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KREDKRED
008770KOSPI

Hotel Shilla

38,700
-700 (-1.78%)

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

Hotel Shilla is a joint stock company established on May 9, 1973. The company is headquartered in Seoul and is listed on the KOSPI market of the Korea Exchange.

The company operates two business segments. The TR segment manages duty free stores for foreign visitors and departing residents. The Hotel and Leisure segment provides lodging, dining, and banquet services, alongside leisure sports and travel agency services.

Business overview as filed

ㆍ당사는 TR부문, 호텔&레저부문으로 2개 사업부문을 영위하고 있습니다.ㆍTR 부문은 국가로부터 관련 사업권을 취득하여, 외국인 방문객 및 내국인 해외출국자를 대상으로 외국의 유명 브랜드 상품 및 토산품을 주요 제품으로 판매하고 있습니다.ㆍ호텔&레저 부문의 호텔 부문은 외국인 관광객 및 내국인을 대상으로 숙박, 식음, 연회 등 서비스를 제공하고 있으며, 레저부문은 레포츠 및 여행사업을 운영하고 있습니다. 레포츠는 실내 체련장 및 기업 내 휘트니스 클럽 위탁운영하며, 여행사업은 기업 비즈니스 여행 관련 호텔, 항공권 등의 예약을 대행해주는 사업입니다.ㆍ제53기 당사 매출은 4,068,306백만원이며, 연결 조정 전 각 부문별 매출은 TR부문은 3,403,905백만원, 호텔&레저 부문은 729,893백만원 입니다.

Company overview

가. 연결대상 종속회사 현황 (요약)

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭- 당사의 명칭은『주식회사 호텔신라』입니다. 영문으로 『HOTEL SHILLA CO.,LTD』 입니다.

라. 설립일자

- 당사는 1973년 5월 9일에 설립되었으며, 1991년 3월 12일 한국거래소 유가증권 시장에 주식을 상장하였습니다.

마. 본사의 주소, 전화번호, 홈페이지 주소- 주 소 : 서울특별시 중구 동호로 249- 전화번호 : 02-2233-3131- 홈페이지 : http://www.hotelshilla.net

바. 회사사업 영위의 근거가 되는 법률- 관광진흥법, 관세법 등 기타 관련 법률

사. 중소기업 해당여부중소기업 등 해당 여부

- 당사는 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

아. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명

- 당사는 TR부문, 호텔&레저부문으로 2개 사업부문을 영위하고 있습니다.

TR부문은 국내외에서 면세사업장을 운영하고 있으며, 국내 사업의 위상을 제고하고 해외 사업장을 안정적으로 운영함으로써 세계 3위 면세점 사업자로 등극한 바 있습니다. 호텔&레저 부문은 직영, 임차, 위탁 운영 방식의 호텔운영 및 여행, 레포츠, CFC 등 레저사업을 통해 사업과 수익의 다각화를 실현하며 프리미엄 라이프스타일을 제공하는 글로벌 선도기업으로 성장하고 있습니다.

자. 신용평가에 관한 사항

- 당사의 공시대상기간 중 신용평가 현황은 다음과 같습니다.

-신용평가 전문기관별 신용등급체계 및 해당 신용등급에 부여된 의미는 각 신용평가 회사의 홈페이지를 참조하였으며 그 주요 내용은 다음과 같습니다.

[한국기업평가]

[한국신용평가]

[나이스신용평가]

차. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.11), 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

2.68%
[1.68%, 4.73%] · 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 44.2% (2026-10-08). 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

0.26
Beta [0.16, 0.37] · KOSPI200 · As of 2026-10-08
Intercept
-0.215%[-0.574%, +0.145%]
R squared
0.11
Observations
252
Trading-time corrected beta
0.20[-0.03, 0.42]
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 100M32,51737,15340,11547,13757,17331,88137,79149,22035,68539,47640,68340,964
Revenue growth%—14.267.9717.5021.29-44.2418.5430.24-27.5010.623.06—
Operating incomeKRW 100M7727907312,0912,959-1,8531,188783912-52135889
Operating income growth%—2.35-7.45186.1141.49-162.62—-34.0616.45-105.68——
Net incomeKRW 100M1852782531,1031,694-2,833271—860-615-1,728-1,383
Net income growth%—50.58-9.14336.2453.59-267.24———-171.53——
Attributable to ownersKRW 100M1852782531,1031,697-2,834271-502860-615-1,728-1,383
Attributable to minoritiesKRW 100M0—0-0-31-0-0-00-0-0
Operating margin%2.372.131.824.445.17-5.813.141.592.56-0.130.332.17
Net margin%0.570.750.632.342.96-8.890.72—2.41-1.56-4.25-3.38
ROE%2.484.213.7914.4318.47-45.454.70-9.2914.13-4.79-15.63-12.13
ROA%0.851.361.124.794.80-9.791.02—2.86-1.61-4.88-3.95
Debt ratio%192.59208.52236.74201.12283.59363.79360.47444.39394.10196.95220.14207.04
Current ratio%——131.68126.87119.33150.14107.46113.24116.14122.69107.95102.20
Quick ratio%——76.7756.7060.2770.1445.6070.7063.1468.5367.4161.11
Reserve ratio%91.33283.93289.06335.96411.78269.18242.58219.42250.48214.85130.66144.76
Free cash flowKRW 100M——1,4237613,379-9942031,6651,878-52501—
FCF margin%——3.551.615.91-3.120.543.385.26-0.131.23—
OCF conversion%——819.26139.49238.29—156.48—282.08———
Capex to revenue%3.411.291.621.651.151.500.581.101.531.871.32—
Receivable daysdays—15.815.714.115.023.015.115.826.325.720.5—
EPSKRW4697296672,9134,483-7,487714-1,3252,270-1,625-4,566-3,525
PERx—66.05127.2926.2620.25—109.24—28.81———
BPSKRW—16,85517,00719,47623,41915,88714,68713,75215,50332,72328,18429,049
PBRx—2.864.993.933.885.185.316.044.221.131.581.62
Dividend per shareKRW350350350350350200200200200———
Payout ratio%74.6348.0152.4712.027.81—28.01—8.81———

Consolidated basis

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
21,76720,41022,499*23,03735,27328,93826,56429,38530,06538,13935,414
14,32813,79415,818*15,38726,07722,69920,79523,98823,98025,29524,352
7,4396,6156,6817,6519,1956,2405,7695,3986,08512,84311,062

Income statement

20152016201720182019202020212022202320242025
32,51737,15340,115*47,13757,17331,88137,79149,22035,68539,47640,683
7727907312,0912,959-1,8531,188783912-52135
4405244471,4702,256-3,607479-5961,074-470-2,302
1852782531,1031,694-2,833271Not applicable860-615-1,728
Basic earnings per shareKRW4697296672,9134,483-7,487714-1,3252,270-1,625-4,566
Diluted earnings per shareKRW5197797172,9634,533-7,487764-1,325Not applicable-1,625Not applicable
2783191921,1021,678-2,823282-2907636,737-1,781

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement1852782531,1031,694-2,833271—860-615-1,728
Total adjustments to operating cash flowcomputed——1,8194362,3432,317153—1,5651,3022,765
Not applicableNot applicable2,0721,5394,037-5174232,2052,4256871,036
Not applicableNot applicable-1,621*-1,028-926-2,6021,343-807-2,314-953-1,036
Not applicableNot applicable853*-2,447-872478-1,8021,460-1,379-298-301
Cash at beginning of periodKRW 100M1,8673,2583,4674,7442,8195,0832,402*2,4295,3414,1173,704
3,2583,225*4,7442,8195,0832,4022,4295,3414,1173,7043,383
Net change in cash and cash equivalentsKRW 100M1,391-34*1,278-1,9252,264-2,681272,912-1,224-413-321

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 2026.03.11.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 53안진회계법인2025-12-31
2024적정의견Term 52안진회계법인2025-12-31
2023적정의견Term 51안진회계법인2025-12-31
2022적정 (감사의견)Term 50삼정회계법인2022-12-31
2021적정 (감사의견)Term 49삼정회계법인2022-12-31
2020적정 (감사의견)Term 48삼정회계법인2022-12-31
2019적정 (감사의견)Term 47삼정회계법인2019-12-31
2018적정 (감사의견)Term 46삼정회계법인2019-12-31
2017적정 (감사의견)Term 45삼정회계법인2019-12-31
2016적정 (감사의견)Term 44삼정회계법인2016-12-31
2015적정 (감사의견)Term 43한영회계법인2016-12-31
2014적정 (감사의견)Term 42한영회계법인2016-12-31

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 5Y0.39
%
%
Cost of equity6.36%
Weighted average cost of capital5.72%
Initial growth0.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW38,700

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFF23,153-40.2%
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM-45,127-216.6%
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% + 0.39 × 5.00% = 6.36%

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(-15.63% × (1 − 0.00%), 0) = 0.00%

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

Residual income model RIM

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 = 28,184 KRW, ROE = -15.63%, payout ratio = 0.00%, r = 6.36%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
128,184-4,4041,792-6,1960.9402-5,826
223,780-3,7161,512-5,2280.8840-4,622
320,065-3,1351,276-4,4110.8311-3,666
416,929-2,6451,077-3,7220.7814-2,908
514,284-2,232908-3,1400.7347-2,307
Terminal value-73,4730.7347-53,981

P_0 = 28,184 + -19,330 + -53,981 = -45,127 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 = 1,036.2 − 535.6 + 0.0 × (1 − 0.00%) = 500.6 KRW hundred million

Weighted average cost of capital

E = 15,189.0, D = 7,394.9 KRW hundred million; equity weight = 67.26%, debt weight = 32.74%; cost of debt k_d = 4.40%

WACC = 67.26% × 6.36% + 32.74% × 4.40% × (1 − 0.00%) = 5.72%

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
10.00%500.60.9459473.5
20.50%503.10.8948450.1
31.00%508.10.8464430.1
41.50%515.70.8006412.9
52.00%526.00.7573398.4
Terminal value2.00%14,437.90.757310,934.3
Total13,099.3

Firm value = 13,099.3; less borrowings 7,394.9; plus cash 3,382.9 → 9,087.3 KRW hundred million

P_0 = 9,087.3 KRW hundred million ÷ 39,248,121 (shares) = 23,153 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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Neighbours in the market capitalisation order.

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