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Key Info

Macquarie Korea Infrastructure Fund Web - www.macquarie.com/kr/kr/mkif/

Tel - 82-2-3705-8565

Next Reporting Date - 20.02.2020

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    Macquarie Korea Infrastructure Fund

    Diversified Financials

    SOUTH KOREA


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    Current Market Cap mln$

    Net Debt mln$

    0.00

    WACC Estimate

    0.00%

    Ordinary Current Price $

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    FCF to Revenue101.9699.7683.9476.5668.6161.9556.2451.3146.7040.3433.2325.2616.356.38-4.79
    Revenue less FCF-3.800.4634.1155.7679.21102.52125.20147.22170.14201.50238.62282.59334.66396.33469.36
    FCF197.86195.10178.29182.10173.11166.94160.94155.12149.06136.25118.7495.5365.4227.00-21.44
    Capex to Revenues0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Capex0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Net Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Revenue Less Capex194.06195.56212.40237.85252.32269.46286.15302.34319.20337.74357.36378.12400.09423.33447.92
    Net Income0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Net Income Costs194.06195.56212.40237.85252.32269.46286.15302.34319.20337.74357.36378.12400.09423.33447.92
    Pretax Margin70.0857.2678.0179.4085.2289.4893.1396.2999.2399.6499.8399.9299.9699.9899.99
    PTP135.99111.97165.70188.85215.04241.11266.48291.11316.75336.53356.76377.82399.94423.25447.88
    Pretax Costs58.0783.5946.7049.0137.2828.3519.6711.232.451.210.600.300.150.070.04
    Operating Margin70.0857.2678.0179.4085.2289.4893.1396.2999.2399.6499.8399.9299.9699.9899.99
    Operating Profit135.99111.97165.70188.85215.04241.11266.48291.11316.75336.53356.76377.82399.94423.25447.88
    Operating Costs58.0783.5946.7049.0137.2828.3519.6711.232.451.210.600.300.150.070.04
    EBITDA Margin78.9064.2783.6083.1587.7590.8693.5395.8498.0098.7899.2599.5499.7299.8399.90
    EBITDA153.11125.68177.56197.78221.41244.84267.64289.77312.81333.61354.69376.39398.97422.60447.45
    EBITDA Costs40.9469.8834.8440.0730.9124.6218.5112.576.394.132.671.731.120.720.47
    Revenue194.06195.56212.40237.85252.32269.46286.15302.34319.20337.74357.36378.12400.09423.33447.92

    SOUTH KOREA Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    006800 KSMirae Asset Daewoo Co LtdSOUTH KOREA 3878.01-8.24-51.571.03-----6.06
    029780 KSSamsung Card Co LtdSOUTH KOREA 3588.771311.26--1.15-----4
    071050 KSKorea Investment Holdings Co LtdSOUTH KOREA 3245.03-5.63-44.951.27----10.47
    016360 KSSamsung Securities Co LtdSOUTH KOREA 2660.43-7.63-35.361.88-----0.37
    005940 KSNH Investment & Securities Co LtdSOUTH KOREA 2639.99-7.41-39.512.13-----9.38
    003450 KSKB Securities Co LtdSOUTH KOREA ------20.73-7.3#N/A N/A
    037620 KSMirae Asset Securities Co LtdSOUTH KOREA ------#????!-8.1#N/A N/A
    MKIF LIMacquarie Korea Infrastructure FundSOUTH KOREA ------#????!--#N/A N/A

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    AXP USAmerican Express CoUNITED STATES 109788.4915.1815.0310.79-1.891.3227.824.3729.245.54
    MS USMorgan StanleyUNITED STATES 90382.5110.0610.33--1.352.54---3.72
    BLK USBlackRock IncUNITED STATES 87911.6218.2317.7-13.514.442.63---1.83
    GS USGoldman Sachs Group Inc/TheUNITED STATES 87408.669.739.51--1.231.8-0.99.3511.51
    CME USCME Group IncUNITED STATES 76378.0532.9729.2126.1122.8114.942.7458.272.758.1321.58
    SCHW USCharles Schwab Corp/TheUNITED STATES 60670.6817.4918.2-10.865.091.43----4.44
    ICE USIntercontinental Exchange IncUNITED STATES 53607.1827.5123.0717.2817.28.71.1965.32.9711.2221.39
    MCO USMoody's CorpUNITED STATES 52454.330.1530.3421.9322.356.040.8445.5253.62220.3121.14
    COF USCapital One Financial CorpUNITED STATES 46865.428.538.7--1.121.55-0.8810.3411.15
    INVEB SSInvestor ABSWEDEN 44389.113.8636.38-36.247.12.74-0.9327.069.91
    388 HKHong Kong Exchanges & Clearing LtdHONG KONG 44298.8336.0732.189.838.7921.022.4974.987.7822.46-12.01
    BK USBank of New York Mellon Corp/TheUNITED STATES 41341.3511.1611.02--2.462.34-1.1911.39-11.74
    TRI CNThomson Reuters CorpCANADA 40812.6665.4242.0528.622.036.91.7525.344.747.0820.8
    TRI USThomson Reuters CorpCANADA 40771.7865.3642.0128.5822.016.891.7525.344.747.0820.99
    6030 HKCITIC Securities Co LtdCHINA 39201.0714.7513.3--6.112.95#????!1.178.07-6.03
    LSE LNLondon Stock Exchange Group PLCBRITAIN 37664.742.0636.9624.5122.8112.880.8354.6410.3818.0743.54
    MQG AUMacquarie Group LtdAUSTRALIA 35465.2314.6517.34--2.644.44-2.3616.781.07
    TROW UST Rowe Price Group IncUNITED STATES 32429.6814.0115.3510.9210.914.162.545.894.0431.3916.88
    DB1 GRDeutsche Boerse AGGERMANY 31917.9225.8724.2918.3517.0710.071.9362.365.2121.3520.06
    STT USState Street CorpUNITED STATES 28308.0712.8311.33--1.812.5-1.3110.09-12.68
    MSCI USMSCI IncUNITED STATES 27323.1842.0744.0228.0929.718.960.9853.61--23.27
    AMTD USTD Ameritrade Holding CorpUNITED STATES 26783.6512.0516.448.8312.835.512.5755.422.9226.44-9.06
    DFS USDiscover Financial ServicesUNITED STATES 23690.29.348.59--1.581.98-2.2225.9416.74
    FSR SJFirstRand LtdSOUTH AFRICA 23138.8713.7911.69--2.564.25-2.9724.10.12
    8591 JPORIX CorpJAPAN 23069.796.287.887.5718.882.794.7881.420.711.616.97
    DBK GRDeutsche Bank AGGERMANY 22696.57-83.74--0.37-----4.52
    AMP USAmeriprise Financial IncUNITED STATES 22655.710.389.81-7.291.182.33-3.633.4514.99
    NTRS USNorthern Trust CorpUNITED STATES 21442.4216.0414.34--2.82.45-2.2714.74.23
    6837 HKHaitong Securities Co LtdCHINA 209239.48.66--4.463.16#????!0.77.59-9.14
    NDAQ USNasdaq IncUNITED STATES 19046.9322.1221.5317.1115.545.341.7347.613.1113.9619.64

    EV, Debt, Cash

    Fields2018
    EV
    Cash17.16
    Debt253.29
    Debt/Equity21.3
    Pref Equity0
    Shares Out#N/A Field Not Applicable
    minorities0

    Last Price

    Fields2018
    Last Price#N/A N/A
    Next DVD Ex Date#N/A N/A
    DVD Announcement Date31.01.2019
    Last Ex Date30.12.2015

    CashflowSummary

    Fields201520162017201820192020
    Revenue194.0567298195.5606153212.4043733237.8535962
    Operating Profit135.9889206111.9684654165.6995009188.8465611
    PTP135.9889206111.9684654165.6995009188.8465611
    Net Income
    EPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable
    DPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable
    EBITDA153.1144834125.6840807177.5632634197.7840165
    BPS#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable
    Capex0000
    FCF197.858971195.0992646178.2915348182.0957345
    EV TO T12M EBIT19.5423.5216.5116.8816.8816.88
    EV/EBITDA17.3520.9515.4116.11--
    CUR RATIO------

    Ratios

    Fields201520162017201820192020
    Market Cap
    PE RATIO#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable--
    EV/EBITDA17.3520.9515.4116.11--
    P/S#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable--
    DIVIDEND YIELD#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable--
    EBITDA Margin78.964.2783.683.15#????!-
    P/B#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable#N/A Field Not Applicable--
    ROE9.157.7510.6611.24--
    6 month return#N/A N/A#N/A N/A#N/A N/A#N/A N/A#N/A N/A#N/A N/A