Financials SK Reits Co., Ltd.

Equities

End-of-day quote Korea S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
4,275 ^KRW	-0.58%		+2.27%	+7.41%

2023	SK Reits Co., Ltd. announced that it has received KRW 13 billion in funding from SK Inc.	CI
2023	Clean Industrial REIT Co., Ltd. announced that it has received KRW 400 billion in funding from SK Reits Co., Ltd. and other investors	CI

Fiscal Period: December	2022	2023	2024	2025
Capitalization ¹	7,82,285	11,54,817	11,54,817	-
Enterprise Value (EV) ²	782.3	3,673	3,121	3,063
P/E ratio	23.5 x	35.9 x	49.1 x	49.1 x
Yield	-	7.35%	6.05%	6.41%
Capitalization / Revenue	8.65 x	8.47 x	5.6 x	5.44 x
EV / Revenue	8.65 x	27 x	15.1 x	14.4 x
EV / EBITDA	-	33.2 x	16.8 x	16.1 x
EV / FCF	-	-6.02 x	268 x	44.1 x
FCF Yield	-	-16.6%	0.37%	2.27%
Price to Book	-	0.8 x	0.82 x	0.84 x
Nbr of stocks (in thousands)	1,96,554	2,70,133	2,70,133	-
Reference price ³	3,980	4,275	4,275	4,275
Announcement Date	14/03/23	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Fiscal Period: December	2022	2023	2024	2025
Net sales ¹	90.39	136.3	206.3	212.2
EBITDA ¹	-	110.6	185.9	190.7
EBIT ¹	-	90.9	148.7	154
Operating Margin	-	66.69%	72.08%	72.61%
Earnings before Tax (EBT) ¹	-	26	23	24
Net income ¹	-	26	23	24
Net margin	-	19.08%	11.15%	11.31%
EPS ²	169.1	119.0	87.00	87.00
Free Cash Flow ³	-	-6,10,000	11,650	69,400
FCF margin	-	-4,47,542.19%	5,647.12%	32,712.7%
FCF Conversion (EBITDA)	-	-	6,266.81%	36,392.24%
FCF Conversion (Net income)	-	-	50,652.17%	2,89,166.67%
Dividend per Share ²	-	314.0	258.8	274.2
Announcement Date	14/03/23	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Fiscal Period: December	2022	2023	2024	2025
Net Debt ¹	-	2,519	1,967	1,909
Net Cash position ¹	-	-	-	-
Leverage (Debt/EBITDA)	-	22.76 x	10.58 x	10.01 x
Free Cash Flow ²	-	-6,10,000	11,650	69,400
ROE (net income / shareholders' equity)	-	1.35%	1.4%	1.95%
ROA (Net income/ Total Assets)	-	0.45%	0.4%	0.6%
Assets ¹	-	5,778	5,750	4,000
Book Value Per Share ³	-	5,347	5,219	5,108
Cash Flow per Share	-	-	-	-
Capex ¹	-	5.7	28.4	1.3
Capex / Sales	-	4.18%	13.77%	0.61%
Announcement Date	14/03/23	-	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,275 KRW

Average target price

5,600 KRW

Spread / Average Target

+30.99%

	1st Jan change	Capi.
SK REITS CO., LTD.	+7.41%	849M
REALTY INCOME CORPORATION	-4.62%	47.86B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-3.03%	21.11B
SEGRO PLC	+0.16%	13.49B
UNIBAIL-RODAMCO-WESTFIELD SE	+17.24%	11.94B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-5.34%	9.7B
FEDERAL REALTY INVESTMENT TRUST	-0.77%	8.5B
CAPITALAND ASCENDAS REIT	-13.53%	8.47B
KLÉPIERRE	+2.59%	7.84B
FIBRA UNO	-16.78%	5.7B