Financials OCI Holdings Company Ltd.

Equities

A010060

KR7010060002

Commodity Chemicals

End-of-day quote Korea S.E. Other stock markets 03:30:00 03/05/2024 am IST			5-day change	1st Jan Change
96,300 ^KRW	+1.58%		+2.77%	-9.32%

02/05	OCI Q1 Profit Down 18% Despite 20% Sales Growth	MT
25/04	OCI Holdings Signs MoU to Accelerate Solar Business	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,92,971	22,17,991	24,59,611	19,02,789	20,77,695	18,84,012	-	-
Enterprise Value (EV) ²	2,340	3,238	3,165	2,437	2,078	1,156	625	1,884
P/E ratio	-1.88 x	-8.96 x	3.8 x	2.16 x	-	4.32 x	3.83 x	3.36 x
Yield	-	-	0.43%	3.09%	-	5.92%	3.32%	8.83%
Capitalization / Revenue	0.57 x	1.11 x	0.76 x	0.41 x	0.78 x	0.7 x	0.5 x	0.32 x
EV / Revenue	0.9 x	1.62 x	0.98 x	0.52 x	0.78 x	0.43 x	0.17 x	0.32 x
EV / EBITDA	18 x	61.7 x	4.15 x	2.16 x	-	1.56 x	0.72 x	1.51 x
EV / FCF	-86,50,297 x	-1,68,79,589 x	1,11,75,104 x	72,43,404 x	-	-	15,48,975 x	35,08,401 x
FCF Yield	-0%	-0%	0%	0%	-	-	0%	0%
Price to Book	0.57 x	0.94 x	0.8 x	0.49 x	-	0.45 x	0.41 x	0.38 x
Nbr of stocks (in thousands)	16,413	16,413	16,276	16,206	19,564	19,564	-	-
Reference price ³	90,965	1,35,139	1,51,123	1,17,411	1,06,200	96,300	96,300	96,300
Announcement Date	11/02/20	09/02/21	08/02/22	07/02/23	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	2,605	2,003	3,244	4,671	2,650	2,692	3,760	5,845
EBITDA ¹	130.2	52.51	762	1,130	-	741	862.3	1,250
EBIT ¹	-180.7	-92.31	626.1	980.6	530.9	627	733.2	1,054
Operating Margin	-6.94%	-4.61%	19.3%	20.99%	20.04%	23.3%	19.5%	18.03%
Earnings before Tax (EBT) ¹	-1,017	-355.4	605.1	1,003	533.6	778.9	810.1	1,114
Net income ¹	-796.2	-250.6	642.3	880.9	702.3	381.4	615.4	947
Net margin	-30.56%	-12.51%	19.8%	18.86%	26.51%	14.17%	16.37%	16.2%
EPS ²	-48,400	-15,085	39,796	54,339	-	22,308	25,148	28,643
Free Cash Flow	-2,70,524	-1,91,821	2,83,215	3,36,414	-	-	4,03,500	5,37,000
FCF margin	-10,384.24%	-9,579.01%	8,730.96%	7,201.7%	-	-	10,731.1%	9,187.34%
FCF Conversion (EBITDA)	-	-	37,165.4%	29,765.21%	-	-	46,791.65%	42,960%
FCF Conversion (Net income)	-	-	44,093.75%	38,188.08%	-	-	65,572.44%	56,705.39%
Dividend per Share ²	-	-	653.9	3,633	-	5,700	3,200	8,500
Announcement Date	11/02/20	09/02/21	08/02/22	07/02/23	07/02/24	-	-	-

¹KRW in Billions²KRW

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	888.7	1,014	1,006	1,055	1,283	1,328	719.5	594.3	690.3	645.6	865	658.2	679.6	702
EBITDA	197.2	-	195.8	216.2	327.1	391.2	241.5	156.3	-	-	-	-	-	-
EBIT ¹	194.6	218.2	162	181	289.1	348.5	203.6	132	130.8	64.84	99.49	139	141.7	146.6
Operating Margin	21.89%	21.52%	16.1%	17.15%	22.54%	26.25%	28.29%	22.2%	18.94%	10.04%	11.5%	21.11%	20.85%	20.88%
Earnings before Tax (EBT) ¹	189.4	211.1	175.7	188.3	320.9	318.1	203.3	174.1	-	15.22	210.1	177.2	192.7	198.9
Net income ¹	177.8	282.2	134.5	146.8	237	362.7	213.4	394	95.54	-14.91	175.4	88.5	86.2	90
Net margin	20.01%	27.83%	13.37%	13.91%	18.48%	27.32%	29.65%	66.3%	13.84%	-2.31%	20.28%	13.45%	12.68%	12.82%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/10/21	08/02/22	28/04/22	26/07/22	26/10/22	07/02/23	25/04/23	27/07/23	26/10/23	07/02/24	30/04/24	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	847	1,020	705	534	-	-	-	-
Net Cash position ¹	-	-	-	-	-	728	1,259	-
Leverage (Debt/EBITDA)	6.505 x	19.42 x	0.9256 x	0.4725 x	-	-	-	-
Free Cash Flow	-2,70,524	-1,91,821	2,83,215	3,36,414	-	-	4,03,500	5,37,000
ROE (net income / shareholders' equity)	-26.2%	-10.1%	23.5%	25.2%	-	11.1%	11.2%	12.1%
ROA (Net income/ Total Assets)	-15.5%	-5.52%	12.8%	14.1%	-	10.5%	9.2%	-
Assets ¹	5,150	4,538	5,029	6,229	-	3,632	6,689	-
Book Value Per Share ²	1,60,590	1,43,466	1,88,729	2,38,576	-	2,12,250	2,33,807	2,53,018
Cash Flow per Share ²	-2,430	-7,262	23,208	34,554	-	39,299	45,068	67,167
Capex ¹	231	73.3	94.5	230	-	307	321	560
Capex / Sales	8.85%	3.66%	2.91%	4.93%	-	11.42%	8.54%	9.58%
Announcement Date	11/02/20	09/02/21	08/02/22	07/02/23	07/02/24	-	-	-

¹KRW in Billions²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for OCI Holdings Company Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

96,300 KRW

Average target price

1,52,600 KRW

Spread / Average Target

+58.46%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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