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KREDKRED
001120KOSPI

LX International

43,350
-600 (-1.37%)

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

LX International was established in 1953 and listed on the KOSPI market in 1976. Headquartered in Seoul, the company operates with a structure that includes 101 subsidiaries across domestic and overseas locations.

The company operates in three business segments. The resources segment focuses on mineral resources and palm plantations. The trading and new growth segment distributes resources, materials, and IT components. The logistics segment provides forwarding and contract logistics services. Its primary customer is LG Electronics.

Business overview as filed

당사의 사업은 크게 자원(광물 자원, 팜 등), Trading/신성장(자원, 소재, IT부품 Trading 및 신규 성장/투자 사업 등), 물류(포워딩 및 CL 사업)로 이루어져 있습니다.

[자원]

자원 부문은 광물 자원에 대한 투자 및 팜농장 운영 사업을 영위하고 있습니다. 향후, 니켈 자산 개발 등 성장성이 높을 것으로 전망되는 분야에 대한 신규 투자를 적극적으로 검토하고 있습니다. '25년 말 누계 기준 자원 부문의 매출액은 약 1조 2,176억원으로 이는 전체 매출액의 7.3%에 해당합니다. 이 중 수출 비중은 약 0.1%, 내수 비중은 약 5.6%, 기타 비중은 약 1.6% 입니다.

(주1) 호주탄 Newcastle Index NAR 6,000 / 인도네시아탄 Argus Index GAR 4,200 (주2) PTPN (인니국영농장사 PT Perkebunan Nusantara 팜오일 경매가)

(주3) 한국석유공사 석유정보망 Petronet (http://www.petronet.co.kr)

[Trading/신성장]

Trading/신성장 부문은 자원, 소재 및 IT부품 Trading 사업과 신성장 동력 발굴을 위한 투자 사업 등을 영위하고 있습니다. 석탄, 팜오일 등 자원 및 메탄올 등 주요 석유화학제품, 가전/자동차용 철강재에 대한 국내외 업체들과의 거래를 지속하는 가운데 ESG 트렌드에 부합하는 신규 Trading 품목 발굴에도 힘쓰고 있습니다. IT부품은 고객사의 효율적 통합공급사업을 지원하는 Trading 사업을 진행중이며, 차세대 기술 중심으로 품목 확대를 지속 추진중입니다. 아울러, 신규 수익원 확보 및 ESG 측면에서 포트폴리오 고도화를 달성하기 위한 다양한 신규 성장/투자들을 검토하고 있습니다. '25년 말 누계 기준 Trading/신성장 부문의 매출액은 약 7조 6,168억원으로 이는 전체 매출액 중 45.6%에 해당합니다. 이 중 수출 비중은 약 28.9%, 내수 비중은 약 16.3%, 기타 비중은 약 0.4% 입니다.

(주1) 메탄올(Platts, CFR Korea)

(주2) LCD 43'' FHD(Display Supply Chain Consulting)

(주3) 요소(중국 화학비료협회, 내몽고 FOB 증치세 포함)(주4) 월별 매출액을 판매물량으로 나누어 산출하였음.

[물류]

물류부문은 포워딩 사업 및 CL사업으로 구성되어 있습니다. 포워딩 사업은 화주로부터 위탁 받은 화물의 국제운송을 주선 및 중개하는 사업이며, CL(Contract Logistics) 사업은 고객으로부터 물류센터의 운영 및 내륙운송의 관리를 위임받아 대행하는 사업입니다. '25년 말 누계 기준 물류 부문의 매출액은 약 7조 8,719억원으로 이는 전체 매출액의 47.1%에 해당합니다. 이 중 수출 비중이 약 0.2%, 기타 비중이 약 46.9% 입니다.

(주1) CCFI/SCFI(Shanghai Shipping Exchange)(주2) BDI(The Baltic Exchange)

자원 및 Trading/신성장 부문은 국내 12개 담당, 28개 팀과 해외 6개 무역법인, 17개 해외지사 및 33개 투자법인의 판매조직을 보유하고 있으며, 물류 부문은 국내 5개 사업부, 26개 담당과 해외 53개 법인을 판매조직으로 보유하고 있습니다. 통상 수출, 수입, 삼국간 거래의 방식으로 판매를 진행하고 있으며 L/C(신용장), O/A(사후송금방식), T/T(전신환송금방식) 등으로 대금을 회수하고 있습니다. 당사는 기존 거래선에 대한 판매 물량 확대 및 신규 수요처 개발 등으로 판매 역량을 강화해나가고자 하며, 글로벌 네트워크 및 인프라 등을 통해 안정적인 물류 서비스를 제공하고 있습니다. 연결기준 주요 매출처는 2025년 말 기준 LG전자 1곳입니다.

Company overview

1. 연결대상 종속회사 개황

국내 주식시장에 상장된 종속회사는 없음.※ 주요 종속회사는 직전년도 자산총액이 지배회사 자산총액의 10% 이상이거나, 750억원 이상인 종속회사임.※ 총 101개 종속회사 중 국내종속기업수: 10개, 해외종속기업수: 91개

연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "주식회사 LX인터내셔널"이고, 한글로는 "주식회사 엘엑스인터내셔널"이라 하며, 영문명은 "LX INTERNATIONAL CORP."입니다.

다. 설립일자 및 존속기간

당사는 1953년 11월 26일에 설립되었으며, 1976년 1월 30일에 상장되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

주 소 : (03184) 서울특별시 종로구 새문안로 58전 화 : 02-6924-3114홈페이지 : http://www.lxinternational.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

보고서 제출 기준일 현재, 당사 사업 부문은 자원 부문, Trading/신성장 부문, 물류 부문으로 구분됩니다. 자원 부문은 광물 자원, 팜 사업 등이, Trading/신성장 부문은 자원, 소재, IT부품 Trading 사업 등이, 물류 부문은 포워딩 및 CL사업이 포함되어 있습니다.'25년 누계 기준 각 부문이 매출에서 차지하는 비중은 자원 부문 7.3%, Trading/신성장 부문 45.6%, 물류 부문 47.1%입니다.사업 부문별로 진행 중인 자세한 사업의 내용은 동 보고서의 'Ⅱ.

사. 신용평가에 관한 사항

(1) 신용등급 내역

[LX인터내셔널]

[LX판토스]

(2) 기업어음평가 신용등급체계 및 정의

상기 등급 중 A2부터 B등급까지는 +,- 부호를 부가하여 동일 등급 내에서의 우열을 나타내고 있음

(3) 회사채평가/기업신용평가 신용등급체계 및 정의

상기 등급 중 AA부터 B등급까지는 +,- 부호를 부가하여 동일 등급 내에서의 우열을 나타내고 있음

(4) 신용평가의 종류

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

4.24%
[2.97%, 6.73%] · 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 40.8% (2026-08-03). 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

0.14
Beta [0.01, 0.27] · KOSPI200 · As of 2026-10-08
Intercept
+0.093%[-0.251%, +0.437%]
R squared
0.03
Observations
252
Trading-time corrected beta
-0.05[-0.31, 0.20]
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 100M132,245119,667128,27299,882105,309112,826166,865187,595145,143166,376167,063178,154
Revenue growth%—-9.517.19-22.135.437.1447.9012.42-22.6314.630.41—
Operating incomeKRW 100M8171,7412,1231,6571,3481,5986,5629,6554,3314,8922,9223,470
Operating income growth%—113.0921.93-21.95-18.6418.59310.5647.14-55.1412.95-40.27—
Net incomeKRW 100M-2,171848882-360-1493,6165,4037,7931,9342,6951,5831,438
Net income growth%——4.05-140.81——49.4344.23-75.1939.37-41.27—
Attributable to ownersKRW 100M-2,354581602-7042862,9763,5015,1521,1711,7571,4181,197
Attributable to minoritiesKRW 100M183266280344-4346401,9032,641763938165241
Operating margin%0.621.451.651.661.281.423.935.152.982.941.751.95
Net margin%-1.640.710.69-0.36-0.143.203.244.151.331.620.950.81
ROE%-19.634.665.04-6.242.4422.2419.7222.795.156.605.124.03
ROA%-4.031.641.78-0.71-0.306.708.0110.102.423.021.701.43
Debt ratio%248.83214.66213.32225.13214.86206.88182.98154.21160.01169.03163.83165.42
Current ratio%118.73127.34119.90118.04116.83125.59127.56152.71154.64134.73146.94133.80
Quick ratio%90.76102.6891.8294.3292.4099.9897.80128.92119.95108.90118.49105.13
Reserve ratio%——547.95506.35515.19664.66837.291,066.541,065.721,173.371,208.711,238.85
Free cash flowKRW 100M——1,063-7231,6062,1061,03810,896——1,105—
FCF margin%——0.83-0.721.521.870.625.81——0.66—
OCF conversion%—271.76204.81——70.4632.50156.92——438.78—
Capex to revenue%——0.581.030.610.390.430.710.670.643.50—
Receivable daysdays—43.0——————————
Inventory daysdays—20.216.921.919.220.119.818.522.321.521.2—
Payable daysdays—47.7——————————
Cash conversion cycledays—15.5——————————
EPSKRW-6,0901,5041,557-1,8207397,9329,73314,3253,2554,5333,9433,088
PERx—19.4517.44—20.373.112.722.379.035.978.2411.92
BPSKRW—32,22130,81529,11530,22434,52545,79458,33858,62168,63471,51776,688
PBRx—0.910.880.530.500.720.580.580.500.390.450.48
Dividend per shareKRW2002502502503004002,3003,0001,200—2,000—
Payout ratio%—16.6216.06—40.605.0423.6320.9436.87—50.72—

Consolidated basis

Profit flowKRW 100M

Revenue
167,063
Cost of sales
153,287
Gross profit
13,776
Other
10,854
Operating income
2,922
Profit before tax
2,028
Non-operating expenses
893
Net income
1,583
Income tax expense
446

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
53,83551,77349,67650,38148,76053,95967,46977,19079,95389,30993,283
38,40235,31933,82134,88533,27436,37643,62646,82549,20456,11357,926
15,43316,45415,85515,49515,48617,58323,84230,36530,75033,19635,357

Income statement

20152016201720182019202020212022202320242025
132,245119,667128,27299,882105,309112,826166,865187,595145,143166,376167,063
8171,7412,1231,6571,3481,5986,5629,6554,3314,8922,922
-2,1521,3321,7791,566-7534,5597,34711,3323,4284,6042,028
-2,171848882-360-1493,6165,4037,7931,9342,6951,583
Basic earnings per shareKRW-6,0901,5041,557-1,8207397,9329,73314,3253,255Not applicable3,943
Diluted earnings per shareKRW-6,0901,5041,557-1,8207397,9329,73314,3253,255Not applicableNot applicable
-1,902825-434-2602092,6776,6108,2202,3635,0782,199

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement-2,171848882-360-1493,6165,4037,7931,9342,6951,583
Total adjustments to operating cash flowcomputed5,1481,4569246682,398-1,068-3,6474,436——5,362
2,9772,3031,8063082,2502,5481,75612,229Not applicableNot applicable6,944
-2,776-2,180-102-6937812,658-483-5,220-7,772-2,528-5,326
276-2,377-669-73-2,298-2,37682199-1,775-3,981631
Cash at beginning of periodKRW 100M4,7995,2893,1123,9523,4204,2366,9008,41915,50711,38912,180
5,2893,1123,9523,4204,2366,9008,41915,50711,38912,18014,235
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable1,035-4587332,8301,3557,208Not applicableNot applicableNot applicable

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 2026.03.18.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 73안진회계법인2025-12-31
2024적정의견Term 72안진회계법인2025-12-31
2023적정의견Term 71안진회계법인2025-12-31
2022적정Term 70한영회계법인2022-12-31
2021적정Term 69한영회계법인2022-12-31
2020적정Term 68한영회계법인2022-12-31
2019적정Term 67한영회계법인2019-12-31
2018적정Term 66한영회계법인2019-12-31
2017적정Term 65한영회계법인2019-12-31
2016적정Term 64한영회계법인2016-12-31
2015적정Term 63한영회계법인2016-12-31
2014적정Term 62한영회계법인2016-12-31

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 5Y0.31
%
%
Cost of equity5.96%
Weighted average cost of capital5.23%
Initial growth2.5%
Effective tax rate22.0%
Base fiscal year2025
Current priceKRW43,350

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 model51,469+18.7%
Dividend discount model DDM52,104+20.2%
Discounted cash flow FCFF159,906+268.9%
Discounted cash flow FCFE557,688+1,186.5%
Residual income model RIM55,934+29.0%
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% + 0.31 × 5.00% = 5.96%

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(5.12% × (1 − 50.72%), 0) = 2.52%

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%) / (5.96% − 2.00%) = 2,040 / 0.0396 = 51,469 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 = 2.52%, g_T = 2.00%, r = 5.96%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.52%2,0500.94371,935
22.39%2,0990.89061,870
32.26%2,1470.84051,804
42.13%2,1930.79321,739
52.00%2,2360.74851,674
Terminal value2.00%57,5540.748543,082
Total52,104

P_0 = 52,104 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 = 71,517 KRW, ROE = 5.12%, payout ratio = 50.72%, r = 5.96%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
171,5173,6594,265-6060.9437-572
273,3203,7514,372-6220.8906-554
375,1683,8454,483-6370.8405-536
477,0633,9424,596-6530.7932-518
579,0064,0424,712-6700.7485-501
Terminal value-17,2360.7485-12,902

P_0 = 71,517 + -2,681 + -12,902 = 55,934 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 = 6,944.2 − 5,839.4 + 1,348.4 × (1 − 21.98%) = 2,156.8 KRW hundred million

Weighted average cost of capital

E = 16,802.5, D = 21,142.0 KRW hundred million; equity weight = 44.28%, debt weight = 55.72%; cost of debt k_d = 5.96%

WACC = 44.28% × 5.96% + 55.72% × 5.96% × (1 − 21.98%) = 5.23%

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
12.52%2,211.10.95032,101.2
22.39%2,264.00.90302,044.4
32.26%2,315.20.85811,986.7
42.13%2,364.50.81541,928.1
52.00%2,411.80.77491,868.8
Terminal value2.00%76,086.00.774958,957.7
Total68,886.9

Firm value = 68,886.9; less borrowings 21,142.0; plus cash 14,234.8 → 61,979.7 KRW hundred million

P_0 = 61,979.7 KRW hundred million ÷ 38,760,000 (shares) = 159,906 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 = 6,944.2 − 5,839.4 + 7,192.4 (net borrowing) = 8,297.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.52%8,506.30.94378,027.6
22.39%8,709.70.89067,756.9
32.26%8,906.60.84057,485.8
42.13%9,096.30.79327,215.0
52.00%9,278.20.74856,945.2
Terminal value2.00%238,769.40.7485178,729.3
Total216,159.8

P_0 = 216,159.8 KRW hundred million ÷ 38,760,000 (shares) = 557,688 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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