Financials YTN Co.,Ltd.

Equities

A040300

KR7040300006

Broadcasting

End-of-day quote Korea S.E. Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
3,945 ^KRW	+0.38%		0.00%	-34.47%

2023	Eugene Ent Co., Ltd. agreed to acquire 30.95% stake in YTN Co.,Ltd. from Kepco Kdn Co. Ltd and Korea Racing Authority for approximately KRW 320 billion.	CI
2023	North Korea's Kim appears to have departed for Russia for summit with Putin -YTN	RE

Valuation

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Capitalization ¹	1,04,160	87,990	88,200	86,100	1,26,000	1,23,900
Enterprise Value (EV) ¹	1,35,753	94,148	82,043	64,192	84,668	-21,853
P/E ratio	30.5 x	19.4 x	128 x	-17.1 x	16.2 x	2.4 x
Yield	0.6%	0.95%	0.95%	0.49%	1%	1.69%
Capitalization / Revenue	0.8 x	0.67 x	0.67 x	0.66 x	0.95 x	0.85 x
EV / Revenue	1.04 x	0.72 x	0.62 x	0.49 x	0.64 x	-0.15 x
EV / EBITDA	13.1 x	8.28 x	8.15 x	6.8 x	11 x	-2.6 x
EV / FCF	-38.5 x	8.51 x	8.04 x	16.4 x	9.64 x	-0.96 x
FCF Yield	-2.6%	11.8%	12.4%	6.08%	10.4%	-104%
Price to Book	0.57 x	0.46 x	0.47 x	0.47 x	0.66 x	0.51 x
Nbr of stocks (in thousands)	42,000	42,000	42,000	42,000	42,000	42,000
Reference price ²	2,480	2,095	2,100	2,050	3,000	2,950
Announcement Date	14/03/17	19/03/18	13/03/19	24/12/20	18/03/21	23/03/22

¹KRW in Million²

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net sales ¹	1,30,756	1,31,051	1,32,360	1,30,801	1,33,102	1,45,150
EBITDA ¹	10,337	11,376	10,070	9,444	7,684	8,403
EBIT ¹	1,287	2,158	862.1	491.9	2,680	3,368
Operating Margin	0.98%	1.65%	0.65%	0.38%	2.01%	2.32%
Earnings before Tax (EBT) ¹	-667.3	4,559	2,167	-4,011	3,256	66,762
Net income ¹	3,410	4,537	690.8	-3,255	7,796	51,577
Net margin	2.61%	3.46%	0.52%	-2.49%	5.86%	35.53%
EPS ²	81.19	108.0	16.45	-120.2	185.6	1,228
Free Cash Flow ¹	-3,526	11,066	10,199	3,906	8,783	22,660
FCF margin	-2.7%	8.44%	7.71%	2.99%	6.6%	15.61%
FCF Conversion (EBITDA)	-	97.28%	101.29%	41.36%	114.31%	269.67%
FCF Conversion (Net income)	-	243.88%	1,476.45%	-	112.65%	43.93%
Dividend per Share ²	15.00	20.00	20.00	10.00	30.00	50.00
Announcement Date	14/03/17	19/03/18	13/03/19	24/12/20	18/03/21	23/03/22

¹KRW in Million²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net Debt ¹	31,593	6,158	-	-	-	-
Net Cash position ¹	-	-	6,157	21,908	41,332	1,45,753
Leverage (Debt/EBITDA)	3.056 x	0.5413 x	-	-	-	-
Free Cash Flow ¹	-3,526	11,066	10,199	3,906	8,783	22,660
ROE (net income / shareholders' equity)	1.91%	2.42%	0.36%	-1.77%	4.24%	23.9%
ROA (Net income/ Total Assets)	0.26%	0.44%	0.18%	0.11%	0.58%	0.63%
Assets ¹	13,08,078	10,28,443	3,75,031	-30,08,284	13,50,489	81,63,572
Book Value Per Share ²	4,369	4,536	4,479	4,368	4,521	5,759
Cash Flow per Share ²	355.0	245.0	111.0	239.0	446.0	1,630
Capex ¹	7,469	4,104	1,158	1,638	2,119	1,967
Capex / Sales	5.71%	3.13%	0.87%	1.25%	1.59%	1.36%
Announcement Date	14/03/17	19/03/18	13/03/19	24/12/20	18/03/21	23/03/22

¹KRW in Million²KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Television Broadcasting

	1st Jan change	Capi.
YTN CO.,LTD.	-34.47%	12Cr
FOX CORPORATION	+12.27%	1.49TCr
NEXSTAR MEDIA GROUP, INC.	+14.63%	571.93Cr
RTL GROUP S.A.	-15.33%	494.38Cr
NIPPON TELEVISION HOLDINGS, INC.	+35.53%	340.93Cr
SUN TV NETWORK LIMITED	-6.11%	316.17Cr
TEGNA INC.	+2.75%	263.23Cr
M6 MÉTROPOLE TÉLÉVISION	+2.78%	180.54Cr
PT ELANG MAHKOTA TEKNOLOGI TBK	-27.80%	162.95Cr
NINE ENTERTAINMENT CO. HOLDINGS LIMITED	-24.01%	161.58Cr

Television Broadcasting

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A040300 Stock
Financials YTN Co.,Ltd.

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