017800KOSPI

Hyundai Elevator

72,000

-1,300 (-1.77%)

MA5
MA20
MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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 Elevator was established in 1984 and is listed on the KOSPI market. The company is headquartered in Chungju, Chungcheongbuk-do.

The company produces, distributes, installs, and maintains elevators, escalators, and moving walks. Its main customers include construction companies and building owners, such as Hyundai Engineering and Construction, Daewoo Engineering and Construction, and HDC Hyundai Development Company. It also operates in tourism accommodation, travel, and construction.

Business overview as filed

당사는 엘리베이터, 에스컬레이터, 무빙워크 등을 생산, 판매, 설치 및 유지보수 하는 운반기계산업을 영위하고 있으며 건설업을 주 전방산업으로 하고 있습니다. 전방산업인 건설업이 경기 변동에 민감하기 때문에 당사의 사업환경 역시 국내외 경기, 설비투자, 경제 성장률 등과 밀접하게 연관되어 있습니다.주요 제품으로는 세계 최고 수준의 원천 기술력을 바탕으로 50층 이상의 초고속 엘리베이터(THE EL 1080, THE EL Duo), 고속 엘리베이터(i-XEL), 중저속 엘리베이터(LUXEN, NEW-YZER, N:EX), 특수 엘리베이터(전망용, 병원용, 선박용) 등 용도와 건축설계에 따른 다양한 제품개발로 고객 맞춤형 솔루션을 제공하고 있습니다. 에스컬레이터와 무빙워크는 편안한 승차감과 안전성, 경제성을 바탕으로 공간과 공간을 이어주며 삭막한 도심의 빌딩을 열린 공간, 소통의 공간으로 변화시킵니다. 인체공학적 곡선설계와 공간활용을 극대화한 세련된 디자인은 다양한 용도와 컨셉을 가진 어떠한 구조의 건축물에서도 조화를 이룹니다. 또한 시스템 인버터, 수송능력 조절시스템, CRT 감시반 등 다양한 선택적 기능을 통해 효율적인 유지관리와 에너지절감을 실현하고 고객의 기대를 충족시키고 있습니다.2025년 경영방침인 『고객 신뢰 확보』, 『글로벌 사업 가속화』, 『수익성 및 다변화 강화』, 『미래 성장 동력 확보』 및 『효율적 위기 관리』를 바탕으로 경영 안정성과 내실을 강화했습니다. 승강기 관련 생산, 판매, 설치 및 유지관리가 2025년 기준으로 당사 전체 매출액의 약 72.3%이며, 주요 매출처로는 현대건설㈜, ㈜대우건설, HDC현대산업개발㈜ 등이 있습니다.[각 사업 부문별 주요 제품]

계열사 내 주요 종속회사로는 현대무벡스㈜, 현대아산㈜, 에이블현대호텔앤리조트㈜, 블룸비스타호텔앤컨퍼런스㈜가 있습니다.현대무벡스㈜는 물류자동화, PSD(승강장안전문), IT서비스업을 영위하고 있습니다. 물류자동화 사업은 냉동/냉장, 유통/택배, 자동차/타이어, 석유화학, 바이오, 2차 전지 및 공항터미널 등 다양한 산업분야의 고객들에게 기업의 생산공정부터 보관, 운송에 이르는 공급망 전체에 대한 물류자동화 토탈 솔루션을 제공하는 사업입니다. 또한 AGV 등 로봇과 AI 기술을 고도화하여 첨단 자동화 솔루션을 강화하고 있으며, 글로벌 사업 확장을 위해 헝가리 법인 신설 및 인도네시아 사무소 개설 등 해외 거점을 확대하고 있습니다.PSD(승강장안전문) 사업은 지하철ㆍ경전철의 선로와 승강장 사이에 안전을 위한 도어를 설계ㆍ제작ㆍ시공하는 사업으로서, 전동차가 정차하면 신호시스템에 따라 전동차 출입문과 연동을 통해 자동 개폐되며, 이를 통해 선로 추락에 따른 승객 사고를 차단하고, 역사 내 냉난방 효율 향상을 통한 에너지 절감과 열차풍, 소음, 분진 차단 등의 부수적인 서비스를 제공하고 있습니다. 또한 SIL 인증 기반 기술력을 바탕으로 호주 시드니 메트로 PSD 설치를 성공적으로 수행하며 해외 시장 진출을 확대하고 있습니다.마지막으로 IT서비스는 정보시스템 관련 고객의 다양한 요구에 대해 기획부터 구축, 공급, 개발, 운영 및 유지관리, 나아가 사용자에 대한 교육 및 훈련까지 정보기술과 관련된 종합 서비스를 제공하고 있습니다. 여기에 더해 AWS(Amazon Web Services)와의 글로벌 파트너십을 기반으로 클라우드 컨설팅·구축·운영 서비스를 확대하고 있으며, 물류자동화와 연계한 IT 통합 솔루션 제공을 강화하고 있습니다.현대아산㈜는 관광경협과 건설업을 영위하고 있습니다.관광경협은 대북관광과 MICE(Meeting, Incentives, Convention, Exhibition) 및 국내관광을 두 축으로 하는 안정적인 포트폴리오 구성을 통해 상호 보완적이고 시너지를 창출할 수 있도록 발전시켜 나가고 있습니다.

남북 및 동북아 국제정세가 장기간 경색되어 금강산 및 개성관광 사업이 불투명한 상황임에도 불구하고 당사는 언제든지 대북관광을 재개할 수 있는 준비를 하고 있으며, 2012년부터 추진해온 MICE 사업은 정부(외교부, 국토교통부, 문화체육관광부, 통일부 등) 및 공공기관 발주행사와 대형 국제 학술회의 수행을 통해 매년 사업 규모를 키워 가고 있습니다.건설사업 부문은 2008년 이후 관광사업 중단 및 남북관계 경색으로 국내건설 사업에 본격적으로 진출하여 사업영역을 지속적으로 확대해 나가고 있습니다. 현재 택지개발, 도로하수처리 등 공공부문 산업 공사는 물론 주택사업, 공장시설, 상업시설 등 다양한 건축공사 수행을 통하여 국내 건설사업의 입지를 확고히 해 나가고 있으며 이를 바탕으로 안정적인 공공부문 건설공사 수주와 민간부문 시공역량을 강화하여 리스크가 최소화된 수익성 있는 사업을 적극 공략하여 사업 다각화를 위해 노력하고 있습니다.

에이블현대호텔앤리조트㈜는 서울 중구 장충동에 소재한 반얀트리 클럽 앤 스파 서울을 보유 및 운영하고 있습니다. 반얀트리 클럽 앤 스파 서울의 주요 사업은 멤버십 클럽 운영, 호텔동 34실과 클럽동 16실로 구성된 최상급 호텔/리조트 운영, 최상급의 프리미엄 디저트&베이커리 사업을 운영하고 있습니다. 그 밖에 그라넘 다이닝 라운지, 클럽 멤버스 레스토랑, 풀빌라 구조의 Out-door 수영장 'The Oasis', 아시아 최초 럭셔리 오리엔탈 스파 'BanyanTree Spa' 등의 서비스를 제공하고 있습니다.

블룸비스타호텔앤컨퍼런스㈜는 연수부문과 호텔부문의 사업을 영위하고 있습니다.

천혜의 자연 환경 속에서 최상의 휴식공간과 첨단 교육시설을 갖춘 다기능 복합공간으로 연수부문과 호텔부문의 상호 보완적으로 수익구조를 실현하도록 발전시켜 나가고 있습니다.

호텔부문은 해외 여행객이 증가됨에 따라 내수 관광 산업 활성화를 위한 정부 지원 사업이시행 되고 있는 바, 대국민 숙박 대전, 대한민국 숙박 세일 페스타 등 온라인 플랫폼社를 대상으로 국내 숙박 시설 예약 특전을 제공하며 매출 성장을 위해 노력하고 있습니다.

Company overview

가. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 '현대엘리베이터 주식회사' 입니다.영문으로 'HYUNDAI ELEVATOR CO., LTD'로 표기합니다.

나. 설립일자 및 존속기간

당사는 1984년 5월 23일 설립되었으며, 1996년 7월 3일 한국거래소 유가증권시장에 상장되었습니다.

다. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 충청북도 충주시 충주산단1로 128

- 전화번호 : 043-722-1000- 홈페이지 : http://www.hyundaielevator.co.kr

라. 주요사업의 내용

당사는 엘리베이터, 에스컬레이터, 무빙워크 등을 생산, 판매, 설치 및 유지보수하는 운반기계산업을 영위하며 이는 전체 매출액의 약 72.3%를 차지하고 있습니다. 주요 고객은 건설회사 및 건물주이며 주요 매출회사는 현대건설㈜, ㈜대우건설, HDC현대산업개발㈜ 등입니다. 그 밖의 사업으로 관광 숙박시설 운영업, 여행 및 건설업 등을 영위하고 있습니다. 운반기계산업은 건설업을 주 전방산업으로 하고 있고 건설업은 경기 변동에 민감하기 때문에 당사의 사업환경 역시 국내외 경기, 설비투자, 경제 성장률 등과 밀접하게 연관된 산업적 특징을 가지고 있습니다.각 사업부문별 주요제품 및 서비스는 다음과 같습니다.[부문별 주요제품 및 서비스]

기타 자세한 내용은 II. 사업의 내용을 참조 바랍니다.

마. 최근 3년간 신용평가에 관한 사항

[등급정의]

국내 신용평가사(한국기업평가) 등급 정의입니다.※ 위 등급중 AA등급부터 CCC등급까지는 등급내의 상대적인 우열에 따라 +, - 기호가 첨부됩니다.

바. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

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 2026.03.18), 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

2.12%

[1.35%, 3.48%] · 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 41.8% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.26

Beta [0.14, 0.37] · KOSPI200 · As of 2026-10-07

Intercept: -0.121%[-0.448%, +0.206%]
R squared: 0.15
Observations: 252
Trading-time corrected beta: 0.19[0.01, 0.36]

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	14,487	17,588	19,937	18,772	18,725	18,212	19,734	21,293	26,021	28,853	24,674	24,742
Revenue growth%	—	21.41	13.36	-5.84	-0.25	-2.74	8.36	7.90	22.20	10.88	-14.48	—
Operating incomeKRW 100M	1,565	1,816	1,353	1,431	1,362	1,500	1,290	430	826	2,257	2,092	2,303
Operating income growth%	—	16.01	-25.49	5.75	-4.80	10.14	-14.01	-66.65	92.07	173.22	-7.32	—
Net incomeKRW 100M	-50	1,169	790	15	436	979	1,123	782	3,099	1,939	2,693	3,758
Net income growth%	—	—	-32.44	-98.15	2,889.19	124.66	14.72	-30.37	296.06	-37.41	38.86	—
Attributable to ownersKRW 100M	-41	1,287	936	79	485	952	1,131	784	3,189	1,832	2,620	3,674
Attributable to minoritiesKRW 100M	-10	-118	-146	-65	-49	28	-8	-1	-91	107	72	84
Operating margin%	10.80	10.32	6.79	7.62	7.27	8.24	6.54	2.02	3.18	7.82	8.48	9.31
Net margin%	-0.35	6.65	3.96	0.08	2.33	5.38	5.69	3.67	11.91	6.72	10.91	15.19
ROE%	-0.63	16.53	11.19	0.86	5.18	9.43	10.08	6.79	24.80	14.60	19.38	33.89
ROA%	-0.28	5.55	3.45	0.06	1.71	3.73	3.76	2.60	8.76	5.43	7.23	10.97
Debt ratio%	176.20	166.42	173.88	155.03	168.70	156.12	162.93	158.36	157.77	166.24	157.77	191.18
Current ratio%	156.67	145.28	123.43	120.95	105.49	128.23	104.53	89.65	100.90	93.79	126.34	108.06
Quick ratio%	151.51	136.92	118.42	112.55	100.66	122.77	98.94	83.43	95.38	89.39	120.27	101.19
Reserve ratio%	—	—	571.39	585.32	596.00	376.36	424.41	454.70	563.61	548.41	593.93	460.36
Free cash flowKRW 100M	1,394	—	—	—	—	—	—	—	-80	1,971	2,127	—
FCF margin%	9.62	—	—	—	—	—	—	—	-0.31	6.83	8.62	—
OCF conversion%	—	—	—	—	—	—	—	—	15.95	132.24	94.91	—
Capex to revenue%	0.74	0.67	5.34	2.31	2.20	6.05	10.88	4.54	2.21	2.06	1.74	—
Receivable daysdays	—	53.9	25.8	1.7	1.4	1.6	1.9	1.3	—	—	—	—
Inventory daysdays	—	12.5	11.1	12.3	13.2	12.3	12.7	13.7	12.6	11.6	15.7	—
Payable daysdays	—	44.9	34.0	31.5	34.7	33.0	34.2	34.1	—	—	—	—
Cash conversion cycledays	—	21.5	2.8	-17.6	-20.1	-19.1	-19.6	-19.1	—	—	—	—
EPSKRW	—	5,225	3,801	299	1,785	2,389	2,771	1,924	8,538	5,074	7,258	9,398
PERx	—	10.99	14.31	357.86	38.26	16.62	14.87	14.71	5.19	10.33	12.17	7.57
BPSKRW	—	31,605	33,952	33,916	34,436	24,732	27,485	28,258	32,896	32,095	34,588	27,734
PBRx	—	1.82	1.60	3.15	1.98	1.61	1.50	1.00	1.35	1.63	2.55	2.56
Dividend per shareKRW	—	500	500	900	900	800	800	500	4,000	5,500	2,000	—
Payout ratio%	—	9.57	13.15	301.00	50.42	33.49	28.87	25.99	46.85	108.40	27.56	—

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
	17,727	21,076	22,877	23,748	25,477	26,262	29,874	30,145*	35,354*	35,738	37,231
	10,148	10,451	9,452	9,011	9,860	11,923	11,315	10,963*	13,458*	15,362	18,369
Cash and cash equivalentsKRW 100M	4,295	4,899	3,239	3,382	2,609	4,372	3,619	1,834*	3,876*	4,522	5,460
Short-term financial instrumentsKRW 100M	70	80	604	386	1,468	1,174	617	892*	728*	477	2,327
InventoriesKRW 100M	335	601	384	626	452	507	606	760*	736*	720	882
Trade and other receivablesKRW 100M	2,452	2,739*	74	96	48	110	94	53	Not applicable	Not applicable	Not applicable
	7,579	10,625	13,424	14,737	15,618	14,339	18,559	19,182*	21,896*	20,375	18,861
Property, plant and equipmentKRW 100M	4,392	6,835	7,443	7,574	7,960	8,099	10,083	10,683*	11,264*	11,549	10,549
Intangible assetsKRW 100M	Not applicable	Not applicable	1,748	1,701	1,292	763	728	920	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	1,757	24	259	295	1,964	1,082	1,596	1,976*	962*	1,173	1,083
	11,309	13,165	14,524	14,436	15,996	16,008	18,512	18,477*	21,639*	22,315	22,787
	6,477	7,194	7,658	7,450	9,346	9,298	10,824	12,229*	13,338*	16,380	14,540
Trade and other payablesKRW 100M	1,501	1,856*	1,156	1,443	1,396	1,176	1,824	1,570	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	1,628	1,634	—	1,059	2,649	1,435	1,764	3,988	—	—	—
	4,831	5,971	6,866	6,986	6,649	6,710	7,688	6,248*	8,300*	5,935	8,248
Bonds issuedKRW 100M	—	—	2,685	—	—	—	—	—	—	—	—
Long-term borrowingsKRW 100M	1,947	1,830	—	2,821	2,153	3,468	4,248	2,812	—	2,574	3,782
	6,418	7,911	8,353	9,312	9,482	10,254	11,362	11,668*	13,716*	13,423	14,443
	6,415	7,785	8,363	9,211	9,366	10,095	11,218	11,534*	12,860*	12,547	13,521
Issued capitalKRW 100M	1,232	1,232	1,232	1,358	1,360	2,122	2,122	2,122	2,122	2,122	2,122
Capital surplusKRW 100M	Not applicable	Not applicable	4,638	5,590	5,576	5,619	5,691	5,704*	5,737*	5,714	3,093
Retained earningsKRW 100M	Not applicable	Not applicable	2,400	2,358	2,529	2,369	3,317	3,946*	6,224*	5,925	9,513
Accumulated other comprehensive incomeKRW 100M	—	—	-93	-95	-99	-16	88	81*	64*	73	82
Other equityKRW 100M	—	—	187	0	0	—	—	-320*	-1,288*	-1,288	-1,288
Non-controlling interestsKRW 100M	3	126	-11	101	115	159	144	134*	856*	876	922

계약자산As filed	—	—	—	1,500	1,627	1,509	2,091	2,532	2,910	2,820	1,867
당기손익-공정가치측정금융자산As filed	—	—	—	1	775	1,410	1,190	1,420	1,247	1,875	4,533
만기보유금융자산As filed	8	1	7	3	12	4	38	1	2	42	39
매도가능금융자산As filed	23	2	5	0	0	—	—	—	—	—	—
미청구공사채권As filed	1,202	1,482	1,529	0	0	—	—	—	—	—	—
파생금융자산As filed	0	37	28	5	10	34	7	20	9	86	19
기타채권As filed	151	92	—	—	—	—	—	—	151	95	126
매출채권As filed	—	—	3,087	2,547	2,424	2,389	2,569	2,846	3,271	3,410	2,519
기타금융자산As filed	1,443	213	73	74	30	69	168	268	227	205	198
기타유동자산As filed	153	288	276	276	264	267	289	328	286	235	380
당기법인세자산As filed	41	16	62	41	68	24	29	7	17	11	19
장기금융상품As filed	0	0	5	19	11	24	36	0	8	8	0
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	—	—	0
매각예정자산As filed	—	—	86	74	73	53	—	—	—	865	—
투자부동산As filed	134	132	1,925	1,911	1,942	1,911	1,882	2,314	2,056	2,055	1,519
무형자산As filed	480	1,805	—	—	—	—	—	—	2,696	2,609	2,523
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	10	0	—
기타비유동자산As filed	188	147	71	31	176	385	588	929	704	519	783
이연법인세자산As filed	318	1,393	1,192	1,064	641	288	13	10	90	39	244
매입채무As filed	—	—	1,831	1,701	1,651	1,617	2,078	2,281	2,101	2,307	1,717
장기매출채권As filed	—	—	—	—	—	—	—	—	0	0	—
기타채무As filed	983	1,036	2,176	2,280	2,686	1,582	1,667	1,773	2,012	1,893	2,136
파생금융부채As filed	183	65	84	881	261	35	13	12	12	63	76
선수금As filed	293	384	312	234	1,220	2,298	2,435	1,278	231	315	156
장기기타채권As filed	—	—	—	—	—	—	—	—	51	51	51
계약부채As filed	—	—	—	1,305	1,155	1,480	1,465	1,650	2,188	2,634	2,451
초과청구공사채무As filed	1,441	1,718	1,450	0	0	—	—	—	—	—	—
충당부채As filed	189	148	145	308	374	444	431	411	558	436	416
기타금융부채As filed	0	0	0	0	57	73	55	69	105	96	221
차입금및사채As filed	—	—	2,263	—	—	—	—	—	4,610	7,434	5,610
기타유동부채As filed	228	306	407	508	583	707	620	641	760	828	804
당기법인세부채As filed	31	47	11	10	0	33	138	326	760	373	950
자본과부채총계As filed	17,727	—	22,877	23,748	25,477	26,262	29,874	30,145	35,354	35,738	37,231
장기선수수익As filed	1,780	—	—	—	—	—	—	—	—	—	—
장기종업원급여부채As filed	59	66	66	74	90	104	106	1	2	0	1
기타비유동부채As filed	—	1,760	1,523	1,395	1,179	987	911	988	890	817	866
순확정급여부채As filed	235	108	151	112	141	179	163	144	165	177	125
이연법인세부채As filed	2	4	220	237	217	267	372	308	366	343	344
연결자본잉여금As filed	4,692	4,638	—	—	—	—	—	—	—	—	—
연결기타자본구성요소As filed	312	312	—	—	—	—	—	—	—	—	—
연결기타포괄손익누계액As filed	-176	-55	—	—	—	—	—	—	—	—	—
연결이익잉여금(결손금)As filed	356	—	—	—	—	—	—	—	—	—	—
연결이익잉여금As filed	—	1,659	—	—	—	—	—	—	—	—	—
부채와 자본총계As filed	—	21,076	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	14,487	17,588	19,937	18,772	18,725	18,212	19,734	21,293*	26,021*	28,853	24,674
Cost of salesKRW 100M	11,380	13,636	16,150	15,040	14,953	14,215	16,024	18,139*	21,632*	22,980	18,618
Gross profitKRW 100M	3,106	3,951	3,787	3,732	3,772	3,997	3,710	3,154*	4,389*	5,873	6,056
SG&A expensesKRW 100M	1,541	2,136	2,434	2,302	2,410	2,497	2,420	2,724*	3,563*	3,615	3,964
	1,565	1,816	1,353	1,431	1,362	1,500	1,290	430*	826*	2,257	2,092
Finance incomeKRW 100M	171	127	169	103	741	276	132	149*	207*	336	270
Finance costsKRW 100M	302	490	324	1,051	285	290	269	398*	529*	768	587
Other incomeKRW 100M	204	334	685	421	308	1,816	968	1,799*	3,974*	1,116	2,030
Other expensesKRW 100M	194	1,401	517	718	1,271	1,797	546	895*	536*	496	362
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	74*	138	62
	340	189	1,292	194	889	1,415	1,605	1,101*	4,016*	2,584	3,505
Income tax expenseKRW 100M	390	-980	502	179	453	436	482	319*	918*	645	812
	-50	1,169	790	15	436	979	1,123	782*	3,099*	1,939	2,693
Attributable to ownersKRW 100M	-41	1,287	936	79	485	952	1,131	784*	3,189*	1,832	2,620
Attributable to minoritiesKRW 100M	-10	-118	-146	-65	-49	28	-8	-1*	-91*	107	72
Basic earnings per shareKRW	Not applicable	Not applicable	3,801	299	1,785*	2,389	2,771	1,924	8,538	5,074	7,258
Diluted earnings per shareKRW	Not applicable	Not applicable	3,801	299	1,785*	2,382	2,771	1,924	8,538	5,074	7,258
	-361	1,305	689	36	363	1,065	1,373	978*	2,871*	1,821	2,758
Other comprehensive incomeKRW 100M	-310	136	-101	21	-73	86	250	195*	-227*	-118	65

비지배지분As filed	-9	-120	-137	-67	-49	20	-5	-2	-89	98	68
관계기업및공동기업투자에 대한 지분법손익As filed	—	—	—	—	—	-91	30	17	—	—	—
관계기업투자에 대한 지분법손익As filed	-1,286	-527	-74	7	33	—	—	—	—	—	—
지배기업의 소유주As filed	-352	1,424	826	103	411	1,045	1,379	980	2,960	1,723	2,690
관계기업투자처분손익As filed	183	331	0	0	—	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	-172	21	-73	16	-66	37	145	175	-209	-153	55
관계기업 순확정급여부채의 재측정요소에 대한 지분As filed	-17	-4	-1	12	-4	—	-1	—	—	—	—
매도가능금융자산평가손익As filed	1	1	-5	0	0	—	—	—	—	—	—
관계기업및공동지배기업 기타포괄손익에 대한 지분As filed	-92	—	—	—	—	—	—	—	—	—	—
관계기업 기타포괄손익에 대한 지분As filed	—	124	-1	-2	-22	4	—	—	—	—	—
해외사업환산손익As filed	-30	-7	-22	-5	19	75	67	-25	-18	66	19
관계기업및공동기업투자 순확정급여부채의 재측정요소에 대한 지분As filed	—	—	—	—	—	—	—	-1	-3	0	—
관계기업순확정급여부채의 재측정요소에 대한 지분As filed	—	—	—	—	—	-30	—	—	—	—	—
관계기업및공동기업투자 기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	39	46	3	-32	-8
기본및희석주당손익As filed	-0	—	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	—	35	11
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-15	—	—
기본주당손익As filed	—	0	—	—	—	—	—	—	—	—	—
희석주당손익As filed	—	0	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	-153	55
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-212	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-50	1,169	790	15	436	979	1,123	782	3,099	1,939	2,693
Total adjustments to operating cash flowcomputed	1,551	—	—	—	—	—	—	—	-2,604	625	-137
	1,501	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	494*	2,564	2,556
Interest receivedKRW 100M	120	91	113	76	107	64	79	114*	168*	260	182
Interest paidKRW 100M	144	155	102	133	126	126	98	157*	311*	424	387
Income taxes paidKRW 100M	96	39	81	-12	67	4	61	245*	592*	1,000	632
	-1,786	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	333*	143	1,089
Purchase of property, plant and equipmentKRW 100M	107	117	1,065	434	411	1,102	2,148	967*	574*	593	429
Proceeds from sale of property, plant and equipmentKRW 100M	2	20	33	1	2	39	60	941*	1*	2	4,539
Purchase of intangible assetsKRW 100M	70	173	23	44	196	28	32	120*	29*	36	54
	3,331	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,210*	-2,106	-2,699
Dividends paidKRW 100M	-1	0	126	126	248	247	328	330*	227*	2,008	2,198
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	879	—	298*	1,990*	0	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	—	—	499	0	—
Issue of sharesKRW 100M	2,751	0	0	—	—	41*	—	—	—	—	—
Cash at beginning of periodKRW 100M	1,268	4,295	4,899	3,239	3,382	2,609	4,372	3,619*	1,834*	3,876	4,522
	4,295	4,899	3,239	3,382	2,609	4,372	3,619	1,834*	3,876*	4,522	5,460
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-38	-6	1	-3	50	7*	4*	44	-8
Net change in cash and cash equivalentsKRW 100M	3,045	589	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

영업으로부터 창출된 현금흐름As filed	—	—	993	1,723	1,101	1,592	1,412	123	—	3,708	3,369
영업으로부터창출된현금흐름As filed	1,620	1,688	—	—	—	—	—	—	—	—	—
배당금수취As filed	0	—	3	8	—	—	—	—	—	—	—
배당금의 수취As filed	—	—	—	—	4	36	12	30	—	20	23
임대보증금의 감소As filed	—	—	—	—	—	—	—	179	6	31	32
기타부채의 감소As filed	—	—	—	—	—	—	—	-0	1	530	3
영업활동 순현금흐름유입As filed	—	1,586	927	1,686	1,020	—	—	—	—	—	—
영업활동 순현금흐름유입(유출)As filed	—	—	—	—	—	1,562	1,343	-135	—	—	—
만기보유금융자산의 처분As filed	15	8	1	7	3	12	4	38	1	2	65
임대보증금의 증가As filed	—	—	—	—	—	—	—	106	13	14	2
기타부채의 증가As filed	—	—	—	—	—	—	—	52	500	5	0
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	11	325	—	—	872	—	1,622	5,076
당기손익공정가치측정금융자산의 처분As filed	—	—	—	—	—	513	1,301	—	—	—	—
단기금융상품의 처분As filed	—	—	20	263	8	1,052	1,163	741	1,003	850	597
매도가능금융자산의 처분As filed	2	1	18	0	0	—	—	—	—	—	—
비지배지분과의 거래로 인한 현금유출As filed	—	—	—	—	—	—	—	—	1	108	197
주식선택권의 행사As filed	—	—	—	—	—	—	—	—	8	0	5
공급자금융약정의 증가As filed	—	—	—	—	—	—	—	—	—	1,370	0
비지배지분과의 거래로 인한 현금유입As filed	—	—	—	—	—	—	—	—	94	23	768
선수금의 증가As filed	—	—	—	—	205	820	—	—	—	102	0
장기금융상품의 처분As filed	—	—	—	—	—	—	—	11	0	0	81
신주인수권의 처분As filed	53	0	0	—	—	—	—	—	—	—	—
파생금융자산의 감소As filed	5	45	91	6	12	—	36	11	—	6	17
공급자금융약정의 상환As filed	—	—	—	—	—	—	—	—	—	1,620	50
관계기업및공동기업투자의 처분As filed	—	—	—	—	—	1,382	—	—	—	—	—
보험금의 수령As filed	—	93	0	0	—	—	—	17	0	0	—
관계기업투자의 처분As filed	0	0	0	—	—	—	—	—	484	718	243
종속기업및관계기업 투자의 처분As filed	—	—	—	0	—	—	—	—	—	—	—
관계기업투자및공동기업투자의 처분As filed	—	—	—	—	—	—	—	41	—	—	—
무형자산의 처분As filed	10	4	1	20	15	9	0	5	12	14	11
차입금및사채의 증가As filed	3,570	497	3,199	1,020	1,756	2,353	1,733	2,329	7,794	7,403	4,941
보증금 회수As filed	—	—	0	0	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	73	61	60	73	71	79	127
차입금및사채의 상환As filed	—	—	1,927	983	839	2,225	733	1,635	5,402	6,544	5,808
투자부동산의 처분As filed	—	1	0	0	—	12	20	2	0	0	275
정부보조금의 수령As filed	—	2	0	0	0	245	0	45	0	45	3
단기대여금의 감소As filed	—	1,719	117	—	0	—	59	55	66	166	37
장기대여금의 감소As filed	2	4	1	2	2	45	0	2	9	3	6
보증금의 회수As filed	424	54	—	—	—	5	25	128	48	59	49
매각예정자산의 처분As filed	—	—	—	3	1	—	21	—	0	—	—
배당금의수취As filed	—	1	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	45	55	0	0	—	17	45	108	31	27	192
단기대여금의 증가As filed	-1,392	-327	0	60	0	—	34	165	0	89	1
사업결합으로 인한 순현금유입As filed	—	—	—	—	—	12	—	—	—	—	—
장기금융상품의 감소As filed	55	20	0	0	0	—	—	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	1,528	—	—
단기금융상품의처분As filed	—	30	—	—	—	—	—	—	—	—	—
장기대여금의 증가As filed	—	—	125	22	4	76	66	1	258	2	4
단기대여금 감소As filed	—	—	—	156	—	—	—	—	—	—	—
국고보조금의 수령As filed	13	—	—	—	—	—	—	—	—	—	—
단기금융상품의 취득As filed	0	5	544	46	1,067	762	602	979	847	591	2,445
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	10	0
처분자산집단의 처분으로 인한 순현금흐름As filed	—	—	348	0	0	—	—	—	—	—	—
단기금융상품의 감소As filed	36	—	—	—	—	—	—	—	—	—	—
장기금융상품의 취득As filed	0	0	4	14	13	13	12	12	0	0	50
종속기업투자 취득의 순현금흐름As filed	—	—	0	0	—	—	—	—	—	—	—
종속기업투자주식취득의 순현금흐름As filed	130	—	—	—	—	—	—	—	—	—	—
당기손익공정가치측정금융자산의 취득As filed	—	—	—	—	—	-1,307	-2,184	—	—	—	—
만기보유금융자산의 취득As filed	12	4	39	2	1	13	4	28	44	84	0
장기대여금 증가As filed	0	-44	—	—	—	—	—	—	—	—	—
관계기업및공동기업투자의 취득As filed	—	—	—	—	—	281	358	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	-1,202	-1,259	—	—	-709	1,104	1,491	7,466
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	917
매도가능금융자산의 취득As filed	0	0	374	0	0	—	—	—	—	—	—
사업결합으로 인한 순현금유입 등As filed	—	—	—	—	—	—	11	—	—	—	—
종속기업투자취득의 순현금흐름As filed	—	-888	—	—	—	—	—	—	—	—	—
파생금융자산의 증감As filed	—	—	—	—	—	44	—	—	—	—	—
관계기업투자및공동기업투자의 취득As filed	—	—	—	—	—	—	—	187	—	—	—
파생금융부채의 감소As filed	—	—	-20	-7	-41	—	-23	-98	—	88	69
파생금융부채의 증감As filed	—	—	—	—	—	-16	—	—	—	—	—
관계기업투자의 취득As filed	514	0	311	2	1,058	—	—	—	84	377	117
투자부동산의 취득As filed	—	—	1,796	0	0	—	—	1,052	0	77	0
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	0	0
정부보조금의 반납As filed	—	—	—	—	—	—	—	11	0	0	—
투자활동 순현금흐름유입(유출)As filed	—	3	-3,698	—	—	576	-2,806	-1,553	—	—	—
파생금융자산의 증가As filed	—	—	—	—	—	—	—	-8	—	—	—
파생금융부채의감소As filed	-392	-291	—	—	—	—	—	—	—	—	—
기타비유동수취채권의 증가As filed	—	—	-28	0	0	—	—	—	—	—	—
전환사채 매도청구권의 행사As filed	—	—	—	—	21	849	—	—	—	—	—
종속기업 처분 및 연결범위변동으로 인한 순현금흐름As filed	—	—	—	—	—	—	—	—	—	-1	0
투자활동 순현금흐름유출As filed	—	—	—	-1,364	-3,476	—	—	—	—	—	—
종속기업 취득 및 연결범위변동으로 인한 순현금흐름As filed	—	—	—	—	—	—	—	—	190	0	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금지급As filed	—	—	—	—	—	—	—	—	61	—	—
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금수취, 투자활동As filed	—	—	—	—	—	—	—	—	23	—	—
무상증자 주식발행비용As filed	—	—	—	—	—	-4	—	—	—	—	—
비지배지분의 취득 등As filed	—	—	—	—	65	—	66	—	—	—	—
기타채무의 상환As filed	—	—	—	—	—	197	—	—	—	—	—
비지배지분의 납입As filed	0	—	2	34	—	—	113	—	—	—	—
전환사채 전환권 행사As filed	—	—	—	1	0	—	—	—	—	—	—
비지배지분의 취득As filed	—	—	—	—	—	-1	—	41	—	—	—
재무활동 순현금흐름유입(유출)As filed	—	-1,001	1,148	—	—	-372	659	-51	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	—	149	-773	1,766	-804	-1,740	2,038	601	946
종속기업 자본금의 반환As filed	-0	0	0	—	—	—	—	—	—	—	—
기타선수금의 수취As filed	—	—	—	—	1,000	—	—	—	—	—	—
차입금및사채의상환As filed	2,989	1,591	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	1,210	—	—
재무활동 순현금흐름유출입As filed	—	—	—	-173	1,682	—	—	—	—	—	—
현금 및 현금성자산에 대한 환율변동효과As filed	-18	15	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	—	—	19	—	—
비지배지분 취득 등As filed	—	—	—	-116	—	—	—	—	—	—	—
현금및현금성자산의 순증감As filed	—	—	-1,623	—	—	—	—	—	—	—	—
연결범위변동As filed	—	—	—	—	—	—	—	-52	—	—	—

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

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 42	한영회계법인	2025-12-31
2024	적정의견Term 41	삼일회계법인	2025-12-31
2023	적정의견Term 40	삼일회계법인	2025-12-31
2022	적정Term 39	삼일회계법인	2022-12-31
2021	적정Term 38	삼일회계법인	2022-12-31
2020	적정Term 37	삼일회계법인	2022-12-31
2019	적정Term 36	삼일회계법인	2019-12-31
	적정Term 35	삼일회계법인	2019-12-31
	적정Term 34	삼일회계법인	2019-12-31
2016	적정Term 33	삼일회계법인	2016-12-31
	적정Term 32	삼일회계법인	2016-12-31
	적정Term 31	삼일회계법인	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 · 2026-10-074.38%

BetaDaily 5Y0.40

Equity risk premium%

Terminal growth%

Cost of equity6.40%

Weighted average cost of capital6.22%

Initial growth14.0%

Effective tax rate23.2%

Base fiscal year2025

Current priceKRW72,000

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	46,395	-35.6%
Dividend discount model DDM	60,891	-15.4%
Discounted cash flow FCFF	201,019	+179.2%
Discounted cash flow FCFE	259,747	+260.8%
Residual income model RIM	188,171	+161.3%

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 = 4.38% + 0.40 × 5.00% = 6.40%

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(19.38% × (1 − 27.56%), 0) = 14.04%

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 = 2,000 × (1 + 2.00%) / (6.40% − 2.00%) = 2,040 / 0.0440 = 46,395 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 = 2,000, g_1 = 14.04%, g_T = 2.00%, r = 6.40%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	14.04%	2,281	0.9399	2,144
2	11.03%	2,532	0.8834	2,237
3	8.02%	2,735	0.8303	2,271
4	5.01%	2,873	0.7803	2,242
5	2.00%	2,930	0.7334	2,149
Terminal value	2.00%	67,968	0.7334	49,849
Total				60,891

P_0 = 60,891 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 = 34,588 KRW, ROE = 19.38%, payout ratio = 27.56%, r = 6.40%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	34,588	6,703	2,213	4,491	0.9399	4,221
2	39,444	7,644	2,523	5,121	0.8834	4,524
3	44,982	8,718	2,878	5,840	0.8303	4,849
4	51,297	9,942	3,282	6,660	0.7803	5,197
5	58,500	11,337	3,742	7,595	0.7334	5,570
Terminal value				176,190	0.7334	129,222

P_0 = 34,588 + 24,361 + 129,222 = 188,171 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 = 2,555.7 − 428.9 + 386.9 × (1 − 23.18%) = 2,424.1 KRW hundred million

Weighted average cost of capital

E = 28,146.5, D = 3,782.4 KRW hundred million; equity weight = 88.15%, debt weight = 11.85%; cost of debt k_d = 6.40%

WACC = 88.15% × 6.40% + 11.85% × 6.40% × (1 − 23.18%) = 6.22%

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	14.04%	2,764.4	0.9414	2,602.5
2	11.03%	3,069.4	0.8863	2,720.3
3	8.02%	3,315.5	0.8344	2,766.4
4	5.01%	3,481.6	0.7855	2,734.9
5	2.00%	3,551.3	0.7395	2,626.2
Terminal value	2.00%	85,807.7	0.7395	63,455.1
Total				76,905.4

Firm value = 76,905.4; less borrowings 3,782.4; plus cash 5,460.3 → 78,583.2 KRW hundred million

P_0 = 78,583.2 KRW hundred million ÷ 39,092,385 (shares) = 201,019 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 = 2,555.7 − 428.9 + 1,208.3 (net borrowing) = 3,335.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	14.04%	3,803.4	0.9399	3,574.8
2	11.03%	4,223.0	0.8834	3,730.4
3	8.02%	4,561.6	0.8303	3,787.3
4	5.01%	4,790.2	0.7803	3,737.9
5	2.00%	4,886.0	0.7334	3,583.5
Terminal value	2.00%	113,342.4	0.7334	83,127.6
Total				101,541.5

P_0 = 101,541.5 KRW hundred million ÷ 39,092,385 (shares) = 259,747 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