Financials Doosan Bobcat Inc.

Equities

A241560

KR7241560002

Heavy Machinery & Vehicles

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
52,000 ^KRW	+1.36%		+0.78%	+3.17%

Mar. 15	Doosan Bobcat Inc. Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Jan. 18	Uniparts India's US Arm Bags $1.2 Million Order	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,443,559	2,972,388	4,085,154	3,467,475	5,047,695	5,207,939	-	-
Enterprise Value (EV) ²	4,036	3,251	4,920	4,064	5,048	4,528	3,976	3,463
P/E ratio	12 x	12.5 x	9.81 x	5.35 x	-	6.9 x	6.33 x	5.42 x
Yield	3.49%	-	2.94%	2.17%	-	3.28%	3.42%	3.94%
Capitalization / Revenue	0.76 x	0.69 x	0.7 x	0.4 x	0.52 x	0.53 x	0.52 x	0.46 x
EV / Revenue	0.89 x	0.76 x	0.85 x	0.47 x	0.52 x	0.46 x	0.4 x	0.31 x
EV / EBITDA	6.49 x	6.21 x	5.82 x	3.07 x	-	3.31 x	2.75 x	2.19 x
EV / FCF	12.9 x	6.98 x	19 x	7.45 x	-	6.26 x	5.03 x	3.66 x
FCF Yield	7.75%	14.3%	5.25%	13.4%	-	16%	19.9%	27.3%
Price to Book	0.82 x	0.7 x	0.9 x	0.66 x	-	0.8 x	0.72 x	0.65 x
Nbr of stocks (in thousands)	100,249	100,249	100,249	100,216	100,153	100,153	-	-
Reference price ³	34,350	29,650	40,750	34,600	50,400	52,000	52,000	52,000
Announcement Date	2/13/20	2/8/21	2/9/22	2/8/23	1/19/24	-	-	-

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	4,510	4,282	5,816	8,622	9,762	9,780	10,014	11,243
EBITDA ¹	621.8	523.9	846	1,325	-	1,369	1,448	1,581
EBIT ¹	477	393.9	595.3	1,072	1,393	1,108	1,193	1,368
Operating Margin	10.58%	9.2%	10.24%	12.43%	14.27%	11.33%	11.91%	12.17%
Earnings before Tax (EBT) ¹	404.9	355.8	521	886.3	1,261	1,035	1,122	1,316
Net income ¹	272.1	247.5	385.9	644.1	925.1	755.6	823.9	962.7
Net margin	6.03%	5.78%	6.63%	7.47%	9.48%	7.73%	8.23%	8.56%
EPS ²	2,861	2,364	4,154	6,466	-	7,537	8,220	9,602
Free Cash Flow ³	312,654	465,626	258,431	545,691	-	723,375	790,900	946,000
FCF margin	6,933.07%	10,873.88%	4,443.3%	6,329.12%	-	7,396.13%	7,898.31%	8,414.4%
FCF Conversion (EBITDA)	50,283.79%	88,878.55%	30,547.18%	41,189.05%	-	52,855.66%	54,624.79%	59,826.74%
FCF Conversion (Net income)	114,903.91%	188,166.82%	66,970.41%	84,727.3%	-	95,732.73%	95,997.98%	98,264.83%
Dividend per Share ²	1,200	-	1,200	750.0	-	1,705	1,780	2,050
Announcement Date	2/13/20	2/8/21	2/9/22	2/8/23	1/19/24	-	-	-

¹KRW in Billions²KRW³KRW in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,546	1,815	1,641	2,218	2,379	1,757	2,405	2,672	2,366	2,453	2,583	2,389	2,354
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	129.6	158	194.4	309.5	316.9	237.6	369.7	466.5	297.6	301.4	312.1	262.1	232.3
Operating Margin	8.38%	8.7%	11.85%	13.95%	13.32%	13.52%	15.37%	17.46%	12.58%	12.29%	12.08%	10.97%	9.87%
Earnings before Tax (EBT)	80.2	155.3	148.3	-	231.2	278.1	-	438.2	269.1	-	-	-	-
Net income ¹	54.4	127.3	100.5	140.6	118.9	279.5	207.5	308	189.1	195	222	174	146
Net margin	3.52%	7.01%	6.13%	6.34%	5%	15.9%	8.63%	11.53%	7.99%	7.95%	8.59%	7.28%	6.2%
EPS	542.4	1,261	-	-	1,167	2,784	2,066	3,075	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/29/21	2/9/22	4/27/22	7/28/22	10/28/22	2/8/23	4/26/23	7/26/23	10/27/23	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	592	279	835	597	-	-	-	-
Net Cash position ¹	-	-	-	-	-	680	1,232	1,745
Leverage (Debt/EBITDA)	0.9526 x	0.5322 x	0.9864 x	0.4503 x	-	-	-	-
Free Cash Flow ²	312,654	465,626	258,431	545,691	-	723,375	790,900	946,000
ROE (net income / shareholders' equity)	6.88%	6.15%	9.19%	13.8%	16.8%	12.1%	12%	12.6%
ROA (Net income/ Total Assets)	4.04%	3.62%	4.95%	6.86%	-	7.28%	7.6%	9.2%
Assets ¹	6,735	6,832	7,803	9,390	-	10,374	10,836	10,464
Book Value Per Share ³	42,097	42,215	45,225	52,125	-	65,300	71,843	80,434
Cash Flow per Share ³	5,138	5,863	4,815	7,205	-	10,346	11,127	12,124
Capex ¹	202	122	224	177	-	248	268	275
Capex / Sales	4.49%	2.85%	3.86%	2.05%	-	2.53%	2.67%	2.45%
Announcement Date	2/13/20	2/8/21	2/9/22	2/8/23	1/19/24	-	-	-

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 Doosan Bobcat Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

52,000 KRW

Average target price

63,250 KRW

Spread / Average Target

+21.63%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

	1st Jan change	Capi.
DOOSAN BOBCAT INC.	+3.17%	3.78B
SANY HEAVY INDUSTRY CO.,LTD	+16.49%	18.7B
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ZOOMLION HEAVY INDUSTRY SCIENCE AND TECHNOLOGY CO., LTD.	+32.01%	9.69B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-0.76%	2.9B
GUANGXI LIUGONG MACHINERY CO., LTD.	+58.46%	2.88B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+84.29%	2.18B
TAKEUCHI MFG. CO., LTD.	+37.22%	1.78B
SHANTUI CONSTRUCTION MACHINERY CO., LTD.	+67.00%	1.71B
SUNWARD INTELLIGENT EQUIPMENT CO., LTD.	+38.83%	1.26B

Construction Machinery