Posco’s FY17 Results Slightly Above Expectations; Raised FVE to KRW 360,000 per Share ($84 per ADR)
We have raised our fair value estimate for Posco to KRW 360,000 per share ($84 per ADR) from KRW 328,000 per share ($73 per ADR), mainly on higher earnings contribution from its steel division. Posco’s full-year 2017 EBIT increased by 62% year over year to KRW 4.62 trillion, slightly above our expectations, mainly due to stronger-than-expected contribution from its steel division. The firm saw stronger performance in its net income level, which more than doubled year over year to KRW 2.76 trilli...POSCO is engaged in the manufacture and distribution of steel rolled products and plates in the domestic and overseas markets. Co. manufactures and sells a diversified line of steel products, including cold rolled and hot rolled products, stainless steel products, plates, wire rods and silicon steel sheets. Also, Co. is able to meet a broad range of customer needs from manufacturing industries that consume steel, including automotive, shipbuilding, home appliance, engineering and machinery industries. Co. operates two steel plants, Pohang Works and Gwangyang Works in the Republic of Korea.
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