005440KOSPI

Hyundai G.F. Holdings

12,850

+570 (+4.64%)

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

Hyundai G.F. Holdings is a company established in 1968 and headquartered in Seoul. It is listed on the KOSPI market.

The company and its subsidiaries operate across multiple segments including food services, distribution, food ingredients, furniture, corporate sales, heavy equipment manufacturing, home shopping, construction materials, telecommunications, bio, clothing retail, and travel and rental services.

Business overview as filed

지배회사인 주식회사 현대지에프홀딩스 및 그 종속회사는 푸드서비스, 유통, 식재, 가구, 법인영업, 중장비사업, 홈쇼핑업, 건축자재업, 전기통신 및 바이오사업, 의류도소매업, 복지 및 모바일식권업과 기타 여행/임대업 등으로 구성되어 있습니다. 각 사업부문의 주요 제품 및 서비스 및 당기말 요약 매출현황은 다음과 같습니다.

(*1) 기타사업은 항공권 발권 및 여행알선, 투자부동산 임대 등으로 구성되어 있습니다.

지배회사 및 종속회사는 원활한 영업활동을 위해 적정수준의 원재료 및 재고자산을 보유하고자 노력하는 한편, 효율적이고 적극적인 투자를 통해 미래 성장동력 및 수익창출의 극대화를 달성하고자 최선을 다하고 있습니다.

지배회사 및 종속회사는 금융상품과 관련하여 신용위험, 유동성위험, 시장위험(가격위험, 이자율위험 및 환위험)과 같은 다양한 금융위험에 노출되어 있으며, 재무적 성과에 영향을 미치는 잠재적 위험을 식별하여 감소, 제거 및 회피하고자 노력하고 있습니다.

한편, 회사는 연구 개발활동을 위해 기술연구소, 디자인연구소 등을 운영하여 적극적으로 제품의 개선 및 신제품출시를 위한 연구를 하고 있습니다. 주요 종속회사의 당기말 연구개발비용 요약은 아래와 같습니다.

또한 주요 종속회사는 특허권, 상표권 등 다양한 지적재산권을 보유하여 차별화된 경쟁력을 유지하는 한편 사업장에 적용되는 환경규제를 준수하고 현장 근로자의 안전 및 작업환경 개선을 위한 다양한 활동을 영위하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

-연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 중소기업 등 해당 여부

라. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

마. 회사의 법적, 상업적 명칭

회사의 명칭은 주식회사 현대지에프홀딩스라고 표기합니다. 또한 영문으로는 Hyundai G.F. Holdings Co.,Ltd.라 표기합니다. 단, 약식으로 표기할 경우에는 (주)현대지에프홀딩스라고 표기합니다.

바. 설립일자 및 존속기간

회사는 1968년 2월 27일자에 설립되어, 1989년 8월 당사의 주식을 한국증권거래소에 상장하였습니다.

사. 본사의 주소, 전화번호, 홈페이지 주소

- 본사주소 : 서울시 강남구 테헤란로 98길 12, 13층- 전화번호 : 02-6904-0142- 홈페이지 : https://www.hyundaigfholdings.co.kr

아. 주요사업의 내용

당사는 현재 법인영업 사업, 가구사업, 중장비 제조사업 등을 주요 사업으로 영위하고있습니다.

자. 신용평가에 관한 사항

당사는 전자단기사채 및 기업어음, 회사채 발행 목적에 의하여 또는 기타 수시평가에 의하여 신용평가전문기관으로부터 평가를 받고 있으며, 최근 3년 공시대상기간동안의 신용평가 현황은 아래와 같습니다.

① 최근 3년간 신용등급 (*)인적분할로 인해 한국신용평가주식회사로부터 수시평가를 받았습니다.

② 전자단기사채 및 기업어음 신용등급체계

* 상기 등급 중 A2부터 B등급까지의 3등급에는 그 상대적 우열 정도에 따라 +,- 부호를 부가하여 나타내고 있음.

③ 회사채 ④ 회사채 신용등급체계

* 상기 등급 중 AA부터 B등급까지는 +,- 부호를 부가하여 동일등급내에서의 우열을 나타내고 있음

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

3.45%

[2.16%, 5.46%] · 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 40.4% (2026-08-19). 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

0.39

Beta [0.28, 0.50] · KOSPI200 · As of 2026-10-08

Intercept: +0.082%[-0.359%, +0.524%]
R squared: 0.14
Observations: 252
Trading-time corrected beta: 0.33[0.13, 0.53]

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	21,128	25,217	25,340	32,517	31,243	32,385	34,861	39,232	26,295	74,093	80,916	81,601
Revenue growth%	—	19.36	0.48	28.33	-3.92	3.65	7.65	12.54	-32.98	181.78	9.21	—
Operating incomeKRW 100M	879	1,052	871	1,372	899	786	586	600	-110	1,981	2,741	3,069
Operating income growth%	—	19.64	-17.20	57.58	-34.50	-12.59	-25.40	2.41	-118.38	—	38.35	—
Net incomeKRW 100M	915	1,053	1,215	1,272	639	816	413	423	11,009	7,920	5,187	4,909
Net income growth%	—	15.10	15.40	4.74	-49.75	27.56	-49.32	2.40	2,500.79	-28.06	-34.51	—
Attributable to ownersKRW 100M	908	949	1,134	1,031	548	711	435	559	11,273	6,989	4,120	3,516
Attributable to minoritiesKRW 100M	6	104	81	241	91	104	-21	-135	-264	931	1,067	1,393
Operating margin%	4.16	4.17	3.44	4.22	2.88	2.43	1.68	1.53	-0.42	2.67	3.39	3.76
Net margin%	4.33	4.17	4.79	3.91	2.05	2.52	1.19	1.08	41.87	10.69	6.41	6.02
ROE%	6.21	6.28	6.77	6.04	3.19	3.99	2.38	3.07	41.71	20.74	10.30	6.73
ROA%	4.68	4.82	4.34	4.48	2.16	2.66	1.33	1.33	21.79	7.85	4.94	4.46
Debt ratio%	33.12	35.76	36.88	34.40	40.17	40.10	40.69	45.05	43.47	44.23	43.57	44.92
Current ratio%	224.68	226.43	239.02	248.65	212.38	201.55	168.31	140.62	138.30	191.42	194.78	200.85
Quick ratio%	187.05	175.75	177.19	179.39	157.18	151.33	112.24	91.18	89.20	126.32	126.98	138.59
Reserve ratio%	2,513.04	2,693.86	3,033.20	3,231.48	3,276.46	3,381.21	3,424.91	3,551.41	3,175.95	4,018.27	4,750.70	5,258.57
Free cash flowKRW 100M	250	1,557	825	239	450	572	-554	-662	108	2,675	2,570	—
FCF margin%	1.18	6.18	3.25	0.73	1.44	1.77	-1.59	-1.69	0.41	3.61	3.18	—
OCF conversion%	58.99	164.82	87.61	75.00	277.08	205.26	37.20	19.23	4.08	45.49	78.01	—
Capex to revenue%	1.37	0.70	0.95	2.20	4.23	3.40	2.03	1.89	1.30	1.25	1.82	—
Receivable daysdays	—	46.2	58.3	51.3	51.5	47.5	46.6	47.6	78.3	39.5	45.7	—
Inventory daysdays	—	24.3	41.0	41.8	42.8	38.4	38.0	39.0	65.2	60.0	85.7	—
Payable daysdays	—	41.6	54.4	48.6	51.6	51.6	48.6	46.1	76.3	52.1	64.6	—
Cash conversion cycledays	—	29.0	44.8	44.5	42.7	34.3	36.0	40.5	67.2	47.4	66.8	—
EPSKRW	1	1	1,299	1,181	628	815	498	640	12,056	4,483	2,643	2,255
PERx	—	14,128.44	11.51	12.11	18.87	10.75	17.21	10.52	0.30	1.09	3.15	7.01
BPSKRW	—	15,451	17,132	17,483	17,576	18,231	18,680	18,640	17,334	21,615	25,658	33,514
PBRx	—	1.00	0.87	0.82	0.67	0.48	0.46	0.36	0.21	0.23	0.32	0.47
Dividend per shareKRW	60	60	80	210	210	210	210	210	200	—	275	—
Payout ratio%	5,769.23	5,504.59	6.16	17.78	33.44	25.77	42.17	32.81	1.66	—	10.40	—

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
	19,541	21,817	27,969	28,374	29,666	30,685	31,100	31,851*	50,517	100,849*	104,901
	6,010	8,421	11,578	11,323	11,197	11,018	9,906	10,581	11,978	38,750	35,438
Cash and cash equivalentsKRW 100M	232	338	497	554	692	763	594	566	766	2,557	2,571
Short-term financial instrumentsKRW 100M	—	—	3,246	—	—	—	—	—	—	—	—
InventoriesKRW 100M	1,007	1,885	2,995	3,154	2,910	2,745	3,300	3,720	4,253	13,178	12,334
Trade and other receivablesKRW 100M	2,971	3,415	4,674	4,465	4,350	4,071	4,824	5,402	5,877	10,157	10,091
	13,532	13,396	16,390	17,050	18,469	19,667	21,194	21,271*	38,538	62,019*	69,464
Property, plant and equipmentKRW 100M	1,770	2,407	3,942	4,402	5,451	5,896	5,882	5,790	7,467	20,196	20,442
Intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	4,458	3,744	3,138	4,751	4,865	5,086	6,630	7,847*	24,323	19,127	23,753
	4,862	5,747	7,535	7,263	8,502	8,783	8,995	9,892*	15,307	30,927*	31,837
	2,675	3,719	4,844	4,554	5,272	5,467	5,885	7,524	8,661	20,243	18,194
Trade and other payablesKRW 100M	2,188	2,752	3,726	3,416	3,896	3,702	4,023	4,273	5,050	10,080	9,130
Short-term borrowingsKRW 100M	65	281	349	—	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	151	175	176	162	195	479	495
	2,188	2,027	2,691	2,709	3,230	3,316	3,110	2,368*	6,646	10,679*	13,643
Long-term borrowingsKRW 100M	50	47	24	19	14	15	0	0	—	500	2,195
Non-current lease liabilitiesKRW 100M	—	—	—	—	400	534	442	388	518	1,394	1,343
	14,679	16,071	20,434	21,111	21,164	21,902	22,105	21,959*	35,210	69,922*	73,065
	14,622	15,096	16,739	17,082	17,172	17,812	18,251	18,212*	27,025	33,698	40,001
Issued capitalKRW 100M	489	489	489	489	489	489	489	489	788	788	788
Capital surplusKRW 100M	3,882	3,882	4,442	4,481	4,488	4,488	4,446	4,447	1,307	1,438	3,441
Retained earningsKRW 100M	8,394	9,278	10,376	11,306	11,519	12,030	12,285	12,903*	23,735	30,245	34,016
Treasury sharesKRW 100M	743	743	743	743	743	743	743	743	—	0	—
Accumulated other comprehensive incomeKRW 100M	2,620	2,212	2,197	1,571	1,442	1,570	1,796	1,138	1,623	1,674	2,200
Other equityKRW 100M	1,856	1,448	—	—	—	—	—	—	—	—	—
Non-controlling interestsKRW 100M	57	975	3,694	4,029	3,991	4,090	3,853	3,747	8,185	36,224*	33,063

유동 금융자산As filed	—	—	—	—	—	—	—	—	—	11,167	8,875
유동금융자산As filed	—	—	—	2,953	3,011	3,284	786	609	752	—	—
단기금융자산As filed	1,679	2,615	—	—	—	—	—	—	—	—	—
기타유동비금융자산As filed	122	167	—	—	—	—	—	—	—	—	—
당기법인세자산As filed	0	0	1	2	4	10	10	20	29	20	68
기타유동자산As filed	—	—	164	196	230	145	391	262	301	1,570	1,338
파생상품자산As filed	—	0	2	—	—	—	—	—	—	—	—
장기매출채권및기타채권As filed	—	—	—	—	8	1	83	100	19	—	—
기타유동금융자산As filed	—	—	—	—	—	—	—	—	—	100	159
투자부동산As filed	453	471	477	382	380	314	310	295	293	4,914	4,986
무형자산As filed	1,350	1,655	3,252	2,817	2,497	2,458	2,108	1,475	1,767	8,833	8,469
매도가능금융자산As filed	5,134	4,634	4,585	—	—	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	551	698	612	541	722	1,841	1,802
비유동금융자산As filed	—	—	—	3,976	3,824	4,072	4,370	3,361	2,183	4,637	6,817
이연법인세자산As filed	28	96	130	123	131	170	281	285	427	1,079	1,020
장기금융자산As filed	31	33	397	—	—	—	—	—	—	—	—
기타비유동자산As filed	—	0	1	2	2	126	1	1	1	46	50
순확정급여자산As filed	—	—	—	—	—	—	—	566	308	—	—
기타비유동금융자산As filed	—	—	469	597	761	845	918	1,009	1,026	1,183	1,108
기타비유동비자산As filed	309	—	—	—	—	—	—	—	—	—	—
기타비유동 금융자산As filed	—	355	—	—	—	—	—	—	—	—	—
당기법인세부채As filed	157	166	252	276	124	67	64	157	117	415	249
기타유동비금융부채As filed	265	401	—	—	—	—	—	—	—	—	—
기타유동금융부채As filed	—	106	96	82	96	103	42	86	45	226	195
퇴직급여채무As filed	197	178	—	—	—	—	—	—	—	—	—
이연법인세부채As filed	1,745	1,685	2,092	2,003	1,948	2,047	2,200	1,805	5,806	7,715	9,329
장기매출채권 및 기타채권As filed	—	—	—	—	—	—	—	—	—	163	141
파생상품부채As filed	—	6	0	—	—	—	—	—	—	—	—
기타비유동비금융부채As filed	196	38	—	—	—	—	—	—	—	—	—
충당부채As filed	—	8	13	15	29	41	51	116	75	—	—
확정급여자산As filed	—	—	—	—	—	—	—	—	—	—	875
납입자본As filed	489	489	—	—	—	—	—	—	—	—	—
비유동 순확정급여자산As filed	—	—	—	—	—	—	—	—	—	0	—
단기차입금및유동성장기부채As filed	—	—	—	328	399	705	499	1,881	2,202	6,194	5,391
기타자본As filed	-22	-22	—	—	—	—	—	—	—	—	—
기타유동부채As filed	—	—	407	437	576	673	1,028	849	—	—	—
유동금융부채As filed	—	—	—	—	0	0	1	0	1	19	12
기타비유동금융부채As filed	—	80	97	109	81	34	93	42	64	31	76
자본과부채총계As filed	19,541	21,817	27,969	28,374	29,666	30,685	31,100	31,851	50,517	—	—
기타자본조정As filed	—	—	-22	-22	-22	-22	-22	-22	-428	-446	-444
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	—	80	0
확정급여부채As filed	—	—	199	259	436	293	99	—	—	—	300
기타비유동부채As filed	—	—	53	70	70	73	87	74	—	—	—
자본과 부채As filed	—	—	—	—	—	—	—	—	—	100,849	104,901
기타 유동부채As filed	—	—	—	—	—	—	—	—	976	2,364	2,141
유동충당부채As filed	—	—	—	—	—	—	—	—	—	467	581
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	92	200	211
매각예정비유동부채As filed	—	—	—	—	—	—	—	—	—	5	0
장기매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	—	—	—	493	152
비유동충당부채As filed	—	—	—	—	—	—	—	—	—	87	37
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	260	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	21,128	25,217	25,340	32,517	31,243	32,385	34,861	39,232*	26,295	74,093	80,916
Provision for credit lossesKRW 100M	—	—	—	—	—	—	—	—	—	—	41
Cost of salesKRW 100M	18,288	21,690	21,723	26,822	25,863	26,878	29,015	32,824*	22,312	53,001	54,303
Gross profitKRW 100M	2,840	3,527	3,616	5,696	5,381	5,507	5,846	6,408*	3,983	21,092	26,613
SG&A expensesKRW 100M	1,961	2,475	2,746*	4,328	4,462	4,688	5,237	5,806*	4,077	19,087	23,831
	879	1,052	871*	1,372	899	786	586	600*	-110	1,981	2,741
Finance incomeKRW 100M	124	120	159	156	166	165	147	167*	168	614	670
Finance costsKRW 100M	109	47*	53	29	43	45	47	79*	135	422	461
Other incomeKRW 100M	46	95	653	351	121	87	194	201*	1,319	9,231	516
Other expensesKRW 100M	34	128*	382*	496	385	262	649	1,383*	11,751	5,328	461
Share of profit of associatesKRW 100M	300	295	—	—	—	—	—	—	—	1,314	3,402
	1,206	1,387	1,607	1,823	986	1,035	570	282*	7,631	7,391	6,407
Income tax expenseKRW 100M	292	335	392	550	346	219	157	-141*	-2,513	-585	1,108
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	—	10,144	7,975	5,299
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	—	865	-56	-113
	915	1,053	1,215	1,272	639	816	413	423*	11,009	7,920	5,187
Attributable to ownersKRW 100M	908	949	1,134	1,031	548	711	435	559*	11,273	6,989	4,120
Attributable to minoritiesKRW 100M	6	104	81	241	91	104	-21	-135	-264	931	1,067
Basic earnings per shareKRW	1	1*	1,299	1,181	628	815	498	640*	12,056	4,483	2,643
Diluted earnings per shareKRW	1	1	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	914	629	1,242	581	340	943	632	36*	11,216	7,580	5,861
Other comprehensive incomeKRW 100M	-1	-424	27	-691	-300	127	218	-387	207	-340	675

관계기업및공동기업손익에대한지분As filed	—	—	359	468	227	303	340	776	18,140	—	—
매출채권및기타채권손상차손As filed	—	—	—	—	—	—	—	—	—	24	—
매출채권및기타채권손상차손(환입)As filed	—	—	—	4	20	33	23	2	16	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	26	-421	—	—	—	—	—	—	—	23	13
포괄손익, 비지배지분As filed	7	102	—	—	—	—	—	—	—	747	1,150
관계기업자본변동As filed	-3	-14	—	—	—	—	—	—	—	—	—
매도가능금융자산As filed	25	-378	—	—	—	—	—	—	—	—	—
비지배지분As filed	—	—	107	210	68	120	-32	-107	-375	—	—
외화환산외환차이As filed	3	-29	—	—	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	906	527	—	—	—	—	—	—	—	6,833	4,712
외화환산외환차이의 세후차익(차손)As filed	3	-29	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-26	-3	—	—	—	—	—	—	—	—	—
지배기업의 소유주 지분As filed	—	—	1,135	371	271	823	664	143	11,591	—	—
지배기업의 소유주에게 귀속되는 계속영업포괄손익As filed	—	—	—	—	—	—	—	—	—	6,838	4,722
확정급여제도의 보험수리적손익의 세후기타포괄손익As filed	-26	-2	—	—	—	—	—	—	—	—	—
계속영업이익(손실))As filed	—	—	—	—	—	—	—	—	10,693	—	—
관계기업보험수리적이익(손실)As filed	-0	-0	—	—	—	—	—	—	—	—	—
지배기업의 소유주에게 귀속되는 중단영업포괄손익As filed	—	—	—	—	—	—	—	—	—	—	-11
비지배지분에 귀속되는 중단영업포괄손익As filed	—	—	—	—	—	—	—	—	—	-5	—
중단영업이익(손실)As filed	—	—	—	—	—	—	—	—	898	—	—
후속기간에 당기손익으로 재분류되는 항목As filed	—	—	6	-1	—	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	0	0
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	-27	-17	13	29	5	—	—
관계기업및공동기업자본변동As filed	—	—	-7	-13	-27	-10	-2	-14	-15	-1	13
중단영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	-0	-0
관계기업및공동기업이익잉여금변동As filed	—	—	—	8	-4	—	—	—	—	—	—
매도가능금융자산평가이익(손실)As filed	—	—	-12	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	4	—	—	—	—	20	—	—
해외사업환산손익As filed	—	—	—	—	4	-6	15	43	—	24	1
해외사업환산이익(손실)As filed	—	—	25	—	—	—	—	—	—	—	—
후속기간에 당기손익으로 재분류되지 않는 항목As filed	—	—	21	-690	—	—	—	—	—	—	—
관계기업및공동기업확정급여부채의 재측정요소As filed	—	—	-2	-14	-8	-0	15	47	-67	-54	21
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	-273	144	205	-416	201	—	—
기타포괄손익-공정가치측정금융자산의 공정가치 변동As filed	—	—	—	-507	-105	149	201	-675	530	11	528
확정급여부채의 재측정요소As filed	—	—	23	-168	-161	-3	-21	222	-273	-338	106
당기손익으로 재분류 되지않는 세후기타포괄손익As filed	—	—	—	—	—	—	—	—	—	-362	662
계속영업이익(손실)As filed	—	—	—	—	—	—	—	—	10,408	—	—
비지배지분에 귀속될 계속영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	982	1,169
비지배지분에 귀속될 중단영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	-51	-102
지배기업의 소유주에게 귀속될 계속영업손익As filed	—	—	—	—	—	—	—	—	—	6,994	4,130
지배기업의 소유주에게 귀속될 중단영업손익As filed	—	—	—	—	—	—	—	—	—	-5	-11

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	915	1,053	1,215	1,272	639	816	413	423	11,009	7,920	5,187
Total adjustments to operating cash flowcomputed	-375	682	-151	-318	1,132	859	-260	-342	-10,560	-4,317	-1,141
	540	1,735*	1,064	954	1,772	1,674	154	81	449	3,602	4,046
Interest receivedKRW 100M	77	59	62	77	94	79	56	52	36	270	344
Interest paidKRW 100M	7	24	10	-96	28	28	27	44	125	354	329
Income taxes paidKRW 100M	199	317	298	390	471	261	173	163	232	592	855
	-458	-966*	-829	-984	-1,242	-1,516	533	-1,200	-471	-1,963	-1,450
Purchase of property, plant and equipmentKRW 100M	290	178	240	716	1,321	1,102	708	743	341	928	1,476
Proceeds from sale of property, plant and equipmentKRW 100M	10	8	19	9	124	15	42	12*	14	21	26
Purchase of intangible assetsKRW 100M	29	4	2	18	3	14	3	24	22	300	466
	-93	-666	-54	86	-394	-81	-857	997	221	135	-2,593
Dividends paidKRW 100M	52	62	63	110	-261	221	209	195	190	782	904
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	2	—	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	16	—	—
Cash at beginning of periodKRW 100M	243	232	338	497	554	692	763	594	566	766	2,557
	232	338	497	554	692	763	594	566	766	2,557	2,571
Effect of exchange rate changesKRW 100M	-0	4	-13	0	1	-4	6	2	-3	11	-1
Net change in cash and cash equivalentsKRW 100M	-11	107	159	57	138	71	-169	-28	199	1,792	14

(1)영업으로부터 창출된 현금흐름As filed	—	—	—	—	2,019	1,746	154	76	554	—	—
당기순이익(손실)As filed	915	1,053	1,215	1,272	639	816	413	423	11,009	7,920	5,187
해외사업장환산의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	7	12
해외사업환산에 따른 현금변동As filed	-1	0	—	—	—	-1	-5	92	4	—	—
당기순이익조정을 위한 가감As filed	364	563	—	—	—	—	—	—	—	-2,988	—
순이익 조정사항As filed	—	—	149	858	1,245	999	1,349	1,328	-10,022	—	—
(1) 재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	24,862	31,317
순운전자본의 변동As filed	—	—	-146	-958	135	-69	-1,608	-1,675	-433	—	-1,525
배당금수취(영업)As filed	—	—	93	-1	—	—	—	—	—	—	—
임대보증금의 증가As filed	—	—	—	—	—	—	26	1	10	8	13
임대보증금의 감소As filed	—	—	—	—	—	—	32	6	25	98	10
임대보증금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	67	—
배당금수령As filed	—	—	—	—	157	—	—	—	—	—	—
장기차입금의 증가As filed	—	3	—	1	—	—	—	—	—	500	2,194
(3) 배당금의 수령As filed	—	—	—	—	—	138	143	161	216	242	284
단기금융상품의 감소As filed	—	—	1,165	—	—	—	—	—	—	—	—
단기차입금의 차입As filed	—	—	545	—	145	1,525	2,437	4,712	11,083	—	—
발행분담금의 환급As filed	—	—	—	—	—	—	—	—	—	—	0
유동금융자산의 감소As filed	—	—	—	943	285	114	2,814	224	493	—	—
장기금융상품의 감소As filed	—	—	0	—	—	—	—	—	—	—	—
(1)투자활동으로 인한 현금유입액As filed	—	—	—	—	456	195	3,061	423	617	—	—
단기대여금의 회수As filed	—	—	5	11	6	6	9	12	1	—	65
매도가능금융자산의 처분As filed	3	4	3	—	—	—	—	—	—	—	—
자기주식 처분으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	0	—
통화선도의 현금유입As filed	—	—	14	2	1	2	3	1	7	—	0
현물출자로 인한 연결범위 변동As filed	—	—	—	—	—	—	—	—	—	0	0
기타채권의 감소As filed	—	—	—	—	—	14	—	—	—	—	—
단기차입금의 상환As filed	217	1,741	532	1,406	74	1,217	2,655	3,341	10,660	23,257	30,439
무형자산의 처분As filed	—	1	3	0	3	6	2	0	9	51	21
단기차입금의 증가As filed	177	1,228	—	1,399	—	—	—	—	—	24,286	29,110
보통주 발행의 거래원가 환급As filed	—	—	—	—	—	—	—	—	—	0	—
비유동금융자산의 감소As filed	—	—	—	1	0	0	7	1	3	—	—
자기주식 처분으로 인한 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	0
장기대여금의 회수As filed	—	—	16	23	31	32	41	47	43	—	121
사업결합으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	535	—	0
임차보증금의 감소As filed	—	—	—	—	—	—	132	112	43	171	175
(2) 재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	-24,727	33,910
순운전자본의변동As filed	-699	308	—	—	—	—	—	—	—	—	—
종속기업의 자본 변동으로 인한 증가(감소), 자본As filed	—	—	—	—	—	—	—	—	—	0	—
배당금수취As filed	89	93	—	—	—	—	—	—	—	—	—
자기주식의 소각As filed	—	—	—	—	—	—	—	—	-0	—	—
투자부동산의 처분As filed	—	—	—	298	—	6	3	5	—	0	—
보통주 발행의 거래원가As filed	—	—	—	—	—	—	—	—	—	0	0
신주의 발행원가As filed	—	—	—	—	—	—	—	—	7	—	—
연결범위의 변동As filed	—	114	370	—	—	—	—	—	—	—	—
(1)재무활동으로 인한 현금유입액As filed	—	—	—	—	145	1,533	2,463	4,726	11,644	—	—
종속기업처분에 따른 순현금흐름As filed	—	—	—	16	—	—	—	—	—	—	—
단기금융상품의 처분As filed	1,029	5	—	—	—	—	—	—	—	—	—
단기금융상품의 취득As filed	210	931	1,794	—	—	—	—	—	—	—	—
(2)재무활동으로 인한 현금유출액As filed	—	—	—	—	-539	-1,614	-3,320	-3,730	-11,424	—	—
인적분할로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	0	0
관계기업투자의 처분As filed	—	—	—	—	5	—	—	—	—	—	—
유동금융자산의 증가As filed	—	—	—	293	-300	389	326	54	526	—	—
장기금융상품의 취득As filed	0	0	350	—	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	-147	170	183	187	170	—	534
자기주식 소각으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	0	0
단기대여금의 증가As filed	—	—	1	11	25	48	0	1	-0	—	66
매도가능금융자산의 취득As filed	0	—	5	—	—	—	—	—	—	—	—
공동기업투자의 처분As filed	—	—	—	—	—	0	—	—	—	—	—
인적분할로 인한 변동As filed	—	—	—	—	—	—	—	—	370	—	—
관계기업투자의 취득As filed	—	—	-8	-1,211	—	—	—	—	46	—	—
비지배지분의 추가취득As filed	—	—	—	—	—	—	—	—	—	—	2,022
장기대여금및수취채권의 처분As filed	10	10	—	—	—	—	—	—	—	88	—
통화선도의 현금유출As filed	—	—	9	2	-4	3	4	10	8	—	43
(2)투자활동으로 인한 현금유출액As filed	—	—	—	—	-1,698	-1,712	-2,528	-1,623	-1,089	—	—
장기금융자산의 감소As filed	—	2	—	—	—	—	—	—	—	—	—
공동기업투자의 취득As filed	23	—	0	—	—	—	1	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	0	—	2	9	—	—	2
비지배지분 추가취득As filed	—	—	—	—	—	—	—	—	—	177	—
(1) 투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	—	27,460
연결범위변동에 따른 순현금흐름As filed	—	—	—	—	—	—	7	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	201	218	57	190	161
투자부동산의 취득As filed	0	—	0	—	—	—	—	—	—	428	0
관계기업의 취득As filed	941	—	—	—	—	—	—	—	—	—	—
비유동금융자산의 증가As filed	—	—	—	-0	4	9	4	59	-7	—	—
장기대여금의 증가As filed	—	—	15	36	41	22	79	74	97	—	182
재무활동으로 분류된 리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	414	—
단기대여금및수취채권의 처분As filed	—	22	—	—	—	—	—	—	—	55	—
장기대여금및수취채권의 취득As filed	16	9	—	—	—	—	—	—	—	162	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	45	10
(1) 투자활동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	16,291	—
장기매출채권의 증가As filed	—	—	—	—	—	—	-77	—	—	—	—
공동기업투자주식의 처분As filed	—	—	—	—	—	—	—	—	—	56	0
단기대여금및수취채권의 취득As filed	—	9	—	—	—	—	—	—	—	70	—
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	74
장기차입금의 차입As filed	—	—	0	—	—	8	—	—	—	—	—
기타유동금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	15,485	26,965
종속기업 유상증자As filed	—	—	—	200	—	—	—	—	—	—	—
종속기업 주식매입선택권의 행사As filed	—	1	0	—	—	—	—	—	—	—	—
공동기업투자주식의 취득As filed	—	—	—	—	—	0	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	125	1,125	439	—	—	—
기타금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	0
장기차입금의 상환As filed	—	90	1	—	1	2	20	—	—	—	—
종속기업 소유지분의 변동As filed	—	—	—	24	-51	—	-220	—	—	—	—
기타비유동금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	4	0
유동성장기부채의 감소As filed	—	5	—	—	—	—	—	—	—	—	—
유동성장기부채의 상환As filed	—	—	-4	22	-5	4	1	—	—	—	—
IV.해외사업환산에 따른 현금변동As filed	—	—	-9	0	2	—	—	—	—	—	—
기타 투자자산의 감소As filed	—	—	—	—	—	—	—	—	4	—	—
투자활동으로 분류된 종속기업과 기타 사업의 지배력 상실에 따른 현금흐름As filed	—	—	—	—	—	—	—	—	—	157	—
신주의 발행As filed	—	—	—	—	—	—	—	13	—	—	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금수취As filed	—	—	—	—	—	—	—	—	—	7	—
관계기업 투자지분의 처분As filed	—	—	—	—	—	—	—	—	—	150	0
(2) 투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	—	28,910
투자활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	-18,254	—
유동 및 비유동금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	15,673	25,893
사업결합으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	—	0
기타비유동금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
관계기업 투자지분의 취득As filed	—	—	—	—	—	—	—	—	—	50	623
투자활동으로 분류된 종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	—	—	—	—	—	—	422	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금지급, 투자활동As filed	—	—	—	—	—	—	—	—	—	32	—
(1) 영업으로부터 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	4,036	4,603
순이익조정사항As filed	—	—	—	—	—	—	—	—	—	—	941
운전자본의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	-895	—

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 58	삼일회계법인	2025-12-31
2024	적정의견Term 57	삼일회계법인	2025-12-31
2023	적정의견Term 56	삼일회계법인	2025-12-31
2022	적정Term 55	삼정회계법인	2022-12-31
2021	적정Term 54	삼정회계법인	2022-12-31
2020	적정Term 53	삼정회계법인	2022-12-31
2019	적정Term 52	삼정회계법인	2019-12-31
2018	적정Term 51	삼정회계법인	2019-12-31
2017	적정Term 50	삼정회계법인	2019-12-31
2016	적정Term 49	삼정회계법인	2016-12-31
2015	적정Term 48	삼정회계법인	2016-12-31
2014	적정Term 47	삼정회계법인	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 5Y0.48

Equity risk premium%

Terminal growth%

Cost of equity6.77%

Weighted average cost of capital6.66%

Initial growth9.2%

Effective tax rate17.3%

Base fiscal year2025

Current priceKRW12,850

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	5,876	-54.3%
Dividend discount model DDM	6,932	-46.1%
Discounted cash flow FCFF	47,349	+268.5%
Discounted cash flow FCFE	68,966	+436.7%
Residual income model RIM	49,918	+288.5%

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% + 0.48 × 5.00% = 6.77%

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(10.30% × (1 − 10.40%), 0) = 9.23%

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 = 275 × (1 + 2.00%) / (6.77% − 2.00%) = 281 / 0.0477 = 5,876 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 = 275, g_1 = 9.23%, g_T = 2.00%, r = 6.77%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	9.23%	300	0.9366	281
2	7.42%	323	0.8771	283
3	5.61%	341	0.8215	280
4	3.81%	354	0.7694	272
5	2.00%	361	0.7206	260
Terminal value	2.00%	7,710	0.7206	5,556
Total				6,932

P_0 = 6,932 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 = 25,658 KRW, ROE = 10.30%, payout ratio = 10.40%, r = 6.77%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	25,658	2,643	1,738	905	0.9366	847
2	28,025	2,886	1,898	988	0.8771	867
3	30,611	3,153	2,073	1,079	0.8215	887
4	33,436	3,444	2,265	1,179	0.7694	907
5	36,521	3,761	2,474	1,288	0.7206	928
Terminal value				27,512	0.7206	19,825

P_0 = 25,658 + 4,435 + 19,825 = 49,918 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 = 4,046.0 − 1,476.0 + 329.4 × (1 − 17.29%) = 2,842.4 KRW hundred million

Weighted average cost of capital

E = 20,033.7, D = 2,195.5 KRW hundred million; equity weight = 90.12%, debt weight = 9.88%; cost of debt k_d = 6.77%

WACC = 90.12% × 6.77% + 9.88% × 6.77% × (1 − 17.29%) = 6.66%

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	9.23%	3,104.7	0.9376	2,910.9
2	7.42%	3,335.1	0.8790	2,931.7
3	5.61%	3,522.3	0.8242	2,903.0
4	3.81%	3,656.4	0.7727	2,825.4
5	2.00%	3,729.6	0.7245	2,702.0
Terminal value	2.00%	81,670.1	0.7245	59,169.4
Total				73,442.5

Firm value = 73,442.5; less borrowings 2,195.5; plus cash 2,571.5 → 73,818.5 KRW hundred million

P_0 = 73,818.5 KRW hundred million ÷ 155,904,301 (shares) = 47,349 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 = 4,046.0 − 1,476.0 + 1,695.4 (net borrowing) = 4,265.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	9.23%	4,659.0	0.9366	4,363.5
2	7.42%	5,004.8	0.8771	4,389.9
3	5.61%	5,285.7	0.8215	4,342.2
4	3.81%	5,486.9	0.7694	4,221.6
5	2.00%	5,596.7	0.7206	4,032.8
Terminal value	2.00%	119,586.3	0.7206	86,171.0
Total				107,521.0

P_0 = 107,521.0 KRW hundred million ÷ 155,904,301 (shares) = 68,966 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