Financials Koramco Life Infra Reit Co.,Ltd

Equities

End-of-day quote Korea S.E. Other stock markets 03:30:00 24/05/2024 am IST			5-day change	1st Jan Change
4,875 ^KRW	-0.20%		-1.71%	-5.52%

06/02	Koramco Life Infra Reit Co.,Ltd announced that it has received KRW 11 billion in funding from Hana Bank Co., Ltd., KB Securities Co., Ltd., Korea Investment & Securities Co., Ltd., Shinhan Bank Co., Ltd.	CI
01/02	Koramco Life Infra Reit Co.,Ltd announced that it expects to receive KRW 11 billion in funding from Hana Bank Co., Ltd., KB Securities Co., Ltd., Korea Investment & Securities Co., Ltd., Shinhan Bank Co., Ltd.	CI

Fiscal Period: November	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,39,998	4,38,688	4,70,118	4,31,606	4,31,606	-
Enterprise Value (EV) ²	440	1,000	1,273	1,224	1,095	1,100
P/E ratio	-	11.7 x	17.3 x	17.7 x	20.2 x	18.8 x
Yield	-	9.81%	6.63%	7.1%	8.07%	6.8%
Capitalization / Revenue	17.9 x	6.73 x	7.68 x	6.43 x	5.82 x	6.25 x
EV / Revenue	17.9 x	15.3 x	20.8 x	18.2 x	14.8 x	15.9 x
EV / EBITDA	-	18.6 x	25.2 x	23.7 x	19.9 x	19.7 x
EV / FCF	-	95.4 x	-	158 x	219 x	275 x
FCF Yield	-	1.05%	-	0.63%	0.46%	0.36%
Price to Book	-	0.95 x	-	0.95 x	0.96 x	0.98 x
Nbr of stocks (in thousands)	69,620	88,534	88,534	88,534	88,534	-
Reference price ³	6,320	4,955	5,310	4,875	4,875	4,875
Announcement Date	04/01/21	07/02/22	09/02/23	05/02/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: November	2020	2021	2022	2023	2024	2025
Net sales ¹	24.51	65.22	61.19	67.15	74.1	69.03
EBITDA ¹	-	53.87	50.53	51.68	55	55.7
EBIT ¹	-	49.61	43.78	43.53	52.12	48.66
Operating Margin	-	76.06%	71.56%	64.83%	70.34%	70.48%
Earnings before Tax (EBT) ¹	-	29.54	24.51	24.44	21	21.1
Net income ¹	-	29.54	24.51	24.44	21	21.1
Net margin	-	45.29%	40.05%	36.4%	28.34%	30.56%
EPS ²	-	424.0	307.0	276.0	241.0	260.0
Free Cash Flow ³	-	10,487	-	7,000	5,000	4,000
FCF margin	-	16,079.31%	-	10,468.59%	6,747.64%	5,794.3%
FCF Conversion (EBITDA)	-	19,465.78%	-	12,832.26%	9,090.91%	7,181.33%
FCF Conversion (Net income)	-	35,502.84%	-	30,368.76%	23,809.52%	18,957.35%
Dividend per Share ²	-	486.0	352.0	346.3	393.3	331.7
Announcement Date	04/01/21	07/02/22	09/02/23	05/02/24	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Fiscal Period: November	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	561	803	792	663	668
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	10.42 x	15.89 x	15.32 x	12.06 x	12 x
Free Cash Flow ²	-	10,487	-	7,000	5,000	4,000
ROE (net income / shareholders' equity)	-	8.27%	5.93%	4.9%	6.23%	5.1%
ROA (Net income/ Total Assets)	-	2.91%	2.16%	1.8%	2.23%	1.8%
Assets ¹	-	1,014	1,134	1,281	940.3	1,172
Book Value Per Share ³	-	5,192	-	5,142	5,095	4,994
Cash Flow per Share	-	-	-	-	-	-
Capex	-	-	-	-	1.9	1
Capex / Sales	-	-	-	-	2.56%	1.45%
Announcement Date	04/01/21	07/02/22	09/02/23	05/02/24	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,875 KRW

Average target price

6,225 KRW

Spread / Average Target

+27.69%

	1st Jan change	Capi.
KORAMCO LIFE INFRA REIT CO.,LTD	-5.52%	32Cr
REALTY INCOME CORPORATION	-9.13%	4.54TCr
SEGRO PLC	+1.22%	1.54TCr
UNIBAIL-RODAMCO-WESTFIELD SE	+18.77%	1.2TCr
CAPITALAND INTEGRATED COMMERCIAL TRUST	-3.40%	993.01Cr
CAPITALAND ASCENDAS REIT	-12.54%	862.7Cr
FEDERAL REALTY INVESTMENT TRUST	-4.84%	813.39Cr
KLÉPIERRE	+4.05%	796.21Cr
FIBRA UNO	-19.30%	562.06Cr
COVIVIO	+1.07%	555.28Cr