Financials Douzone Bizon Co., Ltd.

Equities

A012510

KR7012510004

Software

End-of-day quote Korea S.E. Other stock markets 03:30:00 17/05/2024 am IST			5-day change	1st Jan Change
53,800 ^KRW	-0.92%		+0.94%	+85.84%

29/02	Douzone Bizon Co., Ltd., Kim Yong-woo and 9 others completed the acquisition of DOUZONE HOLDINGS Co., Ltd.	CI
2023	Douzone Bizon Co., Ltd. agreed to acquire DOUZONE HOLDINGS Co., Ltd.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	23,53,259	30,66,529	22,17,943	10,67,081	7,98,021	14,83,024	-	-
Enterprise Value (EV) ²	2,575	3,272	2,341	1,251	798	1,598	1,538	1,418
P/E ratio	48.1 x	56.8 x	42.8 x	54.5 x	-	28.3 x	26.9 x	24.7 x
Yield	0.58%	0.43%	0.62%	0.33%	-	0.41%	0.46%	0.42%
Capitalization / Revenue	8.96 x	10 x	6.96 x	3.51 x	2.26 x	3.66 x	3.41 x	3.08 x
EV / Revenue	9.8 x	10.7 x	7.34 x	4.11 x	2.26 x	3.94 x	3.54 x	2.95 x
EV / EBITDA	29 x	31.7 x	23.4 x	16.3 x	-	13.4 x	11.7 x	10.2 x
EV / FCF	-5.82 x	62.6 x	93.7 x	29 x	-	22.4 x	20.8 x	13.1 x
FCF Yield	-17.2%	1.6%	1.07%	3.45%	-	4.46%	4.81%	7.65%
Price to Book	6.54 x	7.7 x	4.41 x	2.41 x	-	3.51 x	3.15 x	2.81 x
Nbr of stocks (in thousands)	29,053	29,486	30,383	28,957	27,566	27,566	-	-
Reference price ³	81,000	1,04,000	73,000	36,850	28,950	53,800	53,800	53,800
Announcement Date	28/01/20	27/01/21	27/01/22	03/02/23	06/02/24	-	-	-

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	262.7	306.5	318.7	304.3	353.6	405.4	434.7	481.5
EBITDA ¹	88.64	103.1	100	76.94	-	119.3	131.5	138.4
EBIT ¹	66.8	76.73	71.17	45.53	68.43	80.92	91.97	104.4
Operating Margin	25.43%	25.04%	22.33%	14.96%	19.36%	19.96%	21.16%	21.69%
Earnings before Tax (EBT) ¹	66.41	72.97	71.82	31.26	44.78	90.07	80.22	89.8
Net income ¹	50.63	56.85	53.73	23.82	34.83	58.62	61.91	67.67
Net margin	19.27%	18.55%	16.86%	7.83%	9.85%	14.46%	14.24%	14.05%
EPS ²	1,684	1,830	1,704	676.0	-	1,900	2,003	2,175
Free Cash Flow ³	-4,42,244	52,284	24,992	43,149	-	71,240	74,060	1,08,450
FCF margin	-1,68,368.56%	17,060.91%	7,840.65%	14,179.68%	-	17,570.6%	17,038.34%	22,523.36%
FCF Conversion (EBITDA)	-	50,720.88%	24,982.64%	56,082.51%	-	59,715%	56,326.53%	78,359.83%
FCF Conversion (Net income)	-	91,968.67%	46,515.48%	1,81,171.56%	-	1,21,528.49%	1,19,625.26%	1,60,270.93%
Dividend per Share ²	470.0	450.0	450.0	123.0	-	223.2	249.9	225.3
Announcement Date	28/01/20	27/01/21	27/01/22	03/02/23	06/02/24	-	-	-

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	77.49	84.78	75.68	74.87	77.44	76.32	80.9	84.9	84.56	103.2	94.41	99.78	101.3	108.9	102.8
EBITDA	24.62	23.54	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	17.19	16.04	14.26	12.17	11.48	7.622	14.07	16.52	14.92	22.93	18.12	19.54	19.5	22.82	20.3
Operating Margin	22.18%	18.92%	18.84%	16.25%	14.83%	9.99%	17.39%	19.46%	17.64%	22.22%	19.19%	19.58%	19.25%	20.95%	19.75%
Earnings before Tax (EBT) ¹	14.81	14.56	12.84	10.2	9.913	-1.705	10.67	11.76	10.19	12.16	40.31	17.25	16.8	18.85	17.4
Net income ¹	1.593	12.77	9.726	7.674	7.492	-1.075	7.814	9.062	7.837	10.11	15.91	11.95	11.92	13.52	13.6
Net margin	2.06%	15.07%	12.85%	10.25%	9.67%	-1.41%	9.66%	10.67%	9.27%	9.8%	16.85%	11.98%	11.77%	12.42%	13.23%
EPS	-	-	297.0	-	-	-	-	-	236.0	-	-	1,708	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/10/21	27/01/22	28/04/22	27/07/22	27/10/22	03/02/23	04/05/23	03/08/23	02/11/23	06/02/24	09/05/24	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	221	206	123	183	-	115	55.4	-
Net Cash position ¹	-	-	-	-	-	-	-	64.6
Leverage (Debt/EBITDA)	2.497 x	1.995 x	1.228 x	2.384 x	-	0.9598 x	0.4212 x	-
Free Cash Flow ²	-4,42,244	52,284	24,992	43,149	-	71,240	74,060	1,08,450
ROE (net income / shareholders' equity)	18.8%	15.1%	12.1%	5.15%	-	13%	12.2%	12.2%
ROA (Net income/ Total Assets)	10.1%	7.45%	6.36%	2.75%	-	7.9%	6.3%	6.15%
Assets ¹	502.9	763	844.9	866.7	-	742	982.1	1,100
Book Value Per Share ³	12,381	13,505	16,555	15,285	-	15,334	17,062	19,139
Cash Flow per Share ³	2,125	3,615	2,949	2,603	-	2,844	3,085	-
Capex ¹	505	53.1	35.7	34.2	-	34.8	36.8	18
Capex / Sales	192.4%	17.32%	11.21%	11.23%	-	8.59%	8.47%	3.74%
Announcement Date	28/01/20	27/01/21	27/01/22	03/02/23	06/02/24	-	-	-

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 Douzone Bizon Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

53,800 KRW

Average target price

60,667 KRW

Spread / Average Target

+12.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Enterprise Software

	1st Jan change	Capi.
DOUZONE BIZON CO., LTD.	+85.84%	1.11B
ORACLE CORPORATION	+17.16%	336B
SAP SE	+26.91%	223B
SERVICENOW, INC.	+8.29%	156B
CONSTELLATION SOFTWARE INC.	+12.47%	57.33B
FAIR ISAAC CORPORATION	+21.25%	34.7B
HUBSPOT, INC.	+5.99%	31.11B
MICROSTRATEGY INCORPORATED	+150.86%	25.54B
WISETECH GLOBAL LIMITED	+30.09%	22.48B
TOAST, INC.	+47.81%	15.28B

Enterprise Software