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KREDKRED
002380KOSPI

KCC

460,500
-7,000 (-1.50%)

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

KCC is a company established in 1958 and headquartered in Seoul. It is listed on the KOSPI market.

The company operates as a precision chemical enterprise. Its business segments include construction materials, paints, silicon, and other materials. Main products include gypsum boards, automotive and marine paints, silicones, and ceramic substrates. It supplies these products to customers such as Hyundai Motor, HD Hyundai Heavy Industries, P&G, and 3M.

Business overview as filed

당사는 1958년 창사 이래 건축 산업용 자재와 도료, 실리콘 및 첨단소재를 생산하는 종합정밀화학 기업이며 수익을 창출하는 용역의 성격에 따라 주요 영업부문을 건자재, 도료, 실리콘, 기타 부문으로 구분하고 있습니다.

[건자재 부문]

건자재 산업은 대규모 자본, 설비 및 사업용 부지가 요구되는 자본집약형 장치산업으로서 대규모의 투자가 요구됩니다. 국내 건축자재 시장은 과점구조로서 브랜드 및 유통망에 의한 진입장벽이 높으며 과점시장인 현재 시장구도에서 안정적인 사업영위가 가능합니다. 다만, 국내 경제의 저성장 기조, 가계대출의 급격한 증가에 따른 내수 위축 및 소비심리 저하, 주택담보대출 금리인상 가능성, 3인 이상 가구 수 감소 등 수요기반의 불안요인과 정부의 부동산 정책 등으로 인해 국내 주택경기 회복세가 둔화될 가능성 또한 존재합니다. 건자재 부문의 주요 제품은 내장재로는 석고보드, 천장재로는 마이톤(암면흡음천장판), 석고텍스(석고천장판)을 생산하고 있으며 보온단열재로는 미네랄울(암면), 그라스울(유리면), 세라믹화이버 등을 생산하여 건축용, 산업용, 선박용, 패널용 등 다양한 소비자 요구에 맞춰 공급하고 있습니다. 2025년 연결 기준 매출액은 9,666억원으로 전체 매출액 중 14.91%의 매출비중을 차지하고 있습니다.

[도료 부문]도료 산업은 건설, 자동차, 조선 등의 산업용은 물론 생활 주변에 사용되는 가정용 등 다양한 방면에 사용되고 있습니다. 생산 초기에는 대량생산이 주를 이루었으나 현재는 다양한 수요에 적절히 대응하기 위하여 다품종 생산체제를 이루고 있으며, 점차 기술력을 요하는 선박용 특수 도료 등 고부가가치 제품으로 시장의 주력이 이동하고 있는 상황입니다. 따라서 시장은 과거 많은 군소업체가 난립하여 경쟁하던 단계에서 기술력과 브랜드파워를 겸비한 상위업체 위주로 재편되고 있습니다. 도료산업은 원재료의 수입 비중이 높아 환율 및 유가와 밀접한 관련이 있으며, 전방산업인 건설, 자동차, 조선, 전자산업 등의 경기에 많은 영향을 받고 있습니다.도료 부문의 주요 제품으로는 건축도료, 중방식도료, 분체도료, 일반공업도료, PCM도료, 자동차도료, 플라스틱 도료 등이 있으며 건설, 자동차, 조선, 전자 등의 다양한 산업의 원재료로 쓰이는 것은 물론 개인들의 가정용 수요 등 다양한 방면에 사용된다는 특징을 가지고 있습니다. 2025년 연결 기준 매출액은 1조 9,098억원으로 전체 매출액 중 29.46%의 매출비중을 차지하고 있습니다. [실리콘 부문]실리콘 산업은 일반 소비자들이 사용하는 생활용품등의 소비재 시장의 견조한 시장 성장을 바탕으로 자동차, 전기전자 등 각종 산업에 응용처가 확대되고 있습니다. 최근 전기차 시장의 성장과 고령화에 따른 의료용 수요 증대로 고부가가치 실리콘 제품을 중심으로 더욱 높은 시장 성장이 전망되고 있습니다.실리콘 산업은 실리콘 메탈 등을 원료로 하여 실리콘의 기초 원료인 모노머(MCS: Methyl Chlorosilane)를 생산하는 Upstream 공정과 이를 원료로 하여 다양한 실리콘 제품을 생산하는 Downstream 공정을 포괄하는 사업으로 주요 제품은 실리콘 및 실란트입니다. 건축 경기의 영향이 상대적으로 덜한 부문이지만 전방산업인 의료, 제약, 화장품, 건축, 자동차, 전기전자, 우주, 항공산업 등의 업황 변동 및 원재료 가격 변동 등에 따라 당사의 실리콘부문 매출 및 수익성이 영향을 받을 수 있습니다. 2025년 연결 기준 매출액은 3조 671억원으로 전체 매출액 중 47.30%의 매출비중을 차지하고 있습니다.

[기타 부문]기타 부문의 주요 제품 및 서비스로는 진공관, 고주파 발진부 등 각종 전자기 부품의 소재로 사용되는 A/M(Alumina Metalizing)제품과 파워모듈용 세라믹 기판에 사용되는 DCB(Direct Copper Bonding)를 생산하고 있습니다. 유리장섬유(Glass Fiber) 제품의 경우 내화학성, 강도, 불연성, 전기절연성, 내열 및 내구성이 우수하여 전기, 전자, 자동차, 항공기 부품 등의 복합재료로 다양하게 사용되고 있으며 다양한 전방산업의 업황에 따라 당사의 매출 및 수익성에 영향을 받을 수 있습니다. 2025년 연결 기준 매출액은 5,403억원으로 전체 매출액 중 8.33%의 매출비중을 차지하고 있습니다. 주) 매출액 및 매출비중은 내부거래 제외 기준입니다.

Company overview

가. 연결대상 종속회사 현황 (1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "주식회사 케이씨씨"로 표기하고 영문으로는 "KCC Corporation"으로 표기합니다. 단, 약식으로 표기할 경우에는 "(주)케이씨씨" 또는 "KCC" 라고 표기합니다.

다. 설립일자 및 존속기간당사는 국내 최대의 건축자재 산업을 영위할 목적으로 1958년 금강스레트공업주식회사를 설립하였습니다. 1973년 기업공개를 통해 유가증권시장에 상장을 하였고, 1976년 사명을 주식회사 금강으로 변경하였습니다. 국내 굴지의 건축자재 업체로 성장하던 중 사업 영역 확대를 목적으로 2000년 고려화학(주)를 흡수합병하면서 사명을 (주)금강고려화학으로 변경하였습니다. 이후 2005년 글로벌 경쟁력 강화를 목적으로 사명을 (주)케이씨씨로 변경하여 현재까지 사용하고 있습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소주 소 : 서울특별시 서초구 사평대로 344전화번호 : 02-3480-5000홈페이지 : https://www.kccworld.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

[건자재 | 매출비중(14.91%)] PVC, 석고보드 등이 있으며 주요 거래처로 벽산, 영화 등이 있습니다. [도 료 | 매출비중(29.46%)] 선박용, 자동차용 도료 등이 있으며 주요 거래처로 현대자동차, HD현대중공업 등이 있습니다.[실리콘 | 매출비중(47.30%)] 실리콘, 실란트가 있으며 주요 거래처로 P&G, 3M 등이 있습니다.[기 타 | 매출비중(8.33%)] A/M, DCB 등이 있으며 주요 거래처로 현대건설, 현대엔지니어링 등이 있습니다.주) 매출비중은 내부거래 제외 기준입니다.

사. 신용평가에 관한 사항 당사는 회사채 및 기업어음 발행 목적으로 매년 수시ㆍ정기적으로 신용평가를 받고 있습니다. 최근 3년간 평가된 평가 대상 및 평가기관별 신용평가 내용은 아래와 같습니다.

(1) 해외

[해외 신용등급 체계 및 등급정의]

(2) 국내

[국내 신용등급 체계 및 등급정의]

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.09), 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

3.92%
[2.27%, 6.64%] · 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 48.2% (2026-07-29). 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

0.79
Beta [0.67, 0.92] · KOSPI200 · As of 2026-10-08
Intercept
-0.188%[-0.515%, +0.140%]
R squared
0.51
Observations
252
Trading-time corrected beta
0.89[0.68, 1.11]
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 100M34,14434,90538,64037,82227,19650,83658,74967,74862,88466,58864,83866,117
Revenue growth%—2.2310.70-2.12-28.1086.9315.5715.32-7.185.89-2.63—
Operating incomeKRW 100M3,0923,2663,2982,4351,3321,3383,8884,6773,1254,7114,2764,008
Operating income growth%—5.621.00-26.17-45.300.48190.4620.29-33.1750.74-9.23—
Net incomeKRW 100M——423-231-2,2195,609-5322879252,93315,38536,573
Net income growth%———-154.62——-109.49—222.74217.07424.56—
Attributable to ownersKRW 100M——418-236-2,2255,964-4583392,1273,10615,38536,573
Attributable to minoritiesKRW 100M——556-355-74-52-1,202-1730—
Operating margin%9.069.368.546.444.902.636.626.904.977.086.606.06
Net margin%——1.09-0.61-8.1611.03-0.910.421.474.4023.7355.32
ROE%——0.71-0.41-5.0012.24-0.910.664.116.1619.6633.20
ROA%——0.44-0.26-2.364.54-0.410.220.692.249.1617.31
Debt ratio%47.7153.5562.6956.16110.68135.37139.56136.32145.13160.13114.7691.73
Current ratio%160.43136.4494.19186.0370.61111.88135.86140.44108.91123.64100.0191.52
Quick ratio%122.12105.1173.08144.3654.1281.6487.4785.5172.4474.6361.5956.65
Reserve ratio%8,559.488,696.0710,675.7410,476.269,923.3712,809.9310,879.4111,128.9411,345.3111,471.0115,131.9321,152.09
Free cash flowKRW 100M——-8943,030-8764,4261,696-24,0933,3914,696—
FCF margin%——-2.318.01-3.228.712.89-0.006.515.097.24—
OCF conversion%——786.99——121.21—1,341.75852.16203.4851.31—
Capex to revenue%——10.936.2413.334.674.335.686.033.874.93—
Receivable daysdays—93.592.5—————————
Inventory daysdays——66.871.094.262.989.099.4109.5108.2117.2—
Payable daysdays——79.184.1135.682.955.353.0————
Cash conversion cycledays——80.2—————————
EPSKRW——4,249-2,397-23,03867,113-5,1523,81128,91742,230209,201425,618
PERx——89.67——2.94—53.677.905.582.011.14
BPSKRW——554,654542,792421,723548,119566,626575,907582,612567,077880,4941,282,076
PBRx——0.690.570.550.360.560.360.390.420.480.38
Dividend per shareKRW—9,0009,0009,0005,5005,7007,0008,0001,0008,00010,000—
Payout ratio%——211.81——8.49—209.943.4618.944.78—

Consolidated basis

Profit flowKRW 100M

Revenue
64,838
Cost of sales
48,463
Gross profit
16,375
Non-operating income
19,612
SG&A expenses
12,099
Operating income
4,276
Profit before tax
23,888
Net income
15,385
Income tax expense
8,503

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
86,68491,62495,43889,65493,822123,476128,789131,185133,535131,086*168,036
27,99831,95436,77532,24149,29071,01675,02875,67379,05980,692*89,791
58,68759,66958,66357,41344,53252,46053,76155,51154,47550,393*78,245

Income statement

20152016201720182019202020212022202320242025
34,14434,90538,64037,822*27,19650,83658,74967,74862,88466,58864,838
3,0923,2663,2982,435*1,3321,3383,8884,6773,1254,7114,276
2,5072,320939-123*-1,9556,9411,1291,1202,4444,699*23,888
Not applicableNot applicable423-231-2,2195,609-5322879252,933*15,385
Basic earnings per shareKRWNot applicableNot applicable4,249-2,397*-23,038Not applicableNot applicableNot applicable28,91742,230*209,201
Diluted earnings per shareKRWNot applicableNot applicable4,249-2,397*-23,038Not applicableNot applicableNot applicable28,91742,230*209,201
Not applicableNot applicable-34-358*-2,4224,0912,2473,283-4482,896*26,321

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement——423-231-2,2195,609-5322879252,93315,385
Total adjustments to operating cash flowcomputed——2,9065,6214,9671,1904,7733,5596,9583,035-7,490
Not applicableNot applicable3,3295,3902,7486,7994,2403,8467,8835,9687,895
Not applicableNot applicable-6,585-503-7,163*-24-2,373361-3,5532,8152,694
Not applicableNot applicable1,416-5,2385,672*-6,414-1,611-1,841-1,617-14,541-3,624
Cash at beginning of periodKRW 100M7,4524,4455,8833,8003,3724,6464,9255,4127,76710,4515,013
4,4455,8833,8003,3722,144*4,9255,4127,76710,4515,01311,936
Net change in cash and cash equivalentsKRW 100M-3,0541,350Not applicable-3511,2563602562,365Not applicableNot applicableNot applicable

In the latest fiscal year operating and investing activities brought cash in while financing activities paid cash out.

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 2026.03.09.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 68한영회계법인2025-12-31
2024적정의견Term 67한영회계법인2025-12-31
2023적정의견Term 66한영회계법인2025-12-31
2022적정Term 65삼정회계법인2022-12-31
2021적정Term 64삼정회계법인2022-12-31
2020적정Term 63삼정회계법인2022-12-31
2019적정Term 62한영회계법인2019-12-31
2018적정Term 61한영회계법인2019-12-31
2017적정Term 60한영회계법인2019-12-31
2016적정Term 59삼정회계법인2016-12-31
2015적정Term 58삼정회계법인2016-12-31
2014적정Term 57삼정회계법인2016-12-31

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 5Y0.85
%
%
Cost of equity8.63%
Weighted average cost of capital6.22%
Initial growth18.7%
Effective tax rate35.0%
Base fiscal year2025
Current priceKRW460,500

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 model153,744-66.6%
Dividend discount model DDM221,509-51.9%
Discounted cash flow FCFF1,657,710+260.0%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM3,378,818+633.7%
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% + 0.85 × 5.00% = 8.63%

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(19.66% × (1 − 4.78%), 0) = 18.72%

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 = 10,000 × (1 + 2.00%) / (8.63% − 2.00%) = 10,200 / 0.0663 = 153,744 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 = 10,000, g_1 = 18.72%, g_T = 2.00%, r = 8.63%

YearGrowthDividend KRWDiscount factorPresent value KRW
118.72%11,8720.920510,929
214.54%13,5990.847411,523
310.36%15,0080.780011,706
46.18%15,9350.718011,442
52.00%16,2540.660910,743
Terminal value2.00%249,8960.6609165,167
Total221,509

P_0 = 221,509 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 = 880,494 KRW, ROE = 19.66%, payout ratio = 4.78%, r = 8.63%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1880,494173,12876,02597,1030.920589,385
21,045,346205,54290,259115,2830.847497,685
31,241,063244,025107,158136,8670.7800106,757
41,473,424289,713127,221162,4920.7180116,671
51,749,289343,955151,041192,9150.6609127,505
Terminal value2,965,9510.66091,960,321

P_0 = 880,494 + 538,003 + 1,960,321 = 3,378,818 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 = 7,894.8 − 3,199.1 + 0.0 × (1 − 35.00%) = 4,695.7 KRW hundred million

Weighted average cost of capital

E = 40,922.2, D = 29,387.0 KRW hundred million; equity weight = 58.20%, debt weight = 41.80%; cost of debt k_d = 4.40%

WACC = 58.20% × 8.63% + 41.80% × 4.40% × (1 − 35.00%) = 6.22%

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
118.72%5,574.90.94145,248.5
214.54%6,385.60.88635,659.7
310.36%7,047.20.83445,880.4
46.18%7,482.80.78565,878.2
52.00%7,632.40.73965,644.7
Terminal value2.00%184,501.40.7396136,451.3
Total164,762.7

Firm value = 164,762.7; less borrowings 29,387.0; plus cash 11,936.1 → 147,311.9 KRW hundred million

P_0 = 147,311.9 KRW hundred million ÷ 8,886,471 (shares) = 1,657,710 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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