033100KOSDAQ

Cheryong Electric

48,350

-800 (-1.63%)

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

Cheryong Electric was established on December 18, 1986. The company is listed on the KOSDAQ market and is headquartered in Seoul. It operates as a standalone entity without consolidated subsidiaries.

The company operates in the heavy electrical equipment industry. It focuses on providing power infrastructure products and services to both domestic public sectors and international markets, including the United States.

Business overview as filed

가. 영업의 개황 요약

2025년도 세계 글로벌 시장은 탈탄소 전환과 전력 인프라 투자 확대 기조 속에서 신규 전력수요 증가로 견조한 수요환경이 유지되었으며, 주요 업체들의 생산능력 증대로 공급도 안정화되었습니다. 국내 시장은 내수 및 건설경기 부진으로 민간 수요는 제한적이었으나, 공공ㆍ정책성 수요는 유지되었습니다.당사는 합리적인 설비투자, 고숙련 인력 육성, 생산효율 극대화 등을 통하여 납기안정성 제고 및 생산능력 확대를 추진하였으며 고마진 중심의 선별수주를 지속하였습니다. 최근에는 글로벌 경쟁 심화로 인한 성장속도의 둔화 및 관세 등의 영향으로 매출실적 및 영업이익이 감소하였습니다.2026년에는 국내 시장의 정책ㆍ인프라 성격의 수요에 맞춰 친환경ㆍ고효율 제품을 통한 전략적 수주를 실시 할 예정입니다. 미국 시장은 경쟁이 한층 치열해지는 동시에, 미국 정부의 관세 조치 등 정책적 영향이 늘어날 것으로 예상됩니다. 당사는 기존거래처와의 신뢰를 기반으로 장기적인 거래 관계를 유지하는 한편 신규 시장 개척과 수주 확대에 주력할 계획입니다. 더불어, 중장기적인 성장기반 확보를 위해 제품군 확대에 최선을 다하겠습니다.

나. 공시대상 사업부문의 구분

다. 사업부문별 주요 재무정보

Company overview

가. 연결대상 종속회사 개황

당사는 보고서 제출일 현재 연결대상 종속회사가 없습니다.(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 제룡전기주식회사라고 표기하며, 약식 표기시 제룡전기㈜, 영문으로CHERYONG ELECTRIC CO.,LTD.라고 표기합니다.

다. 설립일자 및 존속기간

당사는 1986년 12월 18일에 설립되었으며, 2011년 11월 1일 인적분할을 통해 중전기 사업부문과 금속/합성수지 사업부문으로 사업을 분할하고, 존속법인 상호를 제룡전기 주식회사로 변경하여 사업을 영위하고 있습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 서울특별시 광진구 아차산로 628 (광장동) - 전화번호 : 02-2204-6300 - 홈페이지 : http://www.cheryongelec.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

사. 신용평가에 관한 사항

당사는 매년 신용평가 전문기관으로부터 평가를 받고 있으며, 최근 3개년 정기 신용평가 내역은 다음과 같습니다.

(1) 신용평가 내역

(2) 기업신용등급 정의

상기 등급중 상대적 우열에 따라 + 또는 - 를 부가할 수 있습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.06.02), 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

4.28%

[2.49%, 7.37%] · 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 60.1% (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

0.91

Beta [0.79, 1.02] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.191%[-0.367%, +0.750%]
R squared: 0.39
Observations: 252
Trading-time corrected beta: 0.88[0.61, 1.14]

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 KOSDAQ150 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	634	399	477	425	452	442	488	861	1,839	2,627	2,240	1,838
Revenue growth%	—	-37.09	19.51	-10.84	6.40	-2.25	10.38	76.42	113.73	42.84	-14.74	—
Operating incomeKRW 100M	32	-43	-12	28	57	38	1	160	702	978	670	417
Operating income growth%	—	-235.09	—	—	107.05	-34.18	-96.90	13,551.64	338.91	39.48	-31.50	—
Net incomeKRW 100M	36	-27	-6	29	56	35	12	125	564	799	587	549
Net income growth%	—	-175.79	—	—	90.85	-36.86	-66.71	963.50	351.80	41.75	-26.54	—
Attributable to owners	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minorities	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Operating margin%	4.98	-10.69	-2.51	6.53	12.70	8.55	0.24	18.57	38.14	37.24	29.92	22.68
Net margin%	5.60	-6.75	-1.16	6.88	12.35	7.98	2.41	14.50	30.65	30.42	26.21	29.90
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	5.35	-4.33	-0.96	4.96	8.68	4.95	1.52	14.20	35.53	33.06	22.00	19.39
Debt ratio%	22.74	23.05	17.70	15.06	14.69	21.18	30.87	24.09	27.14	22.92	11.52	14.39
Current ratio%	370.07	319.95	399.20	482.07	534.69	390.99	305.09	400.99	405.85	493.17	914.34	612.65
Quick ratio%	263.19	218.58	336.18	408.24	469.41	329.19	244.98	245.95	276.01	392.05	790.33	522.18
Reserve ratio%	734.99	690.48	673.60	700.02	759.54	793.43	798.08	943.48	1,453.99	2,349.13	2,880.18	2,984.99
Free cash flowKRW 100M	-79	71	43	47	68	63	72	-176	375	935	649	—
FCF margin%	-12.47	17.79	9.05	11.17	15.03	14.31	14.77	-20.46	20.39	35.57	28.97	—
OCF conversion%	-7.70	—	—	170.46	130.33	194.27	635.82	-136.38	70.11	119.73	114.41	—
Capex to revenue%	12.04	0.96	0.80	0.56	1.06	1.19	0.52	0.68	1.10	0.85	1.01	—
Receivable daysdays	—	94.3	49.2	55.3	59.7	77.6	70.6	69.3	65.0	53.6	46.5	—
Inventory daysdays	—	92.0	59.1	48.6	49.2	62.7	81.1	124.1	135.3	125.4	127.5	—
Payable daysdays	—	74.6	62.4	64.3	63.5	94.2	131.9	108.7	65.1	66.0	73.8	—
Cash conversion cycledays	—	111.7	45.9	39.6	45.4	46.1	19.9	84.6	135.2	113.0	100.2	—
EPSKRW	221	-168	-34	182	348	219	73	777	3,510	4,976	3,655	—
PERx	—	—	—	45.77	19.34	24.16	71.51	14.48	5.71	9.23	9.60	—
BPS	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
PBR	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Dividend per shareKRW	55	50	50	50	50	50	50	150	500	1,000	1,100	—
Payout ratio%	24.89	—	—	27.47	14.37	22.83	68.49	19.31	14.25	20.10	30.10	—

Separate 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
	664	622	579	590	643	712	774	879	1,587	2,418	2,669
	343	296	273	311	385	472	549	665	1,345	2,154	2,389
Cash and cash equivalentsKRW 100M	102	138	155	74	169	94	66	146	222	234	506
InventoriesKRW 100M	99	94	43	48	47	75	108	257	430	442	324
Trade and other receivablesKRW 100M	142	64	65	64	84	104	85	242	413	359	212
	321	325	306	279	258	240	225	214	241	263	280
Property, plant and equipmentKRW 100M	249	232	218	206	198	191	182	178	187	198	205
Intangible assetsKRW 100M	39	48	39	31	20	11	3	1	2	2	3
Investments in associatesKRW 100M	13	12	12	12	13	15	16	19	28	38	43
	123	116	87	77	82	125	183	171	339	451	276
	93	93	68	65	72	121	180	166	331	437	261
Trade and other payablesKRW 100M	74	83	62	58	64	119	178	142	189	270	174
Short-term borrowingsKRW 100M	11	4	1	1	2	—	—	—	—	—	—
Current portion of long-term borrowingsKRW 100M	7	6	6	6	4	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	2	2	2	3
	30	24	19	13	10	4	2	5	7	14	14
Long-term borrowingsKRW 100M	27	21	15	9	5	—	—	—	—	—	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	2	2	1	1	2	5	4
	541	505	492	513	561	588	592	708	1,248	1,967	2,393
	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Issued capitalKRW 100M	80	80	80	80	80	80	80	80	80	80	80
Capital surplusKRW 100M	172	172	172	172	172	172	172	172	172	172	172
Retained earningsKRW 100M	419	383	369	391	438	466	469	586	996	1,715	2,141
Other equityKRW 100M	—	—	-130	-130	-130	-130	-130	-130	0	—	—
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기법인세자산As filed	—	—	—	—	—	—	—	0	0	—	—
기타비유동채권As filed	7	4	8	6	6	6	6	6	16	16	18
기타유동금융자산As filed	0	—	10	125	85	200	290	20	280	1,120	1,347
사용권자산As filed	—	—	—	—	4	3	2	2	5	7	8
기타비유동금융자산As filed	11	11	1	2	2	2	2	2	2	2	2
이연법인세자산As filed	2	18	26	22	15	12	14	6	2	0	0
선급법인세As filed	—	0	0	0	1	—	0	—	—	—	—
자본조정As filed	-130	-130	—	—	—	—	—	—	—	—	—
비유동충당부채As filed	4	3	4	4	3	2	2	4	5	6	7
자본과부채총계As filed	664	622	579	590	643	712	774	879	1,587	2,418	2,669
유동기타충당부채As filed	—	—	—	—	—	—	—	—	—	12	—
당기법인세부채As filed	—	—	—	—	—	—	—	22	140	153	83
미지급법인세As filed	1	—	—	—	—	0	—	—	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	2
이연법인세부채As filed	—	—	—	—	—	—	—	—	—	3	3
유동성리스부채As filed	—	—	—	—	1	2	2	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	634	399	477	425	452	442	488	861	1,839	2,627	2,240
Cost of salesKRW 100M	533	383	423	341	351	354	412	537	927	1,269	1,096
Gross profitKRW 100M	101	16	54	84	101	87	76	323	912	1,358	1,144
SG&A expensesKRW 100M	69	59	66	57	44	50	75	164	211	380	474
	32	-43	-12	28	57	38	1	160	702	978	670
Finance incomeKRW 100M	6	3	2	5	5	5	8	18	38	88	94
Finance costsKRW 100M	1	1	2	1	1	5	1	24	24	32	25
Other incomeKRW 100M	2	3	1	2	2	1	1	1	1	2	7
Other expensesKRW 100M	1	3	4	1	2	2	1	2	6	19	8
	38	-42	-14	33	63	39	11	155	719	1,028	745
Income tax expenseKRW 100M	2	-15	-8	4	7	4	-1	31	155	229	158
	36	-27	-6	29	56	35	12	125	564	799	587
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	221	-168	-34	182	348	219	73	777	3,510	4,976	3,655
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	36	-27	-6	29	56	35	12	125	564	799	587
Other comprehensive incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

관계기업투자손익As filed	1	-0	—	—	—	—	—	—	—	—	—
관계기업투자이익(손실)As filed	—	—	0	1	1	2	2	3	9	12	7

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	36	-27	-6	29	56	35	12	125	564	799	587
Total adjustments to operating cash flowcomputed	-38	102	52	21	17	33	63	-295	-169	158	85
	-3	75	47	50	73	68	75	-170	395*	957	672
Interest receivedKRW 100M	3	1	3	3	4	3	3	4	5	22	41
Interest paidKRW 100M	1	1	-1	1	0	0	0	0	0	0	0
Income taxes paidKRW 100M	3	0	16	0	Not applicable	1	1	23	151*	211	228
	-104	-15	-13	-117	35	-121	-93	264	-293*	-863	-236
Purchase of property, plant and equipmentKRW 100M	76	4	4	2	5	5	3	6	20	22	23
Proceeds from sale of property, plant and equipmentKRW 100M	0	2	0	0	0	0	0	0	0	0	0
Purchase of intangible assetsKRW 100M	17	16	6	2	0	0	0	1	2	1	1
	3	-23	-17	-14	-13	-21	-10	-10	-26	-83	-163
Dividends paidKRW 100M	8	9	8	8	8	8	8	8	24	80	161
Disposal of treasury sharesKRW 100M	—	—	—	—	—	—	0	0	0	—	—
Cash at beginning of periodKRW 100M	205	102	138	155	74	169	94	66	146	222	234
	102	138	155	74	169	94	66	146	222	234	506
Effect of exchange rate changesKRW 100M	0	0	-0	1	0	-1	0	-3	-1	1	-0
Net change in cash and cash equivalentsKRW 100M	-104	37	16	-81	95	-75	-28	80	76	12	272

영업에서 창출된 현금As filed	-2	74	59	47	69	66	71	-152	541	1,146	—
유동성리스부채의 상환As filed	—	—	—	—	—	2	2	2	2	2	3
보증금의 감소As filed	1	2	1	3	5	0	5	0	5	0	0
배당금수취As filed	0	1	1	1	0	0	0	0	0	1	2
보증금의 증가As filed	2	0	5	0	5	—	5	0	16	0	3
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	166
단기금융상품의 처분As filed	—	—	—	10	125	85	350	320	120	870	1,779
단기금융상품의 취득As filed	—	—	—	125	85	200	440	50	380	1,710	1,999
장기금융상품의 처분As filed	—	0	—	0	—	—	—	—	—	—	—
기타포괄손익 공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	0	0	0	0	—	—
단기대여금및수취채권의 처분As filed	0	0	—	0	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	156
비유동매도가능금융자산의 취득As filed	0	0	0	0	—	—	—	—	—	—	—
장기금융상품의 취득As filed	10	—	—	—	—	—	—	—	—	—	—
기타포괄손익 공정가치 측정 금융자산의 취득As filed	—	—	—	—	0	0	0	0	0	—	—
장기대여금및수취채권의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
무형자산의 처분As filed	—	—	1	0	—	—	—	—	—	—	—
단기차입금의 증가As filed	48	35	14	5	4	3	—	0	—	—	—
비유동매도가능금융자산의 처분As filed	—	0	—	0	—	—	—	—	—	—	—
유동만기보유금융자산의 처분As filed	0	—	—	—	—	—	—	—	—	—	—
단기차입금의 상환As filed	41	42	17	5	2	5	—	0	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	857
파생상품의 취득As filed	—	—	—	—	0	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	37	16	-81	95	-73	-28	83	77	11	272
유동성장기부채의 상환As filed	—	—	6	6	6	4	—	0	—	—	—
장기차입금의 상환As filed	—	—	—	—	—	5	—	0	—	—	—
리스부채의 상환As filed	—	—	—	—	1	—	—	—	—	—	—
유동성장기부채의상환As filed	7	7	—	—	—	—	—	—	—	—	—
장기차입금의 증가As filed	11	—	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가As filed	-104	—	—	—	—	—	—	—	—	—	—

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 2026.06.02.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 40	삼일회계법인	2025-12-31
2024	적정의견Term 39	삼일회계법인	2025-12-31
2023	적정의견Term 38	현대회계법인	2025-12-31
2022	적정Term 37	현대회계법인	2022-12-31
2021	적정Term 36	현대회계법인	2022-12-31
2020	적정Term 35	신한회계법인	2022-12-31
2019	적정Term 34	신한회계법인	2019-12-31
2018	적정Term 33	신한회계법인	2019-12-31
2017	적정Term 32	신한회계법인	2019-12-31
2016	적정Term 31	신한회계법인	2016-12-31
2015	적정Term 30	신한회계법인	2016-12-31
2014	적정Term 29	신한회계법인	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 5Y0.79

Equity risk premium%

Terminal growth%

Cost of equity8.37%

Weighted average cost of capital—

Initial growth2.0%

Effective tax rate21.2%

Base fiscal year2025

Current priceKRW48,350

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	17,626	-63.5%
Dividend discount model DDM	17,626	-63.5%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	64,743	+33.9%
Residual income model RIM	No book value or return on equity

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% + 0.79 × 5.00% = 8.37%

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 = g_T = 2.00%

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,100 × (1 + 2.00%) / (8.37% − 2.00%) = 1,122 / 0.0637 = 17,626 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 = 1,100, g_1 = 2.00%, g_T = 2.00%, r = 8.37%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	1,122	0.9228	1,035
2	2.00%	1,144	0.8516	975
3	2.00%	1,167	0.7858	917
4	2.00%	1,191	0.7252	863
5	2.00%	1,214	0.6692	813
Terminal value	2.00%	19,460	0.6692	13,022
Total				17,626

P_0 = 17,626 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 = 671.7 − 22.7 + 0.0 (net borrowing) = 649.0 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	662.0	0.9228	610.9
2	2.00%	675.2	0.8516	575.0
3	2.00%	688.7	0.7858	541.2
4	2.00%	702.5	0.7252	509.4
5	2.00%	716.6	0.6692	479.5
Terminal value	2.00%	11,481.7	0.6692	7,683.3
Total				10,399.3

P_0 = 10,399.3 KRW hundred million ÷ 16,062,409 (shares) = 64,743 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