Financials Ecopro Co., Ltd.

Equities

A086520

KR7086520004

Commodity Chemicals

End-of-day quote Korea S.E. Other stock markets 03:30:00 03/05/2024 am IST			5-day change	1st Jan Change
1,01,300 ^KRW	-2.69%		-4.43%	-21.72%

26/03	EcoPro Invests $11 Million Investment in Nickel Smelting Facility in Indonesia	MT
22/03	PT GEM Indonesia New Energy Materials announced that it expects to receive IDR 11.224139 billion in funding from Ecopro Co., Ltd., Darrow International Pte. Ltd., Heungkong International Investment Holding Co., Ltd., QUALITY INTERNATIONAL ENGINERING CO., LIMITED, Gelinte Engineering Partnership Enterprise (Limited Partnership)	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,95,925	11,08,753	28,47,656	26,48,957	1,70,47,686	1,33,45,677	-	-
Enterprise Value (EV) ²	830.3	1,393	3,634	3,880	17,048	15,867	18,031	19,437
P/E ratio	23.3 x	46.1 x	10 x	73.3 x	66.7 x	-1,312 x	309 x	153 x
Yield	-	0.6%	0.37%	0.49%	-	0.1%	0.1%	-
Capitalization / Revenue	0.71 x	1.17 x	1.9 x	0.47 x	2.35 x	2.84 x	1.49 x	1.04 x
EV / Revenue	1.18 x	1.46 x	2.42 x	0.69 x	2.35 x	3.37 x	2.01 x	1.51 x
EV / EBITDA	9.49 x	10.5 x	17.9 x	5.29 x	36.9 x	41.3 x	17.7 x	12.7 x
EV / FCF	-36,99,002 x	-3,03,60,610 x	-55,65,348 x	-32,33,324 x	-	-	-	-
FCF Yield	-0%	-0%	-0%	-0%	-	-	-	-
Price to Book	1.8 x	3.34 x	2.2 x	1.95 x	-	41.7 x	36.7 x	29.6 x
Nbr of stocks (in thousands)	98,257	97,285	1,24,812	1,28,590	1,31,744	1,31,744	-	-
Reference price ³	5,047	11,397	22,816	20,600	1,29,400	1,01,300	1,01,300	1,01,300
Announcement Date	06/02/20	12/01/21	10/02/22	30/01/23	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	702.3	951	1,503	5,640	7,259	4,706	8,967	12,894
EBITDA ¹	87.51	133.2	203.5	733.4	462.6	384.4	1,017	1,528
EBIT ¹	48.24	84.69	140.9	613.9	295.2	82.86	545.6	953.5
Operating Margin	6.87%	8.9%	9.38%	10.88%	4.07%	1.76%	6.08%	7.39%
Earnings before Tax (EBT)	29.17	66.5	-272.1	307.3	-	-	-	-
Net income	21.33	63.71	198.5	223.6	-	-	-	-
Net margin	3.04%	6.7%	13.21%	3.96%	-	-	-	-
EPS ²	217.0	247.4	2,274	281.2	1,941	-77.20	328.3	660.1
Free Cash Flow	-2,24,477	-45,885	-6,52,990	-12,00,077	-	-	-	-
FCF margin	-31,964.34%	-4,824.85%	-43,458.39%	-21,276.66%	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	68.79	83.50	100.0	-	100.0	100.0	-
Announcement Date	06/02/20	12/01/21	10/02/22	30/01/23	07/02/24	-	-	-

¹KRW in Billions²KRW

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3
Net sales ¹	408.5	521.5	680.6	-	1,632	2,096	2,059	2,013	1,904
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	46.32	45.58	44.82	-	210.3	183.7	179.6	166.4	65.66
Operating Margin	11.34%	8.74%	6.58%	-	12.89%	8.76%	8.72%	8.27%	3.45%
Earnings before Tax (EBT)	36.37	-	-	-	-	-	-	-	-
Net income	-	-	-	71.35	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-
EPS	-	-	-	571.8	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	02/11/21	10/02/22	02/05/22	16/08/22	18/10/22	30/01/23	11/04/23	12/07/23	13/10/23

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	334	284	786	1,231	-	2,521	4,686	6,091
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.822 x	2.135 x	3.866 x	1.679 x	-	6.559 x	4.607 x	3.987 x
Free Cash Flow	-2,24,477	-45,885	-6,52,990	-12,00,077	-	-	-	-
ROE (net income / shareholders' equity)	9.41%	12.3%	22.2%	10.6%	-	-3.12%	12.6%	21.4%
ROA (Net income/ Total Assets)	2.67%	5.77%	8.71%	4.3%	-	-	-	-
Assets	798.1	1,105	2,279	5,204	-	-	-	-
Book Value Per Share ²	2,801	3,412	10,383	10,545	-	2,432	2,760	3,420
Cash Flow per Share ²	-	1,662	-	-828.0	-	630.0	466.0	952.0
Capex ¹	190	205	429	647	-	1,500	2,000	1,500
Capex / Sales	27%	21.56%	28.56%	11.47%	-	31.87%	22.3%	11.63%
Announcement Date	06/02/20	12/01/21	10/02/22	30/01/23	07/02/24	-	-	-

¹KRW in Billions²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ecopro Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

SELL

Number of Analysts

Last Close Price

1,01,300 KRW

Average target price

70,000 KRW

Spread / Average Target

-30.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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