LG이노텍(011070) - Mirae asset

이순학, Analyst, 3774 1651 shlee79@miraeasset.com LG 이노텍 22 June 2010
이학무, Analyst, 3774 1785 hmlee@miraeasset.com 011070
Balance Sheet
(KRWb) Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E
Current assets 454
Cash and equivalents 148
Receivables 175
Inventories 72
Other current assets 58
Non current assets 358
Net operating fixed assets
Interest in associates
144
Other non-current ssets 214
Total assets 812
Current liabilities 258
Payables 141
ST debt 31
Other current liabilities 86
Total non-current liabilities 61
LT debt 34
Other non-current liabilities 28
Total liabilities 320
Issued capital 60
Share premium reserve 175
Reserves/Adjustments 45
Retained earnings 212
Minorities -
Other equity -
Shareholders' equity 492
Source: C ompany data, Mirae A sset Research estimates
Key Ratios
953
249
469
170
66
1,476
1,145
331
2,429
985
277
268
440
535
476
60
1,521
86
506
32
285
-
-
909
1,315
337
661
248
68
1,898
1,335
563
3,212
1,155
429
268
458
590
526
64
1,745
98
819
32
518
-
-
1,467
1,597
416
810
299
71
2,137
1,407
730
3,734
1,260
506
278
477
696
626
70
1,956
98
819
32
829
-
-
1,778
2,024
530
1,035
385
74
2,293
1,389
904
4,317
1,435
660
278
496
701
626
76
2,136
98
819
32
1,232
-
-
2,181
Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E
Turnover growth 7.1% 57.5% 81.1% 33.0% 22.4%
Gross profit growth 52.8% 56.3% 63.8% 42.8% 20.8%
Operating profit growth 372.7% (10.5%) 445.9% 52.6% 38.5%
EBITDA growth 20.1% 95.2% 219.2% 32.1% 22.3%
EPS growth 124.1% (0.8%) 143.4% 30.0% 27.8%
Norm BPS growth 39.5% 30.9% 41.4% 21.2% 22.7%
Gross margin 12.1% 12.0% 10.8% 11.6% 11.5%
Operating margin 3.60% 2.05% 6.17% 7.08% 8.01%
EBITDA margin 6.9% 8.6% 15.1% 15.0% 15.0%
EBIT margin 3.85% 4.31% 6.89% 7.70% 8.56%
Net income margin 3.98% 3.51% 5.91% 6.16% 6.44%
ROE 15.1% 11.2% 20.1% 20.4% 21.4%
ROA 8.2% 4.8% 8.5% 9.5% 10.5%
Net debt/equity (16.9%) 54.5% 31.1% 27.4% 17.2%
Interest cover ratio 9.23 2.23 8.02 11.70 15.65
Dividend payout ratio 5.11% 5.38% 2.51% 6.09% 4.77%
Inventory days 21.23 31.55 25.14 23.01 24.22
Account receivable days 45.34 76.83 59.75 55.03 57.64
Account payable days 41.50 51.49 43.45 38.86 41.54
Reported EPS (KRW) 5,268 5,228 12,724 16,542 21,142
EPS (KRW) 5,268 5,228 12,724 16,542 21,142
Reported BPS (KRW) 39,629 51,870 73,325 88,858 108,992
Norm BPS (KRW) 39,629 51,870 73,325 88,858 108,992
DPS (KRW) 232 240 300 1,008 1,008
Cashflow per share (KRW) 8,412 1,237 19,311 26,326 29,583
Reported P/E (x) 31.32 31.56 12.97 9.97 7.80
Norm P/E (x) 31.32 31.56 12.97 9.97 7.80
P/B (x) 4.16 3.18 2.25 1.86 1.51
P/CF 19.6 133.4 8.5 6.3 5.6
EV/EBITDA (x) 17.29 15.11 5.77 4.70 3.72
EV/Operating Cashflow (x) 21.45 NA 9.92 6.85 5.51
EV/Sales (x) 1.20 1.30 0.87 0.71 0.56
Dividend yield 0.14% 0.15% 0.18% 0.61% 0.61%
Source: C ompany data, Mirae A sset Research estimates
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