歯★지주회사PT

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세경 모
5 years ago
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1 LG LGEI & LG :

2 As a note, this presentation was released as the dates shown and reflected management views as of these dates. While reviewing this information, the data and information contain certain forward-looking statements that are subject to known and unknown risks and uncertainties that may cause actual results to differ from those stated or implied by such statements. These risks and uncertainties include, but are not limited to the risk factors noted in the Company s Earnings Releases and the Company s filings with the Financial Supervisory Commission of Korea. The Company assumes no obligation or responsibility to update the information provided in the presentations in correspondence to their respective dates.

3 Valuation

4 1. LG. : : 2 ( / ) 1 / 17

5 ( LG ) LG / Global Leadership, Discount. - Corporate Governance / Transparency - Telecom Drag (As of Nov. 2001) 2 / 17

6 2.. A A B A A B : : ( ) 3 / 17

7 ( ) 1), LGEI. ( ) (LGEI) LG (LGEI) 2) 11.00% 30.00% 50.00% LGE LGEI 30.00% 30.00% 50.00% LG.. LG (LGEI) LG.. LG 1) 2 30%( ). 2) (15,404,836 ). 4 / 17

8 3., LG. ( ) ( ) Inc. (D-TV, PDP ) Cash Flow Cash LG / ( ) ( ) Investment, Ltd. Digital / / Home Networking Mobile Networking Premium, 5 / 17

9 ( LGIC ) 2001 CDMA,. CDMA ( : ) % % % 10% % CDMA - 3Q 53% - Know-how - - -, (6 ) - GSM Launch 00.3Q 4Q 01.1Q 2Q 3Q 4Q ( ) - -,,,, 6 / 17

10 4.,. LG ( ) LGEI( ) LG.Philips Displays, LG.Philips LCD, LG-IBM, LG, LG, LG (, ) (LG, ) LGEI : 95,461 LG,, LG, LG, LG, LG, LG, LG, LG-EDS,,, : 21,192 * LG, LG, : LG (1,544 ), LG (725 ) * LG (.) 7 / 17

11 5. LG LGEI 9 : 1. LG ( ) LGEI( ) 66,115 7,273 : 7,840 (156,792,255 ) : 6,980 (139,606,263 ) : 860 ( 17,185,992 ) : 21,506 29,346 : 2,471 *(17,421,362 ) : 776 (15,511,807 ) : 95 ( 1,909,555 ) : 11,448 13,919 ( ) 90% 10% * 1,600. (.) 8 / 17

12 6. LG 225%, LGEI 52%. (` , ) (` , ) LG LG LGEI 73,388 66,115 7, ,653 43,265 95,461 29,346 21,192 13,919 : 169.6% : 225.3% : 52.3% 9 / 17

13 7. LG 150%, LGEI 30%. LG ( ) LGEI ( ) 95,461 93, , ,877 66,115 63,428 67,888 69,330 21,192 7,273 22,901 5,556 22,202 5,236 21,782 4,980 29,346 30,183 36,425 44,547 13,919 17,345 16,966 16,802 ` `02 `03 `04 ` `02 `03 `04 225% 210% 186% 156% 52% 32% 31% 30% 10 / 17

14 ( LG ) LG, % Cash Flow (2/4 ~ 4/4 ) ( : ) 8,539 7,026 1,513 1,259 2,772 36,884 (225%) 34,112 Nextwave LG (210%) (.) 11 / 17

15 ( LGEI ) LGEI, Capital Gain. Cash Flow ( : ) Capital Gain Capital Gain. Cash Flow Q Portfolio Cash in Cash out (.) 12 / 17

16 ( LGEI ) LG,. (2002) LG Cash (33%) 3G :,, (30%), LG (42%), 16% (2001 3Q, : ) EBITDA LG 16,000 2,880 (18.0%) 4,760 CAPEX 5,000 3G 5 8,700 LG 7, (4.2%) 1,520 CAPEX 1,500 5, (16.0%) 1, , / 17

17 , B/S 14 / 17

18 9. Valuation 1) LG LG 6 9,840. Sum- of-parts Valuation ( : ) 42, ,480 49,640 Implied Share Price 44,543 22,370 [ Valuation ] 21,770 69,840 (LCD,CRT) 2002 EBITDA Global Peer Group. 32,550 (Maytag, Sony, Toshiba, Alcatel, Siemens ) Appliance Display & Media 1) *Source : LGE advised by Salomon Smith Barney Investment Banking 1) 14, / 17

19 9. Valuation 2) LGEI LGEI 5,182. Total Equity Valuation ( : ) Implied Share Price 29,745 4,864 14,016 3,651 9,152 DC 50% 5,182 LG LG LG-Caltex LG LG LG-EDS LG LG- LG OTIS LG LG *Source : LGE advised by Salomon Smith Barney Investment Banking * LGEI LG 1/10 16 / 17

20 9. Valuation 3) LG LGEI 7 5,022,. Implication ( : ) 183% 69,840 5,182 75,022 LG. 26,500 Discount. * LG LG LGEI * Source : LGE advised by Salomon Smith Barney Investment Banking * / 17

21 www. lge.co.kr

歯4Q01_실적

歯4Q01_실적 2002 1 1 2002 LG. 2 Table of Contents I. 2001 4/4 II. 2002 3 2001 4/4 4 4/4 (9.4%) 3/4 5% 4 455. 11.9% 16 6,010. ( : ) ( : ) 44,252 13,979 42,743 16,392 38,560 14,548 40,455 15,921 148,357 48,812 166,010

歯★지주회사PT

歯★지주회사PT