LG Electronics

LG's net profit fell 414% yoy to KRW -875 bil in 4Q2019

By Helgi Analytics - April 2, 2020

LG Electronics made a net profit of KRW -875 bil in 4Q2019, down 414% compared to the previous year. Total sales reached KRW 16,061 ...

LG's Cash & Cash Equivalents remain unchanged yoy at KRW bil in 3Q2019

By Helgi Analytics - October 12, 2020

LG Electronics's total assets reached KRW 47,205 bil at the end of 3Q2019, up 4.74% compared to the previous year. ...

LG's Cash & Cash Equivalents rose 27.5% yoy to KRW 4,271 bil in 2018

By Helgi Analytics - April 2, 2020

LG Electronics's total assets reached KRW 44,328 bil at the end of 2018, up 7.54% compared to the previous year. C...

Profit Statement 2017 2018 2019
Sales 61,396 61,342 62,306
Gross Profit KRW bil 14,659 15,081 ...
EBITDA 3,803 4,289 ...
EBIT 2,469 2,703 2,436
Financing Cost KRW bil 272 299 ...
Pre-Tax Profit KRW bil 2,558 2,009 ...
Net Profit KRW bil 1,726 1,240 31.3
Dividends KRW bil 65.2 122 ...
Balance Sheet 2017 2018 2019
Total Assets KRW bil 41,221 44,328 ...
Non-Current Assets KRW bil 22,026 24,966 ...
Current Assets KRW bil 19,195 19,363 ...
Working Capital KRW bil 5,949 5,176 ...
Shareholders' Equity KRW bil 14,674 16,307 ...
Liabilities KRW bil 26,547 28,022 ...
Total Debt KRW bil 9,450 10,901 ...
Net Debt KRW bil 6,100 6,631 ...
Ratios 2017 2018 2019
ROE % 12.3 8.01 0.192
ROCE % 6.35 4.27 ...
Gross Margin % 23.9 24.6 ...
EBITDA Margin % 6.19 6.99 ...
EBIT Margin % 4.02 4.41 3.91
Net Margin % 2.81 2.02 0.050
Net Debt/EBITDA 1.60 1.55 ...
Net Debt/Equity % 0.416 0.407 ...
Cost of Financing % 3.00 2.94 ...
Valuation 2017 2018 2019
Market Capitalisation USD mil 16,193 9,095 10,575
Enterprise Value (EV) USD mil 21,914 15,038 ...
Number Of Shares mil 163 163 164
Share Price USD 106,000 62,300 72,100
EV/EBITDA 6.55 3.83 ...
EV/Sales 0.406 0.267 ...
Price/Earnings (P/E) 10.0 8.18 377
Price/Book Value (P/BV) 1.18 0.622 ...
Dividend Yield % 0.377 1.20 ...

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                        
Sales                           58,140 59,041 56,509 55,367 61,396    
Gross Profit KRW bil                           13,420 13,742 12,874 13,737 14,659   ...
EBIT                           1,285 1,829 1,192 1,338 2,469    
Net Profit KRW bil                           177 399 124 76.9 1,726    
ROE %                           1.39 3.11 0.958 0.584 12.3    
EBIT Margin %                           2.21 3.10 2.11 2.42 4.02    
Net Margin %                           0.304 0.676 0.220 0.139 2.81    
balance sheet                                        
Total Assets KRW bil                           35,528 37,068 36,314 37,855 41,221   ...
Non-Current Assets KRW bil                           19,203 19,586 19,916 20,865 22,026   ...
Current Assets KRW bil                           16,325 17,483 16,398 16,991 19,195   ...
Shareholders' Equity KRW bil                           12,689 12,991 12,984 13,357 14,674   ...
Liabilities KRW bil                           22,839 24,077 23,330 24,499 26,547   ...
Non-Current Liabilities KRW bil                           7,825 8,323 8,551 8,754 9,011   ...
Current Liabilities KRW bil                           15,014 15,754 14,780 15,744 17,537   ...
Net Debt/EBITDA                           2.32 2.00 2.26 2.12 1.60   ...
Net Debt/Equity %                           0.517 0.520 0.470 0.423 0.416   ...
Cost of Financing % ...                         3.62 3.58 4.02 3.70 3.00   ...
cash flow                                        
Total Cash From Operations KRW bil                           2,211 2,029 2,619 3,158 2,166   ...
Total Cash From Investing KRW bil                           -2,391 -2,397 -1,933 -2,391 -2,583   ...
Total Cash From Financing KRW bil                           667 64.3 -189 -279 841   ...
Net Change In Cash KRW bil                           487 -303 497 488 424   ...
valuation                                        
Market Capitalisation USD mil ... ...                       10,566 8,824 7,474 6,955 16,193    
Number Of Shares mil                           163 163 163 163 163    
Share Price USD ... ...                       68,100 59,100 53,800 51,600 106,000    
Earnings Per Share (EPS) KRW                           1,085 2,452 764 472 10,595    
Book Value Per Share KRW                           77,904 79,756 79,710 82,001 90,086   ...
Dividend Per Share KRW                           200 400 400 400 400   ...
Price/Earnings (P/E) ... ...                       62.8 24.1 70.4 109 10.0    
Price/Book Value (P/BV) ... ...                       0.874 0.741 0.675 0.629 1.18   ...
Dividend Yield % ... ...                       0.294 0.677 0.743 0.775 0.377   ...
Earnings Per Share Growth % ...                         91.3 126 -68.9 -38.2 2,145    
Book Value Per Share Growth % ...                         -0.129 2.38 -0.059 2.87 9.86   ...
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                        
Sales                           58,140 59,041 56,509 55,367 61,396    
Cost of Goods & Services KRW bil                           44,721 45,299 43,635 41,630 46,738   ...
Gross Profit KRW bil                           13,420 13,742 12,874 13,737 14,659   ...
Staff Cost KRW bil             ... ... ...         5,628 6,131 6,210 6,371 6,788   ...
Other Cost KRW bil             ... ... ...         4,963 4,230 3,957 4,705 4,068   ...
EBITDA                           2,828 3,381 2,706 2,660 3,803   ...
Depreciation KRW bil                           1,544 1,552 1,514 1,322 1,335   ...
EBIT                           1,285 1,829 1,192 1,338 2,469    
Financing Cost KRW bil                           323 326 359 324 272   ...
Extraordinary Cost KRW bil                           385 284 240 292 -362   ...
Pre-Tax Profit KRW bil                           577 1,218 593 722 2,558   ...
Tax KRW bil                           354 540 340 595 689   ...
Minorities KRW bil                           45.9 102 125 49.4 144   ...
Net Profit KRW bil                           177 399 124 76.9 1,726    
Dividends KRW bil                           32.6 65.2 65.2 65.2 65.2   ...
growth rates                                        
Total Revenue Growth % ...                         5.47 1.55 -4.29 -2.02 10.9    
Operating Cost Growth % ...           ... ... ... ...       3.23 -2.17 -1.87 8.94 -2.00   ...
EBITDA Growth % ...                         8.33 19.5 -19.9 -1.72 43.0   ...
EBIT Growth % ...                         5.58 42.3 -34.8 12.2 84.5    
Pre-Tax Profit Growth % ...                         5.08 111 -51.3 21.7 254   ...
Net Profit Growth % ...                         91.3 126 -68.9 -38.2 2,145    
ratios                                        
ROE %                           1.39 3.11 0.958 0.584 12.3    
ROCE % ...                         0.697 1.54 0.478 0.295 6.35   ...
Gross Margin %                           23.1 23.3 22.8 24.8 23.9   ...
EBITDA Margin %                           4.86 5.73 4.79 4.80 6.19   ...
EBIT Margin %                           2.21 3.10 2.11 2.42 4.02    
Net Margin %                           0.304 0.676 0.220 0.139 2.81    
Payout Ratio %                           18.4 16.3 52.4 84.7 3.78   ...
Cost of Financing % ...                         3.62 3.58 4.02 3.70 3.00   ...
Net Debt/EBITDA                           2.32 2.00 2.26 2.12 1.60   ...
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                        
Non-Current Assets KRW bil                           19,203 19,586 19,916 20,865 22,026   ...
Property, Plant & Equipment KRW bil                           10,342 10,597 10,460 11,222 11,801   ...
Intangible Assets KRW bil                           1,364 1,394 1,473 1,571 1,855   ...
Goodwill KRW bil                           146 146 150 145 145   ...
Current Assets KRW bil                           16,325 17,483 16,398 16,991 19,195   ...
Inventories KRW bil                           4,839 5,711 4,873 5,171 5,908   ...
Receivables KRW bil                           7,117 7,684 7,093 7,060 8,178   ...
Cash & Cash Equivalents KRW bil                           2,648 2,247 2,720 3,015 3,351   ...
Total Assets KRW bil                           35,528 37,068 36,314 37,855 41,221   ...
Shareholders' Equity KRW bil                           12,689 12,991 12,984 13,357 14,674   ...
Of Which Minority Interest KRW bil                           950 1,272 1,357 1,370 1,449   ...
Liabilities KRW bil                           22,839 24,077 23,330 24,499 26,547   ...
Non-Current Liabilities KRW bil                           7,825 8,323 8,551 8,754 9,011   ...
Long-Term Debt KRW bil                           6,188 6,427 6,501 7,009 8,090   ...
Deferred Tax Liabilities KRW bil ... ...                       7.65 6.01 5.80 9.59 8.76   ...
Current Liabilities KRW bil                           15,014 15,754 14,780 15,744 17,537   ...
Short-Term Debt KRW bil                           3,023 2,576 2,326 1,651 1,361   ...
Trade Payables KRW bil                           5,691 6,742 6,087 6,746 8,138   ...
Equity And Liabilities KRW bil                           35,528 37,068 36,314 37,855 41,221   ...
growth rates                                        
Total Asset Growth % ...                         2.19 4.34 -2.04 4.24 8.89   ...
Shareholders' Equity Growth % ...                         -0.129 2.38 -0.059 2.87 9.86   ...
Net Debt Growth % ...                         2.65 2.93 -9.59 -7.59 8.08   ...
Total Debt Growth % ...                         6.63 -2.26 -1.95 -1.91 9.14   ...
ratios                                        
Total Debt KRW bil                           9,211 9,002 8,827 8,659 9,450   ...
Net Debt KRW bil                           6,563 6,755 6,108 5,644 6,100   ...
Working Capital KRW bil                           6,265 6,653 5,879 5,485 5,949   ...
Capital Employed KRW bil                           25,468 26,239 25,795 26,349 27,975   ...
Net Debt/Equity %                           0.517 0.520 0.470 0.423 0.416   ...
Cost of Financing % ...                         3.62 3.58 4.02 3.70 3.00   ...
cash flow Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                        
Net Profit KRW bil                           177 399 124 76.9 1,726    
Depreciation KRW bil                           1,544 1,552 1,514 1,322 1,335   ...
Non-Cash Items KRW bil ...                         -25.2 466 206 1,364 -430   ...
Change in Working Capital KRW bil ...                         516 -388 774 395 -465   ...
Total Cash From Operations KRW bil                           2,211 2,029 2,619 3,158 2,166   ...
Capital Expenditures KRW bil                           -2,453 -2,466 -2,147 -2,370 -2,576   ...
Other Investments KRW bil                           62.5 69.1 214 -21.0 -6.65   ...
Total Cash From Investing KRW bil                           -2,391 -2,397 -1,933 -2,391 -2,583   ...
Dividends Paid KRW bil                           -58.5 -73.5 -109 -117 -117    
Issuance Of Shares KRW bil                           0 0 0 0 0   ...
Issuance Of Debt KRW bil                           725 138 -79.9 -161 958   ...
Total Cash From Financing KRW bil                           667 64.3 -189 -279 841   ...
Net Change In Cash KRW bil                           487 -303 497 488 424   ...
ratios                                        
Days Sales Outstanding days                           44.7 47.5 45.8 46.5 48.6   ...
Days Sales Of Inventory days                           39.5 46.0 40.8 45.3 46.1   ...
Days Payable Outstanding days                           46.4 54.3 50.9 59.1 63.6   ...
Cash Conversion Cycle days                           37.7 39.2 35.7 32.7 31.2   ...
Cash Earnings KRW bil                           1,721 1,952 1,638 1,399 3,061   ...
Cash Earnings Per Share KRW                           10,563 11,981 10,059 8,589 18,790   ...
Price/Cash Earnings (P/CE) ... ...                       6.45 4.93 5.35 6.01 5.64   ...
Free Cash Flow KRW bil                           -180 -368 686 767 -417   ...
Free Cash Flow Yield % ... ...                       -1.55 -3.89 8.10 9.27 -2.26   ...
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                        
ROA %                           0.503 1.10 0.339 0.207 4.36    
Gross Margin %                           23.1 23.3 22.8 24.8 23.9   ...
Staff Cost (As % Of Total Cost) %             ... ... ...         9.90 10.7 11.2 11.8 11.5   ...
Effective Tax Rate %                           61.4 44.3 57.3 82.5 26.9   ...
Enterprise Value (EV) USD mil ... ...                       16,818 15,016 12,683 11,625 21,914   ...
EV/EBITDA ... ...                       6.51 4.75 5.30 5.20 6.55   ...
EV/Capital Employed ... ...                       0.693 0.624 0.576 0.533 0.835   ...
EV/Sales ... ...                       0.317 0.272 0.254 0.250 0.406   ...
EV/EBIT ... ...                       14.3 8.79 12.0 10.3 10.1   ...
Capital Expenditures (As % of Sales) %                           4.22 4.18 3.80 4.28 4.20   ...

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LG Electronics Logo

Finance

LG Electronics has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2019, or of sales. That’s compared to 5.70% average margin seen in last five years.

The company netted KRW 31.3 bil in 2019 implying ROE of 0.192% and ROCE of . Again, the average figures were 4.41% and 2.85%, respectively when looking at the previous 5 years.

LG Electronics’s net debt amounted to at the end of 2019, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 1.88x seen in the last 5 years.

Valuation

LG Electronics stock traded at USD 72,100 per share at the end of 2019 resulting in a market capitalization of USD 10,575 mil. Over the previous five years, stock price grew by 22% or 4.06% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of 377x as of 2019.

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