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Key Info

Hanwha Corp Web - www.hanwhacorp.co.kr

Tel - 82-2-729-1114

Next Reporting Date - 15.05.2019

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    Hanwha C

    Capital Go

    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

    1.06

    Current Market Cap mln$

    1,933.44

    Net Debt mln$

    21,783.95

    WACC Estimate

    4.36%

    Ordinary Current Price $

    25.79

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue36582.1140633.1344600.1744313.3448889.5851526.6954163.1556708.8659309.0762156.2965140.2068267.3571544.6374979.2478578.73
    EBITDA Costs35234.6038413.6041934.9341854.0145616.1847858.8450100.9452265.8754477.1556880.8259390.5562011.0264747.1167603.9270586.78
    EBITDA1347.512219.532665.232459.333273.403667.854062.214442.994831.925275.475749.646256.336797.527375.327991.95
    EBITDA Margin3.685.465.985.556.707.127.507.838.158.498.839.169.509.8410.17
    Operating Costs35911.5439179.3142689.8442671.2446465.1048741.8951018.1253216.0055460.9357900.5760447.5363106.5265882.4868780.5571806.09
    Operating Profit670.571453.821910.321642.112424.482784.793145.023492.853848.134255.714692.675160.835662.156198.696772.63
    Operating Margin1.833.584.283.714.965.405.816.166.496.857.207.567.918.278.62
    Pretax Costs36427.0739191.3642834.7743131.5646603.1248827.8751052.0753199.7155393.3457772.5460253.9362841.9165541.0368356.0971292.06
    PTP155.041441.771765.401181.782286.462698.823111.073509.143915.734383.754886.265425.446003.596623.147286.67
    Pretax Margin0.423.553.962.674.685.245.746.196.607.057.507.958.398.839.27
    Net Income Costs36582.1140633.1344238.6343887.4948295.3050789.9553283.9955692.1958151.9460835.9963643.9266581.4669654.5872869.5476232.89
    Net Income0.000.00361.54425.86594. 8736.74879.151016.671157.131320.301496.271685.891890.052109.702345.84
    Net Margin0.000.000.810.961.221.431.621.791.952.122.302.472.642.812.99
    Revenue Less Capex37874.7741618.3245456.5445704.8549884.6152472.8255060.4057558.9160110.9262896.6165811.4068861.2772052.4875391.5778885.41
    Capex-1292.66-985.19-856.37-1391.50-995.03-946.14-897.26-850.06-801.85-740.32-671.21-593.92-507.85-412.34-306.68
    Capex to Revenues-3.53-2.42-1.92-3.14-2.04-1.84-1.66-1.50-1.35-1.19-1.03-0.87-0.71-0.55-0.39
    Revenue less FCF29657.5436595.7341026.4043107.0749041.4653143.6157244.7561204.7265249.4769869.8474817.3980115.2785788.3191863.0598367.96
    FCF6924.574037.403573.771206.27-151.88-1616.92-3081.60-4495.86-5940.40-7713.55-9677.19-11847.92-14243.68-16883.82-19789.23
    FCF to Revenue18.939.948.012.72-0.31-3.14-5.69-7.93-10.02-12.41-14.86-17.36-19.91-22.52-25.18

    SOUTH KOREA Comparables

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    2019
    PE RATIO
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    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
    034730 KSSK Holdings Co LtdSOUTH KOREA 15512.418.397.787.016.730.171.9910.800.9712.15-1.52
    003550 KSLG CorpSOUTH KOREA 11071.367.396.415.514.921.092.7120.240.699.7421.56
    009540 KSHyundai Heavy Industries Co LtdSOUTH KOREA 7496.961597.6326.7418.2510.680.590.613.440.720.224.23
    000720 KSHyundai Engineering & Construction Co LtdSOUTH KOREA 5111.4912.0411.175.455.190.351.076.820.887.7312.75
    010140 KSSamsung Heavy Industries Co LtdSOUTH KOREA 4487.02-45.8125.7916.190.770.003.850.77-0.3120.61
    002380 KSKCC CorpSOUTH KOREA 3232.0017.0314.903.243.170.972.5315.060.633.9037.13
    001040 KSCJ CorpSOUTH KOREA 2990.1911.0410.056.716.350.111.2210.440.837.5613.10
    047810 KSKorea Aerospace Industries LtdSOUTH KOREA 2912.9621.6719.3312.0011.041.120.7810.772.8414.2215.59
    000210 KSDaelim Industrial Co LtdSOUTH KOREA 2829.175.985.854.814.690.341.708.950.6110.4221.56
    028050 KSSamsung Engineering Co LtdSOUTH KOREA 2759.8514.8311.689.548.210.500.925.482.5218.39-0.79
    006360 KSGS Engineering & Construction CorpSOUTH KOREA 2718.766.426.033.963.820.272.237.550.7812.81-6.69
    042660 KSDaewoo Shipbuilding & Marine Engineering Co LtdSOUTH KOREA 2608.2415.6712.9314.6214.340.390.005.050.804.560.61
    047050 KSPosco Daewoo CorpSOUTH KOREA 1965.677.678.078.328.630.093.422.980.739.434.68
    010620 KSHyundai Mipo Dockyard Co LtdSOUTH KOREA 1936.6525.5718.6210.758.870.791.306.300.953.7925.27
    000880 KSHanwha CorpSOUTH KOREA 1933.444.444.058.858.520.042.235.770.5512.229.61
    047040 KSDaewoo Engineering & Construction Co LtdSOUTH KOREA 1818.347.356.395.505.090.241.976.890.8011.718.44
    000150 KSDoosan CorpSOUTH KOREA 1649.2111.9610.649.008.740.105.019.781.087.83-12.82
    006260 KSLS CorpSOUTH KOREA 1369.926.766.127.066.750.152.537.520.497.97-5.66
    012450 KSHanwha Techwin Co LtdSOUTH KOREA 1362.4625.1415.819.728.240.310.335.900.652.721.47
    042670 KSDoosan Infracore Co LtdSOUTH KOREA 1278.215.155.055.975.840.180.0013.040.6913.95-14.63
    010120 KSLS Industrial Systems Co LtdSOUTH KOREA 1244.0310.339.365.575.260.582.4111.501.0610.53-18.65
    001740 KSSK Networks Co LtdSOUTH KOREA 1239.7115.2411.866.726.330.102.073.720.593.9829.01
    012630 KSHyundai Development Co-Engineering & ConstructionSOUTH KOREA 892.677.307.1511.1510.270.641.449.140.476.602.40
    034020 KSDoosan Heavy Industries & Construction Co LtdSOUTH KOREA 826.019.397.477.817.300.066.6010.530.434.13-26.86
    000830 KSSamsung C&T Corp/OldSOUTH KOREA ------2.57-3.29#N/A N/A
    003600 KSSK Holdings Co Ltd/OldSOUTH KOREA ------7.33-10.67#N/A N/A

    International Comparables

    tickercompanycountry Market 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
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    UTX USUnited Technologies CorpUNITED STATES 120493.6917.6016.0011.9911.101.562.1317.682.8916.7114.71
    MMM US3M CoUNITED STATES 109835.0118.9217.4113.3412.543.352.9728.0811.1358.454.56
    AIR FPAirbus SEFRANCE 104886.0220.5817.018.787.551.351.7113.056.8537.5325.07
    SIE GRSiemens AGGERMANY 99599.1115.1713.1810.029.201.043.6312.521.8111.566.87
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    DG FPVinci SAFRANCE 59315.0315.2914.029.238.671.163.2616.482.4916.1715.90
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    VOLVB SSVolvo ABSWEDEN 34166.4410.0811.607.328.080.804.4814.552.2824.2219.06