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Corporation
koreanair.com

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Investments

1

Portfolio Exits

1

Partners & Customers

10

About Korean Air

Korean Air (KRX: 003490) is a South Korean airline under the Hanjin Kal group.

Korean Air Headquarter Location

South Korea

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Latest Korean Air News

Korean Air: 2022 Outlook: Record-high OP Expected

Dec 1, 2021

Korean Air: 2022 Outlook: Record-high OP Expected Share Korean Air: 2022 Outlook: Record-high OP Expected By Kang Seong-jin   Maintain BUY; raise target price 5.3% to KRW40,000      We maintain BUY on Korean Air and raise our TP by 5.3% to KRW40,000. Upward revisions to oil price projections should undermine earnings in the long run, but we raise our TP because WACC fell 0.7pp and air freight market conditions have been better than expected. Derived using the DCF model (4.7% WACC; 2.2% TGR), our TP represents 11.8x EV/EBITDAR, 1.70x P/B, offering 47.1% upside (vs. Nov 26 close). Investment points: (1) Record-high earnings expected to beat consensus (2) Improvement in market conditions for passenger flights expected    The main highlights for Korean Air are: (1) OP should remain at record-high levels for the time being (expected to exceed market consensus by 12.4% in 2021 and 15.6% in 2022) and  (2) market conditions for passenger flights are expected to improve; recovery is currently only seen in U.S.-bound traffic, but non-tourist demand and long-haul demand seem to be rebounding, contrasting airlines from shipping companies. 2022 forecast: OP of KRW1.2tn (-0.9% YoY), 15.6% above consensus      We forecast 2022 OP at KRW1.2tn (-0.9% YoY), which is 15.6% above the market consensus. We see the company resuming operations of its aircraft, particularly passenger planes running international routes, which are expected to boost international passenger RPK (+654.6% YoY) and OP (+KRW3tn). Annual OP contributions from consolidated subsidiaries should jump KRW283.2bn, largely thanks to the consolidation of Asiana Airlines in 1Q22. Meanwhile, we see various fluctuations in rates (-24.8% YoY in freight rates) pulling OP down KRW3tn. Risk factors

Korean Air Investments

1 Investments

Korean Air has made 1 investments. Their latest investment was in Czech Airlines as part of their Corporate Minority on March 3, 2013.

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Korean Air Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/13/2013

Corporate Minority

Czech Airlines

$3.4M

Yes

1

Date

3/13/2013

Round

Corporate Minority

Company

Czech Airlines

Amount

$3.4M

New?

Yes

Co-Investors

Sources

1

Korean Air Portfolio Exits

1 Portfolio Exit

Korean Air has 1 portfolio exit. Their latest portfolio exit was Czech Airlines on October 06, 2017.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/6/2017

Corporate Majority

1

Date

10/6/2017

Exit

Corporate Majority

Companies

Valuation

Acquirer

Sources

1

Korean Air Acquisitions

1 Acquisition

Korean Air acquired 1 company. Their latest acquisition was Asiana Airlines on November 16, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

11/16/2020

Corporate Majority - P2P

$991

Acq - Pending

8

Date

11/16/2020

Investment Stage

Corporate Majority - P2P

Companies

Valuation

$991

Total Funding

Note

Acq - Pending

Sources

8

Korean Air Partners & Customers

10 Partners and customers

Korean Air has 10 strategic partners and customers. Korean Air recently partnered with Boeing on October 10, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

10/22/2021

Partner

Boeing

United States

Korean Air partners with Boeing for UAV development

SEOUL , Oct. 22 -LRB- Yonhap -RRB- -- Korean Air , South Korea 's biggest carrier , said Friday it has partnered with Boeing to jointly develop an unmanned aerial vehicle -LRB- UAV -RRB- in preparation for future mobility demand .

3

9/6/2021

Vendor

SK Energy

South Korea

Korean Air partners with SK Energy to adopt carbon-neutral jet fuel

Korean Air has partnered with SK Energy to introduce carbon-neutral jet fuel to actively counter climate change .

2

7/2/2021

Partner

Hyundai Oilbank

South Korea

1

6/9/2021

Vendor

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10

6/2/2021

Vendor

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10

Date

10/22/2021

9/6/2021

7/2/2021

6/9/2021

6/2/2021

Type

Partner

Vendor

Partner

Vendor

Vendor

Business Partner

Boeing

SK Energy

Hyundai Oilbank

Country

United States

South Korea

South Korea

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News Snippet

Korean Air partners with Boeing for UAV development

SEOUL , Oct. 22 -LRB- Yonhap -RRB- -- Korean Air , South Korea 's biggest carrier , said Friday it has partnered with Boeing to jointly develop an unmanned aerial vehicle -LRB- UAV -RRB- in preparation for future mobility demand .

Korean Air partners with SK Energy to adopt carbon-neutral jet fuel

Korean Air has partnered with SK Energy to introduce carbon-neutral jet fuel to actively counter climate change .

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Sources

3

2

1

10

10

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