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KREDKRED
000240KOSPI

Hankook & Company

26,700
+1,150 (+4.50%)

Price chart

  • MA5
  • MA20
  • MA60
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

Hankook & Company is a company established in 1941 and listed on the KOSPI market since 1968. Headquartered in Seongnam, Gyeonggi-do, it operates as a holding company within a corporate group.

The company operates as an operational holding company. Its business consists of a management division providing consulting, brand royalties, and rental services, and a business division that manufactures and distributes automotive and industrial storage batteries.

Business overview as filed

당사는 지주회사 체제 전환을 위해 2012년 9월 1일 인적분할을 실시하여, 지주회사 부분을 담당하는 한국테크놀로지그룹㈜과 기존의 타이어 부문 등을 영위하는 한국타이어앤테크놀로지㈜로 분할되었습니다. 이후 2021년 4월 종속기업인 ㈜한국아트라스비엑스와의 합병을 통해 에너지 솔루션 사업본부(사업총괄부문)를 신설하며, 사업형 지주회사로 새롭게 출범하였습니다.사업총괄부문은 축전지 사업을 담당하는 부문으로, Hankook & Company ES America Corp.(이하 미국법인) 및 Hankook & Company ES Deutschland GmbH(이하 독일법인)를 포함하고 있습니다.당사는 투명하고 효율적인 기업지배구조를 기반으로 자회사들의 자율경영 및 책임경영 체계를 강화하고 있습니다. 축전지 제조 및 판매를 핵심 사업으로 하고, 타이어, 기계, 금형 등의 제조 및 판매 등 각 사업 분야에서 자회사들의 핵심 역량을 제고하고자 합니다. 나아가 성장 잠재력의 극대화를 통해 기업가치의 지속 가능한 증대와 안정적이고 지속적인 발전을 추구하고 있습니다.당사의 매출은 경영자문 용역매출, 임대사업수익, 상표권사용수익, 지분법이익의 매출이 발생하는 경영총괄부문과 축전지 제품 매출이 발생하는 사업총괄부문로 구성되어 있습니다.

사업부문별 주요 매출 유형은 다음과 같습니다.

1) 경영총괄부문경영총괄부문은 "HANKOOK" 등의 브랜드 로열티, "한국타이어앤테크놀로지" 등 지분법 대상회사의 지분법 평가 및 배당, 사무실 임대, 기타 용역 서비스 등의 매출로 구성되어 있습니다. 당기말 현재 전체 매출의 16.1%를 차지하고 있습니다. 2) 사업총괄부문사업총괄부문은 자동차용 및 산업용 축전지 제조, 판매를 주요 사업으로 하고 있으며, 당기말 현재 전체 매출의 83.9%를 차지하고 있습니다.

Company overview

가. 연결대상 종속회사 개황1) 연결대상 종속회사 현황(요약)

2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 한국앤컴퍼니 주식회사라고 표기합니다. 또한 영문으로는 HANKOOK & COMPANY CO., LTD. 라 표기합니다.※ 법인등록번호 : 110111-0034233, 사업자등록번호 : 220-81-02784

다. 설립일자 및 존속기간1941년 5월 10일에 설립되었으며, 1968년 12월 27일에 유가증권시장에 주권을 상장하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소주소 : 경기도 성남시 분당구 판교로 286 (삼평동)전화번호 : 031-5178-7000 홈페이지 주소 : http://www.hankookandcompany.com

마. 회사사업 영위의 근거가 되는 법률

지주회사제도는 독점규제 및 공정거래에관한법률(이하 '공정거래법')에 규정되어 있습니다. 정부에서는 1986년 공정거래법 개정시 지주회사 설립 및 전환을 금지시켰으나, 1997년 외환위기 이후 기업들의 구조조정과정을 촉진한다는 취지하에 1999년 공정거래법을 개정하여 지주회사를 허용하였습니다.

바. 중소기업 등 해당 여부

* 2025년 5월 1일자로 상호출자제한기업집단에 포함.

사. 주요사업의 내용

당사는 투명하고 효율적인 기업지배구조를 기반으로 자회사들의 자율경영 및 책임경영 체계를 강화하고 있습니다. 이를 통해 축전지 제조 및 판매 뿐만 아니라 타이어, 기계, 금형 등의 제조 및 판매 사업에서 자회사들의 핵심 역량을 제고하고, 성장 잠재력의 극대화를 통해 기업가치의 지속 가능한 증대와 안정적이고 지속적인 발전을 추구하고자 합니다.주요 수익원으로는 축전지 제품의 매출 수익을 중심으로, 연결대상 관계회사인 한국타이어앤테크놀로지㈜의 경영 자문 용역 수익, 부동산 임대 사업 수익, 상표권 사용료, 그리고 지분법 평가 이익 등이 포함됩니다.

1) 연결대상회사가 영위하는 주요 목적사업

* 한국타이어앤테크놀로지㈜, ㈜한국네트웍스, 스마트Stream-WE언택트펀드3호, Preciseley Microtechnology Corporation, LK 멀티스트레티지 전문투자형 사모투자신탁 제1호, JR에너지솔루션은 지분법 손익으로 반영됩니다.

2) 사업현황보고기간말 현재 당사의 주요 제품, 서비스 등의 현황은 다음과 같습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

2.66%
[1.67%, 4.30%] · 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 35.4% (2026-05-20). 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

0.31
Beta [0.14, 0.48] · KOSPI200 · As of 2026-10-08
Intercept
-0.015%[-0.410%, +0.381%]
R squared
0.13
Observations
252
Trading-time corrected beta
0.37[0.11, 0.64]
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

2015Separate basis2016Consolidated basis2017Consolidated basis2018Consolidated basis2019Consolidated basis2020Consolidated basis2021Consolidated basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M2,236—8,2488,4808,4768,2099,63310,95910,89713,91014,57614,431
Revenue growth%———2.80-0.04-3.1517.3413.76-0.5727.654.78—
Operating incomeKRW 100M1,8162,6161,9932,1151,7091,5652,2832,4522,5664,1834,1164,327
Operating income growth%——-23.806.09-19.19-8.4045.867.424.6163.03-1.59—
Net incomeKRW 100M1,7272,6951,7902,1841,7061,4582,0101,6391,8723,5073,4723,956
Net income growth%——-33.5822.01-21.87-14.5637.90-18.4814.2687.31-0.99—
Attributable to ownersKRW 100M—2,6151,6952,0711,5871,3561,9801,6391,8723,5073,4723,956
Attributable to minoritiesKRW 100M——9411312010130——000
Operating margin%81.18—24.1624.9420.1619.0723.7022.3823.5530.0728.2429.98
Net margin%77.22—21.7025.7520.1317.7520.8714.9517.1825.2123.8227.42
ROE%—9.335.806.574.814.005.304.254.667.887.267.63
ROA%6.488.705.506.244.733.844.933.814.036.836.606.95
Debt ratio%3.917.958.568.126.278.349.2611.5515.5415.3510.019.72
Current ratio%3,619.01582.41301.44299.87388.06295.15260.44186.26155.67154.72235.27228.64
Quick ratio%—547.16273.43256.77315.34243.93200.22128.56118.64110.75150.03136.65
Reserve ratio%——6,288.636,805.807,145.827,373.627,779.478,071.91————
Free cash flowKRW 100M417—997396-45986188-115991,1252,090—
FCF margin%18.64—12.094.66-0.5412.011.96-1.050.918.0914.34—
OCF conversion%24.2631.8668.6627.8855.5889.1417.9619.2422.3438.0067.89—
Capex to revenue%0.09—2.812.5111.723.821.793.922.931.491.84—
Receivable daysdays—————————73.768.1—
Inventory daysdays——31.342.456.863.871.675.283.881.586.1—
Payable daysdays——29.028.9—————52.756.6—
Cash conversion cycledays—————————102.597.7—
EPSKRW—2,8521,8492,2581,7301,4792,1031,7261,9723,6943,6584,167
PERx—7.2810.227.358.329.917.478.087.914.587.155.69
BPSKRW—30,13831,40233,85735,43736,43739,34940,62242,31046,90450,36154,637
PBRx—0.690.600.490.410.400.400.340.370.360.520.43
Dividend per shareKRW—3003003003505006006507002101,090—
Payout ratio%—10.5216.2213.2920.2333.8128.5337.6635.495.6829.80—

Profit flowKRW 100M

Revenue
14,576
Cost of sales
9,166
Gross profit
5,409
Operating income
4,116
SG&A expenses
1,293
Profit before tax
3,872
Non-operating expenses
244
Net income
3,472
Income tax expense
400

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
26,66930,97532,525*34,98636,07137,92540,81243,01846,41051,36452,596
1,0032,2812,5642,627*2,1302,9203,4584,4546,2436,8364,785
25,66628,69429,961*32,359*33,94135,00537,35538,56440,16744,52947,811

Income statement

20152016201720182019202020212022202320242025
2,236Not applicable8,2488,4808,4768,209*9,63310,95910,89713,91014,576
1,8162,6161,9932,1151,7091,565*2,2832,4522,5664,1834,116
1,8813,0192,091*2,2161,9671,706*2,2772,4732,0563,9133,872
1,7272,6951,790*2,184*1,7061,458*2,0101,639*1,8723,5073,472
Basic earnings per shareKRWNot applicable2,8521,849*2,258*1,7301,479*2,1031,726Not applicableNot applicableNot applicable
Diluted earnings per shareKRW1,883Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
1,7902,7361,545*2,088*1,8071,3792,8201,6892,2525,2244,651

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1,7272,6951,7902,1841,7061,4582,0101,6391,8723,5073,472
Total adjustments to operating cash flowcomputed-1,308-1,836-561-1,575-758-158-1,649-1,323-1,454-2,174-1,115
4198581,2296099481,2993613154181,3332,357
-1,012749-2,129-17-1,340-1,039-667-17-304-244-27
-275-605-6096-560-31-190-130946-1,275-3,247
Cash at beginning of periodKRW 100M2,1181,2502,2571,2951,9831,0301,2577649071,9671,794
1,2502,2571,2951,9831,0301,2577649071,9671,794880
Net change in cash and cash equivalentsKRW 100MNot applicable1,002-960688-951229-496169*1,061-174-914

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 72한영회계법인2025-12-31
2024적정의견Term 71한영회계법인2025-12-31
2023적정의견Term 70한영회계법인2025-12-31
2022적정Term 69대주회계법인2022-12-31
2021적정Term 68대주회계법인 삼일회계법인2022-12-31
2020적정Term 67삼일회계법인2022-12-31
2019적정Term 66삼일회계법인2019-12-31
2018적정Term 65삼일회계법인2019-12-31
2017적정Term 64삼일회계법인2019-12-31
2016적정Term 63삼일회계법인2016-12-31
2015적정Term 62안진회계법인2016-12-31
2014적정Term 61안진회계법인2016-12-31

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 5Y0.41
%
%
Cost of equity6.46%
Weighted average cost of capital6.44%
Initial growth5.1%
Effective tax rate10.3%
Base fiscal year2025
Current priceKRW26,700

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 model24,919-6.7%
Dividend discount model DDM26,781+0.3%
Discounted cash flow FCFF56,274+110.8%
Discounted cash flow FCFE54,083+102.6%
Residual income model RIM60,435+126.3%
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% + 0.41 × 5.00% = 6.46%

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(7.26% × (1 − 29.80%), 0) = 5.10%

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 = 1,090 × (1 + 2.00%) / (6.46% − 2.00%) = 1,112 / 0.0446 = 24,919 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 = 1,090, g_1 = 5.10%, g_T = 2.00%, r = 6.46%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.10%1,1460.93931,076
24.32%1,1950.88231,054
33.55%1,2380.82871,026
42.77%1,2720.7784990
52.00%1,2970.7312949
Terminal value2.00%29,6580.731221,686
Total26,781

P_0 = 26,781 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 = 50,361 KRW, ROE = 7.26%, payout ratio = 29.80%, r = 6.46%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
150,3613,6583,2544030.9393379
252,9293,8443,4204240.8823374
355,6274,0403,5944460.8287369
458,4634,2463,7784680.7784365
561,4444,4623,9704920.7312360
Terminal value11,2510.73128,227

P_0 = 50,361 + 1,847 + 8,227 = 60,435 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 = 2,357.4 − 267.7 + 80.8 × (1 − 10.33%) = 2,162.2 KRW hundred million

Weighted average cost of capital

E = 25,347.7, D = 837.3 KRW hundred million; equity weight = 96.80%, debt weight = 3.20%; cost of debt k_d = 6.46%

WACC = 96.80% × 6.46% + 3.20% × 6.46% × (1 − 10.33%) = 6.44%

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
15.10%2,272.50.93952,135.0
24.32%2,370.70.88262,092.5
33.55%2,454.90.82922,035.7
42.77%2,523.00.77911,965.6
52.00%2,573.40.73191,883.6
Terminal value2.00%59,115.90.731943,268.8
Total53,381.1

Firm value = 53,381.1; less borrowings 837.3; plus cash 879.7 → 53,423.5 KRW hundred million

P_0 = 53,423.5 KRW hundred million ÷ 94,935,240 (shares) = 56,274 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 = 2,357.4 − 267.7 + 0.0 (net borrowing) = 2,089.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.10%2,196.30.93932,063.0
24.32%2,291.20.88232,021.6
33.55%2,372.60.82871,966.3
42.77%2,438.40.77841,898.2
52.00%2,487.20.73121,818.6
Terminal value2.00%56,860.50.731241,576.3
Total51,343.8

P_0 = 51,343.8 KRW hundred million ÷ 94,935,240 (shares) = 54,083 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.

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