Financials SK hynix Inc.

Equities

A000660

KR7000660001

Semiconductors

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-06-09 pm EDT			5-day change	1st Jan Change
208,000 ^KRW	+0.24%		+7.11%	+47.00%

Jun. 10	Chipmakers' plans for factories in Europe, US and Asia	RE
Jun. 10	SK Group, TSMC Discuss AI Chip Tech Cooperation	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	64,364,569	81,054,213	90,078,308	51,573,828	97,368,441	143,132,839	-	-
Enterprise Value (EV) ²	70,894	88,654	100,555	70,491	117,916	158,104	146,052	132,333
P/E ratio	32 x	17.1 x	9.37 x	23.1 x	-10.7 x	9.95 x	6.86 x	7.42 x
Yield	1.06%	0.99%	1.18%	1.6%	0.85%	0.7%	0.83%	0.94%
Capitalization / Revenue	2.38 x	2.54 x	2.09 x	1.16 x	2.97 x	2.17 x	1.7 x	1.6 x
EV / Revenue	2.63 x	2.78 x	2.34 x	1.58 x	3.6 x	2.4 x	1.74 x	1.48 x
EV / EBITDA	6.19 x	6.12 x	4.42 x	3.36 x	20 x	4.63 x	3.37 x	3.13 x
EV / FCF	-9.57 x	39.5 x	14.4 x	-16.7 x	-29.5 x	11.7 x	8.51 x	7.49 x
FCF Yield	-10.5%	2.53%	6.95%	-6%	-3.39%	8.56%	11.7%	13.3%
Price to Book	1.34 x	1.56 x	1.53 x	0.81 x	1.82 x	2.2 x	1.72 x	1.42 x
Nbr of stocks (in thousands)	684,002	684,002	687,621	687,651	688,116	688,139	-	-
Reference price ³	94,100	118,500	131,000	75,000	141,500	208,000	208,000	208,000
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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	26,991	31,900	42,998	44,648	32,766	65,966	83,967	89,482
EBITDA ¹	11,446	14,488	22,745	20,962	5,889	34,169	43,377	42,294
EBIT ¹	2,713	5,010	12,410	7,007	-7,730	21,318	29,738	27,697
Operating Margin	10.05%	15.71%	28.86%	15.69%	-23.59%	32.32%	35.42%	30.95%
Earnings before Tax (EBT) ¹	2,443	6,237	13,416	4,200	-11,658	18,520	27,362	24,934
Net income ¹	2,013	4,755	9,602	2,427	-9,112	14,254	20,617	19,453
Net margin	7.46%	14.91%	22.33%	5.44%	-27.81%	21.61%	24.55%	21.74%
EPS ²	2,943	6,950	13,984	3,242	-13,244	20,896	30,326	28,048
Free Cash Flow ³	-7,410,303	2,245,909	6,986,917	-4,229,744	-4,000,000	13,534,956	17,157,028	17,666,236
FCF margin	-27,454.99%	7,040.47%	16,249.48%	-9,473.54%	-12,207.88%	20,518.13%	20,432.99%	19,742.68%
FCF Conversion (EBITDA)	-	15,501.53%	30,718.82%	-	-	39,611.68%	39,552.85%	41,770.02%
FCF Conversion (Net income)	-	47,231.56%	72,762.84%	-	-	94,952.55%	83,216.17%	90,814.56%
Dividend per Share ²	1,000	1,170	1,540	1,200	1,200	1,449	1,735	1,946
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	12,377	12,156	13,811	10,983	7,699	5,088	7,306	12,394	9,066	11,306	12,430	15,551	27,377	17,852	19,709	35,128	19,714	21,454
EBITDA ¹	6,691	6,264	7,682	5,220	1,793	154	612	-	1,541	3,582	6,073	7,860	-	9,251	10,180	-	14,130	16,553
EBIT ¹	4,220	2,860	4,193	1,656	-1,701	-3,402	-2,882	-	-1,792	346	2,886	4,625	-	6,064	7,131	-	7,532	8,149
Operating Margin	34.09%	23.52%	30.36%	15.07%	-22.09%	-66.87%	-39.45%	-	-19.77%	3.06%	23.22%	29.74%	-	33.97%	36.18%	-	38.21%	37.98%
Earnings before Tax (EBT) ¹	4,666	2,774	3,967	1,683	-4,224	-3,525	-3,788	-	-2,470	-1,875	2,373	4,174	-	6,231	6,664	-	7,938	8,694
Net income ¹	3,317	1,979	2,872	1,107	-3,530	-2,580	-2,991	-	-2,184	-1,357	1,919	3,124	-	4,456	4,823	-	6,539	7,113
Net margin	26.8%	16.28%	20.79%	10.08%	-45.85%	-50.71%	-40.94%	-	-24.09%	-12%	15.44%	20.09%	-	24.96%	24.47%	-	33.17%	33.15%
EPS ²	4,825	2,877	4,175	1,609	-5,419	-3,751	-4,347	-8,098	-3,174	-1,972	2,788	5,214	6,664	7,358	8,494	10,883	8,721	9,747
Dividend per Share ²	1,540	300.0	300.0	300.0	300.0	300.0	-	-	-	300.0	-	300.0	-	300.0	910.9	-	300.0	300.0
Announcement Date	1/27/22	4/26/22	7/26/22	10/25/22	1/31/23	4/25/23	7/25/23	7/25/23	10/25/23	1/24/24	4/24/24	-	-	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,529	7,600	10,477	18,917	20,548	14,971	2,919	-
Net Cash position ¹	-	-	-	-	-	-	-	10,800
Leverage (Debt/EBITDA)	0.5704 x	0.5245 x	0.4606 x	0.9025 x	3.489 x	0.4381 x	0.0673 x	-
Free Cash Flow ²	-7,410,303	2,245,909	6,986,917	-4,229,744	-4,000,000	13,534,956	17,157,028	17,666,236
ROE (net income / shareholders' equity)	4.25%	9.53%	16.8%	3.88%	-15.6%	24.6%	27.4%	20.5%
ROA (Net income/ Total Assets)	3.14%	6.98%	11.5%	2.23%	-8.92%	13.4%	16.1%	13.5%
Assets ¹	64,137	68,157	83,780	108,965	102,101	106,175	127,778	144,541
Book Value Per Share ³	70,092	75,860	85,380	92,356	77,767	94,575	120,804	146,646
Cash Flow per Share ³	9,517	17,999	28,360	21,492	6,218	38,983	45,833	48,379
Capex ¹	13,920	10,069	12,487	19,010	8,300	14,354	16,654	16,796
Capex / Sales	51.57%	31.56%	29.04%	42.58%	25.33%	21.76%	19.83%	18.77%
Announcement Date	1/30/20	1/29/21	1/27/22	1/31/23	1/24/24	-	-	-

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 SK hynix Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

208,000 KRW

Average target price

234,611 KRW

Spread / Average Target

+12.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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