000500KOSPI

Gaon Cable

295,500

-11,000 (-3.59%)

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

Gaon Cable was established in 1947 and is headquartered in Gunpo, Gyeonggi Province. The company is listed on the KOSPI market.

The company manufactures and distributes power cables, communication cables, special cables, and wooden drums. It operates through four business segments and distributes its products to domestic and global markets, including North America.

Business overview as filed

가. 사업부문별 현황

연결기업은 전력케이블 및 통신케이블 등을 생산하는 국내 3대 전선 전문 제조업체로서 고객 중심 영업 활동을 적극 전개하여 내수 및 수출시장 확대에 노력하고 있습니다. 최근에는 자동차케이블, 전선용 컴파운드 등 특수케이블을 전문으로 생산하는 ㈜지앤피를 인수하여 내수시장 사업영역을 확대하였고, 특히 LS CABLE & SYSTEM U.S.A.,INC. 미국법인의 지분 100%를 확보하여 북미시장을 포함한 글로벌시장 사업영역 확대에 적극적으로 나서고 있습니다. 연결기업의 영업실적을 살펴보면 2023년은 영업이익 437억, 법인세비용차감전순이익 284억을, 2024년은 영업이익 450억, 법인세비용차감전순이익 356억을 기록했습니다. 보고기간인 2025년은 연결기준으로 영업이익 792억, 법인세비용차감전순이익 635억을 기록했습니다.

나. 사업부문의 구분

연결기업은 전력케이블의 생산ㆍ판매하는 전력사업부, 통신케이블을 생산ㆍ판매하는 통신사업부, 특수케이블을 생산ㆍ판매하는 특수케이블사업부, 목드럼을 생산ㆍ판매하는 목드럼사업부로 총4개의 사업부를 다음과 같이 구분하고 있습니다.

Company overview

가. 연결대상 종속회사 현

황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭

당사의 명칭은『 가온전선주식회사 』라고 표기하며, 영문명은 『 GAON CABLE CO., LTD. 』라고 표기합니다.

라. 설립일자

당사는 1947년 9월 24일에 설립되었습니다.

마. 본사의 주소 , 전화번호, 홈페이지 주소

- 주 소 : 경기도 군포시 엘에스로 45번길 120 - 전화번호 : 031-8068-3917

- 홈페이지 : http://www.gaoncable.com

바. 중소기업 해당여부

당사는 중소기업기본법 제 2조 및 중소기업법 시행령 제 3조에 의거 중소기업에 해당하지 않습니다.

사. 주요 사업의 내용

연결기업은 전력케이블의 생산ㆍ판매하는 전력사업부, 통신케이블을 생산ㆍ판매하는 통신사업부, 특수케이블을 생산ㆍ판매하는 특수케이블사업부, 목드럼을 생산ㆍ판매하는 목드럼사업부로 총 4개의 사업부를 다음과 같이 구분하고 있습니다.[부문별 주요제품]

아. 신용평가에 관한 사항

(1) 최근 3년간 신용등급

(2) 신용등급 체계

자. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), 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

10.29%

[6.83%, 15.62%] · 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 65.7% (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

1.05

Beta [0.79, 1.32] · KOSPI200 · As of 2026-10-08

Intercept: +0.642%[-0.265%, +1.550%]
R squared: 0.23
Observations: 248
Trading-time corrected beta: 1.31[0.68, 1.95]

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.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	7,810	7,494	8,370	8,407	8,303	8,574	10,704	14,165	14,986	17,271	25,457	28,961
Revenue growth%	—	-4.03	11.68	0.44	-1.24	3.27	24.84	32.33	5.80	15.25	47.40	—
Operating incomeKRW 100M	—	—	79	52	71	127	166	285	437	450	792	980
Operating income growth%	—	—	—	-34.21	37.61	77.71	30.99	71.75	53.61	2.95	75.94	—
Net incomeKRW 100M	21	40	15	1	55	95	59	105	179	254	514	643
Net income growth%	—	86.75	-63.53	-93.20	5,423.54	74.00	-38.41	78.73	71.05	41.66	102.71	—
Attributable to ownersKRW 100M	—	—	14	1	55	95	59	105	179	254	514	643
Attributable to minoritiesKRW 100M	—	—	1	0	-0	—	—	—	0	0	0	0
Operating margin%	—	—	0.94	0.62	0.86	1.48	1.55	2.01	2.92	2.61	3.11	3.39
Net margin%	0.27	0.53	0.17	0.01	0.66	1.11	0.55	0.74	1.19	1.47	2.02	2.22
ROE%	—	—	0.54	0.04	2.13	3.61	2.18	3.45	5.41	5.59	10.62	12.12
ROA%	0.41	0.77	0.27	0.02	1.07	1.75	0.89	1.39	2.23	2.43	3.73	3.87
Debt ratio%	98.22	96.25	107.20	102.18	99.66	105.82	145.78	148.24	142.23	129.86	184.82	213.29
Current ratio%	178.94	156.42	150.93	188.36	157.54	148.61	163.03	154.00	144.74	126.33	130.20	121.62
Quick ratio%	141.24	125.67	116.04	145.50	123.57	112.05	119.62	114.35	112.58	91.93	92.04	82.73
Reserve ratio%	1,169.30	1,175.82	1,165.83	1,155.47	1,166.19	1,204.65	1,218.87	870.07	813.82	747.48	455.42	504.15
Free cash flowKRW 100M	—	—	-212	246	-161	24	-207	188	92	286	173	—
FCF margin%	—	—	-2.53	2.93	-1.93	0.28	-1.93	1.33	0.61	1.65	0.68	—
OCF conversion%	1,706.43	945.95	-1,044.46	27,945.94	-191.84	105.46	-192.72	243.36	108.29	154.87	81.21	—
Capex to revenue%	—	—	0.72	0.36	0.67	0.89	0.88	0.47	0.68	0.62	0.96	—
Receivable daysdays	—	76.4	76.7	76.8	77.2	—	—	—	—	—	—	—
Inventory daysdays	—	—	28.2	29.6	27.7	28.7	32.1	32.1	32.6	33.9	36.1	—
Payable daysdays	—	—	67.6	75.4	71.1	—	—	—	—	—	—	—
Cash conversion cycledays	—	—	37.3	31.0	33.8	—	—	—	—	—	—	—
EPSKRW	513	975	356	24	1,391	2,418	1,489	2,458	2,907	3,270	3,107	3,886
PERx	—	22.77	64.47	708.33	16.75	9.02	15.98	7.93	7.29	16.57	26.52	60.09
BPSKRW	—	63,319	62,234	62,301	61,708	63,351	64,445	47,661	52,055	46,022	29,244	32,053
PBRx	—	0.35	0.37	0.27	0.38	0.34	0.37	0.41	0.41	1.18	2.82	7.28
Dividend per shareKRW	600	600	600	600	600	600	420	50	—	—	—	—
Payout ratio%	116.96	61.54	168.54	2,500.00	43.13	24.81	28.21	2.03	—	—	—	—

Consolidated basis

Profit flowKRW 100M

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

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	5,205	5,192*	5,390	5,265	5,126	5,425	6,590	7,523	8,018*	10,429	13,779
	2,820	2,855*	2,915	2,778	2,648	2,858	4,019	4,918	5,453*	6,548	9,696
Cash and cash equivalentsKRW 100M	347	385	206	286	63	101	267	557	710*	637	1,974
Short-term financial instrumentsKRW 100M	305	78	146	127	154	214	286	345	497*	386	370
InventoriesKRW 100M	594	561*	674	632	571	703	1,070	1,266	1,212*	1,783	2,842
Trade and other receivablesKRW 100M	1,469	1,669*	1,847	1,693	1,820	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	2,384	2,337	2,475	2,487	2,478	2,567	2,570	2,606	2,565*	3,881	4,083
Property, plant and equipmentKRW 100M	2,129	2,112	2,100	2,084	2,132	2,232	2,329	2,353	2,395*	3,086	3,597
Intangible assetsKRW 100M	Not applicable	Not applicable	70	70	69	62	31	22	27*	37	38
Investments in associatesKRW 100M	—	—	95	117	128	126	131	76	0	0	0
	2,579	2,547*	2,788	2,661	2,558	2,789	3,909	4,493	4,708*	5,892	8,941
	1,576	1,825	1,931	1,475	1,681	1,923	2,465	3,193	3,768*	5,183	7,447
Trade and other payablesKRW 100M	637	1,070*	1,890	1,438	1,646	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	134	144	57	78	121	300	552	311	605	1,433	3,583
Current portion of long-term borrowingsKRW 100M	150	232	150	—	405	275	72	459	425	—	—
Current lease liabilitiesKRW 100M	—	—	1	—	19	20	19	20	19*	29	37
	1,003	721*	857	1,186	878	866	1,443	1,299	940*	708	1,495
Bonds issuedKRW 100M	—	—	—	199	200	—	299	300	—	0	898
Long-term borrowingsKRW 100M	375	150	560	698	312	463	824	662	471	254	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	27	11	46	50*	51	33
	2,626	2,646*	2,601	2,604	2,567	2,636	2,681	3,031	3,310	4,537	4,838
	2,616	2,634*	2,589	2,592	2,567	2,636	2,681	3,031	3,310	4,537	4,838
Issued capitalKRW 100M	208	208	208	208	208	208	208	318	368	493	827
Capital surplusKRW 100M	242	242	242	242	243	243	243	365	441*	894	75
Retained earningsKRW 100M	2,190	2,204	2,183	2,161	2,183	2,263	2,293	2,402	2,553*	2,791	3,692
Accumulated other comprehensive incomeKRW 100M	-6	-1	-25	-1	-51	-63	-47	-38	-36*	360	244
Other equityKRW 100M	—	—	—	—	-16	—	—	—	—	-1	-1
Non-controlling interestsKRW 100M	10	11	12	12	Not applicable	Not applicable	Not applicable	Not applicable	0	0	0

유동성파생상품자산As filed	—	—	—	—	—	119	42	73	59	85	261
유동성확정계약자산As filed	—	—	—	—	—	0	5	79	0	8	25
단기보증금As filed	—	—	—	—	—	—	11	15	19	8	37
미수수익As filed	0	0	0	0	0	—	—	—	—	—	3
매출채권As filed	—	—	1,838	1,677	1,789	1,679	2,293	2,528	2,883	3,526	3,966
단기대여금As filed	14	0	0	2	2	0	10	12	14	12	11
미수금As filed	16	5	6	11	16	31	18	13	42	—	54
선급금As filed	0	—	—	—	—	0	0	0	11	26	105
당기법인세자산As filed	—	—	—	3	—	0	—	—	0	0	1
유동미수금As filed	—	—	—	—	—	—	—	—	—	40	—
유동성계약자산As filed	—	—	—	—	—	—	—	—	—	16	—
단기선급금As filed	—	—	0	—	—	—	—	—	—	—	—
선급비용As filed	3	2	2	2	3	5	9	7	7	8	13
계약자산As filed	—	—	—	—	—	—	—	—	—	—	1
당기손익인식금융자산As filed	—	99	—	—	—	—	—	—	—	—	—
부가가치세대급금As filed	—	—	—	—	10	4	9	22	0	—	—
기타유동금융자산As filed	—	—	43	38	40	—	—	—	—	—	—
상각후원가측정금융자산As filed	—	—	—	—	—	—	—	—	—	—	10
유동파생상품자산As filed	—	—	35	3	33	—	—	—	—	—	—
유동확정계약자산As filed	—	—	8	34	7	—	—	—	—	—	—
부가세대급금As filed	—	—	—	—	—	—	—	—	—	12	22
장기금융상품As filed	3	1	1	1	1	1	1	1	1	1	0
장기미수수익As filed	0	0	0	0	0	0	0	0	0	0	0
파생상품자산As filed	72	56	—	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	1	1	1	—	—	—
장기선급금As filed	—	—	—	—	—	—	—	—	14	0	0
기타비유동금융자산As filed	—	—	72	76	13	—	—	—	—	—	—
선급법인세As filed	0	0	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	74	9	8	10	10	—	—	—
장기보증금As filed	47	48	—	—	—	—	55	55	38	52	44
매도가능금융자산As filed	9	10	—	—	—	—	—	—	—	—	—
비유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	1	1	—	—	—	—	—	—
장기대여금As filed	8	7	7	9	9	8	9	7	7	16	15
비유동매도가능금융자산As filed	—	—	72	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	1	1	1
비유동파생상품자산As filed	—	—	—	1	4	—	1	16	21	0	101
장기매출채권 및 기타비유동채권As filed	—	—	56	59	57	—	—	—	—	—	—
비유동확정계약자산As filed	—	—	—	0	—	—	—	—	—	—	—
순확정급여자산As filed	—	—	—	—	—	—	3	57	19	48	74
이연법인세자산As filed	—	—	—	—	—	—	0	0	1	3	2
투자부동산As filed	84	83	82	80	79	78	1	8	30	176	174
장기임차보증금As filed	—	—	48	—	—	—	—	—	—	—	—
장기선급비용As filed	—	—	0	0	1	1	—	—	—	—	—
무형자산As filed	79	77	—	—	—	—	—	—	—	—	—
장기보증금자산As filed	—	—	—	49	48	50	—	—	—	—	—
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	10	461	37
종속기업, 조인트벤처와 관계기업에 대한 투자자산As filed	—	—	95	117	128	—	—	—	—	—	—
매입채무As filed	—	—	1,136	1,111	964	811	1,591	2,003	2,030	2,669	2,750
자본조정As filed	-19	-19	-19	-19	—	-16	—	—	-16	—	—
유동성사채As filed	—	—	—	—	—	200	—	—	—	0	—
미지급금As filed	75	114	60	82	70	111	96	104	137	127	245
유동성회사채As filed	300	—	300	—	—	—	—	—	300	—	0
기타투자자산As filed	—	—	—	—	0	—	—	—	—	—	—
선수금As filed	70	29	31	37	25	4	24	15	18	37	115
자본과부채총계As filed	5,205	5,192	5,390	5,265	5,126	5,425	6,590	7,523	8,018	10,429	—
유동성장기미지급금As filed	1	1	1	—	—	—	—	—	—	—	—
선수수익As filed	0	0	0	0	0	0	—	—	—	—	0
예수금As filed	2	2	3	3	3	4	3	4	4	8	10
유동성확정계약부채As filed	—	—	—	—	—	115	38	31	1	7	6
미지급비용As filed	90	168	148	118	36	48	54	108	98	163	354
부채와 자본 총계As filed	—	—	—	—	—	—	—	—	—	—	13,779
유동성파생상품부채As filed	—	—	—	—	—	2	8	84	39	103	109
미지급배당금As filed	0	0	0	0	0	0	0	0	0	0	0
당기법인세부채As filed	18	23	0	0	0	9	4	50	84	78	15
부가가치세예수금As filed	—	—	5	—	—	23	2	4	8	—	—
유동성금융리스부채As filed	1	1	—	—	—	—	—	—	—	—	—
유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	526	212
부가세예수금As filed	22	14	—	8	1	—	—	—	—	4	9
유동성계약부채As filed	—	—	—	0	0	0	2	0	0	—	—
기타유동금융부채As filed	—	—	41	37	34	—	—	—	—	—	—
유동파생상품부채As filed	—	—	8	34	9	—	—	—	—	—	—
유동확정계약부채As filed	—	—	33	2	25	—	—	—	—	—	—
장기선수수익As filed	1	1	0	0	0	0	—	—	—	—	—
파생상품부채As filed	76	27	—	—	—	—	—	—	—	—	—
이연법인세부채As filed	296	260	251	263	248	271	291	271	256	224	332
장기매입채무 및 기타비유동채무As filed	—	—	826	1,171	806	—	—	—	—	—	—
유동성충당부채As filed	—	—	—	—	—	—	—	—	—	1	1
임대보증금As filed	0	0	0	—	—	0	1	1	1	1	1
회사채As filed	299	300	—	—	—	—	—	—	0	—	—
장기미지급금As filed	1	1	—	—	—	—	—	—	—	—	—
충당부채As filed	0	0	—	0	0	0	1	1	1	4	2
비유동파생상품부채As filed	—	—	31	13	2	54	11	14	6	0	14
순확정급여부채As filed	23	9	15	11	9	2	—	—	—	—	12
금융리스부채As filed	3	1	—	—	37	—	—	—	—	—	—
비유동확정계약부채As filed	—	—	—	0	—	—	0	—	0	—	—
장기종업원급여부채As filed	—	—	—	—	—	—	5	5	155	—	—
장기임대보증금As filed	—	—	—	0	0	—	—	—	—	—	—
기타비유동금융부채As filed	—	—	31	14	3	—	—	—	—	—	—
기타자본As filed	—	—	—	—	—	—	-16	-16	—	—	—
기타미확정부채As filed	—	—	—	—	68	49	—	—	—	—	—
기타장기종업원급여부채As filed	—	—	—	—	—	—	—	—	—	155	160
비유동충당부채As filed	—	—	1	—	—	—	—	—	—	—	—
비유동계약부채As filed	—	—	—	1	1	—	—	—	—	—	—
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	20	—
장기차입금As filed	—	—	—	—	—	—	—	—	—	—	43

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	7,810	7,494	8,370	8,407	8,303	8,574	10,704	14,165	14,986*	17,271	25,457
Cost of salesKRW 100M	Not applicable	Not applicable	7,994	8,052	7,912	8,095	10,086	13,279	13,859*	16,105	23,402
Gross profitKRW 100M	396	425*	375	355	390	480	618	885	1,127*	1,166	2,055
SG&A expensesKRW 100M	Not applicable	Not applicable	297	303	319	353	452	601	690*	716	1,263
	Not applicable	Not applicable	79	52	71	127	166	285	437*	450	792
Finance incomeKRW 100M	Not applicable	Not applicable	53	28	37	99	96	325	161*	173	228
Finance costsKRW 100M	Not applicable	Not applicable	68	68	78	124	125	392	263*	248	407
Other incomeKRW 100M	Not applicable	Not applicable	174	106	208	374	329	465	153*	152	287
Other expensesKRW 100M	Not applicable	Not applicable	220	101	169	354	366	487	126*	172	266
	Not applicable	Not applicable	16	13	61	119	88	133	284*	356	635
Income tax expenseKRW 100M	Not applicable	Not applicable	1	12	6	24	29	28	105*	102	121
	21	40*	15	1	55	95	59	105	179*	254	514
Attributable to ownersKRW 100M	Not applicable	Not applicable	14	1	55	95	59	105	179*	254	514
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	1	0	-0	Not applicable	Not applicable	Not applicable	0	0	0
Basic earnings per shareKRW	513	975*	356	24	1,391	2,418	1,489	2,458	2,907	3,270	3,107
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	3,270	3,107
	14	43*	-15	28	-5	92	69	134	155*	634	785
Other comprehensive incomeKRW 100M	-8	4	-30	27	-59	-3	11	29	-24*	381	271

관계기업투자손실As filed	—	—	—	—	—	-2	-12	-63	-79	0	0
비지배지분As filed	1	2	—	—	—	—	—	—	0	0	0
관계기업투자손익As filed	—	—	-2	-4	-8	—	—	—	—	—	—
매출 원가As filed	-7,414	-7,070	—	—	—	—	—	—	—	—	—
지배기업의 소유주As filed	20	38	—	—	—	—	69	134	155	634	785
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-24	26	1	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	-11	—	—	—	—	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	-0	—	—	—	—	—	—	—	—
파생상품평가손익As filed	4	5	-20	23	-2	-4	3	1	-1	-54	248
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	6	5	—	—	—	—	14	10	1	—	—
관계법인자본변동As filed	—	—	—	3	3	-7	—	—	—	—	—
관계기업자본변동As filed	—	—	-4	—	—	—	12	9	2	0	0
판매비와 관리비As filed	-297	-257	—	—	—	—	—	—	—	—	—
1. 후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	—	—	—	-54	252
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-5	1	-60	—	—	—	—	—	—
영업이익As filed	99	168	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는항목As filed	—	—	—	—	—	—	-4	20	-26	—	—
기타 수익As filed	279	191	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목As filed	—	—	—	—	—	8	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	2	-51	-0	1	-1	0	—	—
기타 비용As filed	-297	-286	—	—	—	—	—	—	—	—	—
금융 수익As filed	42	44	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-5	-1	-9	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	9	-5	21	-26	-16	0
해외사업장환산외환차이As filed	—	—	—	—	—	—	—	—	—	—	4
금융 원가As filed	-91	-79	—	—	—	—	—	—	—	—	—
2. 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	435	19
법인세비용차감전순이익As filed	32	38	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	—	—	—	—	—	—	450	19
법인세 비용As filed	-10	2	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익As filed	2	0	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목As filed	-14	-1	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	-16	27	-4	92	—	—	—	—	—
확정급여제도의 재측정요소As filed	-14	-1	—	—	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	1	0	-0	—	—	—	—	—	—
당기순이익(손실)의 귀속As filed	21	40	—	—	—	—	—	—	—	—	—
총포괄이익(손실)의 귀속As filed	14	43	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	21	40	15	1	55	95	59	105	179	254	514
Total adjustments to operating cash flowcomputed	343	337	-166	275	-159	5	-171	150	15	139	-97
	364	377	-152	276	-105	100*	-113	255	194*	393	417
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
DepreciationKRW 100M	64	61	60	57	67	79	81	84	83	—	—
Income taxes paidKRW 100M	Not applicable	Not applicable	23	12	2	-2	14	8	77*	136	137
	-219	163	-210	-55	-90	-163*	-112	-54	-134*	-256	-154
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	60	30	56	76	94	67	102*	107	245
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	4	1	2	2	2	0	25*	2	23
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	0	0	3	2
	-10	-503	183	-142	-28	101	390	90	94*	-209	1,090
Dividends paidKRW 100M	-24	-24	24	24	24	24	24	17	2*	0	121
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	114	0
Issue of sharesKRW 100M	—	—	—	—	—	—	—	232	136	0	0
Cash at beginning of periodKRW 100M	Not applicable	Not applicable	385	206	286	63	101	267	557*	710	637
	347	385	206	286	63	101	267	557	710*	637	1,974
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	-16
Net change in cash and cash equivalentsKRW 100M	136	38	-179	80	-223	39	166	290	153*	-73	Not applicable

당기순이익As filed	—	—	—	—	—	95	59	105	179	—	—
당기순이익(손실)As filed	21	40	15	1	55	—	—	—	—	—	—
현금및현금성자산의 환율변동효과As filed	—	—	0	-0	-0	-0	-0	-0	-0	—	—
비현금 조정As filed	182	—	—	—	—	—	—	—	—	—	—
비현금 항목의 조정As filed	—	143	—	—	—	—	—	—	—	—	—
비현금항목의 조정As filed	—	—	136	118	148	190	367	144	383	—	—
법인세비용As filed	10	-2	1	12	6	24	29	28	105	102	121
퇴직급여As filed	21	23	25	26	25	30	25	26	19	32	48
대손상각비As filed	46	0	10	7	3	5	17	22	19	97	42
무형자산처분손실As filed	—	1	0	—	0	0	—	0	0	0	—
임대보증금의 증가As filed	—	—	—	—	—	—	1	—	0	-0	0
외화환산손실As filed	16	15	8	1	24	19	43	67	32	86	146
기타의 대손상각비As filed	—	13	—	—	—	4	—	—	—	—	—
장기차입금의 차입As filed	—	—	—	—	—	416	396	250	200	201	2
파생상품평가손실As filed	233	87	8	46	8	51	7	151	83	57	103
회사채의 발행As filed	—	—	—	199	—	—	299	—	0	—	897
리스부채의 상환As filed	—	—	—	—	—	21	20	20	21	23	44
외환환산이익As filed	-3	-8	—	—	—	—	—	—	—	—	—
유형자산처분손실As filed	—	0	1	0	—	1	0	0	0	0	0
유형자산처분이익As filed	0	0	1	0	2	0	1	0	14	1	22
기타의 대손상각비(환입)As filed	—	—	—	—	—	—	-2	-0	0	—	—
단기차입금의 차입As filed	—	—	—	—	—	639	3,857	4,371	3,972	4,199	4,845
매출채권처분손실As filed	4	—	—	—	—	5	7	12	13	10	—
매출채권할인평가손실As filed	—	—	—	—	1	—	-0	1	0	—	—
외화환산이익As filed	—	—	2	14	5	56	10	46	28	45	151
재고자산처분이익As filed	—	-2	—	—	—	—	—	—	—	—	—
재고자산처분손실As filed	—	1	—	—	—	—	—	—	—	—	—
판매보증충당부채환입As filed	-0	—	—	—	-0	-0	—	—	—	—	—
재고자산평가손실As filed	—	14	-1	1	10	—	—	—	—	6	6
단기차입금의 상환As filed	—	—	872	1,708	75	465	3,654	4,611	3,673	3,898	3,790
파생상품평가이익As filed	-247	-94	-33	-2	-48	-116	-78	-180	-83	100	27
회사채의 상환As filed	—	—	—	-300	—	—	-200	—	0	300	0
매도가능증권처분이익As filed	-5	—	—	—	—	—	—	—	—	—	—
매도가능증권처분손실As filed	0	0	—	—	—	—	—	—	—	—	—
유동성장기차입금의 상환As filed	—	—	-232	—	—	405	-226	-62	-444	412	527
매도가능증권손상차손As filed	3	1	—	—	—	—	—	—	—	—	—
투자 부동산처분손실As filed	0	—	—	—	—	—	—	—	—	—	—
이자 수익As filed	-3	-5	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산처분손실As filed	—	—	—	0	0	—	—	—	—	—	—
배당금수익As filed	-0	-0	-0	-0	-0	-0	-0	-0	-0	1	1
이자비용As filed	44	37	34	38	29	41	39	56	74	87	179
이자의 지급As filed	—	—	—	—	—	—	—	—	—	89	171
유형자산손상차손As filed	—	—	2	—	0	—	—	7	1	0	0
판매보증충당부채 전입(환입)As filed	—	0	—	—	—	—	—	—	—	—	—
이자지급As filed	—	—	34	39	28	40	38	54	76	—	—
임차보증금의 감소As filed	—	—	—	—	—	—	2	1	4	6	22
관계기업투자손실As filed	—	—	2	4	8	2	12	63	79	0	0
대여금의 감소As filed	—	—	2	13	1	13	3	3	3	5	8
당기손익인식금융자산 평가이익As filed	—	-0	—	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	8	1	1	5	23
무형자산손상차손As filed	—	—	—	—	—	—	32	—	0	—	—
당기손익공정가치측정 금융자산 처분손실As filed	—	—	—	—	—	0	—	—	—	—	—
대여금의 증가As filed	—	—	3	17	0	13	14	2	4	4	6
확정계약평가이익As filed	—	—	-51	-62	-48	-76	-37	-218	-2	0	18
확정계약평가손실As filed	—	—	78	8	72	218	216	72	8	24	22
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	0
판매보증충당부채전입As filed	—	—	0	-0	—	—	—	—	—	—	—
기타포괄손익-공정가치측정 금융자산의 감소As filed	—	—	—	—	—	—	—	0	0	0	—
장기금융상품의 감소As filed	—	—	—	—	—	—	—	0	0	0	4
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	—	0
이자수익As filed	—	—	3	2	2	2	1	2	7	12	23
관계기업에 대한 투자자산의 취득As filed	—	—	102	22	15	—	6	—	0	—	—
복구충당부채전입As filed	—	—	—	—	1	—	—	—	—	—	—
임대료의 수취As filed	—	—	—	—	—	—	—	—	—	6	6
재고자산평가손실(환입)As filed	—	—	—	—	—	-1	—	—	-2	—	—
재고자산평가손실환입As filed	—	—	—	—	—	—	0	-2	—	—	—
사업결합으로 인한 증감As filed	—	—	—	—	—	—	—	—	60	18	-46
충당부채환입As filed	—	—	—	—	—	—	14	—	—	0	0
기타보증금의 증가As filed	—	—	—	—	—	—	—	—	—	3	0
상각후원가측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	10
국고보조금의 상환As filed	—	—	—	—	—	—	-0	—	0	—	—
잡이익As filed	—	—	1	—	—	4	5	0	0	0	0
배당금의 수취As filed	—	—	—	—	—	—	—	—	—	1	1
잡손실As filed	—	—	—	—	—	—	8	—	0	—	—
기타보증금의 감소As filed	—	—	0	—	—	—	—	—	—	—	3
배당금수취As filed	—	—	0	0	0	0	0	0	0	—	—
이자의 수취As filed	—	—	—	—	—	—	—	—	—	11	20
판매보증비(환입)As filed	—	—	—	—	—	—	0	0	-0	0	0
이자수취As filed	—	—	3	2	2	2	1	2	7	—	—
무형자산의 처분As filed	—	2	6	—	1	6	—	9	-4	0	0
염가매수차익As filed	—	—	—	—	—	34	—	—	—	—	—
운전자본의 변동As filed	177	224	-280	169	-306	-187	-524	14	-291	—	—
매출채권As filed	155	-167	-252	64	-121	171	-632	-288	-503	-92	-75
투자부동산의 취득As filed	—	—	—	—	—	—	—	—	—	148	0
미수금As filed	4	12	-3	-5	-3	-17	15	6	-29	11	-13
3. 운전자본의 변동As filed	—	—	—	—	—	—	—	—	—	-163	-623
선급금As filed	1	0	-0	0	—	0	0	0	-25	-2	207
단기금융상품As filed	—	—	—	—	—	—	-72	-60	—	112	13
부가세대급금As filed	—	—	—	—	-10	6	-5	-13	26	-12	-10
선급비용As filed	0	-0	-0	-0	-0	-3	-3	1	1	2	32
재고자산As filed	47	19	-120	41	51	-92	-367	-197	60	-78	-376
단기보증금As filed	—	—	—	—	—	—	—	—	—	5	0
매입채무As filed	-56	427	67	50	-146	-213	779	444	22	-26	-124
보증금As filed	—	—	—	—	—	—	-11	-4	11	—	—
미지급금As filed	6	44	-51	10	-0	20	-14	8	23	-41	24
부가세예수금As filed	14	-8	-10	4	-7	22	-22	2	-2	-11	5
선수금As filed	47	-41	2	39	-12	-21	20	-9	3	19	-319
장기종업원급여부채As filed	—	—	—	—	—	—	—	-0	151	-0	2
미수수익As filed	1	—	—	—	—	—	—	—	—	—	-3
미지급비용As filed	-16	77	-19	-29	-85	8	10	52	-12	34	51
예수금As filed	0	-0	1	0	0	0	-1	1	0	-0	-9
충당부채As filed	—	—	—	—	—	—	-43	—	0	-6	0
파생상품자산및부채As filed	2	—	45	25	-31	23	115	62	-44	12	13
확정계약자산및부채As filed	—	—	-14	-3	26	-45	-260	64	44	-16	-21
당기손익인식금융자산As filed	—	-99	99	—	—	—	—	—	—	—	—
장기미지급금As filed	—	—	-1	-1	—	—	—	—	—	—	—
관계회사전출입As filed	—	—	0	1	0	-2	—	—	—	—	—
기타미확정부채As filed	—	—	—	—	67	—	—	—	—	—	—
퇴직금의지급As filed	—	-6	-1	-6	-5	-6	-3	-5	-0	—	—
퇴직급여부채As filed	-13	—	—	—	—	—	—	—	—	—	—
관계사전출입As filed	—	4	—	—	—	—	—	—	—	—	—
비유동성계약부채As filed	—	—	—	-0	-0	-1	—	—	—	—	—
사외적립자산As filed	-14	—	—	—	—	—	—	—	—	—	—
법인세의납부As filed	-16	-30	—	—	—	—	—	—	—	—	—
사외적립자산의 납입As filed	—	-38	-23	—	—	-36	-33	-49	-16	—	—
유동성계약부채As filed	—	—	—	0	—	-0	—	—	-0	0	—
유동성계약자산As filed	—	—	—	—	—	—	—	—	—	-16	—
사외적립자산의납입As filed	—	—	—	-22	-30	—	—	—	—	—	—
계약부채As filed	—	—	—	—	—	—	2	-2	—	—	50
장단기금융상품의 감소As filed	—	—	0	0	-27	614	—	—	—	—	—
계약자산As filed	—	—	—	—	—	—	—	—	—	—	15
순확정급여자산As filed	—	—	—	—	—	—	—	—	—	-57	-82
장단기금융상품의 증가As filed	—	—	—	—	—	-674	—	—	—	—	—
장단기금융상품의증가As filed	-200	—	—	—	—	—	—	—	—	—	—
2. 비현금 항목의 조정As filed	—	—	—	—	—	—	—	—	—	438	663
장단기금융상품의감소As filed	—	202	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의취득As filed	—	—	—	-0	-0	—	—	—	—	—	—
대여금의감소As filed	4	16	—	—	—	—	—	—	—	—	—
매도가능금융자산의 취득As filed	—	—	62	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	-0	-0	—	—	—	—	—	—
당기손익- 공정가치측정금융자산의처분As filed	—	—	—	0	0	—	—	—	—	—	—
당기손익공정가치측정금융자산의처분As filed	—	—	—	—	—	0	—	—	—	—	—
대여금의증가As filed	-9	-16	—	—	—	—	—	—	—	—	—
사업결합으로 인한 현금유출As filed	—	—	—	—	—	-28	—	—	—	—	—
매도가능금융자산의처분As filed	15	0	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	—	—	3	2	—	4	—	—	—	—	—
관계기업투자주식의 취득As filed	—	—	—	—	—	-8	—	—	—	—	—
매도가능금융자산의취득As filed	-0	-1	—	—	—	—	—	—	—	—	—
보증금의 감소As filed	—	—	3	0	1	3	—	—	—	—	—
유형자산의 취득As filed	-29	-47	—	—	—	—	—	—	—	—	—
투자부동산의처분As filed	0	—	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	—	—	786	1,731	121	—	—	—	—	—	—
보증금의감소As filed	4	5	—	—	—	—	—	—	—	—	—
보증금의증가As filed	-4	-5	—	—	—	—	—	—	—	—	—
배당금의수취As filed	0	0	—	—	—	—	—	—	—	—	—
이자의수취As filed	2	6	—	—	—	—	—	—	—	—	—
장기차입금의 증가As filed	—	—	560	—	—	—	—	—	—	—	—
단기차입금의증가As filed	2,593	702	—	—	—	—	—	—	—	—	—
금융리스부채의 상환As filed	—	—	1	1	13	—	—	—	—	—	—
단기차입금의감소As filed	-2,688	-696	—	—	—	—	—	—	—	—	—
장기차입금의증가As filed	150	—	—	—	—	—	—	—	—	—	—
리스부채의 증감As filed	-1	-2	—	—	—	—	—	—	—	—	—
회사채의발행As filed	299	—	—	—	—	—	—	—	—	—	—
기타의대손상각비(환입)As filed	—	—	—	—	—	—	—	—	—	0	—
회사채의상환As filed	-300	-300	—	—	—	—	—	—	—	—	—
이자의지급As filed	-38	-34	—	—	—	—	—	—	—	—	—
종속기업청산손실As filed	—	—	—	—	—	—	—	—	—	—	1
충당부채환입액As filed	—	—	—	—	—	—	—	—	-0	—	—
비지배지분의변동As filed	—	—	—	—	-9	—	—	—	—	—	—
장기차입금의감소As filed	—	-150	—	—	—	—	—	—	—	—	—
외화표시 현금및 현금성자산의 환율변동효과As filed	0	0	—	—	—	—	—	—	—	—	—
기초현금및현금성자산As filed	211	347	—	—	—	—	—	—	—	—	—
매출채권할인평가손익As filed	—	—	—	—	—	—	—	—	—	-1	-0
임대료수익As filed	—	—	—	—	—	—	—	—	—	6	5
감가상각비(유,무형자산 및 투자부동산)As filed	—	—	—	—	—	—	—	—	—	104	229
매출채권처분 및 평가손실As filed	—	—	—	—	—	—	—	—	—	—	14
Ⅵ. 당기순이익As filed	—	—	—	—	—	—	—	—	—	254	514
Ⅳ. 현금및현금성자산의 증가(Ⅰ+Ⅱ+Ⅲ)As filed	—	—	—	—	—	—	—	—	—	—	1,353

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 2026.03.16.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 78	안진회계법인	2025-12-31
2024	적정의견Term 77	안진회계법인	2025-12-31
2023	적정의견Term 76	안진회계법인	2025-12-31
2022	적정Term 75	한영회계법인	2022-12-31
2021	적정Term 74	한영회계법인	2022-12-31
2020	적정Term 73	한영회계법인	2022-12-31
2019	적정Term 72	한영회계법인	2019-12-31
2018	적정Term 71	한영회계법인	2019-12-31
2017	적정Term 70	한영회계법인	2019-12-31
2016	적정Term 69	한영회계법인	2016-12-31
2015	적정Term 68	한영회계법인	2016-12-31
2014	적정Term 67	한영회계법인	2016-12-31

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 5Y1.09

Equity risk premium%

Terminal growth%

Cost of equity9.86%

Weighted average cost of capital9.55%

Initial growth10.6%

Effective tax rate19.0%

Base fiscal year2025

Current priceKRW295,500

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

Model	Model priceKRW	Versus current price
Gordon growth model	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	1,071	-99.6%
Discounted cash flow FCFE	156,592	-47.0%
Residual income model RIM	18,332	-93.8%

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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 1.09 × 5.00% = 9.86%

Initial growth

g_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(10.62% × (1 − 0.00%), 0) = 10.62%

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

Residual income model RIM

P_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 = 29,244 KRW, ROE = 10.62%, payout ratio = 0.00%, r = 9.86%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	29,244	3,107	2,883	223	0.9103	203
2	32,351	3,437	3,190	247	0.8286	205
3	35,788	3,802	3,529	273	0.7542	206
4	39,590	4,206	3,903	303	0.6865	208
5	43,796	4,653	4,318	335	0.6249	209
Terminal value				4,344	0.6249	2,714

P_0 = 29,244 + 1,031 + 2,714 = 32,990 KRW

Discounted cash flow FCFF

\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 = 417.4 − 244.7 + 0.0 × (1 − 19.03%) = 172.7 KRW hundred million

Weighted average cost of capital

E = 87,972.3, D = 4,480.8 KRW hundred million; equity weight = 95.15%, debt weight = 4.85%; cost of debt k_d = 4.40%

WACC = 95.15% × 9.86% + 4.85% × 4.40% × (1 − 19.03%) = 9.55%

V_{\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}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	10.62%	191.1	0.9128	174.4
2	8.47%	207.3	0.8332	172.7
3	6.31%	220.3	0.7605	167.6
4	4.16%	229.5	0.6942	159.3
5	2.00%	234.1	0.6337	148.3
Terminal value	2.00%	3,160.9	0.6337	2,002.9
Total				2,825.3

Firm value = 2,825.3; less borrowings 4,480.8; plus cash 1,974.5 → 318.9 KRW hundred million

P_0 = 318.9 KRW hundred million ÷ 16,543,115 (shares) = 1,928 KRW

Discounted cash flow FCFE

\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 = 417.4 − 244.7 + 2,794.1 (net borrowing) = 2,966.9 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	10.62%	3,282.1	0.9103	2,987.5
2	8.47%	3,560.0	0.8286	2,949.7
3	6.31%	3,784.7	0.7542	2,854.4
4	4.16%	3,942.0	0.6865	2,706.2
5	2.00%	4,020.8	0.6249	2,512.6
Terminal value	2.00%	52,181.4	0.6249	32,608.1
Total				46,618.6

P_0 = 46,618.6 KRW hundred million ÷ 16,543,115 (shares) = 281,800 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.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart