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030000KOSPI

Cheil Worldwide

18,820
-140 (-0.74%)

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

Cheil Worldwide was established in 1973 and is listed on the KOSPI market. The company operates as a corporate entity with 87 consolidated subsidiaries.

The company provides marketing solutions including advertising planning, production, and media selection. It also offers AdTech solutions for online purchase pattern analysis and personalized marketing through a global network across 46 countries.

Business overview as filed

당사는 광고업을 주요 사업으로 광고주의 마케팅 성과 극대화 니즈에 알맞은 다양한 마케팅 솔루션을 제시하고 있으며, 당사의 서비스는 본사를 비롯하여 전 세계 46개국 55개의 글로벌 네트워크를 통해 동일하게 제공되고 있습니다.

당사가 제공하는 마케팅 솔루션은 크게 광고 기획/제작, 매체(TV/라디오/옥외 등) 선정, 프로모션 대행 등으로 구분되며, 최근에는 디지털화 된 마케팅 환경속에서 소비자의 온라인 구매 패턴 분석 및 개인화 마케팅 전략 수립 등 AdTech를 활용한 솔루션 또한 제공하고 있습니다.

당사의 광고 제작 역량은 국내외 광고제에서 다수의 수상을 통해 경쟁력이 입증 되었으며, 전자, 금융, 식품, 화장품, 건설, 통신, 건강기능 등 다양한 업종의 광고주를 국내외에서 영입하며 사업을 성장 시켰습니다.

당사의 2025년 총연결영업수익은 4조5,469억원이며, 이중 본사 비중은 31.1%인 1조4,156억원, 해외(글로벌 네트워크)는 68.9%인 3조1,313억원입니다. 연결영업총이익은 1조8,599억원으로 본사 비중은 21.0%로 3,908억원, 해외는 79.0%로 1조4,691억원입니다.

Company overview

가. 회사의 법적, 상업적 명칭

당사의 명칭은 "주식회사 제일기획" 이고, 영문명은 "Cheil Worldwide Inc." 입니다.단, 약식으로 표기할 경우에는 "㈜제일기획" 이라고 표기합니다.

나. 설립일자

당사는 광고업 등을 영위할 목적으로 1973년 1월 17일에 설립되었습니다.또한 1998년 3월 3일자로 한국거래소에 상장되어 유가증권시장에서 매매가개시되었습니다.

다. 본사의 주소, 전화번호 및 홈페이지

라. 주요 사업의 내용

당사는 광고업을 주요 사업으로, 광고주의 마케팅 성과 극대화 니즈에 알맞은 다양한마케팅 솔루션을 제시하고 있습니다.당사가 제공하는 마케팅 솔루션은 크게 광고 기획/제작과 매체(TV/라디오/옥외 등) 선정으로 구분되며, 최근에는 급격히 디지털化 된 마케팅 환경 下, 소비자의 온라인 구매 패턴 분석 및 개인화 마케팅 전략 수립 등 AdTech를 활용한 솔루션 또한 제공하고 있습니다.

마. 신용평가에 관한 사항

2025년 12월말 현재 당사의 신용등급은 다음과 같습니다.

- 한국기업평가 회사채 신용등급별 정의

- NICE신용평가 회사채 신용등급별 정의

바. 연결대상 종속회사 개황

기업회계기준서(K-IFRS) 제1110호 '연결재무제표'에 의한 지배회사인 당사의 연결대상 종속기업은 2025년 기말 현재 87개사입니다. 전년말 대비 4개 기업이 감소하였습니다.

1. 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

사. 중소기업 등 해당 여부

당사는 본 보고서 제출일 현재 중소기업 기본법 제2조에 의한 중소기업에 해당되지 않습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.10), 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

3.04%
[1.72%, 5.67%] · 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 25.3% (2026-09-18). 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

0.06
Beta [-0.03, 0.15] · KOSPI200 · As of 2026-10-08
Intercept
-0.048%[-0.265%, +0.169%]
R squared
0.01
Observations
252
Trading-time corrected beta
0.04[-0.08, 0.17]
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 100M28,06732,32633,75034,77934,21727,47933,25742,53441,38343,44345,46944,807
Revenue growth%—15.174.403.05-1.62-19.6921.0327.89-2.714.984.66—
Operating incomeKRW 100M1,2721,4951,5651,8112,0582,0492,4823,1143,0753,2073,3693,155
Operating income growth%—17.554.6715.6913.65-0.4421.1125.48-1.254.295.04—
Net incomeKRW 100M8179061,2841,3191,3951,5831,6761,9581,9012,0832,0862,211
Net income growth%—10.9041.622.725.7513.505.8916.85-2.929.580.13—
Attributable to ownersKRW 100M——1,2721,2971,3811,5741,6551,9371,8732,0752,0752,200
Attributable to minoritiesKRW 100M——122214921212881111
Operating margin%4.534.634.645.216.017.467.467.327.437.387.417.04
Net margin%2.912.803.803.794.085.765.044.604.594.804.594.94
ROE%——15.0314.7014.5815.6214.8115.9814.5614.2313.2013.65
ROA%4.384.215.746.076.197.066.597.126.586.305.816.38
Debt ratio%133.26177.14161.49143.29135.44120.82125.51125.26122.65124.32125.93112.53
Current ratio%145.76144.17147.44154.55161.16163.76164.89164.26172.54174.07176.97188.27
Quick ratio%———151.14158.36160.20161.92160.04168.68170.21174.13184.92
Reserve ratio%——5,204.405,419.365,649.155,978.826,299.146,713.546,985.157,350.247,796.507,653.35
Free cash flowKRW 100M8477751832,0371,7662,0702,3561,6542,4493,2001,822—
FCF margin%3.022.400.545.865.167.537.083.895.927.374.01—
OCF conversion%125.27111.8130.45169.88143.43138.66148.8894.04140.28166.26101.76—
Capex to revenue%0.630.740.610.580.680.450.420.440.530.610.66—
Inventory daysdays————5.77.66.66.27.97.97.3—
EPSKRW7708711,2551,2811,3631,5541,6341,9131,8492,0492,0491,913
PERx—18.0816.8917.5617.6413.2613.9812.0510.298.2710.259.52
BPSKRW——7,3547,6728,2298,7589,71110,53611,18312,67413,66814,012
PBRx——2.882.932.922.352.352.191.701.341.541.30
Dividend per shareKRW3003007607708208409901,1501,1101,2301,230—
Payout ratio%38.9634.4460.5660.1160.1654.0560.5960.1260.0360.0360.03—

Consolidated basis

Profit flowKRW 100M

Revenue
45,469
Cost of sales
26,870
Gross profit
18,599
SG&A expenses
15,230
Operating income
3,369
Profit before tax
3,047
Non-operating expenses
322
Net income
2,086
Income tax expense
961

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
18,66921,51422,38321,72122,52822,42525,42127,51428,89533,06635,878
10,66513,75113,82312,79312,96012,26914,14815,30015,91718,32519,998
8,0037,7638,5608,9289,56810,15511,27312,21412,97814,74015,880

Income statement

20152016201720182019202020212022202320242025
28,06732,32633,75034,77934,21727,47933,25742,53441,38343,44345,469
1,2721,4951,5651,8112,0582,0492,4823,1143,0753,2073,369
1,4951,2781,6531,9052,0981,9692,5963,0042,8483,1353,047
8179061,2841,3191,3951,5831,6761,9581,9012,0832,086
Basic earnings per shareKRW7708711,2551,2811,3631,5541,6341,9131,8492,0492,049
Diluted earnings per shareKRW7708711,2551,2811,3631,5541,6341,9131,8492,0492,049
Not applicableNot applicable1,0171,2241,4201,434Not applicableNot applicableNot applicable2,8592,461

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement8179061,2841,3191,3951,5831,6761,9581,9012,0832,086
Total adjustments to operating cash flowcomputed207107-893921606612819-1177661,38137
1,0241,014*3912,2402,0002,1952,4951,8422,6673,4642,123
988-346*-146-875-241-1,114329164-75-785-1,075
-1,628-461-527-964-1,357-1,454-1,486-1,633-1,923-1,703-1,877
Cash at beginning of periodKRW 100M3,1683,5223,7263,2793,6784,0813,7025,0435,4116,0727,052
3,5223,7263,2793,6784,0813,7025,0435,4116,0727,0526,224
Net change in cash and cash equivalentsKRW 100M355203-447399403-3791,341368661*976-829

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 2026.03.10.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 53삼정회계법인2025-12-31
2024적정의견Term 52삼정회계법인2025-12-31
2023적정의견Term 51삼정회계법인2025-12-31
2022적정Term 50삼일회계법인2022-12-31
2021적정Term 49삼일회계법인2022-12-31
2020적정Term 48삼일회계법인2022-12-31
2019적정Term 47삼일회계법인2019-12-31
2018적정Term 46삼일회계법인2019-12-31
2017적정Term 45삼일회계법인2019-12-31
2016적정Term 44삼일회계법인2016-12-31
2015적정Term 43삼일회계법인2016-12-31
2014적정Term 42삼일회계법인2016-12-31

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 5Y0.15
%
%
Cost of equity5.17%
Weighted average cost of capital5.17%
Initial growth5.3%
Effective tax rate31.5%
Base fiscal year2025
Current priceKRW18,820

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 model39,605+110.4%
Dividend discount model DDM42,776+127.3%
Discounted cash flow FCFF63,633+238.1%
Discounted cash flow FCFE55,086+192.7%
Residual income model RIM52,648+179.7%
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% + 0.15 × 5.00% = 5.17%

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(13.20% × (1 − 60.03%), 0) = 5.28%

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 = 1,230 × (1 + 2.00%) / (5.17% − 2.00%) = 1,255 / 0.0317 = 39,605 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 = 1,230, g_1 = 5.28%, g_T = 2.00%, r = 5.17%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.28%1,2950.95091,231
24.46%1,3530.90411,223
33.64%1,4020.85971,205
42.82%1,4410.81751,178
52.00%1,4700.77731,143
Terminal value2.00%47,3390.777336,796
Total42,776

P_0 = 42,776 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 = 13,668 KRW, ROE = 13.20%, payout ratio = 60.03%, r = 5.17%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
113,6681,8047061,0980.95091,044
214,3891,8997441,1560.90411,045
315,1481,9997831,2170.85971,046
415,9472,1058241,2810.81751,047
516,7882,2168681,3480.77731,048
Terminal value43,4200.777333,750

P_0 = 13,668 + 5,230 + 33,750 = 52,648 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 = 2,122.8 − 300.6 + 150.9 × (1 − 31.54%) = 1,925.5 KRW hundred million

Weighted average cost of capital

E = 21,650.8, D = 28.7 KRW hundred million; equity weight = 99.87%, debt weight = 0.13%; cost of debt k_d = 5.17%

WACC = 99.87% × 5.17% + 0.13% × 5.17% × (1 − 31.54%) = 5.17%

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
15.28%2,027.10.95091,927.5
24.46%2,117.40.90421,914.5
33.64%2,194.50.85981,886.7
42.82%2,256.30.81751,844.6
52.00%2,301.40.77741,789.1
Terminal value2.00%74,155.80.777457,647.0
Total67,009.4

Firm value = 67,009.4; less borrowings 28.7; plus cash 6,223.7 → 73,204.4 KRW hundred million

P_0 = 73,204.4 KRW hundred million ÷ 115,041,225 (shares) = 63,633 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 = 2,122.8 − 300.6 + 0.0 (net borrowing) = 1,822.2 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.28%1,918.30.95091,824.1
24.46%2,003.80.90411,811.7
33.64%2,076.70.85971,785.4
42.82%2,135.30.81751,745.5
52.00%2,178.00.77731,692.9
Terminal value2.00%70,129.60.777354,511.6
Total63,371.2

P_0 = 63,371.2 KRW hundred million ÷ 115,041,225 (shares) = 55,086 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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