Financials Hyosung TNC Corporation

Equities

A298020

KR7298020009

Textiles & Leather Goods

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
412,000 ^KRW	+5.78%		+12.41%	+12.88%

May. 16	Hyosung Spandex(Ningxia) Co., Ltd. announced that it expects to receive KRW 71.8725 billion in funding from Hyosung TNC Corporation	CI
Apr. 05	Vietnamese Province OKs Hyosung TNC's 1 Trillion Won Investment	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	666,774	910,611	2,248,474	1,510,492	1,575,227	1,778,064	-	-
Enterprise Value (EV) ²	2,411	2,140	3,338	3,005	2,754	2,745	2,762	2,212
P/E ratio	7.16 x	6.66 x	2.92 x	130 x	16.9 x	10.1 x	7.78 x	6.83 x
Yield	1.29%	2.37%	9.6%	2.86%	2.74%	2.43%	2.59%	2.59%
Capitalization / Revenue	0.11 x	0.18 x	0.26 x	0.17 x	0.21 x	0.23 x	0.22 x	0.22 x
EV / Revenue	0.4 x	0.41 x	0.39 x	0.34 x	0.37 x	0.36 x	0.35 x	0.27 x
EV / EBITDA	4.6 x	4.48 x	2.06 x	8.33 x	5.97 x	4.51 x	4.18 x	3.07 x
EV / FCF	17 x	4.19 x	12.8 x	-29.8 x	8.09 x	11.9 x	10.3 x	6.77 x
FCF Yield	5.9%	23.9%	7.8%	-3.36%	12.4%	8.43%	9.69%	14.8%
Price to Book	1.36 x	1.27 x	1.27 x	1.24 x	1.24 x	1.27 x	1.13 x	1.01 x
Nbr of stocks (in thousands)	4,316	4,316	4,316	4,316	4,316	4,316	-	-
Reference price ³	154,500	211,000	521,000	350,000	365,000	412,000	412,000	412,000
Announcement Date	1/31/20	1/29/21	1/26/22	1/31/23	1/29/24	-	-	-

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	5,983	5,162	8,596	8,883	7,527	7,702	7,996	8,238
EBITDA ¹	524.2	477.8	1,622	360.7	461.2	608.1	661.2	719.8
EBIT ¹	322.9	266.6	1,424	123.6	213.4	336	402.7	458.1
Operating Margin	5.4%	5.16%	16.56%	1.39%	2.84%	4.36%	5.04%	5.56%
Earnings before Tax (EBT) ¹	230.1	223.6	1,404	36.92	123	255	336.1	423.4
Net income ¹	93.09	136.8	770.4	11.16	93.2	176.6	228.8	261
Net margin	1.56%	2.65%	8.96%	0.13%	1.24%	2.29%	2.86%	3.17%
EPS ²	21,569	31,698	178,503	2,686	21,595	40,850	52,942	60,325
Free Cash Flow ³	142,121	511,185	260,322	-100,828	340,524	231,400	267,700	326,950
FCF margin	2,375.35%	9,903.57%	3,028.4%	-1,135.1%	4,524.08%	3,004.29%	3,347.97%	3,969.01%
FCF Conversion (EBITDA)	27,109.94%	106,996.76%	16,050.83%	-	73,838.11%	38,051.39%	40,485.77%	45,425.49%
FCF Conversion (Net income)	152,675.17%	373,681.1%	33,792.13%	-	365,380.43%	131,067.69%	117,001.75%	125,292.2%
Dividend per Share ²	2,000	5,000	50,000	10,000	10,000	10,000	10,667	10,667
Announcement Date	1/31/20	1/29/21	1/26/22	1/31/23	1/29/24	-	-	-

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	2,448	2,341	2,564	2,167	1,811	1,861	1,929	1,970	1,767	1,880	1,943	1,992	1,901	1,968	2,009
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	355.9	190.1	87.45	-110.8	-43.21	69.34	64.51	50.55	28.98	76.06	83.7	93.42	82.68	89.3	113.6
Operating Margin	14.54%	8.12%	3.41%	-5.11%	-2.39%	3.73%	3.34%	2.57%	1.64%	4.05%	4.31%	4.69%	4.35%	4.54%	5.65%
Earnings before Tax (EBT) ¹	341.5	159.6	67.3	-144.5	-45.5	51	18.53	19.57	33.88	54.1	66.47	84.8	63.85	-	-
Net income ¹	152.4	68.65	25.94	-94.78	11.35	31.94	18.89	11.12	31.25	45.64	45.95	56.23	42.97	-	-
Net margin	6.22%	2.93%	1.01%	-4.37%	0.63%	1.72%	0.98%	0.56%	1.77%	2.43%	2.36%	2.82%	2.26%	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/26/22	4/29/22	7/29/22	10/28/22	1/31/23	4/28/23	7/28/23	10/27/23	1/29/24	4/26/24	-	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,744	1,229	1,090	1,494	1,179	967	984	434
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.327 x	2.573 x	0.6718 x	4.142 x	2.556 x	1.59 x	1.488 x	0.6033 x
Free Cash Flow ²	142,121	511,185	260,322	-100,828	340,524	231,400	267,700	326,950
ROE (net income / shareholders' equity)	20.9%	25.9%	62.2%	1.14%	7.46%	12%	14.4%	13.8%
ROA (Net income/ Total Assets)	2.93%	5.56%	21%	0.26%	2.22%	4.75%	5.4%	6.5%
Assets ¹	3,182	2,459	3,675	4,257	4,195	3,717	4,237	4,015
Book Value Per Share ³	113,298	165,757	408,648	282,528	294,531	323,792	364,417	409,553
Cash Flow per Share ³	80,994	130,876	149,059	72,665	139,485	99,565	105,832	105,474
Capex ¹	207	53.6	383	414	261	229	244	213
Capex / Sales	3.47%	1.04%	4.46%	4.67%	3.47%	2.98%	3.05%	2.59%
Announcement Date	1/31/20	1/29/21	1/26/22	1/31/23	1/29/24	-	-	-

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 Hyosung TNC Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

412,000 KRW

Average target price

476,667 KRW

Spread / Average Target

+15.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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