Company Valuation: Korean Airlines Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 47,86,823 1,02,49,973 84,84,764 88,28,076 83,47,001 91,58,308 91,58,308 -
Change - 114.13% -17.22% 4.05% -5.45% 9.72% 0% -
Enterprise Value (EV) 1 17,130 18,629 16,638 13,469 20,889 23,712 22,955 22,132
Change - 8.75% -10.69% -19.05% 55.09% 13.51% -3.19% -3.59%
P/E ratio -17.3x 17.7x 4.79x 8.2x 6.25x 14.2x 9.43x 7.28x
PBR 1.14x 1.39x 0.92x 0.93x 0.79x 0.85x 0.79x 0.73x
PEG - -0x 0x -0.2x 0.3x -0.3x 0.2x 0.2x
Capitalization / Revenue 0.63x 1.14x 0.6x 0.55x 0.52x 0.33x 0.37x 0.36x
EV / Revenue 2.25x 2.07x 1.18x 0.84x 1.3x 0.95x 0.92x 0.86x
EV / EBITDA 8.24x 5.98x 3.71x 3.83x 5.35x 5.96x 5.24x 4.75x
EV / EBIT 157x 13.1x 5.88x 7.52x 10.7x 19.8x 14.3x 11x
EV / FCF 22.4x 5.87x 3.46x 6.17x 12.5x 7.47x 11.1x 9.91x
FCF Yield 4.47% 17% 28.9% 16.2% 7.97% 13.4% 9.03% 10.1%
Dividend per Share 3 - - - 750.2 750 777.3 795.8 852.5
Rate of return - - - 3.14% 3.32% 3.13% 3.21% 3.44%
EPS 3 -1,568 1,662 4,787 2,916 3,616 1,747 2,629 3,404
Distribution rate - - - 25.7% 20.7% 44.5% 30.3% 25%
Net sales 1 7,606 9,017 14,097 16,112 16,117 25,226 25,048 25,732
EBITDA 1 2,078 3,113 4,480 3,513 3,906 3,976 4,377 4,663
EBIT 1 108.9 1,418 2,831 1,790 1,945 1,114 1,602 2,010
Net income 1 -211.5 531.4 1,732 1,132 1,254 647.3 949.4 1,264
Net Debt 1 12,343 8,379 8,153 4,641 12,542 14,553 13,797 12,973
Reference price 3 27,200.00 29,350.00 22,950.00 23,900.00 22,600.00 24,800.00 24,800.00 24,800.00
Nbr of stocks (in thousands) 1,75,320 3,48,932 3,69,331 3,69,331 3,69,331 3,69,331 3,69,331 -
Announcement Date 04/02/21 27/01/22 01/02/23 30/01/24 07/02/25 30/01/26 - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.19x0.95x5.96x3.13% 634.93Cr
9.4x0.89x5.99x1.11% 4.48TCr
8.25x0.84x5.69x-.--% 3.53TCr
12.94x1.68x6.88x1.74% 3.42TCr
7.35x0.89x3.92x2.14% 2.73TCr
62.59x2.52x12.27x0.2% 2.1TCr
1833.85x1.91x9.83x-.--% 2TCr
111.78x1.91x9.14x0.07% 1.85TCr
139.27x2.18x10.01x-.--% 1.85TCr
24.77x1.42x6.79x3.05% 1.74TCr
Average 222.44x 1.52x 7.65x 1.14% 2.43TCr
Weighted average by Cap. 182.90x 1.43x 7.30x 1.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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