005290KOSDAQ

Dongjin Semichem

51,200

+200 (+0.39%)

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

Dongjin Semichem was established in 1973 and is listed on the KOSDAQ market. Headquartered in Incheon, the company operates manufacturing facilities in Hwaseong, Siheung, and Eumseong, and maintains overseas subsidiaries in the United States, Taiwan, Sweden, and China.

The company provides electronic materials for semiconductor and display manufacturing, including photoresists, BARC, and CMP slurry. It also develops materials for fuel cells and secondary batteries. Its products are supplied to semiconductor chip and TFT-LCD manufacturers, as well as chemical companies for industrial foaming agents.

Business overview as filed

당사는 반도체 및 디스플레이용 재료, 대체에너지(Li-ion rechargeable batteries, fuel cells)용 재료와 발포제를 제조 판매하고 있습니다.※ 공시작성기준일 기준이며, 2026년 1월 1일 부로 동진쎄미켐의 발포제사업부문을 물적분할하여 동진이노켐으로 이전하였습니다.당사는 1967년 설립되어 PVC 및 고무발포제를 국내 최초로 개발, 국산화하면서 성장의 토대를 마련하였고, 1973년부터는 발포제 수출업체가 되었습니다. 1992년에는 인도네시아에 해외 생산공장을 설립하고, 1995년에는 시화공장을 증설하는 등 발포제 부문에서 세계적인 업체로 부상하였으며, UNICELL이라는 브랜드로 세계 각국에수출하고 있습니다. 당사가 제조하는 반도체 및 디스플레이용 재료는 감광액(Photoresist), 반사방지막(BARC), SOC(Spin-on-carbon), 연마제(CMP Slurry), Wet Chemical, Colored Resist, Organic Insulating Layer, Column Spacer 등으로 전자소재의 첨단화와 집적화에 기여하는 화학공정 재료입니다.최근에는 전자재료 분야에서 쌓아온 기술력을 바탕으로 차세대 신재생에너지인 연료전지, 이차전지 분야에 집중 투자, 개발하고 있습니다. 고성능 연료전지를 구현하기 위한 촉매 기술, 전해질 기술 및 전극 제작 기술을 바탕으로 고출력, 고내구성 MEA 제조 기술을 확보하였으며 이차전지 관련 독자적 바인더 용해 기술과 최적화된 고밀도 도전재 분산 기술을 응용한 고출력, 고용량 도전재 슬러리를 제품화하였고 차세대 재료인 CNT 도전재, 실리콘 음극재 개발에 힘쓰고 있습니다.

(전자재료사업)

당사는 반도체 및 평판디스플레이용 감광액과 박리액, 세척액, 식각액 등 전자재료를 반도체칩 및 TFT-LCD 등의 제조업체에 납품하고 있습니다.

(발포제사업)

신발밑창 및 장판지 등 건설자재, 자동차 내장제에 주로 사용되는 산업용 기초소재인 발포제를 국내외 화학회사에 주로 납품하고 있으며, 인도네시아 현지법인인 PT.Dongjin Indonesia에서 생산을 담당하고 있습니다.※ 공시작성기준일 기준이며, 2026년 1월 1일 부로 동진쎄미켐의 발포제사업부문을 물적분할하여 동진이노켐으로 이전하였습니다.

당기말 기준 당사의 사업부문별 주요 제품 및 매출액, 매출액에서 차지하는 비율은 아래와 같습니다.

주1) 연결기준입니다.주2) 중국 10개 법인(북경동진쎄미켐과기유한공사, 얼도스시동진쎄미켐전자재료유한공사, 사천동진전자재료과기유한공사, 무한동진쎄미켐과기유한공사, 동진전자재료(계동)유한공사, 성도동진쎄미켐과기유한공사, 합비동진쎄미켐과기유한공사, 중경동진쎄미켐전자재료유한공사, 혜주동진쎄미켐전자재료유한공사, 복주동진쎄미켐과기유한공사) 매각 결정에 따라 중단영업으로 분류하였습니다.

Company overview

가. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

주1) 주요종속회사 판단근거 ① 최근사업연도말 자산총액이 지배회사 자산총액의 10% 이상인 종속회사 ② 최근사업연도말 자산총액이 750억원 이상인 종속회사주2) 상기 주요종속회사는 다음과 같습니다.-DONGJIN USA INC: 2025년말 기준 자산총액이 2,040억원으로 자산총액이 750억원 이상인 종속회사에 해당합니다.-DONGJIN GLOBAL HOLDINGS LIMITED: 2025년말 기준 자산총액이 2,212억원으로 자산총액이 750억원 이상인 종속회사에 해당합니다.-DSM SEMICHEM LLC : 2025년말 기준 자산총액이 1,622억원으로 자산총액이 750억원 이상인 종속회사에 해당합니다.-DONGJIN SEMICHEM TEXAS, INC. : 2025년말 기준 자산총액이 1,676억원으로 자산총액이 750억원 이상인 종속회사에 해당합니다.주3) DONGJIN CHEMICAL MALAYSIA SDN. BHD.는 청산이 완료되어 연결대상 회사에서 제외되었습니다.

1-1. 연결대상회사의 변동내용

- DONGJIN CHEMICAL MALAYSIA SDN. BHD.는 청산이 완료되어 연결대상회사에서 제외되었습니다.

나. 회사의 법적, 상업적 명칭

당사의 명칭은 (주)동진쎄미켐으로 표기합니다. 또한 영문으로는 Dongjin SemichemCo., Ltd.로 표기합니다.

다. 설립일자 및 존속기간

당사는 1973년 7월에 법인설립되어 반도체 및 TFT-LCD 의 노광공정에 사용되는 Photoresist 관련 전자재료사업과 산업용 기초소재인 발포제사업을 주로 영위하고 있습니다. 당사는 인천광역시 서구 백범로에 본점 및 경기도 화성시, 경기도 시흥시, 충청북도 음성군에 제조시설을 가지고 있으며 중국, 대만, 스웨덴 및 미국 등에 현지법인을 두고있습니다. 또한 당사는 1999년 12월에 회사의 주식을 코스닥증권시장에 상장시켰습니다.※ 공시작성기준일 기준이며, 2026년 1월 1일 부로 동진쎄미켐의 발포제사업부문을 물적분할하여 동진이노켐으로 이전하였습니다.

라. 본점의 주소, 전화번호 및 홈페이지

주 소 : 인천광역시 서구 백범로 644 전 화 : 032-578-5091홈페이지 : https://www.dongjin.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 반도체 및 디스플레이용 재료, 대체에너지용 재료와 발포제를 제조 및 판매하고 있습니다.※ 공시작성기준일 기준이며, 2026년 1월 1일 부로 동진쎄미켐의 발포제사업부문을 물적분할하여 동진이노켐으로 이전하였습니다.

1967년 설립 이후, 국내 최초로 PVC 및 고무발포제를 개발, 국산화하면서 성장의 기반을 마련하였고, 1973년부터는 발포제 수출을 시작하였습니다. 1992년에는 인도네시아에 발포제 생산공장을 설립하였으며, 1995년에는 시화공장 증설을 통해 발포제 부문에서 세계적인 업체로 부상하였으며, 현재 UNICELL 브랜드를 통해 세계 각국에 수출하고 있습니다.

당사는 축적된 기술력과 경험을 바탕으로 1980년대 초반 반도체 및 디스플레이 재료 산업에 진출하였습니다. 1983년 EMC 사업을 시작으로 반도체 재료 분야 진출을 적극 확대하였습니다. 1989년에는 반도체 회로의 미세 패턴 형성에 필수적인 반도체용 감광액(Photoresist)을 자체 개발하였습니다. 이후, 1995년 발안공장을 준공하여 수입 의존도가 높았던 반도체 및 디스플레이 전자재료의 국산화를 선도하였으며, 1999년 대만 공장을 시작으로 중국, 스웨덴, 미국 등 현지법인 및 공장을 가동하여 글로벌 시장에 도전하고 있습니다.

전자재료 부문에서는 반도체 및 디스플레이 제조 공정에 필수적인 감광액(Photoresist), 반사방지막(BARC), SOC(Spin-on-carbon), 연마제(CMP Slurry), Wet Chemical, Colored Resist, Organic Insulating Layer, Column Spacer 등 첨단 전자재료를 공급하고 있으며, 이는 공정의 고도화 및 집적화에 기여하는 화학공정 재료입니다.

최근에는 전자재료 분야에서 쌓아온 기술력을 바탕으로 차세대 신재생에너지인 연료전지, 이차전지 분야에 투자, 개발하고 있습니다. 고성능 연료전지를 구현하기 위한 촉매 기술, 전해질 기술 및 전극 제작 기술을 바탕으로 고출력, 고내구성 MEA 제조 기술을 확보하였으며 이차전지 관련 독자적 바인더 용해 기술과 최적화된 고밀도 도전재 분산 기술을 응용한 고출력, 고용량 도전재 슬러리를 제품화하였고 차세대 재료인 CNT 도전재, 실리콘 음극재 개발에 힘쓰고 있습니다.

(전자재료사업)

당사는 반도체 및 평판디스플레이용 감광액과 박리액, 세척액, 식각액 등 전자재료를 반도체칩 및 TFT-LCD 등의 제조업체에 납품하고 있습니다.

(발포제사업)

당기말 기준 당사의 사업부문별 주요 제품 및 매출액, 매출액에서 차지하는 비율은 아래와 같습니다.

(향후 추진하려는 신규사업)당사는 2025년 12월 31일 현재 확정된 신규사업은 없으며, 향후 신규사업에 대한 구체적인 내용이 발생되어 확정되는대로 전자공시 등을 통해 알려드릴 예정입니다.

사. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.19), 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

7.05%

[4.45%, 9.91%] · 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 49.8% (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

1.06

Beta [0.93, 1.19] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.121%[-0.218%, +0.460%]
R squared: 0.59
Observations: 252
Trading-time corrected beta: 0.93[0.73, 1.12]

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 KOSDAQ150 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	7,093	7,650	7,852	8,272	8,753	9,378	11,613	14,572	13,099	14,081	11,941	12,841
Revenue growth%	—	7.85	2.64	5.36	5.81	7.15	23.83	25.48	-10.11	7.50	-15.20	—
Operating incomeKRW 100M	585	454	719	710	1,049	1,263	1,318	2,163	1,762	2,082	1,724	2,079
Operating income growth%	—	-22.32	58.37	-1.28	47.73	20.40	4.40	64.10	-18.55	18.19	-17.18	—
Net incomeKRW 100M	199	264	450	480	587	853	1,029	1,562	1,235	1,435	941	2,044
Net income growth%	—	32.30	70.59	6.58	22.38	45.26	20.67	51.82	-20.91	16.15	-34.42	—
Attributable to ownersKRW 100M	198	260	448	477	585	852	1,033	1,595	1,273	1,548	991	2,091
Attributable to minoritiesKRW 100M	2	4	2	3	2	0	-4	-33	-38	-113	-50	-47
Operating margin%	8.24	5.94	9.16	8.58	11.98	13.46	11.35	14.84	13.45	14.79	14.44	16.19
Net margin%	2.81	3.45	5.73	5.80	6.71	9.09	8.86	10.72	9.43	10.19	7.88	15.92
ROE%	12.04	13.65	16.97	15.79	16.42	19.65	18.66	22.89	15.81	15.52	9.14	17.07
ROA%	3.04	4.01	6.74	6.31	6.98	8.87	8.67	11.37	7.69	7.11	4.69	9.06
Debt ratio%	284.61	233.93	149.32	148.60	133.30	119.35	111.43	96.11	92.29	97.66	82.11	81.59
Current ratio%	60.17	65.49	89.53	102.19	94.80	132.27	150.46	155.52	164.92	149.84	195.20	155.36
Quick ratio%	44.65	49.56	68.77	76.74	74.58	107.09	115.92	116.89	121.85	117.90	161.67	127.15
Reserve ratio%	—	—	875.24	1,024.89	—	—	—	—	—	3,491.43	3,819.95	4,212.76
Free cash flowKRW 100M	215	494	444	118	333	703	-227	971	-1,681	550	1,141	—
FCF margin%	3.03	6.46	5.65	1.43	3.80	7.50	-1.96	6.66	-12.84	3.90	9.55	—
OCF conversion%	301.85	421.67	180.44	129.97	185.28	152.76	73.97	121.68	92.84	158.11	203.27	—
Capex to revenue%	5.46	8.08	4.69	6.11	8.62	6.39	8.51	6.38	21.59	12.21	6.46	—
Receivable daysdays	—	59.9	58.4	61.0	62.9	60.5	59.7	54.2	59.8	62.3	61.2	—
Inventory daysdays	—	37.1	38.5	43.5	47.2	47.7	51.3	59.2	75.7	77.7	87.8	—
Payable daysdays	—	28.2	31.7	34.6	36.6	38.5	42.2	40.8	42.6	40.8	42.5	—
Cash conversion cycledays	—	68.8	65.2	69.8	73.5	69.8	68.8	72.6	92.9	99.2	106.5	—
EPSKRW	443	550	900	928	1,138	1,658	2,008	3,102	2,476	3,010	1,927	4,103
PERx	—	18.36	24.56	7.88	14.72	22.01	25.40	9.66	15.63	6.94	19.02	14.21
BPSKRW	—	4,010	5,135	5,875	6,931	8,437	10,764	13,553	15,658	19,400	21,080	24,040
PBRx	—	2.52	4.30	1.24	2.42	4.33	4.74	2.21	2.47	1.08	1.74	2.43
Dividend per shareKRW	60	60	90	90	90	100	110	130	120	200	650	—
Payout ratio%	13.54	10.91	10.00	9.70	7.91	6.03	5.48	4.19	4.85	6.64	33.73	—

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
	6,557	6,576	6,672	7,605	8,407	9,608	11,862	13,743	16,066	20,170	20,061
	2,557	2,648	3,028	3,636	4,106	5,274	6,902	8,264	8,184	10,830	11,309
Cash and cash equivalentsKRW 100M	560	618	730	858	1,144	2,013	2,312	2,805	2,726	4,174	3,719
Short-term financial instrumentsKRW 100M	—	—	—	—	302	474	554	1,094	898	1,432	644
InventoriesKRW 100M	659	644	702	906	876	1,004	1,585	2,053	2,137	2,308	1,943
Trade and other receivablesKRW 100M	1,259	1,253	1,259	1,504	1,513	1,598	2,201	2,123	2,169	2,634	1,370
	4,000	3,928	3,643	3,968	4,301	4,334	4,960	5,479	7,882	9,340	8,752
Property, plant and equipmentKRW 100M	3,341	3,199	3,058	3,248	3,516	3,735	4,484	4,963	7,416	8,798	7,850
Intangible assetsKRW 100M	Not applicable	Not applicable	173	144	201	205	84	84	78	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	—	149	141	116	132	82	75	56	91
	4,852	4,607	3,996	4,546	4,803	5,228	6,252	6,735	7,711	9,966	9,046
	4,249	4,043	3,383	3,558	4,332	3,987	4,587	5,314	4,962	7,228	5,794
Trade and other payablesKRW 100M	457	535	573	707	676	840	1,289	1,215	1,142	1,193	865
Short-term borrowingsKRW 100M	3,681	3,340	2,693	2,666	3,321	2,775	2,859	3,369	3,501	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	—	92	65
	603	563	613	988	472	1,240	1,664	1,421	2,749	2,738	3,252
Long-term borrowingsKRW 100M	377	373	482	802	222	908	1,382	1,127	2,346	2,474	3,042
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	—	121	81
	1,705	1,969	2,676	3,059	3,604	4,380	5,610	7,008	8,355	10,204	11,016
	1,643	1,902	2,640	3,021	3,563	4,338	5,534	6,968	8,051	9,975	10,838
Issued capitalKRW 100M	234	237	257	257	257	257	257	257	257	257	257
Capital surplusKRW 100M	Not applicable	Not applicable	1,223	1,223	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,220	1,204
Retained earningsKRW 100M	328	574	1,027	1,412	1,934	2,724	3,679	5,210	6,290	7,756	8,616
Other equityKRW 100M	218	207	133	129	149	133	369	271	286	742	761
Non-controlling interestsKRW 100M	62	67	36	38	40	42	76	39	304	230	177

단기금융자산As filed	14	38	217	258	—	—	—	—	—	—	—
당기법인세자산As filed	2	0	5	0	2	2	1	1	1	1	1
기타유동자산As filed	63	95	116	110	128	177	249	188	252	280	276
매각예정유동자산As filed	—	—	—	—	—	7	0	0	—	—	3,356
매각예정부동산As filed	—	—	—	—	141	—	—	—	—	—	—
장기금융자산As filed	5	6	7	5	5	2	5	5	5	2	2
이연법인세자산As filed	136	187	143	150	194	159	150	177	127	116	108
장기매도가능금융자산As filed	29	49	9	10	10	—	—	—	—	—	—
장기매출채권 및 기타채권As filed	127	108	104	115	174	49	39	42	54	—	—
장기투자금융자산As filed	—	—	—	—	—	9	9	9	7	69	234
장기파생금융자산As filed	—	—	—	—	—	—	0	0	0	—	—
무형자산As filed	210	195	—	—	—	—	—	—	—	106	126
투자부동산As filed	147	180	144	142	57	55	54	116	114	116	100
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	—	—	72	239
기타비유동자산As filed	4	5	6	4	3	2	3	1	6	6	4
당기법인세부채As filed	32	84	40	85	163	197	160	424	40	404	233
단기금융리스부채As filed	3	9	—	0	—	—	—	—	—	—	—
기타불입자본As filed	863	884	—	—	1,223	1,223	1,230	1,230	1,218	—	—
기타유동부채As filed	76	76	77	100	143	120	223	229	—	305	280
부채와자본총계As filed	—	—	—	—	—	—	—	—	—	20,170	20,061
장기매입채무 및 기타채무As filed	4	4	5	7	4	3	4	27	25	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	5,235	3,492
자본과부채총계As filed	6,557	6,576	6,672	7,605	8,407	9,608	11,862	13,743	16,066	—	—
단기리스부채As filed	—	—	—	—	28	55	56	76	68	—	—
장기금융리스부채As filed	22	10	—	—	—	—	—	—	—	—	—
순확정급여부채As filed	167	142	106	168	180	187	180	153	250	121	27
매각예정부채As filed	—	—	—	—	—	—	—	—	—	—	859
기타 유동부채As filed	—	—	—	—	—	—	—	—	210	—	—
기타비유동부채As filed	33	34	20	11	19	29	9	11	—	9	14
이연법인세부채As filed	0	—	—	—	—	—	—	0	0	4	84
장기리스부채As filed	—	—	—	—	48	113	90	104	109	—	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	—	—	9	3
매각예정비유동자산As filed	0	—	—	—	—	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	19	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	7,093	7,650	7,852	8,272	8,753	9,378	11,613	14,572	13,099	14,081*	11,941
Cost of salesKRW 100M	5,807	6,416	6,374	6,743	6,888	7,187	9,211	11,204	10,098	10,437*	8,839
Gross profitKRW 100M	1,286	1,233	1,478	1,530	1,864	2,191	2,402	3,368	3,001	3,645*	3,102
SG&A expensesKRW 100M	407	475	464	511*	815	929	1,084	1,205	1,239*	1,063*	964
	585	454	719	710	1,049	1,263	1,318	2,163	1,762	2,082*	1,724
Finance incomeKRW 100M	5	4	7	14	18	17	13	35	100	128*	144
Finance costsKRW 100M	163	Not applicable	Not applicable	Not applicable	138	115	99	148	249	284*	227
Other incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Other expensesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	-8	4	-5
	246	323	580	617	881	1,220	1,358	2,110	1,629	2,021*	1,129
Income tax expenseKRW 100M	-47	59	130	138	294	367	329	-548	394	586*	549
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	—	—	—	580
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	—	—	—	361
	199	264	450	480	587	853	1,029	1,562	1,235	1,435	941
Attributable to ownersKRW 100M	198	260	448	477	585	852	1,033	1,595	1,273	1,548	991
Attributable to minoritiesKRW 100M	2	4	2	3	2	0	-4	-33	-38	-113	-50
Basic earnings per shareKRW	443	550	900	928	1,138	1,658	2,008	3,102	2,476	3,010	1,927
Diluted earnings per shareKRW	428	533	894*	928	1,138	1,658	2,008	3,102	2,476	3,010	1,927
	167	268	409	430	601	821	1,239	1,455	1,124	1,912	926
Other comprehensive incomeKRW 100M	-33	4	-41	-50	14	-32	210	-107	-111	477	-15

기타영업외손익As filed	-180	4	-16	33	-38	81	132	98	24	91	-506
물류비As filed	156	194	202	213	197	193	266	336	264	262	169
판매관리비As filed	—	—	—	—	533	605	645	707	791	—	—
연구개발비As filed	138	111	92	96	86	131	173	162	184	238	245
비지배지분As filed	2	5	—	—	3	0	-2	-36	-37	-72	-57
금융비용As filed	—	138	130	-131	—	—	—	—	—	—	—
지배기업 소유주지분As filed	165	262	—	—	599	820	1,241	1,491	1,161	1,984	983
관계기업투자손익As filed	—	—	—	-10	-10	-25	0	—	—	—	—
지분법손실As filed	—	—	—	—	—	—	—	-38	—	—	—
지분법이익As filed	—	—	—	—	—	—	-6	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	33	-46	—	—	—	—	—	—	—
후속기간에 당기손익으로 재분류되지 않는 포괄손익As filed	-44	14	—	—	—	-16	-27	-7	-127	-21	-27
계속영업손익As filed	—	—	—	—	587	853	—	—	—	—	—
순확정급여부채 재측정요소As filed	-57	19	43	-59	-12	-21	-35	-9	-162	-27	-35
관련 법인세효과As filed	12	-4	—	—	—	—	—	—	—	—	—
법인세 반영 후 기타포괄손익As filed	—	—	—	—	14	—	—	—	—	—	—
후속기간에 당기손익으로 재분류되는 포괄손익As filed	12	-11	—	—	—	-16	237	-100	16	498	12
관련법인세효과As filed	—	—	-9	13	—	—	—	—	—	—	—
해외사업환산손익As filed	15	-24	—	—	25	-17	238	-102	15	497	15
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-74	-4	—	—	—	—	—	—	—
매도가능금융자산평가손익As filed	-4	17	—	—	0	—	—	—	—	—	—
법인세효과As filed	—	—	—	0	6	5	9	2	0	0	3
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	-16	0	—	—	—	—	—	—	—
지분법자본변동As filed	0	—	—	—	1	1	-1	-1	0	0	0
후속기간에 당기손익으로 재분류되지 않는항목As filed	—	—	—	—	-6	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-61	-2	—	—	—	—	—	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	-2	—	—	—	—	—	—	—
후속기간에 당기손익으로 재분류되는 항목As filed	—	—	—	—	21	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	408	427	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	1	3	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	199	264	450	480	587	853	1,029	1,562	1,235	1,435	941
Total adjustments to operating cash flowcomputed	402	848	362	144	501	450	-268	339	-88	834	972
	602	1,112	812	623	1,087	1,302	761	1,901	1,147	2,269	1,913
Interest receivedKRW 100M	4	3	7	11	12	16	13	25	84	112	169
Interest paidKRW 100M	153	139	130	129	141	118	96	133	239	282	227
DepreciationKRW 100M	317	703	387	335	403	444	473	482	535	627	656
AmortisationKRW 100M	38	32	26	19	14	16	15	18	18	19	24
Income taxes paidKRW 100M	-1	-2*	140	83	257	295	353	310*	-11	Not applicable	Not applicable
	-386	-692	-494	-735	-801	-495*	-963	-1,473	-2,607	-2,675	-328
Purchase of property, plant and equipmentKRW 100M	387	618	368	505	755	599	988	929	2,828	1,719	772
Proceeds from sale of property, plant and equipmentKRW 100M	25	22	8	5	6	2	10	2	3	7	2
Purchase of intangible assetsKRW 100M	39	33	9	7	7	6	10	18	11	36	42
	57	-354	-172	246	-4	153*	391	102	1,369	1,500	-1,011
Dividends paidKRW 100M	25	28	29	47	-47	-46	-52	-57	68	62	104
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	—	—	11
Issue of sharesKRW 100M	175	25	351	0	0	2	61	0	193	84	0
Cash at beginning of periodKRW 100M	283	560	618	730	858	1,144	2,013	2,312	2,805	2,726	4,174
	560	618	730	858	1,144	2,013	2,312	2,805	2,726	4,174	3,719
Effect of exchange rate changesKRW 100M	4	-7	-34	-6	3	-92	110	-37	12	354	-19
Net change in cash and cash equivalentsKRW 100M	277	59	112	128	285	869	299	492	-79	1,448	555

당기순이익As filed	199	264	—	—	587	853	1,029	1,562	1,235	1,435	941
당기순이익(손실)As filed	—	—	450	480	—	—	—	—	—	—	—
가감As filed	583	1,049	784	693	964	1,042	987	1,363	1,192	1,613	2,108
매각예정자산에 포함된 현금및현금성자산As filed	—	—	—	—	—	—	—	—	—	—	-1,010
리스부채의 감소As filed	—	—	—	—	37	60	75	84	91	100	108
유상감자As filed	—	—	—	—	—	—	—	—	—	0	0
퇴직급여As filed	48	59	57	53	59	60	61	67	72	94	105
법인세비용As filed	47	59	130	138	294	367	329	548	394	586	657
투자부동산감가상각비As filed	2	2	2	2	2	1	1	2	3	3	3
금융비용As filed	163	138	130	131	138	115	99	148	249	284	240
장기차입금의 차입As filed	—	172	329	629	106	834	843	319	1,343	1,367	1,250
외화환산손실As filed	35	45	39	18	16	103	14	164	31	72	86
단기차입금의 차입As filed	—	3,712	3,956	3,080	2,946	2,628	2,296	3,191	3,684	5,683	4,824
유형자산처분손실As filed	1	1	26	1	1	3	2	4	0	2	0
무형자산처분손실As filed	1	0	—	0	1	0	0	2	0	0	0
매도가능금융자산처분손실As filed	0	—	—	—	0	—	—	—	—	—	—
장기차입금의 상환As filed	600	294	152	228	305	500	176	201	294	1,253	1,573
단기차입금의 상환As filed	3,407	3,943	4,591	3,194	2,683	2,794	2,488	3,066	3,400	4,218	5,289
종속기업투자의 추가취득As filed	—	—	-25	0	0	—	-18	0	0	—	—
종속기업투자처분손실As filed	0	—	—	—	—	—	—	—	—	—	—
유형자산손상차손As filed	149	—	58	0	58	47	14	0	0	196	304
무형자산손상차손As filed	26	—	0	17	0	0	1	0	0	0	0
관계기업투자손실As filed	—	—	—	10	12	26	—	—	—	—	—
기타 현금의 유출없는 비용등As filed	23	—	—	—	—	—	—	—	—	—	—
대손상각비As filed	—	—	—	—	—	55	7	6	—	81	26
투자금융자산의 처분As filed	—	—	—	—	—	1	0	0	7	2	0
관계기업투자의 처분As filed	0	—	—	—	—	—	—	—	1	0	0
금융수익As filed	-5	-4	-7	-14	18	17	13	35	100	128	153
외화환산이익As filed	17	35	50	7	20	42	42	112	37	317	34
지분법손실As filed	—	—	—	—	—	—	6	38	8	0	5
관계기업투자의 취득As filed	—	—	—	-161	0	0	-40	0	0	—	40
기타의 대손상각비As filed	—	—	—	—	—	2	18	0	0	—	—
매도가능금융자산처분이익As filed	-0	—	-21	0	0	—	—	—	—	—	—
유형자산처분이익As filed	1	3	4	4	5	2	3	1	2	1	1
장기금융상품의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
장기대여금의 회수As filed	9	0	15	0	0	0	20	0	0	0	1
단기금융자산의 감소As filed	25	39	39	221	312	760	490	634	1,528	1,581	1,685
무형자산처분이익As filed	-1	—	—	6	0	0	—	—	—	—	—
관계기업투자처분이익As filed	0	—	—	—	-0	0	0	—	1	0	0
기타 현금의 유출 없는 비용등As filed	—	—	13	12	12	8	11	35	27	8	7
단기금융자산의 취득As filed	-30	-64	-228	-254	359	937	547	1,191	1,326	2,017	1,003
단기대여금의 회수As filed	26	28	26	22	18	45	47	3	0	0	—
매도가능금융자산평가손실As filed	—	—	—	—	1	—	—	—	—	—	—
유형자산손상차손환입As filed	-9	—	—	1	—	—	—	—	—	—	—
파생상품자산의 취득As filed	—	—	—	—	—	—	-0	0	0	—	—
무형자산손상차손환입As filed	0	-2	—	—	2	1	0	2	0	0	—
투자금융자산평가손실As filed	—	—	—	—	—	0	1	0	0	36	0
기타현금의 유출없는 비용 등As filed	—	10	—	—	—	—	—	—	—	—	—
매도가능금융자산손상차손As filed	—	—	—	0	0	0	—	—	—	—	—
배당금수익As filed	0	—	—	—	—	—	—	—	—	1	3
투자금융자산의 취득As filed	—	—	—	—	—	-0	0	0	—	100	70
투자금융자산처분손실As filed	—	—	—	—	—	0	0	—	—	—	—
기타 현금의 유입이 없는 수익등As filed	-27	—	—	—	—	—	—	—	—	—	—
단기대여금의 대여As filed	—	-28	-22	-67	-15	-45	-15	0	0	409	0
매출채권의 감소(증가)As filed	-107	—	—	—	-22	-78	-641	43	-2	-194	—
장기대여금의 대여As filed	-1	—	—	—	—	—	-11	-1	0	0	101
기타유동금융채권의 감소(증가)As filed	61	—	13	-9	-34	6	22	-4	1	-10	-15
기타유동자산의 감소(증가)As filed	6	—	—	—	-24	-50	-73	50	-72	-24	—
기타비유동자산의 감소(증가)As filed	-1	—	—	—	—	—	—	—	—	—	—
기타비유동금융채권의 감소(증가)As filed	-9	7	—	—	—	-2	—	-2	4	-2	-2
장기금융자산의 취득As filed	-2	-1	-0	-0	0	0	-4	0	—	—	1
관계기업투자손상차손As filed	—	—	—	—	—	—	17	10	0	23	0
국고보조금의 수령As filed	—	—	—	—	—	—	85	26	21	16	14
재고자산의 감소(증가)As filed	-20	12	-65	-203	38	-127	-532	-469	-73	—	—
매입채무의 증가(감소)As filed	-36	41	82	88	-13	158	455	-140	-49	113	78
기타유동금융채무의 증가(감소)As filed	-11	47	-27	5	-10	7	-6	8	-84	1	-90
기타유동부채의 증가(감소)As filed	6	11	2	23	39	-29	66	49	-17	67	11
무형자산의 처분As filed	5	0	—	11	0	0	—	1	0	0	—
파생상품관련손실As filed	—	—	—	—	—	—	0	0	0	0	—
기타 현금의 유입 없는 수익등As filed	—	—	1	8	1	1	25	6	9	34	10
기타비유동금융채무의 증가(감소)As filed	0	—	1	2	—	-1	0	1	-1	6	2
사외적립자산의감소As filed	-25	—	—	—	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-158	-349	—	—	—	—	—	—	—
관계기업투자이익As filed	—	—	—	—	-2	-0	—	—	—	—	—
관계회사퇴직금의 이입As filed	1	—	0	2	0	0	—	—	—	—	—
기타 현금의 유입이 없는 수익 등As filed	—	-3	—	—	—	—	—	—	—	—	—
관계회사퇴직금의 전출As filed	0	—	-1	0	0	-1	-1	0	—	3	1
매출채권의 증가As filed	—	—	-76	-192	—	—	—	—	—	—	-177
매출채권의 증가(감소)As filed	—	34	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금As filed	—	—	—	—	—	—	—	—	—	2,638	2,711
자산부채의 증감As filed	—	—	—	—	—	—	—	—	—	-410	-337
퇴직금지급액As filed	23	—	—	—	—	—	—	—	—	—	—
기타 영업활동으로 인한 자산 부채의 증감As filed	-46	—	—	—	—	—	—	—	—	—	—
기타유동금융채권의 증가(감소)As filed	—	-3	—	—	—	—	—	—	—	—	—
지분법이익As filed	—	—	—	—	—	—	0	0	1	4	0
기타 대손충당금환입As filed	—	—	—	—	—	0	0	5	—	—	—
기타유동자산의 증가As filed	—	-36	-24	6	—	—	—	—	—	—	-20
자산ㆍ부채의증감As filed	—	—	—	—	-78	-200	-827	-607	-434	—	—
기타비유동자산의 증가As filed	—	-2	-3	-0	-0	-0	-3	-0	-7	-0	-0
사외적립자산의 감소(증가)As filed	—	—	—	—	-15	-37	-50	-65	-98	—	—
투자금융자산평가이익As filed	—	—	—	—	—	-0	0	0	5	0	96
기타 비유동금융채권의 감소(증가)As filed	—	—	5	-8	—	—	—	—	—	—	—
투자부동산처분이익As filed	—	—	—	—	—	144	0	0	—	—	—
퇴직금 지급액As filed	—	22	-26	-34	-44	-36	-53	-38	-39	-58	-192
사외적립자산의 증가As filed	—	-43	-22	-19	—	—	—	—	—	-189	-42
기타 영업활동으로 인한 자산부채의 증감As filed	—	—	—	—	—	—	—	—	—	1	-2
기타 영업활동으로 인한 자산ㆍ부채의 증감As filed	—	—	—	—	—	—	—	—	1	—	—
기타비유동금융채무의 증가As filed	—	1	—	—	—	—	—	—	—	—	—
재고자산의 증가As filed	—	—	—	—	—	—	—	—	—	-118	112
기타 영업활동으로 인한 자산, 부채의 증감As filed	—	—	-17	-10	—	-10	-4	-41	—	—	—
법인세의 납부As filed	-33	-66	—	—	—	—	—	—	-703	213	748
매도가능금융자산의 처분As filed	6	—	48	0	0	—	—	—	—	—	—
기타비유동금융채권의 감소As filed	—	—	—	—	7	—	-8	—	—	—	—
배당금의 수취As filed	0	—	—	—	—	—	—	—	—	1	3
매도가능금융자산의 취득As filed	3	3	4	1	1	—	—	—	—	—	—
기타투자활동으로 인한 현금유출액As filed	-0	-0	0	0	0	0	—	—	—	—	—
법인세의 환급As filed	—	—	—	0	1	4	8	1	—	12	4
투자금융자산처분이익As filed	—	—	—	—	—	—	—	—	—	0	0
투자부동산의 취득As filed	—	36	—	—	—	—	—	—	—	—	—
기타비유동금융부채의 증가(감소)As filed	—	—	—	—	-0	—	—	—	—	—	—
장기금융자산의 감소As filed	5	—	—	2	0	0	—	—	—	—	—
기타재무활동으로 인한 현금유입액As filed	—	—	7	6	16	88	0	—	—	—	—
금융리스부채의 증가As filed	21	4	—	—	—	—	—	—	—	—	—
기타재무활동으로인한현금유입액As filed	25	9	—	—	—	—	—	—	—	—	—
금융리스부채의 감소As filed	-31	-10	-19	0	—	—	—	—	—	—	—
기타영업활동으로 인한 자산부채 증감As filed	—	—	—	—	-1	—	—	—	—	—	—
단기대여금및수취채권의 취득As filed	25	—	—	—	—	—	—	—	—	—	—
기타 재무활동으로 인한 현금 유출액As filed	—	—	-0	0	—	—	—	—	—	—	—
기타재무활동으로인한 현금 유출액As filed	-0	-0	—	—	—	—	—	—	—	—	—
기타의대손상각비As filed	—	—	—	—	—	—	—	—	—	67	292
연결대상범위변동으로 인한 증가As filed	—	—	—	—	0	0	0	0	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	285	0	0	—	—	—
기타의 대손충당금환입As filed	—	—	—	—	—	—	—	—	0	0	—
대손상각비(대손충당금환입)As filed	—	—	—	—	—	—	—	—	-9	—	—
단기차입금의 증가As filed	3,610	—	—	—	—	—	—	—	—	—	—
장기차입금의 증가As filed	290	—	—	—	—	—	—	—	—	—	—
기타재무활동으로 인한 현금유출액As filed	—	—	—	—	0	—	—	—	—	—	—

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 2026.03.19.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 53	정동회계법인	2025-12-31
2024	적정의견Term 52	정동회계법인	2025-12-31
2023	적정의견Term 51	정동회계법인	2025-12-31
2022	적정Term 50	한울회계법인	2022-12-31
	적정Term 49	한울회계법인	2022-12-31
	적정Term 48	한울회계법인	2022-12-31
2019	적정Term 47	정동회계법인	2019-12-31
2018	적정Term 46	정동회계법인	2019-12-31
2017	적정Term 45	정동회계법인	2019-12-31
2016	적정Term 44	정동회계법인	2016-12-31
	적정Term 43	정동회계법인	2016-12-31
	적정Term 42	정동회계법인	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 5Y0.99

Equity risk premium%

Terminal growth%

Cost of equity9.35%

Weighted average cost of capital8.88%

Initial growth6.1%

Effective tax rate35.0%

Base fiscal year2025

Current priceKRW51,200

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	9,022	-82.4%
Dividend discount model DDM	9,889	-80.7%
Discounted cash flow FCFF	42,037	-17.9%
Discounted cash flow FCFE	50,570	-1.2%
Residual income model RIM	20,400	-60.2%

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% + 0.99 × 5.00% = 9.35%

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(9.14% × (1 − 33.73%), 0) = 6.06%

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

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 650 × (1 + 2.00%) / (9.35% − 2.00%) = 663 / 0.0735 = 9,022 KRW

Dividend discount model DDM

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 = 650, g_1 = 6.06%, g_T = 2.00%, r = 9.35%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	6.06%	689	0.9145	630
2	5.04%	724	0.8363	606
3	4.03%	753	0.7648	576
4	3.01%	776	0.6994	543
5	2.00%	792	0.6396	506
Terminal value	2.00%	10,987	0.6396	7,028
Total				9,889

P_0 = 9,889 KRW

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 = 21,080 KRW, ROE = 9.14%, payout ratio = 33.73%, r = 9.35%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	21,080	1,927	1,971	-44	0.9145	-40
2	22,357	2,044	2,090	-46	0.8363	-39
3	23,712	2,167	2,217	-49	0.7648	-38
4	25,148	2,299	2,351	-52	0.6994	-37
5	26,671	2,438	2,493	-55	0.6396	-35
Terminal value				-770	0.6396	-492

P_0 = 21,080 + -189 + -492 = 20,400 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 = 1,912.6 − 771.6 + 226.6 × (1 − 35.00%) = 1,288.2 KRW hundred million

Weighted average cost of capital

E = 26,324.2, D = 3,041.8 KRW hundred million; equity weight = 89.64%, debt weight = 10.36%; cost of debt k_d = 7.45%

WACC = 89.64% × 9.35% + 10.36% × 7.45% × (1 − 35.00%) = 8.88%

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	6.06%	1,366.2	0.9184	1,254.8
2	5.04%	1,435.1	0.8435	1,210.6
3	4.03%	1,493.0	0.7747	1,156.6
4	3.01%	1,538.0	0.7115	1,094.3
5	2.00%	1,568.7	0.6535	1,025.1
Terminal value	2.00%	23,251.8	0.6535	15,194.4
Total				20,935.7

Firm value = 20,935.7; less borrowings 3,041.8; plus cash 3,719.1 → 21,613.1 KRW hundred million

P_0 = 21,613.1 KRW hundred million ÷ 51,414,494 (shares) = 42,037 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 = 1,912.6 − 771.6 + 568.1 (net borrowing) = 1,709.0 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	6.06%	1,812.5	0.9145	1,657.6
2	5.04%	1,904.0	0.8363	1,592.3
3	4.03%	1,980.7	0.7648	1,514.9
4	3.01%	2,040.4	0.6994	1,427.1
5	2.00%	2,081.2	0.6396	1,331.2
Terminal value	2.00%	28,887.3	0.6396	18,477.5
Total				26,000.6

P_0 = 26,000.6 KRW hundred million ÷ 51,414,494 (shares) = 50,570 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