Financials Satrec Initiative Co., Ltd.

Equities

A099320

KR7099320004

Aerospace & Defense

End-of-day quote Korea S.E. Other stock markets 03:30:00 24/06/2024 am IST			5-day change	1st Jan Change
55,100 ^KRW	+4.16%		+0.92%	+78.03%

13/05	Satrec Initiative Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
08/03	Satrec Initiative Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Capitalization ¹	1,40,059	2,29,178	4,11,846	2,81,200	5,91,369	-	-
Enterprise Value (EV) ²	110.2	195.1	322.8	281.2	498.2	537.4	591.4
P/E ratio	-	-	-33.1 x	9.42 x	193 x	34.2 x	-
Yield	1.08%	-	0.3%	-	0.28%	0.28%	-
Capitalization / Revenue	2 x	2.57 x	5.61 x	2.24 x	3.41 x	2.69 x	2.35 x
EV / Revenue	1.57 x	2.19 x	4.39 x	2.24 x	2.87 x	2.45 x	2.35 x
EV / EBITDA	5.76 x	-	24.9 x	-	36.6 x	15.4 x	-
EV / FCF	3.8 x	-	-47.2 x	-	-129 x	-59.7 x	-
FCF Yield	26.3%	-	-2.12%	-	-0.77%	-1.67%	-
Price to Book	2.2 x	-	3.48 x	-	2.7 x	2.57 x	-
Nbr of stocks (in thousands)	7,201	7,162	8,963	9,086	10,951	-	-
Reference price ³	19,450	32,000	45,950	30,950	54,000	54,000	54,000
Announcement Date	22/01/20	22/01/21	25/02/22	15/03/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net sales ¹	70.05	89.26	73.45	125.4	173.5	219.5	252.1
EBITDA ¹	19.12	-	12.95	-	13.6	35	-
EBIT ¹	9.142	13.69	1.269	-4.354	3.467	16.7	26
Operating Margin	13.05%	15.34%	1.73%	-3.47%	2%	7.61%	10.31%
Earnings before Tax (EBT) ¹	-	-	-15.71	6.053	4.05	19	-
Net income ¹	-	-	-12.65	43.88	5.067	18.37	33.8
Net margin	-	-	-17.22%	34.98%	2.92%	8.37%	13.41%
EPS ²	-	-	-1,390	3,287	279.5	1,577	-
Free Cash Flow ³	28,956	-	-6,841	-	-3,850	-9,000	-
FCF margin	41,337.42%	-	-9,313.85%	-	-2,218.59%	-4,100.23%	-
FCF Conversion (EBITDA)	1,51,440.14%	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	210.0	-	140.0	-	150.0	150.0	-
Announcement Date	22/01/20	22/01/21	25/02/22	15/03/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	16.9	31.72	46.35	42.5	45.65	44.9	62.1
EBITDA	-	-	-	-	-	-	-
EBIT ¹	-4.096	-3.533	0.55	1.65	2.05	4.9	6.8
Operating Margin	-24.24%	-11.14%	1.19%	3.88%	4.49%	10.91%	10.95%
Earnings before Tax (EBT)	7.18	-	-	-	-	-	-
Net income ¹	11.54	-2.432	1.05	1.65	2.15	4.7	7.1
Net margin	68.3%	-7.67%	2.27%	3.88%	4.71%	10.47%	11.43%
EPS	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	25/02/22	29/04/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	29.9	34.1	89.1	-	93.2	54	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ²	28,956	-	-6,841	-	-3,850	-9,000	-
ROE (net income / shareholders' equity)	11.4%	16.7%	-13.2%	-	2.3%	7.65%	13.3%
ROA (Net income/ Total Assets)	8.05%	-	-	-	0.95%	5.4%	-
Assets ¹	-	-	-	-	533.3	340.1	-
Book Value Per Share ³	8,847	-	13,215	-	20,023	21,052	-
Cash Flow per Share ³	-	-	-	-	1,252	3,542	-
Capex ¹	3.47	-	4.18	-	27.5	41	-
Capex / Sales	4.95%	-	5.69%	-	15.85%	18.68%	-
Announcement Date	22/01/20	22/01/21	25/02/22	15/03/24	-	-	-

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 Satrec Initiative Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

54,000 KRW

Average target price

65,000 KRW

Spread / Average Target

+20.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

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