NAMYANG DAIRY PRODUCTS CO., LTD

Financials Namyang Dairy Products Co., Ltd

Equities

A003920

KR7003920006

Food Processing

End-of-day quote Korea S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
5,05,000 ^KRW	+0.20%		+1.00%	-16.80%

24/04	Korean Sugar Imports Plunge 14% as Diabetes Cases Surge	MT
05/01	Namyang Dairy Products' 60-Year Family Ownership Ends	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	4,56,973	3,23,483	2,17,051	3,09,892	3,72,795	4,79,585
Enterprise Value (EV) ¹	1,50,952	1,45,740	1,01,246	1,57,177	2,78,996	4,20,357
P/E ratio	263 x	15.9 x	-5.61 x	-7.28 x	-6,569 x	-10,124 x
Yield	0.16%	0.23%	0.35%	0.25%	0.2%	0.16%
Capitalization / Revenue	0.42 x	0.31 x	0.23 x	0.32 x	0.39 x	0.48 x
EV / Revenue	0.14 x	0.14 x	0.11 x	0.16 x	0.29 x	0.42 x
EV / EBITDA	3.14 x	2.75 x	-5.48 x	-6.8 x	-5.99 x	-11.4 x
EV / FCF	13.6 x	-1.11 x	-1.69 x	2.85 x	-24.8 x	-16.9 x
FCF Yield	7.33%	-89.8%	-59.1%	35.1%	-4.04%	-5.91%
Price to Book	0.59 x	0.41 x	0.28 x	0.42 x	0.56 x	0.76 x
Nbr of stocks (in thousands)	846	846	846	846	846	880
Reference price ²	6,24,000	4,39,500	2,85,000	4,07,000	4,89,000	6,07,000
Announcement Date	21/03/19	19/03/20	18/03/21	23/03/22	23/03/23	21/03/24

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	10,79,745	10,30,827	9,48,926	9,56,084	9,64,660	9,96,763
EBITDA ¹	48,062	53,063	-18,469	-23,106	-46,576	-36,857
EBIT ¹	8,587	417.4	-77,012	-77,854	-86,807	-72,354
Operating Margin	0.8%	0.04%	-8.12%	-8.14%	-9%	-7.26%
Earnings before Tax (EBT) ¹	7,745	38,950	-68,852	-73,632	-97,220	-68,886
Net income ¹	2,015	29,231	-53,500	-58,891	-78,442	-67,100
Net margin	0.19%	2.84%	-5.64%	-6.16%	-8.13%	-6.73%
EPS ²	2,371	27,728	-50,772	-55,887	-74.44	-59.96
Free Cash Flow ¹	11,060	-1,30,873	-59,862	55,157	-11,264	-24,847
FCF margin	1.02%	-12.7%	-6.31%	5.77%	-1.17%	-2.49%
FCF Conversion (EBITDA)	23.01%	-	-	-	-	-
FCF Conversion (Net income)	548.78%	-	-	-	-	-
Dividend per Share ²	1,000	1,000	1,000	1,000	1,000	1,000
Announcement Date	21/03/19	19/03/20	18/03/21	23/03/22	23/03/23	21/03/24

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	3,06,021	1,77,743	1,15,804	1,52,715	93,798	59,228
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	11,060	-1,30,873	-59,862	55,157	-11,264	-24,847
ROE (net income / shareholders' equity)	0.23%	3.25%	-6.04%	-6.99%	-10.1%	-9.48%
ROA (Net income/ Total Assets)	0.51%	0.02%	-4.69%	-5.02%	-5.9%	-5.34%
Assets ¹	3,92,086	11,83,45,005	11,41,902	11,73,082	13,29,937	12,56,012
Book Value Per Share ²	10,50,154	10,77,820	10,16,923	9,60,522	8,71,897	8,01,337
Cash Flow per Share ²	93,854	82,923	76,602	1,40,427	94,063	72,099
Capex ¹	72,939	95,542	40,302	9,409	7,252	7,902
Capex / Sales	6.76%	9.27%	4.25%	0.98%	0.75%	0.79%
Announcement Date	21/03/19	19/03/20	18/03/21	23/03/22	23/03/23	21/03/24

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Dairy Products

	1st Jan change	Capi.
NAMYANG DAIRY PRODUCTS CO., LTD	-16.80%	30Cr
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.	+4.15%	2.46TCr
CHINA MENGNIU DAIRY COMPANY LIMITED	-19.90%	856.33Cr
WANT WANT CHINA HOLDINGS LIMITED	+0.64%	712.13Cr
NESTLÉ (MALAYSIA)	+9.69%	639.56Cr
EMMI AG	+2.63%	546.97Cr
VIETNAM DAIRY PRODUCTS	-1.63%	540.18Cr
CHINA FEIHE LIMITED	+5.85%	524.6Cr
GLANBIA PLC	+21.80%	512.28Cr
HEBEI YANGYUAN ZHIHUI BEVERAGE CO., LTD.	+26.29%	469.18Cr

Stock Market
Equities
A003920 Stock
Financials Namyang Dairy Products Co., Ltd

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