HDC HOLDINGS CO.,LTD

Financials HDC HOLDINGS CO.,Ltd

Equities

A012630

KR7012630000

Commodity Chemicals

End-of-day quote Korea S.E. Other stock markets 03:30:00 17/05/2024 am IST			5-day change	1st Jan Change
8,320 ^KRW	+0.85%		+0.73%	+20.75%

03/05	Tranche Update on HDC HOLDINGS CO.,Ltd's Equity Buyback Plan announced on February 1, 2024.	CI
30/04	HDC HOLDINGS CO.,Ltd's Equity Buyback announced on February 1, 2024, has expired with 1,784,913 shares, representing 3.44% for KRW 14,664.52 million.	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	9,92,256	6,35,619	6,05,784	5,72,891	3,00,973	3,57,012
Enterprise Value (EV) ¹	14,22,655	13,99,647	13,14,742	13,88,748	31,26,405	30,22,228
P/E ratio	1.08 x	2.48 x	5.91 x	5.05 x	-58.9 x	3.21 x
Yield	0.87%	1.81%	2.26%	2.39%	4.55%	4.35%
Capitalization / Revenue	0.64 x	0.39 x	0.15 x	0.12 x	0.06 x	0.06 x
EV / Revenue	0.92 x	0.87 x	0.33 x	0.29 x	0.62 x	0.51 x
EV / EBITDA	10.1 x	7.76 x	3.02 x	2.74 x	12 x	6.92 x
EV / FCF	2.42 x	172 x	-0.93 x	-2.63 x	-1.62 x	9.37 x
FCF Yield	41.4%	0.58%	-107%	-38%	-61.8%	10.7%
Price to Book	0.52 x	0.3 x	0.27 x	0.24 x	0.12 x	0.14 x
Nbr of stocks (in thousands)	57,522	57,522	54,822	54,822	54,822	51,816
Reference price ²	17,250	11,050	11,050	10,450	5,490	6,890
Announcement Date	13/03/19	17/03/20	17/03/21	21/03/22	16/03/23	20/03/24

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	15,47,841	16,16,692	39,51,863	47,79,586	50,44,945	59,08,285
EBITDA ¹	1,41,377	1,80,301	4,35,929	5,06,328	2,60,674	4,36,703
EBIT ¹	95,427	1,28,121	3,43,659	3,68,697	1,58,535	3,12,643
Operating Margin	6.17%	7.92%	8.7%	7.71%	3.14%	5.29%
Earnings before Tax (EBT) ¹	1,14,146	3,07,737	2,89,057	3,85,511	1,33,502	3,44,899
Net income ¹	9,17,099	2,56,577	1,03,602	1,13,407	-5,111	1,13,060
Net margin	59.25%	15.87%	2.62%	2.37%	-0.1%	1.91%
EPS ²	15,943	4,460	1,869	2,069	-93.23	2,147
Free Cash Flow ¹	5,88,889	8,147	-14,07,231	-5,27,773	-19,31,549	3,22,423
FCF margin	38.05%	0.5%	-35.61%	-11.04%	-38.29%	5.46%
FCF Conversion (EBITDA)	416.54%	4.52%	-	-	-	73.83%
FCF Conversion (Net income)	64.21%	3.18%	-	-	-	285.18%
Dividend per Share ²	150.0	200.0	250.0	250.0	250.0	300.0
Announcement Date	13/03/19	17/03/20	17/03/21	21/03/22	16/03/23	20/03/24

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	4,30,400	7,64,028	7,08,959	8,15,857	28,25,432	26,65,217
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.044 x	4.238 x	1.626 x	1.611 x	10.84 x	6.103 x
Free Cash Flow ¹	5,88,889	8,147	-14,07,231	-5,27,773	-19,31,549	3,22,423
ROE (net income / shareholders' equity)	3.6%	12.3%	5.71%	5.03%	0.77%	4.32%
ROA (Net income/ Total Assets)	1.2%	2.1%	3.11%	2.27%	0.89%	1.68%
Assets ¹	7,64,95,048	1,22,06,331	33,34,566	49,87,570	-5,73,780	67,15,745
Book Value Per Share ²	33,281	37,398	40,842	43,552	44,094	49,804
Cash Flow per Share ²	4,799	2,424	14,826	12,199	14,461	14,591
Capex ¹	97,126	2,30,464	66,917	4,98,694	4,60,784	3,45,356
Capex / Sales	6.27%	14.26%	1.69%	10.43%	9.13%	5.85%
Announcement Date	13/03/19	17/03/20	17/03/21	21/03/22	16/03/23	20/03/24

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Plastics

	1st Jan change	Capi.
HDC HOLDINGS CO.,LTD	+20.75%	308M
DOW INC.	+7.93%	41.62B
LG CHEM, LTD.	-20.24%	22.23B
FORMOSA PLASTICS CORPORATION	-13.76%	13.5B
FORMOSA CHEMICALS & FIBRE CORPORATION	-9.15%	10.28B
COVESTRO AG	-8.20%	9.92B
THE SUPREME INDUSTRIES LIMITED	+23.18%	8.56B
HANGZHOU FIRST APPLIED MATERIAL CO., LTD.	+7.38%	6.72B
YUNNAN ENERGY NEW MATERIAL CO., LTD.	-26.87%	5.57B
LOTTE CHEMICAL CORPORATION	-22.19%	3.74B

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