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KREDKRED
035420KOSPI

Naver

183,800
-5,200 (-2.75%)

Price chart

  • 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

Naver Corporation was established in 1999 and is listed on the KOSPI market. Headquartered in Seongnam, Gyeonggi-do, the company operates as a parent entity with 95 consolidated subsidiaries as of the end of 2025.

The company provides a variety of services based on its internet search portal. Its business segments include advertising, commerce, fintech, and content such as webtoons and SNOW. It also supplies cloud and enterprise solutions for B2B customers.

Business overview as filed

'팀네이버'는 대한민국의 대표적인 IT 테크 기업으로 끊임없는 도전과 성장을 이뤄가고 있습니다. 첨단의 기술을 일상의 서비스에 담아 사용자에게 새로운 연결의 경험을 선보이는 도전을 멈추지 않음으로써, 다양한 기회와 가능성을 열어 나가고 네이버를 둘러싼 모든 이해관계자들에게 차별화된 가치를 제공하고 있습니다.

네이버를 둘러싼 환경은 빠르게 변화 중이며, 이러한 변화를 새로운 도약의 기회로 삼아, 그 동안 회사의 성장을 견인해 왔던 혁신을 바탕으로 글로벌 시장과 신규사업에 대한 도전을 이어가고 있습니다. 또한, 네이버는 지속적인 성장을 목표로 기술, 서비스 등에 대한 선제적 투자를 진행하며, 핵심 사업의 경쟁력을 끊임없이 강화해 나가고 있습니다.

네이버는 국내 1위 인터넷 검색 포털 '네이버(NAVER)'를 기반으로 광고, 커머스 사업을 통해 매출을 창출하고 있습니다. 아울러 금융 씬파일러(Thin Filer)들을 위한 핀테크, 웹툰, 스노우 등의 콘텐츠 서비스, 기업용 솔루션을 제공하는 엔터프라이즈 등 다각화된 사업 포트폴리오를 기반으로 안정적인 성장을 이어가고 있습니다. 또한, 초거대 AI 'HyperCLOVA X'를 중심으로 검색, 커머스, 광고, 콘텐츠 등 다양한 영역에서 AI 기반 기술을 고도화하며, 사용자 경험과 비즈니스 효율성을 동시에 높이는 방향으로 AI 활용을 확대해 나가고 있습니다. 이를 바탕으로 네이버는 기존 사업에서 탄탄한 성장세를 유지하는 한편, 신성장동력인 커머스, 핀테크, 콘텐츠, 엔터프라이즈, 그리고 AI 기반의 플랫폼 기술 모두에서 고르고 꾸준한 성장을 이어가고 있습니다.

당사의 영업부문은 단일 영업부문으로 구성되어 있으나, 최고영업의사결정자에게 보고되는 서비스별 영업현황은 다음과 같으며, 각 서비스별 영업수익은 다음과 같습니다. 이와 관련한 상세한 내용은 'II. 사업의 내용 - 2. 주요제품 및 서비스' 와 'II. 사업의 내용-4. 매출 및 수주상황을 참고해 주시기 바랍니다.

- 주요 서비스별 영업현황

- 서비스별 영업수익

Company overview

가. 연결대상 종속회사 현황(요약)

2025년 말 기준 네이버 주식회사(이하 '당사' 또는 '지배회사')의 K-IFRS기준 연결대상 종속회사는 95개사(연결법인은 당사를 포함해서 총 96개사)입니다. 전년말대비 14개 기업이 증가하고, 1개 기업이 감소했습니다.

가-1. 연결대상회사의 변동내용

나. 회사의 법적 ·상업적 명칭

당사의 명칭은 '네이버 주식회사'(NAVER Corporation)입니다.

다. 설립일자 및 존속기간

당사는 1999년 6월 2일 설립되었으며, 2002년 10월 29일에 주식을 코스닥시장(KOSDAQ)에 상장하고, 2008년 11월 28일자로 유가증권시장(KOSPI)에 주식을 이전 상장하였습니다. 당사는 2013년 8월 1일을 분할기일로 한게임 사업부문을 인적분할하여, 존속법인은 네이버로, 신설법인은 구)엔에이치엔엔터테인먼트로 하였습니다. 존속 및 신설법인은 2013년 8월 29일 유가증권시장(KOSPI)에 각각 변경상장 및 재상장되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(1) 주소:경기도 성남시 분당구 정자일로 95 네이버1784(2) 전화번호: 1588-3830(3) 홈페이지 주소: http://www.navercorp.com

마. 중소기업 등 해당 여부

바. 주요사업의 내용

네이버 및 네이버의 종속회사들은 국내 1위 인터넷 검색 포털 '네이버(NAVER)' 서비스를 기반으로 광고, 커머스, 핀테크 등 다양한 사업을 영위하고 있습니다. 또한 국내 최대 IDC를 보유한 기업으로서 클라우드 및 기업용 솔루션 등 IT 인프라 사업을 지속확대하며 B2B 영역에서도 입지를 넓혀가고 있습니다. 콘텐츠 분야에서는 웹툰, 스노우 등 다양한 콘텐츠 사업을 통해 글로벌 사업 기반을 확장하고 있으며, 특히 웹툰 IP를 중심으로 콘텐츠 벨류체인을 강화하고 있습 니다. 또한 네이버는 미래 성장동력 강화를 위해 인공지능, 로보틱스 등 미래 기술에 대한 지속적인 연구개발을 통해 기술플랫폼의 변화와 혁신을 추구하며, 세계 각 국의 수많은 이용자와 다양한 파트너들이 함께 성장할 수 있도록 노력하고 있습니다.

사. 신용평가에 관한 사항당사는 제5-1회 및 제5-2회 무보증사채 발행 등과 관련하여 아래와 같이 신용평가 전문기관으로부터 신용평가를 받았습니다.

1) 한국신용평가㈜: 한국신용평가㈜의 등급은 총 10개 등급으로 AAA, AA, A, BBB,BB, B, CCC, CC,C, D로 나타내어지며, 상기 등급 중 AA부터 B등급까지는 +, - 를부가하여 동일 등급 내에서의 우열을 나타냅니다. 등급전망은 중기적인 관점(약 2년)에서 신용등급의 방향성에 대한 의견으로 Positive(긍정적), Stable(안정적), Negative(부정적), Developing(유동적) 4단계가 있으며, Positive(긍정적)는 중기적으로 신용등급이 상향 조정될 가능성이 있다고 예측되는 경우입니다.2) 한국기업평가㈜: 한국기업평가㈜의 회사채 신용등급은 총 10개 등급으로 AAA,AA, A, BBB, BB, B, CCC, CC, C, D 로 나타내어지며, 상기 등급 중 AA등급부터 B등급까지는 등급내의 상대적인 우열에 따라 +, - 기호가 첨부됩니다.또한, 등급전망(Rating Outlook)은 등급의 방향성에 대한 한국기업평가㈜의 기호로 Positive(긍정적), Stable(안정적), Negative(부정적), Evolving(유동적) 4단계가 있으며, Positive(긍정적)는 중기적으로 등급의 상향 가능성이 있음을 의미합니다.3) Moody's의 등급은 총 9개 등급으로 Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C로 나타내어지며, 상기 등급 중 Aaa부터 Baa등급까지는 투자적격 등급으로, Ba이하는 투자 부적격 등급으로 상정합니다. 동일 등급 내에서 1,2,3으로 우열을 표시하며, 신용등급의 방향성에 대한 의견으로는 Positive(긍정적), Stable(안정적), Negative(부정적) 3단계가 있습니다.4) S&P의 등급은 총 10개 등급으로 AAA, AA, A, BBB,BB, B, CCC, CC,C, D로 나타내어지며, 상기 등급 중 AAA부터 BBB등급까지는 투자적격 등급으로, BB이하는 투자 부적격 등급으로 상정합니다. 동일 등급 내에서 +, - 로 우열을 표시하며, 신용등급의 방향성에 대한 의견으로는 Positive(긍정적), Stable(안정적), Negative(부정적) 3단계가 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 2026.03.13), 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

3.73%
[2.20%, 6.22%] · 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 36.2% (2026-07-14). 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

0.43
Beta [0.28, 0.58] · KOSPI200 · As of 2026-10-08
Intercept
-0.200%[-0.586%, +0.186%]
R squared
0.20
Observations
252
Trading-time corrected beta
0.50[0.23, 0.77]
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 100M32,51240,22646,78555,86965,93453,04168,17682,20196,706107,377120,350129,630
Revenue growth%—23.7316.3019.4218.02-19.5528.5320.5717.6511.0312.08—
Operating incomeKRW 100M7,62211,02011,7929,4257,10112,15313,25513,04714,88819,79322,08122,433
Operating income growth%—44.597.00-20.07-24.6671.169.06-1.5714.1232.9411.56—
Net incomeKRW 100M5,1707,5917,7016,2793,9688,450164,7766,7329,85019,32018,18718,930
Net income growth%—46.831.45-18.47-36.80112.941,850.02-95.9146.3296.14-5.86—
Attributable to ownersKRW 100M5,1877,4937,729————7,60310,12319,23219,53220,235
Attributable to minoritiesKRW 100M-1898-28-209-1,862——-871-27387-1,345-1,305
Operating margin%23.4427.4025.2016.8710.7722.9119.4415.8715.4018.4318.3517.31
Net margin%15.9018.8716.4611.246.0215.93241.698.1910.1917.9915.1114.60
ROE%——16.23————3.344.367.557.086.85
ROA%11.7911.929.606.353.234.9748.911.992.765.064.434.24
Debt ratio%93.2554.2751.1666.0989.11106.1040.2244.5647.4541.3641.9043.92
Current ratio%156.76232.82207.76205.58149.58133.28140.90117.50111.46153.88136.28148.67
Quick ratio%155.84232.25206.19203.39148.12133.22140.74117.34111.22153.53136.03148.21
Reserve ratio%19,430.8130,503.5336,789.4641,077.9044,216.0651,258.50149,081.46152,913.18156,461.74166,173.67177,242.91181,098.50
Free cash flowKRW 100M——4,6784,3859,2096,8786,2607,52713,61620,35918,611—
FCF margin%——10.007.8513.9712.979.189.1614.0818.9615.46—
OCF conversion%——122.06155.04341.93171.278.37215.90203.27134.05170.22—
Capex to revenue%——10.099.586.6114.3211.068.526.625.1610.26—
Receivable daysdays———69.564.075.665.466.561.657.450.7—
Inventory daysdays—1.6————0.3—————
Payable daysdays——————55.9—————
Cash conversion cycledays——————9.8—————
EPSKRW17,61926,15326,562————4,6346,23312,70213,00912,898
PERx—29.6332.75————38.3035.9415.6618.6415.43
BPSKRW——144,47731,79535,22344,850143,467138,642142,887160,694175,846188,285
PBRx——6.023.845.296.522.641.281.571.241.381.06
Dividend per shareKRW1,1001,1311,4463143764025119141,205—1,130—
Payout ratio%6.244.325.44————19.7219.33—8.69—

Consolidated basis

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
43,859*63,70680,19398,812122,995170,142336,910338,990357,378381,679410,845
21,163*22,41027,14139,32157,95687,59196,636104,487114,998111,670121,315
22,696*41,29653,05259,49165,03982,551240,274234,503242,380270,009289,530

Income statement

20152016201720182019202020212022202320242025
32,512*40,22646,78555,86965,934*53,04168,17682,20196,706107,377120,350
7,622*11,02011,7929,4257,101*12,15313,25513,04714,88819,79322,081
7,083*11,31811,95811,1178,667*16,33621,26410,83714,81423,22224,201
5,170*7,5917,7016,2793,9688,450164,7766,7329,85019,32018,187
Basic earnings per shareKRW17,619*26,153*26,562Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable12,70213,009
Diluted earnings per shareKRW17,619*25,921*26,482Not applicableNot applicableNot applicableNot applicableNot applicableNot applicable12,55312,907
5,540*7,2366,2726,3385,35610,662162,251-7,1487,24426,30719,375

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement5,1707,5917,7016,2793,9688,450164,7766,7329,85019,32018,187
Total adjustments to operating cash flowcomputed——1,6993,4569,6006,022-150,9777,80210,1726,57912,771
Not applicableNot applicable9,4009,73513,56814,47213,79914,53420,02225,89930,958
-7,908*-9,417-13,103-3,883-10,781-25,032-139,988-12,159-9,498-13,400-7,437
59*6,9786,3627,51052311,921116,423-3,395-1,100-7,703-5,245
Cash at beginning of periodKRW 100M7,225*8,13417,26219,07633,22937,40538,45727,81427,24235,76541,955
8,134*17,26219,07633,22937,40538,45727,81427,24235,76541,95559,840
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicable1,81314,1534,1761,052-10,643-572Not applicableNot applicable17,885

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 2026.03.13.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 27삼정회계법인2025-12-31
2024적정의견Term 26한영회계법인2025-12-31
2023적정의견Term 25한영회계법인2025-12-31
2022적정Term 24한영회계법인2022-12-31
2021적정Term 23삼일회계법인2022-12-31
2020적정Term 22삼일회계법인2022-12-31
2019적정Term 21삼일회계법인2019-12-31
2018적정Term 20삼일회계법인2019-12-31
2017적정Term 19삼일회계법인2019-12-31
2016적정Term 18삼일회계법인2016-12-31
2015적정Term 17삼일회계법인2016-12-31
2014적정Term 16삼정회계법인2016-12-31

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 5Y0.59
%
%
Cost of equity7.33%
Weighted average cost of capital7.22%
Initial growth6.5%
Effective tax rate24.8%
Base fiscal year2025
Current priceKRW183,800

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 model21,610-88.2%
Dividend discount model DDM23,945-87.0%
Discounted cash flow FCFF295,551+60.8%
Discounted cash flow FCFE32,949-82.1%
Residual income model RIM166,167-9.6%
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% + 0.59 × 5.00% = 7.33%

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(7.08% × (1 − 8.69%), 0) = 6.47%

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 = 1,130 × (1 + 2.00%) / (7.33% − 2.00%) = 1,153 / 0.0533 = 21,610 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 = 1,130, g_1 = 6.47%, g_T = 2.00%, r = 7.33%

YearGrowthDividend KRWDiscount factorPresent value KRW
16.47%1,2030.93171,121
25.35%1,2670.86801,100
34.23%1,3210.80871,068
43.12%1,3620.75351,026
52.00%1,3900.7020975
Terminal value2.00%26,5730.702018,653
Total23,945

P_0 = 23,945 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 = 175,846 KRW, ROE = 7.08%, payout ratio = 8.69%, r = 7.33%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
1175,84612,45312,896-4430.9317-413
2187,21713,25813,730-4720.8680-410
3199,32314,11514,618-5030.8087-406
4212,21215,02815,563-5350.7535-403
5225,93516,00016,569-5700.7020-400
Terminal value-10,8940.7020-7,647

P_0 = 175,846 + -2,032 + -7,647 = 166,167 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 = 30,958.1 − 12,346.9 + 893.4 × (1 − 24.85%) = 19,282.5 KRW hundred million

Weighted average cost of capital

E = 288,295.1, D = 13,885.2 KRW hundred million; equity weight = 95.40%, debt weight = 4.60%; cost of debt k_d = 6.43%

WACC = 95.40% × 7.33% + 4.60% × 6.43% × (1 − 24.85%) = 7.22%

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
16.47%20,529.40.932719,147.2
25.35%21,627.70.869918,813.4
34.23%22,543.20.811318,289.5
43.12%23,245.80.756717,589.8
52.00%23,710.70.705716,733.6
Terminal value2.00%463,416.80.7057327,051.8
Total417,625.2

Firm value = 417,625.2; less borrowings 13,885.2; plus cash 59,840.2 → 463,580.2 KRW hundred million

P_0 = 463,580.2 KRW hundred million ÷ 156,852,638 (shares) = 295,551 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 = 30,958.1 − 12,346.9 + -16,172.2 (net borrowing) = 2,439.0 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
16.47%2,596.70.93172,419.3
25.35%2,735.60.86802,374.5
34.23%2,851.40.80872,305.9
43.12%2,940.30.75352,215.3
52.00%2,999.10.70202,105.3
Terminal value2.00%57,353.90.702040,260.9
Total51,681.3

P_0 = 51,681.3 KRW hundred million ÷ 156,852,638 (shares) = 32,949 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.

Other issues on the same market

Neighbours in the market capitalisation order.

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