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Key Info

Daewoo Shipbuilding & Marine Engineering Co Ltd Web - www.dsme.co.kr

Tel - 82-55-735-2114

Next Reporting Date - 15.05.2019

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    Daewoo Shipbuilding & Marine Engineering Co Ltd

    Capital Goods

    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

    1.10

    Current Market Cap mln$

    2,608.24

    Net Debt mln$

    2,495.53

    WACC Estimate

    6.35%

    Ordinary Current Price $

    24.33

    DCF Model

    < style="font-size: 10px">549.92
    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue13654.1911054.399823.408768.446426.514849.933273.731751.79197.2686.9738.3516.917.453.291.45
    EBITDA Costs15319.7112198.019039.957713.554045.061527.90-988.64-3418.56-5900.50-8923.13-13494.15-20406.76-30860.46-46669.24-70576.34
    EBITDA-1665.51-1143.62783.451054.892381.453322.034262.375170.346097.769010.1013532.5020423.6630867.9146672.5370577.79
    EBITDA Margin-12.20-10.357.9812.0337.0668.50130.20295.153091.2510359.7535290.09120799.09414087.911420044.294870391.46
    Operating Costs15532.5312374.489174.807836.684122.741575.42-971.27-3430.30-5941.97-9205.05-14260.07-22091.08-34222.55-53016.10-82130.26
    Operating Profit-1878.33-1320.09648.60931.752303.773274.504245.005182.086139.239292.0214298.4122107.9934230.0153019.3982131.71
    Operating Margin-13.76-11.946.6010.6335.8567.52129.67295.823112.2810683.9037287.45130761.32459189.851613151.945667697.70
    Pretax Costs16416.5412745.988771.288434.123902.041145.74-1609.88-4270.66-6988.40-6718.27-6458.59-6208.95-5968.95-5738.23-5516.43
    PTP-2762.35-1691.591052.12334.312524.473704.194883.616022.447185.656805.256496.946225.855976.415741.525517.88
    Pretax Margin-20.23-15.3010.713.8139.2876.38149.18343.793642.767824.6216942.7336823.8380172.50174689.77380774.87
    Net Income Costs16478.9511054.399273.478455.023876.181209.72-1456.08-4030.12-6659.27-7139.89-7655.20-8207.69-8800.07-9435.19-10116.16
    Net Income-2824.750.00313.412550.333640.204729.815781.916856.537226.867693.548224.608807.529438.4810117.61
    Net Margin-20.690.005.603.5739.6875.06144.48330.063475.918309.3920063.2548645.75118151.44287172.36698190.05
    Revenue Less Capex13815.1411157.729919.708903.046515.324926.193337.461803.41236.52106.3547.8221.509.674.351.96
    Capex-160.94-103.34-96.30-134.61-88.81-76.27-63.73-51.62-39.26-19.38-9.48-4.60-2.22-1.06-0.51
    Capex to Revenues-1.18-0.93-0.98-1.54-1.38-1.57-1.95-2.95-19.90-22.28-24.71-27.19-29.72-32.30-34.93
    Revenue less FCF14560.4611615.6310822.158243.765994.694089.352184.48345.17-1533.521917.21-2396.912996.62-3746.404683.76-5855.66
    FCF-906.27-561.24-998.75524.67431.82760.581089.251406.621730.78-1830.242435.25-2979.723753.85-4680.485857.11
    FCF to Revenue-6.64-5.08-10.175.986.7215.6833.2780.30877.41-2104.396350.66-17624.0350357.28-142406.77404184.36

    SOUTH KOREA 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
    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

    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
    BA USBoeing Co/TheUNITED STATES 215374.9324.0816.8315.2111.922.102.1114.33182.111078.587.58
    HON USHoneywell International IncUNITED STATES 124128.7921.0819.2714.7213.753.351.9523.756.4834.6321.84
    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
    LMT USLockheed Martin CorpUNITED STATES 92918.5416.3413.5211.3110.031.612.7216.2825.25236.619.37
    GE USGeneral Electric CoUNITED STATES 79431.9016.6113.8211.8810.950.680.4410.722.3612.15-15.84
    CAT USCaterpillar IncUNITED STATES 78348.6310.9910.446.566.441.392.7221.483.8943.7419.78
    SAF FPSafran SAFRANCE 62480.4822.5419.4313.8412.422.431.7318.814.3019.8114.60
    DG FPVinci SAFRANCE 59315.0315.2914.029.238.671.163.2616.482.4916.1715.90
    DE USDeere & CoUNITED STATES 51535.4314.4712.7810.609.731.451.9214.613.9528.9822.89
    GD USGeneral Dynamics CorpUNITED STATES 51095.6815.0913.6012.1311.321.322.2513.943.8527.555.34
    RTN USRaytheon CoUNITED STATES 49640.7215.2913.5110.229.481.722.0918.203.9227.161.37
    ITW USIllinois Tool Works IncUNITED STATES 49433.3519.0817.9613.4213.013.362.6528.0716.1879.7323.68
    SU FPSchneider Electric SEFRANCE 48925.5915.6814.6710.8310.271.633.2617.271.9412.7320.62
    NOC USNorthrop Grumman CorpUNITED STATES 47406.3714.5812.5912.7011.551.391.8714.384.7535.934.37
    EMR USEmerson Electric CoUNITED STATES 43810.1019.3017.4111.9111.042.312.7621.514.9725.739.16
    8058 JPMitsubishi CorpJAPAN 43452.347.596.8711.7911.360.304.114.980.8311.63-1.15
    267 HKCITIC LtdHONG KONG 42645.646.345.9614.2713.790.653.6326.220.569.370.28
    6594 JPNidec CorpJAPAN 42083.3037.3230.3821.6316.913.260.7513.024.1411.4815.65
    6954 JPFANUC CorpJAPAN 37908.6723.7437.1615.0021.147.195.3131.942.5510.6320.10
    PHIA NAKoninklijke Philips NVNETHERLANDS 37318.5219.7817.0210.919.881.762.3617.292.6713.0210.56
    ATCOA SSAtlas Copco ABSWEDEN 37033.8122.5621.5214.2413.753.592.3325.567.0333.4236.41
    ATCOB SSAtlas Copco ABSWEDEN 37033.8120.6919.7414.2413.753.595.5725.566.4533.4234.87
    6367 JPDaikin Industries LtdJAPAN 36957.0522.1420.0512.0811.201.671.0414.272.8913.7812.36
    ROP USRoper Technologies IncUNITED STATES 35967.4427.5426.2921.7220.276.660.5434.404.1414.2222.02
    ETN USEaton Corp PLCUNITED STATES 35549.9114.2913.4610.3710.011.593.4218.422.1014.8018.46
    1766 HKCRRC Corp LtdCHINA 35132.6112.0510.398.777.860.953.3010.831.2310.911.85
    VOLVB SSVolvo ABSWEDEN 34166.4410.0811.607.328.080.804.4814.552.2824.2219.06