Skip to main content
KREDKRED
000150KOSPI

Doosan

1,342,000
-57,000 (-4.07%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Doosan was established in 1933 and is listed on the KOSPI market. Headquartered in Seoul, the company serves as a holding company that controls 23 affiliates including Doosan Enerbility, Doosan Bobcat, Doosan Fuel Cell, and Doosan Robotics.

The company operates electronic materials and integrated IT service businesses. It produces copper clad laminates for semiconductors and smartphones. Its IT unit provides digital transformation solutions, cloud services, and infrastructure management to Doosan Group affiliates and external corporate customers.

Business overview as filed

당사는 두산에너빌리티㈜, 두산밥캣㈜, 두산퓨얼셀㈜, 두산로보틱스㈜ 등 총 23개 계열회사를 실질적으로 지배함과 동시에 자체 사업으로서 전자소재 사업 (전자BG), 통합IT 서비스 사업 (두산디지털 이노베이션BU) 등을 영위하고 있습니다. K-IFRS에 따른 당사의 주요 자회사가 영위하는 사업으로는 발전플랜트 EPC (Engineering, Procurement, Construction), 주요 발전 기자재 설계 및 제작과 서비스 사업(두산에너빌리티㈜), 소형 건설기계, Portable Power 장비 생산 및 판매(두산밥캣㈜), 발전용 연료전지 기자재 공급 및 장기유지보수 서비스(두산퓨얼셀㈜), 시스템반도체 테스트(㈜두산테스나), 광고대행 및 매거진 출판업 (㈜오리콤), 협동로봇 제조 및 솔루션 제공(두산로보틱스㈜) 등이 있습니다.㈜두산의 주요 자체사업에 대한 세부내용은 아래와 같습니다.

[㈜두산 전자BG]

전자BG는 전자제품의 필수 부품으로 사용되는 PCB(인쇄회로기판)의 핵심 소재인 CCL(동박적층판, Copper Clad Laminate)을 생산 및 공급하고 있습니다. 당사 CCL은 반도체, 스마트폰, 통신장비 등 첨단 전자기기의 핵심소재로서 전자산업 기술진보의 기반이 되고 있습니다. 전자BG의 주요제품은 반도체용 PKG(Package) CCL, 통신장비용 NWB(NetworkBoard) CCL, 스마트폰용 FCCL(Flexible CCL) 등이며, 신성장 사업으로서 5G 안테나모듈, 전기차 배터리용 PFC(Patterned FlatCable) 등 미래 유망 산업에도 적극적으로 진출하고 있습니다.이처럼 전자BG는 다양한 Hi-end CCL 라인업을 갖춘 글로벌 공급자로서 경쟁력을 향상시켜 나가고 있으며, 5G/친환경자동차 등 미래지향적 포트폴리오를 구축하여 지속가능한 성장을 추구하고 있습니다.

[㈜두산 디지털이노베이션BU]

디지털이노베이션BU는 디지털 트랜스포메이션(DT)을 위한 기술 및 인프라 제공, 전문인력 양성 등을 수행하는 조직입니다. 당사는 두산그룹 계열사를 비롯한 전세계 기업에 IT 인프라 구축 및 운영을 아우르는 토탈 IT 솔루션을 제공하며, 인공지능/데이터분석/차세대보안/클라우드솔루션과 같은 신기술로 디지털 혁신을 가속화 하고 있습니다. 또한 기계,에너지,의료,금융,엔터테인먼트 등 다양한 산업에 IT 서비스를 제공하므로서 범용성을 확보하고 있으며, 사업영역 개척을 위한 기술 및 현장 서비스 역량을 강화하고 고객경험 개선 활동도 지속적으로 수행하고 있습니다.디지털이노베이션BU의 세부 사업영역은 다음과 같습니다.(1) 디지털서비스(Digital Service) : 대내외 클라우드 기반 어플리케이션 컨설팅부터 구축 및 운영까지의 전체 IT 프로세스를 제공하고 있습니다. 특히 두산그룹의 통합 비즈니스 플랫폼 구축을 지원하고. 그룹내 신성장 사업과의 협력을 통한 DT Enhancement를 추구하고 있으며, 이러한 역량을 바탕으로 두산그룹 외부 고객도 확보해 나가고 있습니다.(2) 엔터프라이즈서비스(Enterprise IT Service) : 플랫폼 영역에서 IT 인프라 구축부터 운영 및 관리 서비스를 제공하고 두산그룹 포탈과 웹사이트 등에 대한 대내외 서비스를 제공하고 있습니다. 또한 정보보안 및 안정적인 클라우드 서비스 등의 플랫폼 서비스 운영을 통해 그룹내 디지털 트랜스포베이션 가속화에 앞장서고 있습니다. 다양한 서비스 제공자로서 두산그룹 대내외 고객을 대상으로 어플리케이션 운영 및 개선 과제를 수행하고 과제를 발굴하여 구축 서비스를 제공하고 있습니다. 이외에도 그룹내 사업구조 개편에 따른 인프라 분리지원, 수주운영모델 효율화 등 그룹서비스의 원활한 운용을 위한 작업을 다방면에서 수행하고 있습니다. ※ 주요 자회사의 세부 사업 내용은 각사 정기보고서를 참고해 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 "주식회사 두산" 이라 표기합니다. 또한 영문으로는 "Doosan Corporation" 이라 표기합니다. 단, 약식으로 표기할 경우에는 "㈜두산" 또는 "Doosan Corp." 라고 표기합니다. (법인등록번호 : 110111-0013774)

다. 설립일자 및 존속기간

당사는 1933년 12월 18일에 설립되었으며, 1973년 5월에 기업공개를 한 후 1973년 6월에 한국증권거래소에 상장되어 유가증권시장에서 매매가 개시되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

주소: 서울특별시 중구 장충단로 275전화번호 : 02-3398-0114홈페이지 : http://www.doosan.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용 및 신규사업

당사는 두산에너빌리티㈜, 두산밥캣㈜, 두산퓨얼셀㈜, 두산로보틱스㈜ 등 총 23개 계열회사를 실질적으로 지배함과 동시에 자체 사업으로서 전자소재 사업 (전자BG), 통합 IT 서비스 사업 (두산디지털 이노베이션BU) 등을 영위하고 있습니다.

전자BG는 모든 전자제품에 필수적으로 사용되는 전자부품을 생산하는 사업으로써 동박(Copper Foil), 유리섬유(Glass Fabric), 에폭시 수지 및 폴리이미드(Polyimide) 등을 원료로 하여 동박적층판(CCL, Copper Clad Laminate)을 생산하고 있습니다. 이는 고분자 화학과 전자소재 부문을 결합하여 제품을 생산하는 첨단 전자산업이며, 국내 전자산업의 성장과 해외 직수출 증대를 통하여 성장해 왔습니다.

디지털이노베이션BU는 두산그룹 계열사를 포함한 전 세계 기업에 Digital Transformation을 위한 토탈 IT 솔루션을 제공하고 있습니다. 기계, 에너지, 제약, 금융 등 다양한 산업에서 IT 인프라 구축 및 운영을 비롯해 AI, 데이터분석, 차세대보안, 클라우드 솔루션 등 혁신에 앞장서고 있습니다. 이처럼 당사는 지속적인 기술 개발과 서비스 역량 강화를 통해, 사업 영역을 개척하고 고객경험 개선을 멈추지 않고 있습니다.

사. 신용평가

당사가 신용평가 전문기관으로부터 최근 3년간 받은 신용평가 등급은 다음과 같습니다.

신용평가 등급체계 및 의미(회사채)

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.44%
[4.64%, 9.13%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 59.1% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.02
Beta [0.85, 1.19] · KOSPI200 · As of 2026-10-08
Intercept
+0.094%[-0.349%, +0.537%]
R squared
0.43
Observations
252
Trading-time corrected beta
1.12[0.83, 1.41]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20152016201720182019202020212022202320242025TTM
RevenueKRW 100M189,604164,107175,805181,547184,465170,807132,042169,958191,301181,329197,841207,854
Revenue growth%—-13.457.133.271.61-7.40-22.7028.7212.56-5.219.11—
Operating incomeKRW 100M2,6469,17210,84412,14811,0335,3019,45911,26014,36310,03810,62713,357
Operating income growth%—246.6718.2212.02-9.18-51.9578.4319.0427.55-30.115.87—
Net incomeKRW 100M-17,008504-423-3,4893,138-7,4806,567-5,8122,7213,0222,4956,422
Net income growth%——-183.93——-338.35—-188.49—11.08-17.44—
Attributable to ownersKRW 100M-3,9121,96672-1,1973,794-4,7612,118-6,964-3,883-2,2627583,678
Attributable to minoritiesKRW 100M-13,096-1,462-495-2,291-656-2,7194,4491,1526,6045,2841,7372,743
Operating margin%1.405.596.176.695.983.107.166.637.515.545.376.43
Net margin%-8.970.31-0.24-1.921.70-4.384.97-3.421.421.671.263.09
ROE%-15.188.220.30-6.0625.54-28.699.78-38.89-23.91-15.284.8614.09
ROA%-5.390.18-0.15-1.211.08-2.482.52-2.210.961.000.761.77
Debt ratio%275.96262.81282.38309.67341.19290.65206.10155.54152.41153.53169.14161.30
Current ratio%86.3080.1278.6086.8567.5179.6982.42100.50100.07108.06103.19107.69
Quick ratio%67.0364.1661.5467.2951.0764.3765.5371.4274.4879.6181.3083.36
Reserve ratio%1,270.231,310.011,589.541,249.831,540.171,818.422,186.501,837.841,688.341,492.481,496.552,224.78
Free cash flowKRW 100M————————13,248-4,0264,118—
FCF margin%————————6.93-2.222.08—
OCF conversion%—1,834.68——249.87—113.17—701.54101.85393.53—
Capex to revenue%————————3.053.922.88—
Receivable daysdays—58.3——————————
Inventory daysdays—66.056.561.062.564.774.161.765.372.968.5—
Payable daysdays———83.578.469.673.860.9————
EPSKRW-20,2929,981368-6,09222,961-28,81312,819-42,145-21,823-12,7154,23022,714
PERx—10.52307.07—3.06—9.20———184.6365.47
BPSKRW—112,430127,134108,30689,888100,441131,028108,37398,29089,57796,283161,156
PBRx—0.930.891.030.780.520.900.770.962.858.119.23
Dividend per shareKRW4,5505,1005,1005,2005,2002,0002,0002,000—2,0002,000—
Payout ratio%—51.101,385.87—22.65—15.60———47.28—

Consolidated basis

Profit flowKRW 100M

Revenue
197,841
Cost of sales
163,709
Gross profit
34,132
SG&A expenses
23,505
Operating income
10,627
Non-operating expenses
5,725
Profit before tax
4,902
Net income
2,495
Income tax expense
2,407

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20152016201720182019202020212022202320242025
315,563286,648287,365288,756291,347301,176260,099*263,154282,868*301,431329,278
231,628207,639212,213218,271225,311224,081175,128*160,175170,801*182,536206,935
83,93579,00975,15270,48466,03677,09584,971*102,978112,067*118,895122,343

Income statement

20152016201720182019202020212022202320242025
189,604*164,107*175,805*181,547*184,465*170,807132,042*169,958191,301*181,329197,841
2,646*9,172*10,844*12,148*11,033*5,3019,459*11,26014,363*10,03810,627
-14,462*-1*2,458*95*143*-6,4426,104*-2,8594,510*5,9304,902
-17,008504-423-3,4893,138-7,4806,567*-5,8122,721*3,0222,495
Basic earnings per shareKRW-20,292*9,981368-6,092Not applicableNot applicableNot applicableNot applicable-21,823-12,7154,230
Diluted earnings per shareKRW-20,292*9,982*368*-6,092Not applicableNot applicableNot applicableNot applicable-21,823-12,4804,194
-11,764-2,1911,508-2,3995,046-5,55012,825*-2,4912,972*8,6295,775

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-17,008504-423-3,4893,138-7,4806,567-5,8122,7213,0222,495
Total adjustments to operating cash flowcomputed16,8308,7467,19313,7074,7038,74586511,14416,366567,324
-1789,2506,77010,2197,8421,2657,432*5,33219,087*3,0789,819
-4,45810,612*7,3974,9208,24927,97424,721*19,176*-11,063*-9,948-4,304
11,137-22,538Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable6,363*5,7397,000
Cash at beginning of periodKRW 100M16,91023,32620,19323,44624,56218,40827,074*22,35120,742*35,39237,041
23,32620,163*23,44624,56218,40827,07422,354*20,74235,392*37,04149,279
Net change in cash and cash equivalentsKRW 100M6,416-3,163*3,2531,116-6,1548,665-4,720*-1,60914,650*1,64912,238

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 89삼일회계법인2025-12-31
2024적정의견Term 88삼일회계법인2025-12-31
2023적정의견Term 87한영회계법인2025-12-31
2019적정Term 83한영회계법인2019-12-31
2018적정Term 82한영회계법인2019-12-31
2017적정Term 81한영회계법인2019-12-31
2016적정Term 80삼일회계법인2016-12-31
적정Term 79안진회계법인2016-12-31
적정Term 78안진회계법인2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y1.15
%
%
Cost of equity10.17%
Weighted average cost of capital8.71%
Initial growth2.6%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW1,342,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model24,970-98.1%
Dividend discount model DDM25,291-98.1%
Discounted cash flow FCFF554,518-58.7%
Discounted cash flow FCFE439,416-67.3%
Residual income model RIM32,560-97.6%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.15 × 5.00% = 10.17%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(4.86% × (1 − 47.28%), 0) = 2.56%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 2,000 × (1 + 2.00%) / (10.17% − 2.00%) = 2,040 / 0.0817 = 24,970 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 2,000, g_1 = 2.56%, g_T = 2.00%, r = 10.17%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.56%2,0510.90771,862
22.42%2,1010.82391,731
32.28%2,1490.74781,607
42.14%2,1950.67881,490
52.00%2,2390.61611,379
Terminal value2.00%27,9500.616117,221
Total25,291

P_0 = 25,291 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 96,283 KRW, ROE = 4.86%, payout ratio = 47.28%, r = 10.17%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
196,2834,6809,792-5,1120.9077-4,640
298,7504,80010,043-5,2430.8239-4,320
3101,2814,92310,300-5,3770.7478-4,021
4103,8765,04910,564-5,5150.6788-3,744
5106,5385,17810,835-5,6570.6161-3,485
Terminal value-70,6210.6161-43,513

P_0 = 96,283 + -20,210 + -43,513 = 32,560 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 9,819.1 − 5,701.3 + 5,335.4 × (1 − 35.00%) = 7,585.7 KRW hundred million

Weighted average cost of capital

E = 217,321.3, D = 76,349.5 KRW hundred million; equity weight = 74.00%, debt weight = 26.00%; cost of debt k_d = 6.99%

WACC = 74.00% × 10.17% + 26.00% × 6.99% × (1 − 35.00%) = 8.71%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.56%7,780.10.91997,157.0
22.42%7,968.50.84626,743.2
32.28%8,150.30.77846,344.6
42.14%8,324.80.71615,961.3
52.00%8,491.30.65875,593.6
Terminal value2.00%129,137.90.658785,068.6
Total116,868.2

Firm value = 116,868.2; less borrowings 76,349.5; plus cash 49,279.0 → 89,797.7 KRW hundred million

P_0 = 89,797.7 KRW hundred million ÷ 16,193,835 (shares) = 554,518 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 9,819.1 − 5,701.3 + 1,509.5 (net borrowing) = 5,627.3 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.56%5,771.50.90775,238.7
22.42%5,911.20.82394,870.2
32.28%6,046.10.74784,521.5
42.14%6,175.50.67884,192.0
52.00%6,299.00.61613,881.1
Terminal value2.00%78,641.60.616148,454.8
Total71,158.3

P_0 = 71,158.3 KRW hundred million ÷ 16,193,835 (shares) = 439,416 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSPI list