Financials SK Telecom Co., Ltd.

Equities

A017670

KR7017670001

Wireless Telecommunications Services

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
51,300 ^KRW	+0.59%		+2.40%	+2.40%

Apr. 19	SK Telecom Collaborates with Aptos Labs, Brevan Howard and Microsoft to Bring Global Institutional Finance On-Chain with Aptos Ascend	CI
Apr. 05	South Korea's OTT Platform Wavve to Start Services in Europe and Oceania	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,406,475	17,052,023	12,598,001	10,334,719	10,794,031	10,920,788	-	-
Enterprise Value (EV) ²	24,552	24,035	18,620	15,550	16,466	18,195	17,487	16,449
P/E ratio	19.6 x	11.6 x	8.05 x	11.5 x	10.1 x	9.7 x	9.2 x	7.83 x
Yield	4.2%	4.2%	5.69%	7%	7.07%	6.95%	7.06%	7.46%
Capitalization / Revenue	0.98 x	0.92 x	0.75 x	0.6 x	0.61 x	0.61 x	0.6 x	0.58 x
EV / Revenue	1.38 x	1.29 x	1.11 x	0.9 x	0.94 x	1.01 x	0.96 x	0.88 x
EV / EBITDA	4.87 x	4.36 x	3.58 x	2.9 x	2.99 x	3.27 x	3.11 x	2.82 x
EV / FCF	40.2 x	10.6 x	8.8 x	6.91 x	-	8.58 x	8.55 x	7.75 x
FCF Yield	2.49%	9.42%	11.4%	14.5%	-	11.7%	11.7%	12.9%
Price to Book	0.76 x	0.71 x	1.09 x	0.91 x	0.9 x	0.92 x	0.88 x	0.86 x
Nbr of stocks (in thousands)	222,102	217,579	217,582	218,032	215,450	212,881	-	-
Reference price ³	78,372	78,372	57,900	47,400	50,100	51,300	51,300	51,300
Announcement Date	2/7/20	2/3/21	2/9/22	2/8/23	2/4/24	-	-	-

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	17,744	18,625	16,749	17,305	17,608	17,928	18,247	18,727
EBITDA ¹	5,045	5,519	5,207	5,367	5,503	5,564	5,616	5,843
EBIT ¹	1,110	1,349	1,387	1,612	1,753	1,820	1,900	2,157
Operating Margin	6.26%	7.24%	8.28%	9.32%	9.96%	10.15%	10.42%	11.52%
Earnings before Tax (EBT) ¹	1,163	1,877	1,718	1,236	1,488	1,570	1,664	2,023
Net income ¹	889.9	1,504	2,408	912.4	1,094	1,146	1,208	1,419
Net margin	5.02%	8.08%	14.37%	5.27%	6.21%	6.39%	6.62%	7.58%
EPS ²	3,999	6,738	7,190	4,118	4,954	5,289	5,575	6,548
Free Cash Flow ³	610,199	2,264,076	2,115,428	2,251,030	-	2,120,082	2,046,115	2,122,720
FCF margin	3,438.96%	12,156.31%	12,630.48%	13,007.97%	-	11,825.7%	11,213.33%	11,335.37%
FCF Conversion (EBITDA)	12,094.64%	41,024.79%	40,626.62%	41,938.93%	-	38,104.21%	36,432.54%	36,329.47%
FCF Conversion (Net income)	68,569.39%	150,496.94%	87,868.25%	246,715.26%	-	185,020.06%	169,403.66%	149,611.01%
Dividend per Share ²	3,293	3,293	3,295	3,320	3,540	3,564	3,621	3,829
Announcement Date	2/7/20	2/3/21	2/9/22	2/8/23	2/4/24	-	-	-

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	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	4,968	4,298	4,277	4,290	4,343	4,394	4,372	4,306	4,403	4,527	4,443	4,423	4,482	4,563	4,535
EBITDA ¹	1,452	-	1,379	1,400	1,399	1,189	1,429	1,412	1,426	1,237	1,440	1,429	1,459	1,319	1,504
EBIT ¹	400	226.7	432.4	459.6	465.6	254.5	494.8	463.4	498	297.1	499.2	489.4	505	327.2	566.7
Operating Margin	8.05%	5.27%	10.11%	10.71%	10.72%	5.79%	11.32%	10.76%	11.31%	6.56%	11.24%	11.06%	11.27%	7.17%	12.5%
Earnings before Tax (EBT) ¹	944.3	295	327	402.8	362.4	144	420.9	449.8	400	217.4	432.5	440.4	412.5	217.8	-
Net income ¹	784.2	299.3	211.3	253.9	234.6	212.7	290.5	329.2	297.9	176	311.4	320.2	309	201.8	-
Net margin	15.79%	6.96%	4.94%	5.92%	5.4%	4.84%	6.64%	7.64%	6.77%	3.89%	7.01%	7.24%	6.89%	4.42%	-
EPS ²	438.7	1,296	953.0	1,147	1,059	959.0	1,314	1,490	1,345	804.0	1,565	1,622	1,466	610.0	-
Dividend per Share	823.2	-	-	830.0	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/10/21	2/9/22	5/10/22	8/9/22	11/10/22	2/8/23	5/10/23	8/8/23	11/7/23	2/4/24	-	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,145	6,983	6,022	5,216	5,672	7,274	6,566	5,528
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.416 x	1.265 x	1.157 x	0.9717 x	1.031 x	1.307 x	1.169 x	0.9461 x
Free Cash Flow ²	610,199	2,264,076	2,115,428	2,251,030	-	2,120,082	2,046,115	2,122,720
ROE (net income / shareholders' equity)	3.82%	6.37%	13.2%	7.45%	8.97%	9.67%	9.79%	11.2%
ROA (Net income/ Total Assets)	1.98%	3.25%	6.11%	2.93%	3.56%	3.87%	3.98%	4.65%
Assets ¹	44,901	46,259	39,409	31,110	30,714	29,635	30,316	30,512
Book Value Per Share ³	103,362	109,617	53,218	51,911	55,395	55,461	58,292	59,671
Cash Flow per Share ³	18,214	26,331	15,113	23,655	-	24,600	24,593	24,663
Capex ¹	3,376	3,558	2,916	3,035	-	2,974	2,974	2,966
Capex / Sales	19.03%	19.1%	17.41%	17.54%	-	16.59%	16.3%	15.84%
Announcement Date	2/7/20	2/3/21	2/9/22	2/8/23	2/4/24	-	-	-

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 Telecom Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

51,300 KRW

Average target price

66,600 KRW

Spread / Average Target

+29.82%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Wireless Telecommunications Services

	1st Jan change	Capi.
SK TELECOM CO., LTD.	+2.40%	7.93B
T-MOBILE US	+2.26%	193B
AT&T INC.	-0.18%	120B
SOFTBANK GROUP CORP.	+23.66%	72.46B
KDDI CORPORATION	-2.36%	57.97B
CHINA UNICOM HONG KONG LIMITED	+24.90%	23.92B
VODAFONE GROUP PLC	+0.76%	23.3B
TELENOR ASA	+9.95%	16.07B
ADVANCED INFO SERVICE	-10.14%	15.66B
TAIWAN MOBILE CO., LTD.	+4.97%	9.6B

Other Wireless Telecommunications Services