033780KOSPI

KT&G

177,400

-2,200 (-1.22%)

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

KT&G was established in 1987 and is listed on the KOSPI market. The company is headquartered in Daejeon and operates as a joint-stock company.

The company operates in four business segments. These include the tobacco segment producing cigarettes and HNB products, the health functional food segment focusing on red ginseng, the real estate segment for development and leasing, and the other segment covering pharmaceuticals and cosmetics. It distributes products through domestic and international channels.

Business overview as filed

당사는 당사와 당사의 연결대상 종속회사가 영위하는 사업의 성격에 따라 궐련 및 차세대 전자담배인 HNB 등의 제조와 판매 사업을 운영하는「담배사업부문」, 홍삼 및 비홍삼 건강기능식품 등의 제조 및 판매 사업을 운영하는「건강기능식품사업부문」, 부동산 개발 및 임대 사업을 운영하는「부동산사업부문」, 의약품/화장품의 연구개발, 제조, 판매 등의 사업을 운영하는「기타사업부문」으로 구분하고 있습니다. 2025년 누적 기준 연결 매출은 전년(2024년) 대비 11.4% 성장한 6조 5,797억원을 기록하였습니다. 주요 사업별 매출 비중은 담배부문(66.4%), 건강기능부문(17.3%), 부동산부문(10.8%), 기타부문(5.5%) 순이었습니다.

[담배사업부문]

연결기준 담배부문의 2025년 누계 매출액은 4조 3,672억원으로 전년대비 11.8% 증가했습니다. 담배산업은 규모의 경제가 요구되는 자본집약적 제조업으로 원재료 보관/제조에 상당한 자본이 소요되며, 브랜드 관리에 막대한 마케팅 비용이 수반되는 산업입니다. 국내궐련시장은 정부의 금연정책 및 사회적 인식 변화로 총수요가 감소하고 있는 추세이지만, 당사는 소비자 니즈에 기반한 차별화 궐련 제품 개발 및 출시로 사업성과 성장성을 지속적으로 제고하고 있습니다. 뿐만 아니라 국내궐련시장에서의 성공을 기반으로 글로벌 시장을 집중공략하며 글로벌 궐련사업을 공격적으로 확장시켜 나가고 있습니다. 기존 주력시장인 중동/CIS 지역의 판매를 기반으로 아태, 아프리카, 중남미 등으로 수출 지역을 다변화함과 동시에 인도네시아 등 해외법인 직접 사업을 통하여 지속적인 성장을 거듭하고 있습니다. 또한, 당사는 궐련담배사업을 넘어 뛰어난 기술경쟁력과 제품개발력을 기반으로 혁신적이고 다양한 차세대 담배포트폴리오를 성공적으로 구축하며 새로운 시장에서의 성과를 창출해 나가고 있습니다. 2017년 국내 차세대 담배시장에 최초 진출한 후 뛰어난 제품력을 기반으로 시장점유율을 지속적으로 확대해 나가며 국내 시장에서 지속적인 성장세를 유지하고 있습니다. 나아가 세계 시장 공략을 위해 2020년 1월에 전세계 시장을 리딩하고 있는 Philip Morris International(이하 "PMI")과 전략적 제휴를 통한 차세대 담배 제품의 해외 공급ㆍ판매 계약을 체결하고 2020년 8월 러시아에 최초 진출한 후 일본, 이탈리아, 폴란드, 리투아니아, 포르투갈 등 총 34개국(2025년 누계 기준)에서 제품을 출시하였으며 지속적인 진출 국가 확대를 위해 준비하고 있습니다.

[건강기능식품사업부문] 연결기준 건강기능식품사업부문의 2025년 누계 매출액은 1조 1,370억원으로 전년대비 12.7% 감소했습니다. 건강기능사업은 크게 홍삼과 비홍삼 부문으로 구분되며, 홍삼이 가장 대표적인 사업입니다. 홍삼사업은 원료의 조달까지 6년간의 숙성기간을 필요로 하는 등 자본의 회임기간이 긴 진입장벽이 높은 산업으로, 웰빙과 친환경을 중시하는 라이프스타일을 감안할 때 꾸준한 성장세를 유지할 수 있을 것으로 전망하고 있습니다. 120년 이상의 전통과 제조 Know-how 및 '정관장' 브랜드를 중심으로 한 국내외 마케팅 강화를 통해 시장을 개척하고 있습니다. COVID-19 사태 이후 건강에 대한 관심증가로 MZ세대의 건강기능식품 수요가 지속 증가하고 있기 때문에 홍삼 뿐만 아니라, 비홍삼 건강기능식품 제품 포트폴리오 확장을 위해 노력하고 있습니다. 이에 더하여 글로벌 건강기능시장으로 사업 확장을 통한 성장성 강화를 위해 역량과 자원을 집중하고 있습니다.

[부동산사업부문]

연결기준 부동산사업부문의 2025년 누계 매출액은 7,127억원으로 전년대비 97.3%증가했습니다. 자사 저활용 유휴 보유부지 등을 이용한 부동산개발로 내재된 전문인력을 활용하여 개발 및 운영 사업을 추진하고 있습니다. 개발사업의 경우 안양 호계동 공동주택/지식산업센터 분양사업 등 8개 프로젝트를 추진 중에 있으며, 운영사업은 케이티앤지타워 등 11개의 주요 임대자산을 운영 중에 있습니다.

[기타사업부문]

연결기준 기타사업부문의 2025년 누계 매출액은 3,628억원으로 전년대비 6.6% 증가했습니다. 제약산업은 기술집약적 연구개발투자형의 고부가가치 산업으로, 의약품 개발 및 생산 역량이 사업 경쟁력의 핵심 요소로 작용합니다. 당사는 전문의약품을 중심으로 제약사업을 영위하고 있으며, 국내 매출을 기반으로 안정적인 사업 구조를 유지하는 한편, 축적된 연구개발 및 생산 경험을 바탕으로 해외 시장을 포함한 사업 영역의 점진적 확대와 성장을 도모하고 있습니다. 화장품산업은 소비자의 기호와 화장습관, 유행에 매우 민감한 패션 상품임과 동시에고부가가치 산업분야로 치열한 경쟁을 지속하고 있습니다. 당사의 화장품 사업은 품질력을 바탕으로 '꽃을든남자', '다나한' 등 브랜드 포트폴리오를 탄탄히 구성하고 있으며, R&D 역량을 활용한 자체 인프라 구축을 통해 제품력을 강화하여 국내 뿐만 아니라 해외로 다양한 유통망을 확보하고 시장을 확대해 나가고 있습니다.

Company overview

가. 연결대상 종속회사 개황(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

다. 설립일자 당사는 1987년 4월 1일에 한국전매공사로 설립되었으며, 1989년 4월 1일 자로 한국담배인삼공사로 변경되었고, 1999년 10월 8일 유가증권시장에 상장하였습니다.이후 2002년 12월 27일에 사명을 주식회사 케이티앤지로 변경하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소 ㅇ 주소 : 대전시 대덕구 벚꽃길 71 ㅇ 전화번호 : 080-931-0399 ㅇ 홈페이지 : http://www.ktng.com

마. 회사사업 영위의 근거가 되는 법률 당사는 담배사업법에 근거하여 주요 사업을 영위하고 있으며, 관련법으로는 국민건강증진법, 담배의 유해성 관리에 관한 법률, 청소년보호법, 지방세법, 자원의 절약과 재활용 촉진에 관한 법률 등이 있습니다.

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

당사는 궐련의 제조와 판매를 주요 사업으로 영위하고 있으며, 국내는 물론 수출 및 해외법인을 통한 직접사업으로 해외사업을 확장하고 있습니다. 차세대 제품인 HNB사업 등으로 사업영역을 넓혀가고 있으며, 부동산 임대/운영/개발 등의 사업 또한 추진하고 있습니다. 그 외에도 종속회사로 홍삼과 건강기능식품을 제조 및 판매하는 건강기능사업부문과 의약품, 화장품의 제조 및 판매 등을 수행하는 기타사업부문으로 사업을 영위하고 있습니다. 주요 사업별 매출 비중은 궐련과 HNB사업을 포괄하는 담배사업부문(66.4%), 건강기능사업부문(17.3%), 부동산사업부문(10.8%), 기타사업부문(5.5%) 순입니다.

아. 신용평가에 관한 사항당사는 신용평가 전문기관으로부터 평가를 받았으며, 공시대상기간 동안의 신용평가현황은 다음과 같습니다.

신용평가 등급범위(1) 기업신용평가 및 회사채

(2) 해외 신용등급체계 및 정의

(3) 기업어음

자. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

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

2.11%

[1.42%, 2.98%] · 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 15.6% (2026-03-04). 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

0.01

Beta [-0.09, 0.11] · KOSPI200 · As of 2026-10-08

Intercept: +0.090%[-0.125%, +0.305%]
R squared: 0.00
Observations: 252
Trading-time corrected beta: -0.03[-0.17, 0.11]

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	41,340	44,689	46,672	44,715	49,632	53,016	52,284	58,514	58,626	59,088	65,797	69,459
Revenue growth%	—	8.10	4.44	-4.19	11.00	6.82	-1.38	11.92	0.19	0.79	11.35	—
Operating incomeKRW 100M	13,663	14,688	14,411	12,535	13,796	14,811	13,384	12,676	11,673	11,888	13,437	14,872
Operating income growth%	—	7.50	-1.89	-13.02	10.06	7.35	-9.63	-5.28	-7.91	1.84	13.03	—
Net incomeKRW 100M	10,462	12,037	12,114	9,034	10,372	11,716	9,718	10,053	9,224	11,650	11,023	14,412
Net income growth%	—	15.06	0.64	-25.43	14.82	12.96	-17.06	3.45	-8.25	26.31	-5.38	—
Attributable to ownersKRW 100M	10,472	12,102	12,110	9,064	10,350	11,717	9,773	10,158	9,027	11,657	10,901	14,359
Attributable to minoritiesKRW 100M	-11	-64	5	-30	22	-1	-55	-105	197	-7	122	53
Operating margin%	33.05	32.87	30.88	28.03	27.80	27.94	25.60	21.66	19.91	20.12	20.42	21.41
Net margin%	25.31	26.94	25.96	20.20	20.90	22.10	18.59	17.18	15.73	19.72	16.75	20.75
ROE%	16.95	17.30	15.52	11.17	11.92	12.97	10.67	10.90	9.84	12.62	11.75	14.84
ROA%	12.18	12.37	12.09	8.86	9.65	10.22	8.35	8.17	7.22	8.37	7.77	9.59
Debt ratio%	37.72	37.92	27.48	24.85	23.03	26.14	26.37	31.45	37.41	48.80	51.98	54.65
Current ratio%	299.90	305.95	362.57	390.89	401.05	338.96	303.10	257.57	240.17	228.33	217.07	203.92
Quick ratio%	186.85	202.13	234.97	240.88	248.11	211.67	188.01	155.65	136.75	129.66	115.59	120.87
Reserve ratio%	142.80	163.26	180.74	168.56	192.59	220.63	216.21	236.29	177.72	168.64	181.29	840.44
Free cash flowKRW 100M	10,500	13,380	8,419	4,687	8,202	10,456	11,954	6,465	7,932	547	-567	—
FCF margin%	25.40	29.94	18.04	10.48	16.53	19.72	22.86	11.05	13.53	0.93	-0.86	—
OCF conversion%	120.34	123.68	94.22	91.00	100.51	107.68	146.11	88.32	137.26	70.58	52.88	—
Capex to revenue%	5.05	3.37	6.42	7.90	4.48	4.08	4.29	4.13	8.06	12.99	9.72	—
Receivable daysdays	—	107.7	96.6	85.7	73.5	77.1	77.8	79.3	94.5	94.8	90.2	—
Inventory daysdays	—	440.6	434.0	475.0	428.9	390.0	381.3	312.5	319.0	356.0	339.3	—
Payable daysdays	—	125.8	110.0	108.3	106.3	127.3	150.7	156.4	190.6	204.2	172.3	—
Cash conversion cycledays	—	422.5	420.6	452.5	396.1	339.8	308.4	235.4	222.9	246.5	257.2	—
EPSKRW	8,314	9,592	9,591	7,178	8,196	9,320	7,118	7,399	6,745	11,314	10,220	13,832
PERx	—	10.53	12.04	14.14	11.44	8.92	11.10	12.37	12.88	9.47	13.90	12.27
BPSKRW	—	50,946	56,831	59,103	63,253	65,822	66,710	67,853	68,557	73,700	78,656	93,205
PBRx	—	1.98	2.03	1.72	1.48	1.26	1.18	1.35	1.27	1.45	1.81	1.82
Dividend per shareKRW	—	3,600	4,000	4,000	4,400	4,800	4,800	5,000	5,200	1,200	5,600	—
Payout ratio%	—	37.53	41.71	55.73	53.68	51.50	67.43	67.58	77.09	10.61	54.79	—

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
	85,865	97,299*	100,203	101,979	107,524	114,684	116,373	123,017*	127,725	139,252	141,891
	54,903	65,258*	65,857	64,134	64,172	67,504	62,559	65,096*	64,184	71,763	70,262
Cash and cash equivalentsKRW 100M	2,982	6,735	7,151	9,330	8,913	12,536	9,466	14,010*	10,320	11,360	9,135
InventoriesKRW 100M	20,696	22,144	23,178	24,613	24,472	25,350	23,754	25,758*	27,638	31,013	32,848
Trade and other receivablesKRW 100M	12,905	13,458*	11,243	9,759	10,234	12,150	10,127	15,285*	15,065	15,617	16,914
	30,963	32,041*	34,346	37,845	43,352	47,180	53,814	57,921*	63,541	67,489	71,629
Property, plant and equipmentKRW 100M	17,101	16,319*	17,757	18,192	17,537	17,184	17,410	18,370*	20,965	26,644	28,230
Intangible assetsKRW 100M	672	678	1,233	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	515	697	510	840	494	1,322	2,430	2,745*	4,713	4,823	8,139
	23,517	26,750	21,601	20,297	20,129	23,768	24,284	29,431*	34,775	45,668	48,530
	18,307	21,330	18,164	16,407	16,001	19,915	20,639	25,273*	26,724	31,429	32,368
Trade and other payablesKRW 100M	6,025	6,204*	5,288	5,605	6,566	9,692	9,711	15,058*	16,847	16,800	15,639
Short-term borrowingsKRW 100M	2,064	1,366	1,747	1,299	271	173	754	726*	616	2,880	3,330
Current portion of long-term borrowingsKRW 100M	192	6	37	50	53	375	22	41*	275	362	—
Current lease liabilitiesKRW 100M	—	—	—	—	189	199	172	166*	187	209	254
	5,210	5,420	3,437	3,890	4,128	3,853	3,645	4,158*	8,051	14,239	16,161
Bonds issuedKRW 100M	—	—	—	—	—	—	—	—	—	8,080	—
Long-term borrowingsKRW 100M	1,022	1,160	1,006	935	910	535	532	788	—	2,140	1,064
Non-current lease liabilitiesKRW 100M	—	—	—	—	244	258	194	210*	278	279	318
	62,348	70,549*	78,602	81,682	87,396	90,916	92,089	93,586*	92,949	93,585	93,362
	61,787	69,944*	78,025	81,144	86,842	90,369	91,588	93,156*	91,744	92,392	92,796
Issued capitalKRW 100M	9,550	9,550	9,550	9,550	9,550	9,550	9,550	9,550*	9,550	9,550	9,550
Capital surplusKRW 100M	-0	65	43	43	45	45	45	45*	49	59	79
Retained earningsKRW 100M	13,637	15,526*	17,217	16,053	18,346	21,025	20,603	22,519*	16,922	16,045	17,234
Treasury sharesKRW 100M	3,371	3,282	3,282	3,282	3,188	5,316	8,800	12,369*	12,369	10,305	8,353
Other equityKRW 100M	38,601	44,869	—	—	—	—	—	—	—	—	—
Non-controlling interestsKRW 100M	561	604	577	538	554	547	501	429*	1,205	1,193	566

미수담배소비세등As filed	—	—	—	2,322	2,915	2,716	3,249	2,762	3,244	4,040	4,908
기타유동금융자산As filed	13,775	18,264	20,816	5,846	3,979	4,077	4,571	2,011	—	—	—
선급금As filed	—	—	—	—	—	—	—	—	795	1,246	705
투자부동산As filed	2,352	3,040	3,178	4,950	8,853	10,302	11,510	10,715	10,184	7,612	6,650
환불자산등As filed	—	—	—	24	30	—	—	10	8	62	8
유동 당기손익-공정가치 의무 측정 금융자산As filed	—	—	—	11,397	12,393	9,144	9,654	—	—	—	—
유동 당기손익-공정가치금융자산As filed	—	—	—	—	—	—	—	3,931	—	—	—
기타비유동금융자산As filed	8,112	9,336	64	86	45	101	90	428	—	—	—
비유동매도가능금융자산As filed	—	—	4,718	0	0	—	—	—	—	—	—
유동매도가능금융자산As filed	0	15	0	0	—	—	—	—	—	—	—
파생상품자산As filed	—	—	—	—	—	—	—	—	78	0	50
유동파생상품자산As filed	—	—	—	12	23	127	6	231	—	—	—
매도가능금융자산As filed	4,072	4,300	—	—	—	—	—	—	—	—	—
기타금융자산As filed	0	0	—	—	—	—	—	—	2,941	4,633	3,033
당기손익-공정가치금융자산As filed	—	—	—	—	—	—	—	—	3,429	2,449	614
장기예치금As filed	4,040	5,036	5,102	6,155	7,514	9,098	12,505	14,371	14,797	17,055	16,761
환불자산As filed	—	—	—	—	—	11	—	—	—	—	—
환불자산 등As filed	—	—	—	—	—	—	18	—	—	—	—
선급비용As filed	—	—	—	—	—	—	—	—	667	1,311	1,631
장기선급금As filed	1,077	866	698	714	725	831	1,046	1,131	1,057	1,007	900
장기매출채권 및 기타비유동채권As filed	1,895	1,623	637	629	771	974	948	1,085	—	—	—
장기선급비용As filed	71	61	55	79	75	96	85	71	127	133	231
단기선급금As filed	757	694	592	542	837	965	980	511	—	—	—
단기선급비용As filed	170	231	263	246	333	400	533	587	—	—	—
당기법인세자산As filed	—	—	—	—	—	—	—	—	—	32	4
매각예정자산As filed	—	—	—	—	42	27	201	0	0	—	413
이연법인세자산As filed	315	347	394	452	492	509	526	558	749	614	794
장기매출채권 및 기타채권As filed	747	697	—	—	—	—	—	—	—	—	—
매각예정 또는 소유주에 대한 분배예정으로 분류된 비유동자산이나 처분자산집단As filed	67	263	0	42	—	—	—	—	—	—	—
비유동 당기손익-공정가치 의무 측정 금융자산As filed	—	—	—	2,107	2,519	2,536	3,048	—	—	—	—
비유동 당기손익-공정가치금융자산As filed	—	—	—	—	—	—	—	3,204	—	—	—
선급담배소비세등As filed	—	—	2,615	—	—	—	—	—	—	—	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	2,496	2,576	2,395	2,284	2,065	—	—	—
무형자산As filed	—	—	—	1,143	1,296	1,341	1,457	1,679	1,750	1,797	1,709
선급담배소비세 등As filed	4,478	4,394	—	—	—	—	—	—	—	—	—
매출채권 및 기타채권As filed	11,978	12,534	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치금융자산As filed	—	—	—	—	—	—	—	—	2,331	2,117	1,879
장기당기손익-공정가치금융자산As filed	—	—	—	—	—	—	—	—	3,445	3,379	3,333
사용권자산As filed	—	—	—	—	455	491	364	402	490	505	621
장기환불자산등As filed	—	—	—	—	0	0	—	—	—	—	—
자기주식처분이익As filed	4,946	5,138	5,138	5,138	5,289	5,289	5,289	5,289	5,289	5,290	5,296
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	—	1,497	1,416	1,596
적립금As filed	37,026	42,948	49,359	53,642	56,800	59,776	64,902	68,123	72,303	71,753	68,989
납입자본As filed	9,550	9,550	—	—	—	—	—	—	—	—	—
순확정급여자산As filed	—	—	—	—	—	0	111	1,097	591	80	402
장기기타금융자산As filed	—	—	—	—	—	—	—	—	845	307	385
장기매입채무 및 기타비유동채무As filed	383	419	344	532	596	495	574	529	—	—	—
장기선수금As filed	104	99	70	56	42	82	51	26	42	94	28
순확정급여부채As filed	1,176	1,180	758	962	911	1,130	577	325	360	426	427
비유동충당부채As filed	28	47	92	—	—	—	—	—	—	—	—
이연법인세부채As filed	2,601	2,615	1,167	1,332	1,366	1,306	1,481	1,813	1,860	2,255	2,206
단기선수금As filed	286	96	106	1,715	770	1,008	219	215	—	—	—
장기매입채무 및 기타채무As filed	279	320	—	—	—	—	—	—	—	—	—
유동충당부채As filed	0	—	71	—	—	—	—	—	—	—	—
당기법인세부채As filed	—	2,102	1,751	2,008	2,125	2,346	2,364	2,187	1,910	1,978	2,190
미지급담배소비세등As filed	7,778	11,652	9,164	5,574	5,760	5,846	7,127	6,664	6,385	6,555	5,878
유동파생상품부채As filed	—	—	—	5	0	1	9	0	—	—	—
자본과부채총계As filed	85,865	97,299	100,203	101,979	107,524	114,684	116,373	123,017	—	—	—
매입채무 및 기타채무As filed	5,739	6,108	—	—	—	—	—	—	—	—	—
유동성환불부채및충당부채As filed	—	—	—	—	267	275	261	216	332	391	451
미지급법인세As filed	2,248	—	—	—	—	—	—	—	—	—	—
유동환불부채및충당부채As filed	—	—	—	151	—	—	—	—	—	—	—
매각예정부채As filed	—	—	—	—	—	1	0	0	—	—	—
비유동환불부채및충당부채As filed	—	—	—	38	—	—	—	—	—	—	—
장기환불부채및충당부채As filed	—	—	—	—	31	32	52	190	51	76	79
부채및자본총계As filed	—	—	—	—	—	—	—	—	127,725	139,252	141,891
비지배지분부채As filed	—	—	—	34	28	16	183	278	178	71	65
선수금As filed	—	—	—	—	—	—	—	—	172	653	319
파생상품부채As filed	—	—	—	—	—	—	—	—	0	328	85
유동성사채As filed	—	—	—	—	—	—	—	—	—	999	3,297
유동성전환사채As filed	—	—	—	—	—	—	—	—	—	274	237
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	—	584	818	2,733
유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	—	689
장기전환사채As filed	—	—	—	—	—	—	—	—	—	0	169
장기차입금및사채As filed	—	—	—	—	—	—	—	—	4,698	—	—
장기사채As filed	—	—	—	—	—	—	—	—	—	—	9,074

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	41,340	44,689	46,672	44,715	49,632	53,016*	52,284	58,514*	58,626	59,088	65,797
Cost of salesKRW 100M	16,046	17,743	19,058	18,360	20,886	23,315*	23,502	28,912*	30,544	30,068	34,353
Gross profitKRW 100M	25,294	26,946	27,614	26,355	28,746	29,701*	28,782	29,602*	28,082	29,020	31,444
SG&A expensesKRW 100M	11,631	12,257*	13,204	13,820	14,950	14,891*	15,398	16,926*	16,409	17,132	18,007
	13,663	14,688*	14,411	12,535	13,796	14,811*	13,384	12,676*	11,673	11,888	13,437
Finance incomeKRW 100M	876	707	686	916	967	1,178*	788	1,314*	1,389	1,653	1,477
Finance costsKRW 100M	86	141	271	70	138	134*	319	875*	678	916	1,102
Other incomeKRW 100M	1,180	1,311	1,289	1,101	1,059	2,898*	1,884	2,996*	2,016	5,737	4,670
Other expensesKRW 100M	1,342	1,002	2,180	1,349	1,097	2,672*	1,450	2,306*	1,940	2,683	4,486
Share of profit of associatesKRW 100M	7	147	—	—	—	—	—	—	96	192	393
	14,299	15,710*	13,992	13,225	14,602	16,121*	14,396	14,295*	12,484	15,658	14,553
Income tax expenseKRW 100M	3,837	3,673	1,877	4,191	4,230	4,405*	4,154	4,156*	3,188	3,937	3,522
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	10,241	10,139*	9,295	11,721	11,031
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	-524	-86*	-72	-71	-8
	10,462	12,037*	12,114	9,034	10,372	11,716	9,718	10,053*	9,224	11,650	11,023
Attributable to ownersKRW 100M	10,472	12,102*	12,110	9,064	10,350	11,717	9,773	10,158*	9,027	11,657	10,901
Attributable to minoritiesKRW 100M	-11	-64	5	-30	22	-1	-55	-105*	197	-7	122
Basic earnings per shareKRW	8,314	9,592*	9,591	7,178	8,196	9,320	Not applicable	Not applicable	Not applicable	11,314*	10,220
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	8,196	9,320	Not applicable	Not applicable	Not applicable	11,314*	10,220
	10,157	12,038*	12,664	8,586	10,567	11,218	10,612	10,826*	9,008	11,955	12,115
Other comprehensive incomeKRW 100M	-305	1	549	-447	195	-499	895	772*	-215	305	1,092

비지배지분As filed	—	—	—	—	—	—	—	—	188	-12	116
계속영업손실As filed	—	—	—	—	—	—	—	—	188	—	—
계속영업이익(손실)As filed	—	—	—	—	—	—	10,296	10,244	197	-12	116
중단영업이익As filed	—	—	—	—	—	—	—	—	0	0	0
지분법적용투자자산의 당기순손익에 대한 지분 증가As filed	—	—	—	98	—	—	—	—	—	—	—
지분법적용투자자산의 당기순손익에 대한 지분 증감As filed	—	—	57	—	15	41	109	294	—	—	—
지배기업 소유주지분As filed	—	—	—	—	—	—	—	—	—	11,967	11,999
지배기업소유주지분As filed	—	—	—	—	—	—	—	—	8,820	—	—
지분법적용투자자산의 당기순손익에 대한 지분 감소As filed	—	—	—	-5	—	—	—	—	—	—	—
순화폐성자산에 대한 이익(손실)As filed	—	—	—	—	—	—	—	196	—	—	—
계속영업이익As filed	—	—	—	—	—	—	—	—	8,897	12,060	12,008
중단영업손실As filed	—	—	—	—	—	—	—	—	-77	-71	-8
중단영업이익(손실)As filed	—	—	—	—	—	—	-524	-86	—	-92	-9
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	276	-525	-36	-268	544	706	—	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	0	-246	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	276	—	—	—	—	—	—	—	—
기본및희석주당손익As filed	—	—	—	—	—	—	—	—	0	—	—
법인세비용차감후기타포괄손익, 확정급여제도의 재측정손익As filed	0	-246	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	-305	247	—	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	273	78	231	-231	351	66	—	—	—
순확정급여부채의 재측정요소As filed	—	—	—	-248	-104	-162	426	648	-320	-356	81
계속영업 기본주당이익As filed	—	—	—	—	—	—	—	—	—	0	0
계속영업 기본및희석주당이익As filed	—	—	—	—	—	—	0	0	0	—	—
매도가능금융자산As filed	-161	114	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 금융자산 평가손익As filed	—	—	—	-277	69	-105	118	58	—	98	796
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	267	0	0	—	—	—	—	—	—
중단영업 기본주당손실As filed	—	—	—	—	—	—	—	—	—	-0	-0
관계기업의 기타포괄손익에 대한 지분As filed	-5	6	75	—	—	—	—	—	—	—	—
중단영업 기본및희석주당손실As filed	—	—	—	—	—	—	—	—	-0	—	—
지분법자본변동As filed	—	—	—	0	-1	-0	0	0	-4	-4	-7
해외사업장환산외환차이As filed	-139	126	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-68	78	—	—	—	—	—	—	—
계속영업 희석주당이익As filed	—	—	—	—	—	—	—	—	—	0	0
순화폐성자산에서 발생하는 이익As filed	—	—	—	—	—	—	—	—	-72	—	—
중단영업 희석주당손실As filed	—	—	—	—	—	—	—	—	—	-0	-0
해외사업환산차이As filed	—	—	—	—	231	-232	351	68	-88	568	223
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	12,652	8,626	10,549	11,224	10,659	10,897	—	—	—
순화폐성자산에서 발생하는 이익(손실)As filed	—	—	—	—	—	—	—	—	—	-213	164
총 포괄손익, 비지배지분As filed	—	—	11	-39	18	-6	-46	-71	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	10,186	12,095	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	-91	564	216
포괄손익, 비지배지분As filed	-29	-56	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	-124	-259	877
기타포괄손익-공정가치금융자산 평가손익As filed	—	—	—	—	—	—	—	—	196	—	—
기본및희석주당이익(손실)As filed	—	—	—	—	—	—	0	0	—	—	—
중단영업 기본및희석주당이익As filed	—	—	—	—	—	—	-0	-0	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	10,462	12,037	12,114	9,034	10,372	11,716	9,718	10,053	9,224	11,650	11,023
Total adjustments to operating cash flowcomputed	2,128	2,851	-700	-813	53	900	4,481	-1,174	3,436	-3,427	-5,194
	12,589	14,888	11,415	8,221*	10,425	12,617	14,198	8,879*	12,660	8,223	5,829
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Income taxes paidKRW 100M	3,260	3,844	3,950	3,402	Not applicable	4,239	4,128	4,224	Not applicable	Not applicable	Not applicable
	-8,594*	-6,265	-6,692	-463	-4,592	-858	-7,976	5,475*	-8,483	-5,297	1,011
Purchase of property, plant and equipmentKRW 100M	2,089	1,508	2,996	3,533	2,222	2,161	2,244	2,414*	4,728	7,675	6,395
Proceeds from sale of property, plant and equipmentKRW 100M	102	116	43	273	37	48	53	37*	73	214	2,636
Purchase of intangible assetsKRW 100M	61	92	64	63	349	357	437	415*	406	297	349
	-3,761*	-4,840	-4,338	-5,498*	-6,321	-8,089	-9,476	-9,318*	-7,758	-2,934	-9,479
Dividends paidKRW 100M	4,281	4,283	4,604*	5,051	5,051	5,570	5,956	5,759*	7,764	5,866	6,038
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	2,128	3,484	3,570*	3,027	5,468	5,601
Issue of sharesKRW 100M	—	-1	—	—	—	0	0	0	—	—	—
Cash at beginning of periodKRW 100M	2,751	2,982	6,735	7,151	9,330	8,913	12,536	9,466*	14,010	10,320	11,360
	2,982	6,735	7,151	9,330	8,913	12,536	9,466	14,010*	10,320	11,360	9,135
Effect of exchange rate changesKRW 100M	-3	-30	32	-82	72	-46	Not applicable	Not applicable	-109	1,049	415
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	416	2,179	-417	3,623*	-3,254	5,036	Not applicable	Not applicable	Not applicable

영업에서 창출된 현금As filed	15,849	18,732	15,364	—	14,641	16,856	18,326	13,103	16,463	11,487	9,691
영업에서 창출된 현금흐름As filed	—	—	—	11,623	—	—	—	—	—	—	—
법인세의 납부As filed	—	—	—	—	-4,216	—	—	—	3,803	3,264	3,863
리스부채의 상환As filed	—	—	—	—	-186	-212	-233	-203	238	243	266
이자수취As filed	295	355	488	158	191	199	108	320	—	—	—
배당금수취As filed	192	184	247	217	247	261	289	327	—	—	—
사채의 발행As filed	—	—	—	—	—	—	—	—	3,289	6,081	4,453
장기예치금 투자이익의 수치As filed	15	0	—	—	—	—	—	—	—	—	—
기타금융자산의 처분As filed	—	—	—	—	5,340	5,628	3,222	8,811	—	—	—
무형자산의 처분As filed	29	15	14	8	11	26	2	3	10	20	37
비지배지분부채의 증가As filed	—	—	—	34	—	—	30	0	0	1	0
사채의 상환As filed	—	—	—	—	—	—	—	—	—	—	1,078
당기손익-공정가치금융자산의 감소As filed	—	—	—	—	0	3,464	2	6,610	4,033	1,354	2,348
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	43	79	193	0	—	—	—	—	—	—	—
장기당기손익-공정가치금융자산의 감소As filed	—	—	—	—	159	337	213	20	51	274	218
당기손익-공정가치금융자산의 처분As filed	—	—	—	8,563	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	2	341	228	0	0	—	—	—	—	—	—
이자의 지급As filed	—	—	—	—	—	—	—	—	254	434	732
기타포괄손익-공정가치금융자산의 감소As filed	—	—	—	—	0	31	159	72	0	357	1,321
장기예치금의 감소As filed	—	—	—	—	—	302	5	0	0	—	1
차입금의 차입As filed	—	—	—	—	—	—	—	—	18,473	17,272	32,170
지분법적용 투자지분의 처분As filed	136	131	73	50	—	—	—	—	—	—	—
기타포괄손익-공정가치금융자산의 처분As filed	—	—	—	12	—	—	—	—	—	—	—
종속기업에 대한 투자자산의 처분As filed	—	0	—	—	—	—	—	—	—	—	—
대여금및수취채권의 처분As filed	119	153	140	—	—	—	—	—	—	—	—
차입금의 상환As filed	6,460	6,928	5,846	6,870	3,071	1,651	1,442	2,170	18,236	14,277	32,387
임차보증금의 감소As filed	—	—	210	37	12	7	—	—	—	—	—
투자부동산의 처분As filed	—	—	—	—	—	44	4	23	95	220	95
대여금의 감소As filed	—	—	—	147	123	143	212	225	—	—	—
매각예정자산의 처분As filed	—	—	—	—	0	1,447	7	698	4	1,372	1,449
보증금의 감소As filed	284	203	—	—	—	—	—	—	—	—	—
지분법적용투자자산의 처분As filed	—	—	—	—	342	212	0	429	0	260	1,071
파생상품자산의 감소As filed	—	—	0	—	—	—	—	—	—	—	—
보증금의 회수As filed	—	—	—	—	—	—	59	5	32	48	84
대여금의 회수As filed	—	—	—	—	—	—	—	—	243	267	328
정부보조금의 수취As filed	—	—	—	1	0	0	—	—	—	—	—
파생상품거래의 정산As filed	0	0	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	214	297	—	—	—	—	-5	-22	42	63	76
연결 범위의 변동As filed	—	—	—	0	0	—	—	—	—	—	—
투자부동산의 취득As filed	25	101	204	406	2,563	862	1,097	279	224	115	14
대여금의 증가As filed	—	—	99	59	190	352	273	167	1,069	343	631
지분법적용 투자지분의 취득As filed	0	190	10	305	—	—	—	—	—	—	—
종속기업에 대한 투자자산의 취득As filed	—	—	291	0	0	—	—	—	—	—	—
금융리스채권의 회수As filed	—	—	—	—	1	5	1	0	0	—	—
매도가능금융자산의 취득As filed	342	310	985	0	0	—	—	—	—	—	—
기타금융자산의 취득As filed	5,782	4,445	2,709	3,824	3,432	5,785	3,719	6,590	—	—	—
대여금및수취채권의 취득As filed	513	5	—	—	—	—	—	—	—	—	—
당기손익-공정가치금융자산의 증가As filed	—	—	—	—	-576	-60	-417	-198	3,010	372	559
임차보증금의 증가As filed	—	—	256	67	31	10	—	—	—	—	—
종속기업의 처분As filed	—	—	—	—	—	—	—	—	—	—	349
기타금융자산의 감소As filed	—	—	—	—	—	—	—	—	1,390	3,878	4,431
장기예치금의 증가As filed	-785	-897	-720	-724	-1,144	-2,231	-2,476	-966	16	1	0
연결범위의 변동As filed	—	—	5	—	—	—	—	—	—	—	—
장기당기손익-공정가치금융자산의 증가As filed	—	—	—	—	-547	-144	-807	-647	620	395	285
당기손익-공정가치금융자산의 취득As filed	—	—	—	-935	—	—	—	—	—	—	—
기타포괄손익-공정가치금융자산의 증가As filed	—	—	—	—	0	0	-35	-30	0	0	—
기타포괄손익-공정가치금융자산의 취득As filed	—	—	—	-13	—	—	—	—	—	—	—
종속기업의 유상증자As filed	2	0	0	—	—	—	—	—	—	—	—
지분법적용투자자산의 취득As filed	—	—	—	—	0	-1,015	-798	-345	1,920	217	2,794
차입금As filed	—	—	6,295	6,417	2,022	1,506	1,641	2,498	—	—	—
임대보증금의 증가As filed	32	38	107	10	0	—	—	—	—	—	—
차입금의 증가As filed	7,020	6,379	—	—	—	—	—	—	—	—	—
기타금융자산의 증가As filed	—	—	—	—	—	—	—	—	2,762	5,025	3,287
이자지급As filed	21	2	235	25	36	34	32	102	—	—	—
신주발행비 지급As filed	—	—	0	0	—	—	—	—	—	—	—
주식발행비용의 납입As filed	-2	—	—	—	0	—	—	—	—	—	—
연결범위의 변동으로 인한 순현금유출입액As filed	—	—	—	—	—	—	—	—	473	—	—
임대보증금의 감소As filed	-52	-42	54	14	0	—	—	—	—	—	—
사용권자산의 취득As filed	—	—	—	—	—	-5	-2	-33	14	31	58
매각예정자산의 취득As filed	—	—	—	—	—	-33	0	0	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	234	3,783	—	—	—	—	—	—	—	—	—
연결범위의 변동으로 인한 순현금유출액As filed	—	—	—	—	—	—	—	—	—	63	108
투자부동산 관련 기타 증감As filed	—	—	—	—	—	—	—	—	33	0	0
배당금의 수취As filed	—	—	—	—	—	—	—	—	275	222	334
이자의 수취As filed	—	—	—	—	—	—	—	—	559	814	853
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	3	0	12
대출연장수수료의지급As filed	—	—	—	—	—	—	—	-12	—	—	—
비지배지분의 증가As filed	—	—	—	—	0	0	—	—	—	—	—
외화표시 현금및현금성자산에 대한 환율변동효과As filed	—	—	—	—	—	—	183	—	—	—	—
외화환산으로 인한 변동As filed	—	—	—	—	—	—	—	-492	—	—	—
현금및현금성자산의 순증감As filed	—	—	—	—	—	—	—	—	—	-9	-2,640
현금및현금성자산의순증감As filed	—	—	—	—	—	—	—	—	-3,581	—	—

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 39	한영회계법인	2025-12-31
2024	적정의견Term 38	한영회계법인	2025-12-31
2023	적정의견Term 37	한영회계법인	2025-12-31
2022	적정Term 36	한영회계법인	2022-12-31
2021	적정Term 35	삼일회계법인	2022-12-31
2020	적정Term 34	안진회계법인	2022-12-31
2019	적정Term 33	안진회계법인	2019-12-31
2018	적정Term 32	안진회계법인	2019-12-31
2017	적정Term 31	안진회계법인	2019-12-31

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 5Y0.07

Equity risk premium%

Terminal growth%

Cost of equity4.77%

Weighted average cost of capital—

Initial growth5.3%

Effective tax rate24.2%

Base fiscal year2025

Current priceKRW177,400

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	206,456	+16.4%
Dividend discount model DDM	223,227	+25.8%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	302,381	+70.5%

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% + 0.07 × 5.00% = 4.77%

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(11.75% × (1 − 54.79%), 0) = 5.31%

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 = 5,600 × (1 + 2.00%) / (4.77% − 2.00%) = 5,712 / 0.0277 = 206,456 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 = 5,600, g_1 = 5.31%, g_T = 2.00%, r = 4.77%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	5.31%	5,897	0.9545	5,629
2	4.48%	6,162	0.9111	5,614
3	3.66%	6,387	0.8696	5,554
4	2.83%	6,568	0.8301	5,451
5	2.00%	6,699	0.7923	5,307
Terminal value	2.00%	246,969	0.7923	195,671
Total				223,227

P_0 = 223,227 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 = 78,656 KRW, ROE = 11.75%, payout ratio = 54.79%, r = 4.77%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	78,656	9,240	3,749	5,490	0.9545	5,241
2	82,833	9,730	3,948	5,782	0.9111	5,268
3	87,231	10,247	4,158	6,089	0.8696	5,295
4	91,864	10,791	4,379	6,412	0.8301	5,323
5	96,742	11,364	4,611	6,753	0.7923	5,350
Terminal value				248,960	0.7923	197,248

P_0 = 78,656 + 26,477 + 197,248 = 302,381 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