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Key Info

Hite Jinro Co Ltd Web - www.jinro.co.kr

Tel - 82-2-3219-0114

Next Reporting Date - 15.05.2019

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Distillers & Vintners Sector Link to Midlincoln Rural Investment Banking Ideas

From Food into Consumer Staples Sec

Verical Aand Food Product


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    Hite Jinro Co

    Food Beverage & Toba

    SOUTH KO


    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

    0.24

    Current Market Cap mln$

    1,214.03

    Net Debt mln$

    608.63

    WACC Estimate

    3.63%

    Ordinary Current Price $

    17.31

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue1686.471630.001672.281714.361722.021738.591755.161771.161787.501804.111820.871837.781854.861872.091889.48
    EBITDA Costs1462.151420.851489.311518.631522.271540.021557.771574.911592.411610.271628.321646.581665.051683.721702.60
    EBITDA224.32209.16182.97195.73199.75198.57197.39196.25195.09193.84192.54191.20189.81188.37186.88
    EBITDA Margin13.3012.8310.9411.4211.6011.4211.2511.0810.9110.7410.5710.4010.2310.069.89
    Operating Costs1568.001523.071595.081632.141634.861654.671674.481693.611713.151733.101753.281773.701794.351815.251836.38
    Operating Profit118.46106.9377.2082.2387.1683.9280.6777.5474.3571.0067.5864.0860.5056.8453.10
    Operating Margin7.026.564.624.805.064.834.604.384.163.943.713.493.263.042.81
    Pretax Costs1615.911577.241637.161676.181676.731694.691712.651729.991747.691765.731783.951802.351820.951839.741858.72
    PTP70.5652.7635.1238.1845.2943.9042.5141.1739.8038.3836.9235.4333.9132.3530.76
    Pretax Margin4.183.242.102.232.632.522.422.322.232.132.031.931.831.731.63
    Net Income Costs1686.471630.001661.061694.141704.921718.181731.441744.241757.321770.561783.911797.351810.891824.541838.29
    Net Income0.000.0011.2220.2317.1020.4123.7226.9230.1833.5436.9640.4343.9647.5551.19
    Net Margin0.000.000.671.180.991.171.351.521.691.862.032.202.372.542.71
    Revenue Less Capex1790.551736.851753.841822.841823.771840.891858.001874.521891.401908.551925.841943.301960.911978.691996.62
    Capex-104.08-106.85-81.56-108.47-101.76-102.30-102.84-103.37-103.90-104.44-104.98-105.52-106.06-106.60-107.14
    Capex to Revenues-6.17-6.56-4.88-6.33-5.91-5.88-5.86-5.84-5.81-5.79-5.77-5.74-5.72-5.69-5.67
    Revenue less FCF1521.731577.601448.651694.671615.131634.651654.171673.021692.271711.921731.801751.911772.261792.841813.66
    FCF164.7352.40223.6319.70106.89103.94100.9998.1495.2392.1989.0785.8782.6079.2575.82
    FCF to Revenue9.773.2113.371.156.215.985.755.545.335.114.894.674.454.234.01

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