55 x	0.77 x	0.84 x
EV / EBITDA	4.64 x	6.41 x	5.69 x	6.49 x	11.7 x	10.6 x
EV / FCF	28.4 x	5.78 x	5.32 x	-7.52 x	-4.79 x	-8.79 x
FCF Yield	3.52%	17.3%	18.8%	-13.3%	-20.9%	-11.4%
Price to Book	0.46 x	0.49 x	0.42 x	0.39 x	0.35 x	0.45 x
Nbr of stocks (in thousands)	22,868	22,868	22,516	22,516	22,516	41,262
Reference price ²	11,867	12,620	11,455	11,512	10,773	6,460
Announcement Date	07/03/19	11/03/20	11/03/21	14/03/22	15/03/23	13/03/24

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	7,89,177	7,57,153	7,05,227	7,46,291	7,98,040	8,16,904
EBITDA ¹	67,317	49,950	51,740	62,955	52,599	64,670
EBIT ¹	39,441	21,329	22,922	33,138	22,598	39,415
Operating Margin	5%	2.82%	3.25%	4.44%	2.83%	4.82%
Earnings before Tax (EBT) ¹	71,210	41,064	54,172	49,691	53,761	30,979
Net income ¹	52,737	24,353	33,564	25,060	40,924	404.8
Net margin	6.68%	3.22%	4.76%	3.36%	5.13%	0.05%
EPS ²	2,306	1,065	1,481	1,114	1,818	13.57
Free Cash Flow ¹	10,986	55,387	55,383	-54,283	-1,27,852	-78,001
FCF margin	1.39%	7.32%	7.85%	-7.27%	-16.02%	-9.55%
FCF Conversion (EBITDA)	16.32%	110.89%	107.04%	-	-	-
FCF Conversion (Net income)	20.83%	227.44%	165.01%	-	-	-
Dividend per Share ²	568.5	568.5	596.9	639.5	639.5	410.0
Announcement Date	07/03/19	11/03/20	11/03/21	14/03/22	15/03/23	13/03/24

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	40,962	31,424	36,655	1,49,191	3,70,355	4,18,931
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6085 x	0.6291 x	0.7085 x	2.37 x	7.041 x	6.478 x
Free Cash Flow ¹	10,986	55,387	55,383	-54,283	-1,27,852	-78,001
ROE (net income / shareholders' equity)	8.6%	4.61%	5.53%	4.39%	6.14%	3.25%
ROA (Net income/ Total Assets)	2.43%	1.27%	1.24%	1.6%	0.95%	1.52%
Assets ¹	21,71,328	19,18,016	27,12,460	15,70,389	43,02,797	26,638
Book Value Per Share ²	25,681	25,878	27,412	29,530	30,711	14,318
Cash Flow per Share ²	1,394	2,577	5,186	5,189	5,869	2,271
Capex ¹	35,044	22,648	27,305	74,625	1,42,003	94,558
Capex / Sales	4.44%	2.99%	3.87%	10%	17.79%	11.58%
Announcement Date	07/03/19	11/03/20	11/03/21	14/03/22	15/03/23	13/03/24

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Other Construction Materials

	1st Jan change	Capi.
CR HOLDINGS CO., LTD.	-3.87%	189M
CRH PLC	+23.83%	58.46B
MARTIN MARIETTA MATERIALS, INC.	+22.80%	37.77B
VULCAN MATERIALS COMPANY	+19.16%	35.77B
ULTRATECH CEMENT LIMITED	-7.56%	33.22B
HEIDELBERG MATERIALS AG	+25.40%	20.3B
GRASIM INDUSTRIES LIMITED	+11.14%	19.27B
AMBUJA CEMENTS	+18.06%	18.1B
CEMEX, S.A.B. DE C.V.	-0.30%	11.49B
SUMMIT MATERIALS, INC.	+9.54%	7.39B

Other Construction Materials

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Financials CR Holdings Co., LTD.

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