Financials Soulbrain Co., Ltd.

Equities

A357780

KR7357780006

Specialty Chemicals

End-of-day quote Korea S.E. Other stock markets 06:00:00 2024-05-26 pm EDT			5-day change	1st Jan Change
308,500 ^KRW	+1.48%		+1.48%	+1.48%

May. 27	Nomura Adjusts Soulbrain’s Price Target to KRW400,000 From KRW380,000, Keeps at Buy	MT
Apr. 17	Nomura Adjusts Soulbrain’s Price Target to KRW380,000 From KRW350,000, Keeps at Buy	MT

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,118,104	2,162,869	1,692,241	2,353,915	2,388,759	-	-
Enterprise Value (EV) ²	2,021	2,018	1,524	2,195	2,152	1,970	1,861
P/E ratio	16.7 x	14.6 x	10.9 x	18.1 x	14.8 x	12 x	10.5 x
Yield	1.43%	0.7%	0.92%	0.66%	0.65%	0.68%	0.72%
Capitalization / Revenue	4.41 x	2.11 x	1.55 x	2.79 x	2.54 x	2.19 x	2 x
EV / Revenue	4.21 x	1.97 x	1.4 x	2.6 x	2.28 x	1.8 x	1.56 x
EV / EBITDA	8.02 x	8.5 x	5.87 x	11.3 x	8.9 x	6.66 x	5.69 x
EV / FCF	8.31 x	28.9 x	15.8 x	23.9 x	51.2 x	13 x	8.67 x
FCF Yield	12%	3.45%	6.35%	4.18%	1.95%	7.68%	11.5%
Price to Book	4.27 x	3.4 x	2.18 x	2.64 x	2.31 x	1.97 x	1.67 x
Nbr of stocks (in thousands)	7,779	7,766	7,766	7,743	7,743	-	-
Reference price ³	272,300	278,500	217,900	304,000	308,500	308,500	308,500
Announcement Date	2/4/21	2/8/22	3/14/23	2/13/24	-	-	-

¹KRW in Million²KRW in Billions³KRW

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	479.9	1,024	1,091	844	942	1,093	1,193
EBITDA ¹	252.1	237.4	259.7	194	241.8	295.8	326.7
EBIT ¹	103.7	189	207.1	133.5	182.6	227.8	250.7
Operating Margin	21.6%	18.46%	18.98%	15.82%	19.38%	20.84%	21.01%
Earnings before Tax (EBT) ¹	85.58	203.4	215.4	161.3	216.5	252.4	287
Net income ¹	63.04	148.3	155.1	129.5	162.4	199.7	227.7
Net margin	13.14%	14.49%	14.22%	15.34%	17.23%	18.26%	19.08%
EPS ²	16,288	19,100	19,976	16,832	20,904	25,677	29,290
Free Cash Flow ³	243,259	69,735	96,778	91,679	42,000	151,233	214,600
FCF margin	50,690.53%	6,810.64%	8,871.63%	10,862.09%	4,458.38%	13,834.5%	17,982.37%
FCF Conversion (EBITDA)	96,475.58%	29,371.24%	37,266.45%	47,251.82%	17,370.63%	51,135.47%	65,684.95%
FCF Conversion (Net income)	385,873.96%	47,012.18%	62,397.32%	70,799.72%	25,868.38%	75,744.18%	94,246.82%
Dividend per Share ²	3,900	1,950	2,000	2,000	2,007	2,090	2,227
Announcement Date	2/4/21	2/8/22	3/14/23	2/13/24	-	-	-

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	275.9	265.3	281.6	272.8	276.2	260.3	243	218.7	187.4	195	210.7	217.7	247.9	265.5	254.4
EBITDA ¹	62.61	57.22	71.08	68.54	70.72	57.1	63.28	48.69	44.1	37.96	60.98	49.06	60.61	60.92	69.86
EBIT ¹	50.56	44.77	57.64	55.32	50.08	44.02	49.05	33.05	28.56	22.82	46.05	38.03	47.52	51.81	50.81
Operating Margin	18.33%	16.87%	20.47%	20.28%	18.13%	16.91%	20.19%	15.11%	15.24%	11.7%	21.85%	17.47%	19.17%	19.51%	19.97%
Earnings before Tax (EBT) ¹	-	47.53	62.12	63.25	66.8	23.26	59.16	42.49	35.25	24.4	63.93	44	49	54	50
Net income ¹	41.35	35.46	47.14	48.9	47.29	11.77	45.28	32.68	28.68	23.73	45.85	29.58	39.21	39.44	45.78
Net margin	14.99%	13.36%	16.74%	17.92%	17.12%	4.52%	18.63%	14.94%	15.31%	12.17%	21.76%	13.59%	15.82%	14.85%	17.99%
EPS ²	5,325	4,566	6,070	6,296	6,090	1,520	5,832	4,218	3,703	3,064	5,922	3,803	5,041	5,070	5,886
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/15/21	2/8/22	5/16/22	8/16/22	11/14/22	3/14/23	5/15/23	8/14/23	11/14/23	2/13/24	5/16/24	-	-	-	-

¹KRW in Billions²KRW

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	97.1	144	168	159	236	419	528
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ²	243,259	69,735	96,778	91,679	42,000	151,233	214,600
ROE (net income / shareholders' equity)	-	26.2%	23%	15.1%	16.7%	17.6%	17.2%
ROA (Net income/ Total Assets)	-	19.2%	18.4%	13.5%	14.7%	15.7%	15.2%
Assets ¹	-	773.8	840.7	958.7	1,102	1,274	1,500
Book Value Per Share ³	63,766	81,797	100,114	115,091	133,628	156,606	184,927
Cash Flow per Share ³	31,313	16,984	24,576	-	29,077	35,342	38,043
Capex ¹	33.6	62.2	94	129	98	101	108
Capex / Sales	7%	6.07%	8.62%	15.33%	10.4%	9.19%	9.02%
Announcement Date	2/4/21	2/8/22	3/14/23	2/13/24	-	-	-

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 Soulbrain Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

308,500 KRW

Average target price

383,333 KRW

Spread / Average Target

+24.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Specialty Chemicals

	1st Jan change	Capi.
SOULBRAIN CO., LTD.	+1.48%	1.72B
SIKA AG	+4.06%	49.8B
GIVAUDAN SA	+22.04%	42.65B
FUJIFILM HOLDINGS CORPORATION	+25.66%	26.61B
EMS-CHEMIE HOLDING AG	+10.94%	19.29B
CELANESE CORPORATION	-1.61%	16.7B
SYMRISE AG	+6.48%	15.94B
ALBEMARLE CORPORATION	-11.69%	15B
POSCO FUTURE M CO., LTD.	-23.40%	14.43B
SOCIEDAD QUÍMICA Y MINERA DE CHILE S.A.	-17.88%	14.12B

Other Specialty Chemicals