Financials Korea Line Corporation

Equities

A005880

KR7005880000

Marine Freight & Logistics

End-of-day quote Korea S.E. Other stock markets 03:30:00 26/06/2024 am IST			5-day change	1st Jan Change
2,470 ^KRW	+0.61%		+10.27%	+14.62%

16/05	Korea Line Corporation Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
21/03	Korea Line Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,56,713	7,17,090	8,20,489	6,75,971	6,69,755	7,88,368	-	-
Enterprise Value (EV) ²	2,549	2,629	2,648	2,845	3,003	2,831	2,616	2,317
P/E ratio	6.56 x	82.2 x	2.96 x	4.29 x	9.8 x	3.55 x	4.45 x	5.4 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	0.55 x	0.81 x	0.71 x	0.42 x	0.48 x	0.45 x	0.54 x	0.54 x
EV / Revenue	2.53 x	2.97 x	2.29 x	1.76 x	2.15 x	1.61 x	1.79 x	1.6 x
EV / EBITDA	10.1 x	9.48 x	8.16 x	6.89 x	7.31 x	5.87 x	6.26 x	6.53 x
EV / FCF	-5.21 x	-96.3 x	8.96 x	-18.5 x	-211 x	6.3 x	7.07 x	8.04 x
FCF Yield	-19.2%	-1.04%	11.2%	-5.41%	-0.47%	15.9%	14.1%	12.4%
Price to Book	0.68 x	0.93 x	0.57 x	0.44 x	0.42 x	0.41 x	0.39 x	0.36 x
Nbr of stocks (in thousands)	2,42,049	2,35,885	3,10,791	3,10,791	3,10,791	3,19,177	-	-
Reference price ³	2,300	3,040	2,640	2,175	2,155	2,470	2,470	2,470
Announcement Date	11/02/20	15/02/21	15/02/22	14/02/23	14/02/24	-	-	-

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	1,006	884.1	1,154	1,612	1,397	1,761	1,459	1,449
EBITDA ¹	251.4	277.4	324.5	413	410.8	482.3	418	355
EBIT ¹	129.5	145.9	203.9	267.7	250	417	303.3	287.8
Operating Margin	12.87%	16.51%	17.67%	16.6%	17.89%	23.69%	20.78%	19.86%
Earnings before Tax (EBT) ¹	84.56	26.57	323.9	185	60	254.5	204	144.5
Net income ¹	84.86	8.789	306.6	157.6	46.35	222.5	176.2	146
Net margin	8.44%	0.99%	26.57%	9.78%	3.32%	12.64%	12.08%	10.07%
EPS ²	350.8	37.00	891.0	507.0	220.0	696.5	554.8	457.0
Free Cash Flow ³	-4,89,318	-27,303	2,95,363	-1,53,888	-14,220	4,49,500	3,70,000	2,88,000
FCF margin	-48,639.46%	-3,088.32%	25,598.17%	-9,546.34%	-1,017.6%	25,530.34%	25,352.45%	19,869.38%
FCF Conversion (EBITDA)	-	-	91,026.01%	-	-	93,192.81%	88,516.75%	81,126.76%
FCF Conversion (Net income)	-	-	96,338.18%	-	-	2,02,022.47%	2,09,929.08%	1,97,260.27%
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	11/02/20	15/02/21	15/02/22	14/02/23	14/02/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	350.2	349.8	429.1	440.4	392.7	354.7	343.6	336.3	362.8	515.2	407.6	418.3	419.6	324	327
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	62.24	73.58	68.7	79.06	46.34	59.88	65.27	74.54	50.28	126.7	86.15	105.6	99	64	64
Operating Margin	17.77%	21.03%	16.01%	17.95%	11.8%	16.88%	19%	22.16%	13.86%	24.6%	21.14%	25.23%	23.59%	19.75%	19.57%
Earnings before Tax (EBT) ¹	79	81.27	69.35	80.46	-	43.67	27.57	39.35	-50.59	99.35	58	14	4	22	206
Net income ¹	48.63	62.29	56.13	-	-27.64	37.19	25.42	35.08	-29.41	80.51	53	12	4	20	190
Net margin	13.89%	17.81%	13.08%	-	-7.04%	10.48%	7.4%	10.43%	-8.11%	15.63%	13%	2.87%	0.95%	6.17%	58.1%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	15/02/22	16/05/22	18/08/22	14/11/22	14/02/23	15/05/23	11/08/23	14/11/23	14/02/24	16/05/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,992	1,912	1,827	2,169	2,333	2,043	1,828	1,529
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.924 x	6.891 x	5.632 x	5.253 x	5.68 x	4.236 x	4.373 x	4.306 x
Free Cash Flow ²	-4,89,318	-27,303	2,95,363	-1,53,888	-14,220	4,49,500	3,70,000	2,88,000
ROE (net income / shareholders' equity)	11.2%	3.2%	25.9%	10.4%	2.55%	12.6%	9.2%	7.07%
ROA (Net income/ Total Assets)	3.03%	0.84%	6.83%	3.78%	1.48%	4.6%	3.77%	2.65%
Assets ¹	2,804	1,051	4,487	4,175	3,129	4,837	4,679	5,509
Book Value Per Share ³	3,406	3,262	4,656	4,912	5,178	5,976	6,283	6,796
Cash Flow per Share	1,431	1,094	1,157	1,262	-	-	-	-
Capex ¹	310	286	24.4	546	434	7.5	110	6
Capex / Sales	30.77%	32.4%	2.11%	33.88%	31.02%	0.43%	7.5%	0.41%
Announcement Date	11/02/20	15/02/21	15/02/22	14/02/23	14/02/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Korea Line Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,470 KRW

Average target price

2,825 KRW

Spread / Average Target

+14.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
KOREA LINE CORPORATION	+14.62%	56Cr
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+39.37%	1.34TCr
WALLENIUS WILHELMSEN ASA	+19.44%	414.4Cr
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+12.75%	333.07Cr
STAR BULK CARRIERS CORP.	+15.57%	274.74Cr
ZIM INTEGRATED SHIPPING SERVICES LTD.	+116.92%	249.18Cr
HÖEGH AUTOLINERS ASA	+31.17%	211.12Cr
COSTAMARE INC.	+62.06%	205.1Cr
DANAOS CORPORATION	+26.53%	182.03Cr
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+13.99%	179.73Cr

Deep Sea Freight