Financials ORION Corp.

Equities

A271560

KR7271560005

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
91,300 ^KRW	-0.54%		-1.51%	-21.36%

13/03	ORION Corp. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
17/01	Orion Set to Acquire 25% Stake in LegoChem Biosciences	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	41,70,287	49,01,570	40,91,230	50,59,685	45,89,292	36,08,978	-	-
Enterprise Value (EV) ²	4,245	4,721	3,622	4,158	3,522	2,457	2,012	1,828
P/E ratio	19.3 x	18.3 x	15.9 x	12.9 x	12.2 x	8.82 x	8.2 x	7.55 x
Yield	0.57%	0.48%	0.72%	0.74%	1.08%	1.54%	1.58%	1.83%
Capitalization / Revenue	2.06 x	2.2 x	1.73 x	1.76 x	1.58 x	1.14 x	1.07 x	1.01 x
EV / Revenue	2.1 x	2.12 x	1.53 x	1.45 x	1.21 x	0.77 x	0.59 x	0.51 x
EV / EBITDA	9.43 x	9.34 x	7.08 x	6.62 x	5.42 x	3.41 x	2.62 x	2.18 x
EV / FCF	19.1 x	15.3 x	13.8 x	9.13 x	-	7.34 x	5.29 x	4.6 x
FCF Yield	5.23%	6.55%	7.25%	10.9%	-	13.6%	18.9%	21.7%
Price to Book	2.57 x	2.68 x	1.85 x	1.98 x	1.47 x	1.12 x	1 x	0.9 x
Nbr of stocks (in thousands)	39,529	39,529	39,529	39,529	39,529	39,529	-	-
Reference price ³	1,05,500	1,24,000	1,03,500	1,28,000	1,16,100	91,300	91,300	91,300
Announcement Date	05/02/20	03/02/21	09/02/22	08/02/23	21/02/24	-	-	-

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	2,023	2,230	2,359	2,873	2,912	3,177	3,385	3,560
EBITDA ¹	450.3	505.6	511.5	628.1	649.4	721.2	767.5	839.6
EBIT ¹	327.3	375.6	372.9	466.7	492.3	560.1	599.2	666.2
Operating Margin	16.18%	16.84%	15.81%	16.24%	16.9%	17.63%	17.7%	18.72%
Earnings before Tax (EBT) ¹	308.1	397.4	379.1	486.9	520	575.8	618	676.9
Net income ¹	215.6	269.1	255.6	398.5	346.1	407.8	439	470.2
Net margin	10.65%	12.07%	10.83%	13.87%	11.88%	12.84%	12.97%	13.21%
EPS ²	5,454	6,769	6,519	9,931	9,527	10,357	11,133	12,095
Free Cash Flow ³	2,21,980	3,09,185	2,62,474	4,55,319	-	3,34,671	3,80,543	3,97,100
FCF margin	10,971.19%	13,862.4%	11,124.52%	15,846.86%	-	10,535.59%	11,241.73%	11,155.2%
FCF Conversion (EBITDA)	49,300.53%	61,157.76%	51,311.65%	72,486.29%	-	46,406.04%	49,585.12%	47,298.27%
FCF Conversion (Net income)	1,02,968.87%	1,14,879.03%	1,02,686.6%	1,14,252.92%	-	82,068.95%	86,690.17%	84,447.44%
Dividend per Share ²	600.0	600.0	750.0	950.0	1,250	1,405	1,446	1,675
Announcement Date	05/02/20	03/02/21	09/02/22	08/02/23	21/02/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

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	2025 Q1
Net sales ¹	625.3	630.4	653.2	627.4	741.1	851.6	663.8	713.9	766.3	768.4	746.9	758.4	827.7	857.2	-
EBITDA	-	-	-	-	-	-	-	-	-	179.4	-	-	-	-	-
EBIT ¹	114.2	101.7	108.6	89.72	121.7	146.7	99.15	112.2	140.7	140.3	122.6	123.5	152.3	159.8	-
Operating Margin	18.26%	16.14%	16.62%	14.3%	16.42%	17.23%	14.94%	15.72%	18.35%	18.26%	16.41%	16.29%	18.4%	18.64%	-
Earnings before Tax (EBT) ¹	115.3	104	112.5	100.3	127.2	146.9	104	119.8	149.3	146.8	126.8	127.2	155.6	162.3	-
Net income ¹	73.15	72.07	76.83	68.02	84.48	169.2	76.1	81.53	107	81.44	91.3	88.95	110.8	116.8	-
Net margin	11.7%	11.43%	11.76%	10.84%	11.4%	19.87%	11.46%	11.42%	13.97%	10.6%	12.22%	11.73%	13.38%	13.63%	-
EPS ²	1,851	1,876	1,944	1,721	2,137	4,130	1,925	2,063	2,708	2,832	2,129	2,405	3,023	3,012	-
Dividend per Share ²	-	750.0	-	-	-	950.0	-	-	-	1,250	-	-	-	1,150	-
Announcement Date	10/11/21	09/02/22	16/05/22	16/08/22	14/11/22	08/02/23	15/05/23	14/08/23	14/11/23	21/02/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	75.1	-	-	-	-	-	-	-
Net Cash position ¹	-	181	470	901	1,068	1,152	1,597	1,781
Leverage (Debt/EBITDA)	0.1668 x	-	-	-	-	-	-	-
Free Cash Flow ²	2,21,980	3,09,185	2,62,474	4,55,319	-	3,34,671	3,80,543	3,97,100
ROE (net income / shareholders' equity)	14.2%	15.5%	12.8%	16.2%	12.8%	13.5%	12.9%	13.1%
ROA (Net income/ Total Assets)	8.98%	10.8%	8.91%	12.1%	10%	11%	10.5%	10.8%
Assets ¹	2,402	2,500	2,869	3,295	3,447	3,721	4,198	4,374
Book Value Per Share ³	41,050	46,294	55,932	64,594	78,763	81,331	91,535	1,01,722
Cash Flow per Share ³	8,799	11,662	10,238	13,818	-	16,781	16,195	16,323
Capex ¹	126	152	142	85.3	-	196	169	162
Capex / Sales	6.22%	6.81%	6.03%	2.97%	-	6.18%	4.99%	4.55%
Announcement Date	05/02/20	03/02/21	09/02/22	08/02/23	21/02/24	-	-	-

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 ORION Corp.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

91,300 KRW

Average target price

1,29,600 KRW

Spread / Average Target

+41.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Food Processing

	1st Jan change	Capi.
ORION CORP.	-21.36%	2.64B
NESTLÉ S.A.	-2.02%	274B
MONDELEZ INTERNATIONAL, INC.	-1.52%	96.48B
KRAFT HEINZ	-3.06%	43.95B
THE HERSHEY COMPANY	+10.17%	42.24B
DANONE	+1.60%	41.25B
GENERAL MILLS, INC.	+7.20%	40B
ARCHER-DANIELS-MIDLAND COMPANY	-16.81%	30.49B
NESTLÉ INDIA LIMITED	-7.27%	28.7B
ASSOCIATED BRITISH FOODS PLC	+14.53%	25.55B

Other Food Processing