SAJODAERIM CORPORATION

Financials Sajodaerim Corporation

Equities

A003960

KR7003960002

Food Processing

End-of-day quote Korea S.E. Other stock markets 03:30:00 20/05/2024 am IST			5-day change	1st Jan Change
46,550 ^KRW	+3.91%		+14.09%	+48.72%

01/02	Sajodaerim Corporation completed the acquisition of Ingredion Korea Incorporated.	CI
2023	Sajodaerim Corporation agreed to acquire Ingredion Korea Incorporated for KRW 380 billion	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	1,44,246	1,17,649	1,19,855	1,85,665	1,99,636	2,42,676
Enterprise Value (EV) ¹	3,56,733	4,64,148	4,05,438	4,24,940	3,80,871	2,74,072
P/E ratio	14.6 x	1.31 x	3.54 x	2.96 x	2.8 x	2.58 x
Yield	0.62%	0.94%	1.23%	1.19%	1.29%	1.12%
Capitalization / Revenue	0.15 x	0.09 x	0.07 x	0.1 x	0.1 x	0.12 x
EV / Revenue	0.38 x	0.35 x	0.24 x	0.23 x	0.19 x	0.13 x
EV / EBITDA	6.82 x	8.64 x	5.24 x	3.12 x	3.06 x	1.62 x
EV / FCF	-11 x	-5.1 x	8.9 x	10.7 x	9.97 x	2.04 x
FCF Yield	-9.12%	-19.6%	11.2%	9.34%	10%	49%
Price to Book	0.65 x	0.37 x	0.34 x	0.44 x	0.4 x	0.41 x
Nbr of stocks (in thousands)	5,961	7,353	7,353	7,353	7,353	7,753
Reference price ²	24,200	16,000	16,300	25,250	27,150	31,300
Announcement Date	14/03/19	19/03/20	18/03/21	16/03/22	15/03/23	13/03/24

¹KRW in Million²KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	9,37,111	13,29,706	17,18,104	18,13,695	20,18,753	20,63,075
EBITDA ¹	52,272	53,695	77,312	1,36,058	1,24,371	1,69,268
EBIT ¹	33,633	28,409	46,674	1,03,224	93,078	1,38,566
Operating Margin	3.59%	2.14%	2.72%	5.69%	4.61%	6.72%
Earnings before Tax (EBT) ¹	20,332	97,499	52,098	96,967	85,136	1,32,307
Net income ¹	9,917	82,577	33,837	62,708	71,248	91,338
Net margin	1.06%	6.21%	1.97%	3.46%	3.53%	4.43%
EPS ²	1,663	12,176	4,600	8,525	9,686	12,118
Free Cash Flow ¹	-32,534	-91,061	45,557	39,672	38,196	1,34,227
FCF margin	-3.47%	-6.85%	2.65%	2.19%	1.89%	6.51%
FCF Conversion (EBITDA)	-	-	58.93%	29.16%	30.71%	79.3%
FCF Conversion (Net income)	-	-	134.64%	63.27%	53.61%	146.96%
Dividend per Share ²	150.0	150.0	200.0	300.0	350.0	350.0
Announcement Date	14/03/19	19/03/20	18/03/21	16/03/22	15/03/23	13/03/24

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	2,12,487	3,46,499	2,85,583	2,39,275	1,81,235	31,395
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.065 x	6.453 x	3.694 x	1.759 x	1.457 x	0.1855 x
Free Cash Flow ¹	-32,534	-91,061	45,557	39,672	38,196	1,34,227
ROE (net income / shareholders' equity)	4.65%	23.5%	8.26%	13.7%	13.1%	16.3%
ROA (Net income/ Total Assets)	3%	1.98%	2.66%	5.7%	5.05%	7.12%
Assets ¹	3,30,494	41,66,787	12,73,115	11,00,281	14,10,898	12,82,085
Book Value Per Share ²	37,350	43,195	48,631	57,572	67,652	75,466
Cash Flow per Share ²	2,766	3,424	9,882	7,284	4,142	22,357
Capex ¹	36,176	52,098	39,628	17,961	21,263	14,660
Capex / Sales	3.86%	3.92%	2.31%	0.99%	1.05%	0.71%
Announcement Date	14/03/19	19/03/20	18/03/21	16/03/22	15/03/23	13/03/24

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Seafood Product Preparation & Packaging

	1st Jan change	Capi.
SAJODAERIM CORPORATION	+48.72%	26Cr
MOWI ASA	+9.01%	960.78Cr
SALMAR ASA	+18.06%	829.18Cr
LEROY SEAFOOD	+20.10%	280.22Cr
THAI UNION GROUP	+1.33%	184.18Cr
NISSUI CORPORATION	+21.06%	183.99Cr
AUSTEVOLL SEAFOOD ASA	+29.47%	181.44Cr
DONGWON INDUSTRIES CO., LTD.	+11.71%	100.49Cr
VINH HOAN CORPORATION	+22.58%	67Cr
ZHANJIANG GUOLIAN AQUATIC PRODUCTS CO., LTD.	-28.09%	53Cr

Seafood Product Preparation & Packaging

Stock Market
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A003960 Stock
Financials Sajodaerim Corporation

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