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KREDKRED
011070KOSPI

LG Innotek

591,000
-53,000 (-8.23%)

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

LG Innotek was established in 1976 and is listed on the KOSPI market. Headquartered in Seoul, the company operates as a comprehensive electronic components manufacturer within its corporate group structure.

The company operates through three business segments Optical Solutions, Package Solutions, and Mobility Solutions. It supplies camera modules, semiconductor substrates, and automotive components to global manufacturers of smartphones, home appliances, and vehicles.

Business overview as filed

연결실체는 광학솔루션, 패키지솔루션, 모빌리티솔루션 사업부문의 총 3개 사업부 체제로 운영되고 있습니다.

각 사업부문별 주요 제품은 다음과 같습니다.

(1) 광학솔루션 사업

광학솔루션 사업부문은 주요 고객의 판매 호조 및 고사양 카메라 모듈 채용 확대를 통해 18.3조원 매출을 달성하며 글로벌 일등 지위를 유지하였습니다. 당사는 차별화 기술 기반의 신제품 개발과 무인화/지능화와 연계된 제조 경쟁력 향상을 추진하여 향후에도 사업 경쟁력을 한층 강화하고 지속적으로 글로벌 시장을 선도해 나갈 계획입니다.(2) 패키지솔루션 사업패키지솔루션 사업부문은 모바일 시장 수요 회복 및 고성능, 고집적 기판 수요 증가와 POLED 매출 확대를 통해 전년대비 18% 성장한 1.7조원으로, 패키지솔루션 최고 매출을 경신하였습니다. 통신용 반도체기판은 차별화 기술 기반의 제품 경쟁력으로 일등 지위를 공고히 하였고, 신규 사업인 FC-BGA는 Global 고객 추가 확보로 양산 확대를 추진하고 있습니다. 테이프기판은 국내 및 중화권 전략 거래선 점유율 확대로 시장 일등 지위를 강화하고, 포토마스크는 시장 주도권 확보를 위해 OLED 등 프리미엄 모델 확대에 집중하고 있습니다.(3) 모빌리티솔루션 사업 모빌리티솔루션 사업부문은 전년 대비 소폭 감소한 매출 1.9조원을 기록하였으며, 플랫폼 모델 중심의 개발과 수주활동 전개 및 지속적인 원가구조 개선 활동으로 수익성을 동반한 성장을 도모하고 있습니다.

Company overview

가. 회사의 법적, 상업적 명칭회사의 명칭은 엘지이노텍 주식회사로 표기하며 영문으로는 LG Innotek Co., Ltd.로 표기합니다.

나. 설립일자 및 존속기간회사는 1976년 2월 24일 금성정밀공업(주)로 설립되었으며, 전기전자부품 제조 및 판매를 주요사업으로 영위하고 있는 종합 전자부품업체입니다. 2008년 7월 24일 한국거래소 유가증권시장에 상장하였으며, 2009년 7월 1일자로 코스닥상장법인인 LG마이크론(주)와 합병하였습니다.※ 사실상 회사의 전신인 금성알프스전자(주)의 설립일은 1970년 8월 22일입니다.

다. 본사의 주소, 전화번호 및 홈페이지주 소 : 서울특별시 강서구 마곡중앙10로 30전 화 : 02-3777-1114홈페이지 : http://www.lginnotek.com

라. 주요사업의 내용

회사와 그 종속기업(이하'연결실체')은 최첨단 소재ㆍ부품 전문기업으로 모바일, 자동차, 디스플레이, 반도체, 사물인터넷 등의 사업 영역에서 관련 소재ㆍ소자, 전기전자 부품을 제조, 판매하고 있습니다.국내 사업장으로는 구미, 광주, 파주에 제조시설을 갖추고 있으며, 고부가가치 제품을 주력으로 생산하고 있습니다. 해외 사업장으로는 중국, 인도네시아, 폴란드, 멕시코, 베트남의 5개 생산법인과 아시아, 미주, 유럽 등 해외 각 지역에서 글로벌 판매 거점을 운영하여 R&D, 생산, 판매 각 부문의 유기적 네트워크를 구축하고 있습니다.연결실체는 사업의 미래 방향성과 역할을 명확히 하고 성장과 변화를 견인하기 위해 기판소재사업부는 패키지솔루션사업부로, 전장부품사업부는 모빌리티솔루션사업부로 명칭을 변경하여 광학솔루션, 패키지솔루션, 모빌리티솔루션 사업부문의 총 3개 사업부 체제로 운영되고 있습니다. 주요 거래처는 스마트폰, 가전, 자동차 부품의 글로벌 제조기업 등이 있으며 각 사업부문별 주요 제품과 매출비중은 다음과 같습니다.

[부문별 주요제품]

마. 종속회사의 개요

(1) 연결대상 종속회사 현황(요약)

2025년 12월 31일 현재 지배회사의 연결대상 종속기업은 11개입니다.

주요종속회사 여부 판단기준(*1) 최근사업연도 자산총액이 지배회사 자산총액의 10% 이상(*2) 최근사업연도 자산총액이 750억원 이상

(2) 연결대상회사의 변동내용

바. 신용평가에 관한 사항

공시대상기간 신용평가에 관한 내용은 다음과 같습니다.

주1) 지배회사의 연결대상 종속회사는 발행실적이 없습니다.

신용평가 회사의 신용등급체계 및 등급부여 의미는 다음과 같습니다.

(1) 회사채 신용등급

주1) 위 등급중 AA등급부터 CCC등급까지는 등급내의 상대적인 우열에 따라 +,- 기호가 첨부됩니다.주2) 신용등급체계 및 등급부여 의미는 NICE신용평가 기준입니다.

(2) 기업어음/단기사채 신용등급

주1) 위 등급중 A2등급부터 B등급까지는 등급내의 상대적인 우열에 따라 +,- 기호가 첨부됩니다.주2) 신용등급체계 및 등급부여 의미는 NICE신용평가 기준입니다.

사. 중소기업 등 해당 여부

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), 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

6.61%
[4.27%, 10.48%] · As of 2026-10-01
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 72.3% (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

0.92
Beta [0.75, 1.09] · KOSPI200 · As of 2026-10-07
Intercept
+0.282%[-0.302%, +0.866%]
R squared
0.34
Observations
252
Trading-time corrected beta
1.19[0.86, 1.51]
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 100M61,38157,54676,41479,82183,02195,418149,456195,894206,053212,008218,966240,413
Revenue growth%—-6.2532.794.464.0114.9356.6331.075.192.893.28—
Operating incomeKRW 100M2,2371,0482,9652,6354,0316,81012,64212,7188,3087,0606,65010,696
Operating income growth%—-53.14182.84-11.1252.9868.9385.640.60-34.67-15.02-5.81—
Net incomeKRW 100M951501,7481,6311,0232,3618,8839,7985,6524,4933,4136,631
Net income growth%—-94.793,428.76-6.68-37.28130.82276.1910.31-42.32-20.51-24.04—
Attributable to ownersKRW 100M951501,7481,6311,0233,3098,7899,7695,6524,4933,4136,631
Attributable to minoritiesKRW 100M———0-000——000
Operating margin%3.641.823.883.304.867.148.466.494.033.333.044.45
Net margin%1.550.092.292.041.232.475.945.002.742.121.562.76
ROE%——8.967.704.6413.6326.5222.9011.998.395.9210.41
ROA%2.430.112.972.831.773.9111.4710.005.043.952.865.56
Debt ratio%121.77143.11201.29171.74161.76148.74133.58129.58137.65112.52107.0287.15
Current ratio%138.09120.23109.50140.96123.69138.42124.26110.38126.78148.00150.39159.80
Quick ratio%114.7096.9783.82108.1299.83100.8082.2164.0589.52108.17110.70100.66
Reserve ratioNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Free cash flowKRW 100M4,168128-3,297-3,5122,9941,8361,672-2,0193,0482,3107,204—
FCF margin%6.790.22-4.31-4.403.611.921.12-1.031.481.093.29—
OCF conversion%713.386,698.86255.17651.34751.75402.44132.57154.62372.27247.08390.14—
Capex to revenue%4.265.5410.1517.715.668.036.768.768.734.152.79—
Receivable daysdays—73.930.70.71.00.90.60.6————
Inventory daysdays—25.328.229.825.329.832.135.734.629.530.5—
Payable daysdays—46.845.732.719.015.513.515.8————
Cash conversion cycledays—52.413.2-2.37.315.219.220.6————
EPSKRW—2097,3866,8924,32313,98137,13741,27523,88118,98314,42128,019
PERx—422.4119.5012.5432.3813.059.806.1210.038.5318.7935.01
BPSKRW——82,42689,50193,151102,576140,034180,241199,204226,215243,505269,175
PBRx——1.750.971.501.782.601.401.200.721.113.64
Dividend per shareKRW3502502503003007003,0004,1502,610—2,090—
Payout ratio%—119.463.384.356.945.018.0810.0510.93—14.49—

Consolidated basis

Profit flowKRW 100M

Revenue
218,966
Cost of sales
201,470
Gross profit
17,496
SG&A expenses
10,846
Operating income
6,650
Profit before tax
4,086
Non-operating expenses
2,564
Net income
3,413
Income tax expense
674

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
39,14343,23758,77557,56157,70860,38677,41497,936*112,043113,782119,309
21,49325,45239,26736,37835,66236,10944,27155,278*64,89760,243*61,678
17,65117,78519,50821,18222,04624,27733,14242,658*47,14653,539*57,631

Income statement

20152016201720182019202020212022202320242025
61,38157,54676,41479,82183,021*95,418149,456195,894*206,053212,008218,966
2,2371,0482,9652,6354,031*6,81012,64212,718*8,3087,0606,650
1,2211072,3871,8401,582*4,42811,93211,351*6,3935,8884,086
951501,7481,6311,0232,3618,8839,798*5,6524,4933,413
Basic earnings per shareKRWNot applicableNot applicable7,3866,8924,323Not applicableNot applicableNot applicableNot applicableNot applicable14,421
Diluted earnings per shareKRWNot applicableNot applicable7,3866,8924,323Not applicableNot applicableNot applicableNot applicableNot applicable14,421
745*2171,7821,7349352,3029,03110,226*5,4707,0114,586

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement951501,7481,6311,0232,3618,8839,7985,6524,4933,413
Total adjustments to operating cash flowcomputed5,8333,2682,7128,9926,6677,1412,8935,35215,3896,6089,901
6,7843,3184,46010,6237,6909,50311,77615,150*21,04111,101*13,314
-3,062-3,559-8,344-14,145-3,543-8,262-10,083-19,967*-19,044-9,695-7,963
-4,085654,2256,036-2,389-1,672-3,0964,414*6,083-2,198-4,529
Cash at beginning of periodKRW 100M3,9653,6033,4133,6956,2127,9966,9465,659*5,77913,89613,294
3,6033,4133,6956,2127,9966,9465,6595,779*13,89613,29414,064
Net change in cash and cash equivalentsKRW 100M-362-1902832,5171,783-514-1,239-463*8,117-603770

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 2026.03.12.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 50삼일회계법인2025-12-31
2024적정의견Term 49삼정회계법인2025-12-31
2023적정의견Term 48삼정회계법인2025-12-31
2022적정 예외사항 없음 예외사항 없음 예외사항 없음Term 47삼정회계법인2022-12-31
적정 예외사항 없음 예외사항 없음 예외사항 없음Term 46삼일회계법인2022-12-31
적정 예외사항 없음 예외사항 없음 예외사항 없음Term 45삼일회계법인2022-12-31
2019적정 예외사항 없음 예외사항 없음 예외사항 없음Term 44삼일회계법인2019-12-31
적정 예외사항 없음 예외사항 없음 예외사항 없음Term 43삼일회계법인2019-12-31
적정 예외사항 없음 예외사항 없음 예외사항 없음Term 42삼일회계법인2019-12-31

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 5Y1.00
%
%
Cost of equity9.38%
Weighted average cost of capital8.97%
Initial growth5.1%
Effective tax rate16.5%
Base fiscal year2025
Current priceKRW591,000

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 model28,900-95.1%
Dividend discount model DDM30,979-94.8%
Discounted cash flow FCFF525,848-11.0%
Discounted cash flow FCFE183,473-69.0%
Residual income model RIM117,412-80.1%
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% + 1.00 × 5.00% = 9.38%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(5.92% × (1 − 14.49%), 0) = 5.06%

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

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 2,090 × (1 + 2.00%) / (9.38% − 2.00%) = 2,132 / 0.0738 = 28,900 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 2,090, g_1 = 5.06%, g_T = 2.00%, r = 9.38%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.06%2,1960.91432,008
24.30%2,2900.83591,914
33.53%2,3710.76421,812
42.77%2,4370.69871,703
52.00%2,4850.63881,588
Terminal value2.00%34,3670.638821,954
Total30,979

P_0 = 30,979 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 = 243,505 KRW, ROE = 5.92%, payout ratio = 14.49%, r = 9.38%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1243,50514,41922,832-8,4130.9143-7,692
2255,83415,14923,988-8,8390.8359-7,388
3268,78815,91625,203-9,2870.7642-7,097
4282,39816,72226,479-9,7570.6987-6,817
5296,69717,56927,820-10,2510.6388-6,548
Terminal value-141,7450.6388-90,549

P_0 = 243,505 + -35,543 + -90,549 = 117,412 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 = 13,314.0 − 6,109.9 + 973.0 × (1 − 16.49%) = 8,016.7 KRW hundred million

Weighted average cost of capital

E = 139,872.6, D = 15,401.6 KRW hundred million; equity weight = 90.08%, debt weight = 9.92%; cost of debt k_d = 6.32%

WACC = 90.08% × 9.38% + 9.92% × 6.32% × (1 − 16.49%) = 8.97%

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
15.06%8,422.60.91777,729.3
24.30%8,784.60.84217,397.9
33.53%9,094.80.77287,028.7
42.77%9,346.40.70926,628.5
52.00%9,533.30.65086,204.6
Terminal value2.00%139,515.90.650890,801.6
Total125,790.6

Firm value = 125,790.6; less borrowings 15,401.6; plus cash 14,064.0 → 124,453.1 KRW hundred million

P_0 = 124,453.1 KRW hundred million ÷ 23,667,107 (shares) = 525,848 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 13,314.0 − 6,109.9 + -4,274.6 (net borrowing) = 2,929.6 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.06%3,077.90.91432,814.0
24.30%3,210.20.83592,683.4
33.53%3,323.50.76422,540.0
42.77%3,415.50.69872,386.5
52.00%3,483.80.63882,225.5
Terminal value2.00%48,172.40.638830,773.5
Total43,422.8

P_0 = 43,422.8 KRW hundred million ÷ 23,667,107 (shares) = 183,473 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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