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Key Info

Kumho Tire Co Inc Web - www.kumhotire.com

Tel - 82-62-940-2114

Next Reporting Date - 15.05.2019

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    Kumho Tire Co

    Automobiles & Compone

    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

    0.00

    Current Market Cap mln$

    7,756.06

    Net Debt mln$

    1,442.13

    WACC Estimate

    2.31%

    Ordinary Current Price $

    4.50

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue2688.122541.482545.192326.292208.302094.691981.111871.431759.411660.041566.281477.811394.351315.591241.29
    EBITDA Costs2387.082244.642487.992195.992149.852085.672021.501959.541896.251837.021779.631724.041670.181618.011567.47
    EBITDA301.04296.8457.20130.3058.459.02-40.39-88.10-136.84-176.98-213.35-246.23-275.84-302.42-326.18
    EBITDA Margin11.2011.682.255.602.650.43-2.04-4.71-7.78-10.66-13.62-16.66-19.78-22.99-26.28
    Operating Costs2567.912437.962684.252397.982360.512302.622244.752188.862131.782077.702024.991973.621923.551874.751827.19
    Operating Profit120.21103.52-139.06-71.69-152.21-207.93-263.64-317.43-372.37-417.66-458.71-495.81-529.20-559.16-585.90
    Operating Margin4.474.07-5.46-3.08-6.89-9.93-13.31-16.96-21.16-25.16-29.29-33.55-37.95-42.50-47.20
    Pretax Costs2746.012574.052661.782491.452399.082320.492241.932166.072088.582016.551947.001879.851815.021752.421691.98
    PTP-57.89-32.57-116.59-165.16-190.78-225.80-260.82-294.63-329.17-356.51-380.72-402.04-420.67-436.83-450.69
    Pretax Margin-2.15-1.28-4.58-7.10-8.64-10.78-13.17-15.74-18.71-21.48-24.31-27.20-30.17-33.20-36.31
    Net Income Costs2749.452591.892655.642484.692391.342309.222227.132147.872066.911991.931919.661850.021782.911718.231655.90
    Net Income-61.33-50.41-110.46-158.40-183.03-214.53-246.03-276.44-307.50-331.89-353.38-372.21-388.56-402.64-414.61
    Net Margin-2.28-1.98-4.34-6.81-8.29-10.24-12.42-14.77-17.48-19.99-22.56-25.19-27.87-30.60-33.40
    Revenue Less Capex3285.582856.632801.662470.682162.691915.031667.441428.361184.171009.06859.84732.69624.35532.02453.35
    Capex-597.46-315.15-256.47-144.3945.61179.66313.67443.07575.24650.98706.43745.12770.00783.57787.94
    Capex to Revenues-22.23-12.40-10.08-6.212.078.5815.8323.6832.7039.2145.1050.4255.2259.5663.48
    Revenue less FCF3085.412694.212738.572419.042167.791964.731761.721565.701365.481209.601071.52949.20840.84744.85659.82
    FCF-397.29-152.73-193.38-92.7540.52129.96219.39305.74393.93450.44494.76528.62553.51570.74581.47
    FCF to Revenue-14.78-6.01-7.60-3.991.836.2011.0716.3422.3927.1331.5935.7739.7043.3846.84

    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
    005380 KSHyundai Motor CoSOUTH KOREA 24933.949.708.5610.759.890.293.077.500.524.9826.45
    HYUO LIHyundai Motor CoSOUTH KOREA 22648.83------#????!---17.04
    012330 KSHyundai Mobis Co LtdSOUTH KOREA 18946.499.338.494.854.480.611.828.230.677.3620.68
    000270 KSKia Motors CorpSOUTH KOREA 14993.938.628.244.103.920.312.346.830.607.1855.73
    KHTC LIKumho Tire Co IncSOUTH KOREA 7756.06------#????!--0.00
    018880 KSHanon SystemsSOUTH KOREA 5585.5619.3215.708.837.600.902.7911.293.0115.6912.46
    161390 KSHankook Tire Co LtdSOUTH KOREA 4192.618.367.444.494.230.681.1818.400.668.31-12.01
    005387 KSHyundai Motor CoSOUTH KOREA 2702.28------#????!--29.68
    HYUP LIHyundai Motor CoSOUTH KOREA 2408.04------#????!---32.64
    005385 KSHyundai Motor CoSOUTH KOREA 1661.33------#????!--26.43
    HYUD LIHyundai Motor CoSOUTH KOREA 1646.51------#????!--30.02
    011210 KSHyundai Wia CorpSOUTH KOREA 1086.7324.1113.926.535.860.161.664.470.411.6239.46

    International Comparables

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    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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    VOW GRVolkswagen AGGERMANY 88067.965.815.551.571.480.323.7115.030.6411.7615.86
    DAI GRDaimler AGGERMANY 69038.977.787.5510.1110.250.365.4610.900.8812.3710.00
    GM USGeneral Motors CoUNITED STATES 55568.736.016.213.083.130.383.9111.921.2122.4322.27
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    7267 JPHonda Motor Co LtdJAPAN 50230.177.537.397.987.710.353.718.590.658.906.31
    TSLA USTesla IncUNITED STATES 42771.02-39.1921.6213.361.680.009.727.22-4.52-25.16
    F USFord Motor CoUNITED STATES 37501.737.557.242.262.330.256.388.061.0010.208.16
    6902 JPDenso CorpJAPAN 34196.9013.2211.825.565.380.893.2411.250.937.08-1.00
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    UG FPPeugeot SAFRANCE 23479.116.386.041.821.760.284.1210.951.0918.7410.70
    ML FPCie Generale des Etablissements MichelinFRANCE 23055.7810.199.395.284.960.863.6119.131.5515.8928.72
    7269 JPSuzuki Motor CorpJAPAN 22240.5810.809.864.904.570.641.5213.431.5816.05-8.39
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    RNO FPRenault SAFRANCE 20130.464.574.462.502.380.325.9111.420.4610.26-7.48
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    175 HKGeely Automobile Holdings LtdCHINA 18558.059.338.206.495.911.102.5015.562.2426.0714.50
    MG CNMagna International IncCANADA 17696.097.907.125.095.020.432.2610.491.4019.7914.02
    2238 HKGuangzhou Automobile Group Co LtdCHINA 17151.006.375.7112.2110.931.515.329.670.9014.9015.87
    BJAUT INBajaj Auto LtdINDIA 12581.6219.6317.9717.8314.573.282.1417.453.9120.5526.51
    MM INMahindra & Mahindra LtdINDIA 11706.9914.5912.689.908.540.911.4013.911.8314.11-5.41
    MHID LIMahindra & Mahindra LtdINDIA 11636.28------#????!---4.10
    2333 HKGreat Wall Motor Co LtdCHINA 10988.8810.029.468.107.660.694.179.540.919.3145.97
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