Financials Nongshim Co., Ltd.

Equities

A004370

KR7004370003

Food Processing

End-of-day quote Korea S.E. Other stock markets 03:30:00 03/05/2024 am IST			5-day change	1st Jan Change
4,00,500 ^KRW	-0.87%		+2.56%	-1.60%

2023	Nongshim Co., Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI
2023	Nongshim's Net Profit Jumps in Q2	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,90,721	17,34,787	18,41,766	20,64,397	23,53,528	23,15,941	-	-
Enterprise Value (EV) ²	953	1,248	1,391	1,627	2,354	1,564	1,429	1,484
P/E ratio	19.6 x	11.7 x	18.4 x	17.8 x	13.7 x	12.5 x	11.4 x	10.9 x
Yield	1.66%	1.33%	1.26%	1.4%	-	1.28%	1.3%	1.31%
Capitalization / Revenue	0.59 x	0.66 x	0.69 x	0.66 x	0.69 x	0.64 x	0.61 x	0.59 x
EV / Revenue	0.41 x	0.47 x	0.52 x	0.52 x	0.69 x	0.43 x	0.38 x	0.38 x
EV / EBITDA	5.45 x	4.76 x	6.59 x	7.12 x	7.13 x	4.37 x	3.73 x	3.71 x
EV / FCF	120 x	23.1 x	-42.9 x	24.4 x	-	12.5 x	9.81 x	11.6 x
FCF Yield	0.83%	4.34%	-2.33%	4.1%	-	8.02%	10.2%	8.63%
Price to Book	0.72 x	0.85 x	0.84 x	0.9 x	-	0.93 x	0.86 x	0.82 x
Nbr of stocks (in thousands)	5,783	5,783	5,783	5,783	5,783	5,783	-	-
Reference price ³	2,40,500	3,00,000	3,18,500	3,57,000	4,07,000	4,00,500	4,00,500	4,00,500
Announcement Date	06/02/20	04/02/21	10/02/22	09/02/23	07/02/24	-	-	-

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	2,344	2,640	2,663	3,129	3,411	3,596	3,782	3,923
EBITDA ¹	174.8	261.9	211.2	228.6	330.1	357.7	382.8	399.7
EBIT ¹	78.82	160.3	106.1	112.2	212.1	237.4	254.9	274.2
Operating Margin	3.36%	6.07%	3.99%	3.58%	6.22%	6.6%	6.74%	6.99%
Earnings before Tax (EBT) ¹	103.5	190.6	136.8	158.8	231.1	251	281.1	293
Net income ¹	71	148.5	99.64	116	171.5	188.6	210.6	218.3
Net margin	3.03%	5.63%	3.74%	3.71%	5.03%	5.24%	5.57%	5.57%
EPS ²	12,277	25,682	17,263	20,081	29,728	32,065	35,196	36,610
Free Cash Flow ³	7,933	54,118	-32,392	66,789	-	1,25,383	1,45,729	1,28,000
FCF margin	338.45%	2,050.09%	-1,216.39%	2,134.48%	-	3,486.38%	3,852.79%	3,262.98%
FCF Conversion (EBITDA)	4,538.06%	20,663.52%	-	29,221.16%	-	35,056.54%	38,064.33%	32,020.61%
FCF Conversion (Net income)	11,174.12%	36,440.58%	-	57,560.31%	-	66,495.19%	69,213.28%	58,625.96%
Dividend per Share ²	4,000	4,000	4,000	5,000	-	5,125	5,208	5,250
Announcement Date	06/02/20	04/02/21	10/02/22	09/02/23	07/02/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q3	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
Net sales ¹	1,187	673	707.7	736.3	756.2	813	823.6	860.4	837.5	855.9	856.7	903.6	888.2	907	904.6
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	39.01	29.12	31.44	34.32	4.253	27.3	46.3	63.75	53.7	55.67	38.94	66.37	54.97	61.37	49.72
Operating Margin	3.29%	4.33%	4.44%	4.66%	0.56%	3.36%	5.62%	7.41%	6.41%	6.5%	4.54%	7.34%	6.19%	6.77%	5.5%
Earnings before Tax (EBT) ¹	-	35.41	38.45	43.24	35.37	34.63	45.61	70.61	60.01	65.57	34.94	74.7	63.9	67.35	44.95
Net income ¹	-	25.43	27.17	33.04	27.67	28.39	27.01	54.4	44.95	50.05	22.5	56.97	47.83	51.1	32.65
Net margin	-	3.78%	3.84%	4.49%	3.66%	3.49%	3.28%	6.32%	5.37%	5.85%	2.63%	6.3%	5.39%	5.63%	3.61%
EPS	-	4,398	4,699	5,713	4,786	4,910	4,671	9,408	7,773	8,655	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	06/02/20	15/11/21	10/02/22	16/05/22	16/08/22	14/11/22	09/02/23	15/05/23	11/08/23	14/11/23	07/02/24	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	438	487	451	437	-	752	887	832
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ²	7,933	54,118	-32,392	66,789	-	1,25,383	1,45,729	1,28,000
ROE (net income / shareholders' equity)	3.7%	7.47%	4.69%	5.14%	7.21%	7.66%	7.78%	7.67%
ROA (Net income/ Total Assets)	2.74%	5.54%	3.55%	3.91%	-	5.91%	6.16%	5.87%
Assets ¹	2,590	2,680	2,807	2,965	-	3,188	3,418	3,722
Book Value Per Share ³	3,33,399	3,51,731	3,77,778	3,98,464	-	4,30,216	4,67,468	4,89,996
Cash Flow per Share ³	28,094	40,032	28,133	27,609	-	54,102	55,935	-
Capex ¹	155	177	195	92.9	-	131	144	175
Capex / Sales	6.59%	6.72%	7.33%	2.97%	-	3.64%	3.8%	4.46%
Announcement Date	06/02/20	04/02/21	10/02/22	09/02/23	07/02/24	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nongshim Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,00,500 KRW

Average target price

5,43,077 KRW

Spread / Average Target

+35.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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