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Key Info

Korea Aerospace Industries Ltd Web - www.koreaaero.com

Tel - 82-55-851-1000

Next Reporting Date - 15.05.2019

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    Korea Aerospace Industries

    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

    0.96

    Current Market Cap mln$

    2,912.96

    Net Debt mln$

    471.33

    WACC Estimate

    7.24%

    Ordinary Current Price $

    29.88

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue2687.532540.711833.622532.982145.452054.671963.911876.281786.781705.481627.881553.821483.121415.641351.23
    EBITDA Costs2272.562174.731944.432315.762075.022038.512002.011966.761930.771896.131862.121828.721795.921763.711732.07
    EBITDA414.97365.97-110.81217.2270.4316.16-38.09-90.48-143.99-190.65-234.24-274.90-312.80-348.06-380.84
    EBITDA Margin15.4414.40-6.048.583.280.79-1.94-4.82-8.06-11.18-14.39-17.69-21.09-24.59-28.18
    Operating Costs2351.822264.682018.442399.902153.902116.342078.782042.522005.481969.831934.811900.421866.641833.461800.87
    Operating Profit335.71276.02-184.82133.09-8.46-61.67-114.87-166.23-218.70-264.35-306.93-346.60-383.52-417.82-449.64
    Operating Margin12.4910.86-10.085.25-0.39-3.00-5.85-8.86-12.24-15.50-18.85-22.31-25.86-29.51-33.28
    Pretax Costs2384.212267.232117.022460.562224.192194.412164.642135.902106.542078.042049.932022.191994.831967.841941.22
    PTP303.32273.47-283.4072.43-78.74-139.74-200.73-259.62-319.77-372.56-422.04-468.37-511.71-552.20-589.99
    Pretax Margin11.2910.76-15.462.86-3.67-6.80-10.22-13.84-17.90-21.84-25.93-30.14-34.50-39.01-43.66
    Net Income Costs2527.852309.512041.722480.992203.662154.782105.922058.732010.541964.641919.791875.961833.131791.281750.38
    Net Income159.68231.20-208.1051.99-58.21-100.11-142.00-182.45-223.76-259.16-291.90-322.14-350.01-375.64-399.15
    Net Margin5.949.10-11.352.05-2.71-4.87-7.23-9.72-12.52-15.20-17.93-20.73-23.60-26.53-29.54
    Revenue Less Capex2745.242611.311903.442579.752210.392120.952031.531945.191857.001776.531699.541625.901555.441488.041423.56
    Capex-57.71-70.60-69.82-46.77-64.95-66.28-67.62-68.90-70.22-71.05-71.66-72.08-72.32-72.40-72.32
    Capex to Revenues-2.15-2.78-3.81-1.85-3.03-3.23-3.44-3.67-3.93-4.17-4.40-4.64-4.88-5.11-5.35
    Revenue less FCF2692.332486.031810.852454.592110.002020.061930.131843.301754.621674.131597.341524.061454.151387.451323.80
    FCF-4.8054.6822.7778.3935.4434.6133.7832.9832.1631.3530.5529.7628.9728.1927.43
    FCF to Revenue-0.182.151.243.091.651.681.721.761.801.841.881.911.951.992.03

    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