GS GLOBAL CORP.

Financials GS Global Corp.

Equities

A001250

KR7001250000

Iron & Steel

End-of-day quote Korea S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
2,485 ^KRW	+0.81%		+1.22%	-2.55%

2023	GS Global Corp. Reports Earnings Results for the First Quarter Ended March 31, 2023	CI
2022	GS Global Corp.(KOSE:A001250) added to S&P Global BMI Index	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	2,03,351	1,83,139	1,60,041	1,95,514	1,85,614	2,10,363
Enterprise Value (EV) ¹	6,49,537	6,17,947	4,99,990	8,84,182	6,75,893	5,06,227
P/E ratio	9.9 x	-10.7 x	-1.99 x	8.38 x	2.64 x	7.58 x
Yield	1.01%	-	-	-	-	0.98%
Capitalization / Revenue	0.05 x	0.05 x	0.06 x	0.05 x	0.04 x	0.05 x
EV / Revenue	0.16 x	0.16 x	0.18 x	0.23 x	0.13 x	0.13 x
EV / EBITDA	8.44 x	7.01 x	9.03 x	14.4 x	7.5 x	5.16 x
EV / FCF	8.89 x	26.7 x	4.28 x	-2.49 x	3.47 x	2.73 x
FCF Yield	11.2%	3.74%	23.3%	-40.1%	28.8%	36.7%
Price to Book	0.53 x	0.51 x	0.56 x	0.59 x	0.47 x	0.5 x
Nbr of stocks (in thousands)	82,495	82,495	82,495	82,495	82,495	82,495
Reference price ²	2,465	2,220	1,940	2,370	2,250	2,550
Announcement Date	14/03/19	18/03/20	18/03/21	15/03/22	17/03/23	18/03/24

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	40,58,528	38,89,400	28,15,021	38,49,041	50,70,923	39,16,493
EBITDA ¹	76,949	88,198	55,392	61,270	90,079	98,046
EBIT ¹	55,375	57,997	29,217	38,718	70,291	76,318
Operating Margin	1.36%	1.49%	1.04%	1.01%	1.39%	1.95%
Earnings before Tax (EBT) ¹	30,351	-6,154	-69,576	26,374	61,122	52,208
Net income ¹	20,545	-17,095	-80,354	23,322	70,202	27,765
Net margin	0.51%	-0.44%	-2.85%	0.61%	1.38%	0.71%
EPS ²	249.0	-207.2	-974.0	282.7	851.0	336.6
Free Cash Flow ¹	73,060	23,109	1,16,703	-3,54,774	1,94,525	1,85,759
FCF margin	1.8%	0.59%	4.15%	-9.22%	3.84%	4.74%
FCF Conversion (EBITDA)	94.95%	26.2%	210.69%	-	215.95%	189.46%
FCF Conversion (Net income)	355.62%	-	-	-	277.09%	669.04%
Dividend per Share ²	25.00	-	-	-	-	25.00
Announcement Date	14/03/19	18/03/20	18/03/21	15/03/22	17/03/23	18/03/24

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	4,46,186	4,34,808	3,39,949	6,88,668	4,90,279	2,95,864
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.798 x	4.93 x	6.137 x	11.24 x	5.443 x	3.018 x
Free Cash Flow ¹	73,060	23,109	1,16,703	-3,54,774	1,94,525	1,85,759
ROE (net income / shareholders' equity)	5.33%	-4.26%	-24.2%	6.87%	18.2%	6.1%
ROA (Net income/ Total Assets)	2.53%	2.85%	1.69%	2.02%	3.07%	3.38%
Assets ¹	8,11,433	-5,99,271	-47,57,202	11,56,313	22,86,800	8,20,920
Book Value Per Share ²	4,638	4,353	3,466	4,013	4,813	5,113
Cash Flow per Share ²	824.0	1,002	1,121	751.0	1,826	2,485
Capex ¹	6,765	14,927	3,142	2,920	5,851	50,512
Capex / Sales	0.17%	0.38%	0.11%	0.08%	0.12%	1.29%
Announcement Date	14/03/19	18/03/20	18/03/21	15/03/22	17/03/23	18/03/24

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Metal Merchant Wholesale

	1st Jan change	Capi.
GS GLOBAL CORP.	-2.55%	15Cr
CITIC METAL CO., LTD	+9.08%	563.69Cr
BAIYIN NONFERROUS GROUP CO., LTD.	+16.73%	319.44Cr
MINMETALS DEVELOPMENT CO., LTD.	-14.29%	118.42Cr
THEME INTERNATIONAL HOLDINGS LIMITED	+33.33%	112.08Cr
ZHEJIANG DEVELOPMENT GROUP CO.,LTD	+10.40%	77Cr
KLÖCKNER & CO SE	-8.30%	68Cr
CRYTEL MAURITIUS LIMITED	0.00%	66Cr
SHANGHAI MATERIAL TRADING CO., LTD.	-10.76%	53Cr
JACQUET METALS	+0.51%	46Cr

Metal Merchant Wholesale

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Equities
A001250 Stock
Financials GS Global Corp.

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