Financials Korea Line Corporation

Equities

A005880

KR7005880000

Marine Freight & Logistics

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
1,788 ^KRW	-1.05%		-1.05%	-17.03%

Mar. 21	Korea Line Corporation Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Korea Line Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	556,713	717,090	820,489	675,971	669,755	555,695	-
Enterprise Value (EV) ²	2,549	2,629	2,648	2,845	669.8	2,682	2,465
P/E ratio	6.56 x	82.2 x	2.96 x	4.29 x	-	4.69 x	4.14 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	0.55 x	0.81 x	0.71 x	0.42 x	0.48 x	0.38 x	0.39 x
EV / Revenue	2.53 x	2.97 x	2.29 x	1.76 x	0.48 x	1.86 x	1.74 x
EV / EBITDA	10.1 x	9.48 x	8.16 x	6.89 x	-	5.67 x	5.3 x
EV / FCF	-5.21 x	-96.3 x	8.96 x	-18.5 x	-	7 x	6.6 x
FCF Yield	-19.2%	-1.04%	11.2%	-5.41%	-	14.3%	15.2%
Price to Book	0.68 x	0.93 x	0.57 x	0.44 x	-	0.34 x	0.29 x
Nbr of stocks (in thousands)	242,049	235,885	310,791	310,791	310,791	310,791	-
Reference price ³	2,300	3,040	2,640	2,175	2,155	1,788	1,788
Announcement Date	2/11/20	2/15/21	2/15/22	2/14/23	2/14/24	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1,006	884.1	1,154	1,612	1,397	1,445	1,416
EBITDA ¹	251.4	277.4	324.5	413	-	472.7	464.7
EBIT ¹	129.5	145.9	203.9	267.7	250	297.2	297.5
Operating Margin	12.87%	16.51%	17.67%	16.6%	17.89%	20.57%	21.02%
Earnings before Tax (EBT) ¹	84.56	26.57	323.9	185	60	165.5	159.3
Net income ¹	84.86	8.789	306.6	157.6	46.35	121	136.8
Net margin	8.44%	0.99%	26.57%	9.78%	3.32%	8.37%	9.66%
EPS ²	350.8	37.00	891.0	507.0	-	381.2	431.8
Free Cash Flow ³	-489,318	-27,303	295,363	-153,888	-	383,000	373,500
FCF margin	-48,639.46%	-3,088.32%	25,598.17%	-9,546.34%	-	26,500.61%	26,386.44%
FCF Conversion (EBITDA)	-	-	91,026.01%	-	-	81,029.62%	80,380.2%
FCF Conversion (Net income)	-	-	96,338.18%	-	-	316,528.93%	273,126.14%
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	2/11/20	2/15/21	2/15/22	2/14/23	2/14/24	-	-

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	309.7	350.2	349.8	429.1	440.4	392.7	354.7	343.6	336.3	335	334	325	324
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	55.25	62.24	73.58	68.7	79.06	46.34	59.88	65.27	74.54	70	69	68	67
Operating Margin	17.84%	17.77%	21.03%	16.01%	17.95%	11.8%	16.88%	19%	22.16%	20.9%	20.66%	20.92%	20.68%
Earnings before Tax (EBT) ¹	153.4	79	81.27	69.35	80.46	-	43.67	27.57	39.35	37	12	15	20
Net income ¹	120.9	48.63	62.29	56.13	-	-27.64	37.19	25.42	35.08	34	11	14	18
Net margin	39.05%	13.89%	17.81%	13.08%	-	-7.04%	10.48%	7.4%	10.43%	10.15%	3.29%	4.31%	5.56%
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/15/21	2/15/22	5/16/22	8/18/22	11/14/22	2/14/23	5/15/23	8/11/23	11/14/23	-	-	-	-

¹KRW in Billions

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	1,992	1,912	1,827	2,169	-	2,126	1,909
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.924 x	6.891 x	5.632 x	5.253 x	-	4.499 x	4.109 x
Free Cash Flow ²	-489,318	-27,303	295,363	-153,888	-	383,000	373,500
ROE (net income / shareholders' equity)	11.2%	3.2%	25.9%	10.4%	2.55%	6.98%	7.35%
ROA (Net income/ Total Assets)	3.03%	0.84%	6.83%	3.78%	-	2.53%	2.87%
Assets ¹	2,804	1,051	4,487	4,175	-	4,776	4,770
Book Value Per Share ³	3,406	3,262	4,656	4,912	-	5,335	6,065
Cash Flow per Share	1,431	1,094	1,157	1,262	-	-	-
Capex ¹	310	286	24.4	546	-	205	213
Capex / Sales	30.77%	32.4%	2.11%	33.88%	-	14.18%	15.05%
Announcement Date	2/11/20	2/15/21	2/15/22	2/14/23	2/14/24	-	-

¹KRW in Billions²KRW in Million³KRW

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Korea Line Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,807 KRW

Average target price

2,625 KRW

Spread / Average Target

+45.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
KOREA LINE CORPORATION	-17.03%	408M
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WALLENIUS WILHELMSEN ASA	+26.52%	4.24B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+38.63%	4.08B
STAR BULK CARRIERS CORP.	+15.45%	2.79B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-18.90%	1.89B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+17.91%	1.87B
GULF NAVIGATION HOLDING	+0.14%	1.65B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+30.96%	1.58B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+31.66%	1.57B

Deep Sea Freight