Financials Shinsegae Inc.

Equities

A004170

KR7004170007

Department Stores

End-of-day quote Korea S.E. Other stock markets 03:30:00 24/06/2024 am IST			5-day change	1st Jan Change
1,57,000 ^KRW	-0.82%		-2.48%	-10.39%

14/06	Shinsegae TV Shopping Inc. announces an Equity Buyback for 4,564,865 shares, for KRW 22,824 million.	CI
14/06	Shinsegae TV Shopping Inc. authorizes a Buyback Plan.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	28,42,722	23,55,819	24,98,447	21,64,010	16,53,259	14,86,234	-	-
Enterprise Value (EV) ²	7,186	6,005	6,455	5,795	5,615	4,921	4,586	4,208
P/E ratio	5.49 x	-21.8 x	8.14 x	5.33 x	7.43 x	4.8 x	4.24 x	3.82 x
Yield	0.69%	0.84%	0.59%	1.7%	2.28%	2.62%	2.73%	2.86%
Capitalization / Revenue	0.44 x	0.49 x	0.4 x	0.28 x	0.26 x	0.22 x	0.2 x	0.19 x
EV / Revenue	1.12 x	1.26 x	1.02 x	0.74 x	0.88 x	0.72 x	0.62 x	0.54 x
EV / EBITDA	6.32 x	8.23 x	5.52 x	4.74 x	4.94 x	4.22 x	3.71 x	3.33 x
EV / FCF	15.3 x	79.5 x	15 x	11.1 x	29.4 x	16.9 x	11.2 x	10 x
FCF Yield	6.52%	1.26%	6.68%	9.01%	3.4%	5.9%	8.96%	9.97%
Price to Book	0.72 x	0.68 x	0.67 x	0.53 x	0.41 x	0.34 x	0.32 x	0.3 x
Nbr of stocks (in thousands)	9,836	9,836	9,836	9,836	9,436	9,436	-	-
Reference price ³	2,89,000	2,39,500	2,54,000	2,20,000	1,75,200	1,57,500	1,57,500	1,57,500
Announcement Date	05/02/20	08/02/21	09/02/22	08/02/23	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	6,394	4,766	6,316	7,813	6,357	6,870	7,442	7,736
EBITDA ¹	1,136	730	1,169	1,224	1,137	1,167	1,235	1,263
EBIT ¹	467.8	88.39	517.3	645.4	639.8	668.2	745.6	783.4
Operating Margin	7.32%	1.85%	8.19%	8.26%	10.06%	9.73%	10.02%	10.13%
Earnings before Tax (EBT) ¹	798.2	-117.4	517.9	521.8	441.8	559.2	629.5	680.6
Net income ¹	526.4	-61	308.1	363.5	215.7	319.1	360.9	398.7
Net margin	8.23%	-1.28%	4.88%	4.65%	3.39%	4.64%	4.85%	5.15%
EPS ²	52,658	-11,011	31,193	41,282	23,574	32,794	37,137	41,272
Free Cash Flow ³	4,68,785	75,572	4,31,286	5,22,069	1,90,879	2,90,422	4,10,767	4,19,529
FCF margin	7,331.38%	1,585.65%	6,828%	6,682.26%	3,002.62%	4,227.48%	5,519.35%	5,423.27%
FCF Conversion (EBITDA)	41,248.5%	10,352.78%	36,893.06%	42,664.68%	16,784.15%	24,894.83%	33,267.67%	33,218.6%
FCF Conversion (Net income)	89,047.69%	-	1,39,975.31%	1,43,627.05%	88,511.09%	91,021.66%	1,13,823.89%	1,05,221.13%
Dividend per Share ²	2,000	2,000	1,500	3,750	4,000	4,128	4,294	4,504
Announcement Date	05/02/20	08/02/21	09/02/22	08/02/23	07/02/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	1,934	1,767	1,877	1,955	2,214	1,563	1,576	1,497	1,720	1,605	1,676	1,669	1,920	-	-
EBITDA ¹	366	324.5	349	279.8	270.3	277	277.9	248.1	334.3	276.2	258.8	273	339	-	-
EBIT ¹	195.1	163.6	187.4	153	141.3	152.4	149.6	131.8	206	163	147.2	152.3	215.9	-	-
Operating Margin	10.09%	9.26%	9.98%	7.83%	6.38%	9.75%	9.49%	8.8%	11.97%	10.16%	8.78%	9.12%	11.24%	-	-
Earnings before Tax (EBT) ¹	135.8	191.6	117.4	135	77.73	138.9	98.13	116.4	88.4	154.6	112.1	125.4	154.2	-	-
Net income ¹	58.47	121	50.72	68.22	123.5	106.4	56.48	43.34	9.476	102.9	59.09	62.24	85.69	-	-
Net margin	3.02%	6.85%	2.7%	3.49%	5.58%	6.8%	3.58%	2.89%	0.55%	6.41%	3.53%	3.73%	4.46%	-	-
EPS ²	5,813	12,304	5,157	6,936	16,885	-	-	-	2,068	10,904	6,837	5,185	6,759	-	-
Dividend per Share ²	1,500	-	-	-	3,750	-	-	-	4,000	-	-	-	4,000	-	-
Announcement Date	09/02/22	11/05/22	10/08/22	07/11/22	08/02/23	10/05/23	09/08/23	08/11/23	07/02/24	08/05/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,343	3,649	3,956	3,631	3,962	3,435	3,100	2,721
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.822 x	4.999 x	3.384 x	2.967 x	3.483 x	2.944 x	2.51 x	2.155 x
Free Cash Flow ²	4,68,785	75,572	4,31,286	5,22,069	1,90,879	2,90,422	4,10,767	4,19,529
ROE (net income / shareholders' equity)	11.4%	-1.15%	7.23%	10.3%	5.41%	7.22%	7.92%	8.05%
ROA (Net income/ Total Assets)	4.96%	-0.47%	2.32%	2.89%	1.55%	2.6%	2.92%	2.99%
Assets ¹	10,606	12,891	13,263	12,559	13,939	12,272	12,373	13,346
Book Value Per Share ³	3,99,182	3,49,962	3,80,297	4,18,209	4,27,477	4,58,087	4,89,799	5,20,649
Cash Flow per Share ³	80,308	56,156	1,12,285	91,846	82,880	78,202	93,895	81,059
Capex ¹	321	418	673	381	601	476	478	503
Capex / Sales	5.02%	8.77%	10.66%	4.88%	9.45%	6.93%	6.42%	6.5%
Announcement Date	05/02/20	08/02/21	09/02/22	08/02/23	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 Shinsegae Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,57,500 KRW

Average target price

2,37,341 KRW

Spread / Average Target

+50.69%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Department Stores

	1st Jan change	Capi.
SHINSEGAE INC.	-10.39%	1.07B
TRENT LIMITED	+73.75%	22.75B
FALABELLA S.A.	+32.50%	7.78B
DILLARD'S, INC.	+7.43%	7.04B
ISETAN MITSUKOSHI HOLDINGS LTD.	+95.83%	6.82B
MINISO GROUP HOLDING LIMITED	-4.75%	6.03B
CANADIAN TIRE CORPORATION, LIMITED	-3.57%	5.73B
MACY'S, INC.	-3.23%	5.38B
CCOOP GROUP CO., LTD	+21.23%	4.51B
PEPKOR HOLDINGS LIMITED	-0.66%	3.74B

Retail - Department Stores