038500KOSDAQ

Sampyo Cement

7,080

-740 (-9.46%)

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

Sampyo Cement was established in 1990 and is listed on the KOSDAQ market. The company is headquartered in Samcheok, Gangwon-do.

The company operates in the cement and ready-mixed concrete business segments. It produces Portland cement, clinker, and slag cement at its Samcheok plant and distributes these products nationwide. It also manufactures and distributes ready-mixed concrete through multiple plants.

Business overview as filed

당사는 강원도 삼척시 소재 삼척공장에서 시멘트를 생산하여 전국 출하 기지를 통해 시멘트 및 2차 제품을 판매하는 사업을 영위하고 있습니다. 국내 최초 현대적 시멘트생산공장으로 시작한 삼척공장은 주원료인 석회석 공급을 받는 광산과 주연료인 유연탄을 공급 받을 수 있는 항구가 근거리에 있어 시멘트 생산의 최적입지에 자리하고있습니다. 이런 탁월한 물류네트워크와 입지조건의 장점을 살려 환경친화적이며, 경제적인 시멘트 생산에 앞장서 왔습니다.

당사는 ESG 경영체제로의 전환을 위해 친환경 사업을 정관상 목적사업에 추가하고, 온실가스 배출 저감을 위한 순환자원 처리시설 및 기존 폐열발전설비 보강 등 친환경 투자를 지속하고 있습니다. 더불어 지역사회 발전에 이바지하는 기업으로 거듭나기 위해 다방면으로 노력하고 있습니다.

이러한 성과를 인정받아 2023년 11월 한국ESG기준원(KCGS)으로부터 '지배구조 우수기업'으로 선정되었으며, 2024년 '한국의 소비자대상'에서는 저탄소 친환경 특수 시멘트인 '블루멘트'로 친환경 시멘트 부문 대상을 수상했습니다.

또한 2025년에는 품질 혁신과 제품 경쟁력 강화 노력을 인정받아 한국표준협회(KSA) '우수 회원사'로 선정되어 협회장상을 수상했습니다. 특히, 한국ESG기준원의 '2025년 ESG 평가'에서 3년 연속 전 부문 A등급 이상을 획득하며 당사의 진정성 있는 ESG 경영 실천을 대외적으로 입증했습니다.

시멘트 사업부문 매출은 대부분 국내에서 이루어 졌으며, 매출액은 7,628억원(연결조정 미반영 수치) 입니다.당사는 2021년 8월 13일 시멘트와 레미콘의 전략적 시장 대응과 협상력 강화를 목적으로, 삼표시멘트가 100% 지분 출자하여 삼표레미콘을 설립하였습니다. 설립 후(동년 9月), 대전공장 외 4개 공장(여주, 당진, 아산, 군산)을 사업양수도 방식으로 인수하여 레미콘의 제조와 판매를 목적사업으로 운영하고 있습니다. 당기 레미콘 사업부문의 매출은 473억원입니다.각 사업부문별 주요 제품은 다음과 같습니다.

Company overview

1) 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

1)-1. 연결대상회사의 변동내용

2) 회사의 법적,상업적 명칭당사의 명칭은 "주식회사 삼표시멘트"라고 표기합니다. 또한, 영문으로는 "SAMPYO Cement Co., Ltd." 라고 표기합니다. 단, 약식으로 표기할 경우에는 "(주)삼표시멘트" 또는 "SAMPYO Cement"라고 표기합니다.3) 설립일자 및 존속기간당사는 상법에 근거하여 1990년 12월 22일 설립되었습니다. 또한 2001년 02월 01일에 한국거래소의 코스닥증권시장에 상장하였습니다.당사는 1990년 12월에 설립된 (주)명제가 (주)젠네트웍스, (주)시나비전으로 상호 변경 후, 2001년 2월 회사의 주권을 코스닥시장에 상장하였으며, 지난 2007년 7월 비상장법인 (주)골든오일과 합병, (주)골든오일로 상호변경 하였습니다. 또한, 2010년 7월 1일을 합병기일로 동양시멘트(주)를 흡수 합병후 사명을 (주)골든오일에서 동양시멘트(주)로 변경하였으며, 2017년 3월 24일 사명을 (주)삼표시멘트로 변경하였습니다.4) 본사의 주소, 전화번호, 홈페이지 주소- 주 소 : 강원도 삼척시 동양길 20(사직동)- 전화번호 : 033)571-7000- 홈페이지 : http://www.sampyocement.co.kr

5) 중소기업 등 해당 여부

6) 주요 사업의 내용보고서 작성 기준일 현재 당사의 사업부문은 당사가 영위하는 사업의 특성에 따라, 시멘트 사업부문과 레미콘 사업부문으로 분류하여 기재하고 있습니다.

시멘트 사업부문의 제품은 포틀랜드 시멘트, 클링커, 슬래그 시멘트 등이며, 레미콘 사업부문은 레미콘 제조 및 판매업을 영위하고 있습니다.현재 당사의 매출은 대부분 시멘트 사업부문에서 발생하고, 레미콘이 일부를 차지 하고 있습니다.[부문별 주요제품]

7) 신용평가에 관한 사항- 공시대상기간 동안 신용평가사로부터 평가받은 사항이 없습니다.

8) 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), 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

3.42%

[0.91%, 12.60%] · 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 68.8% (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

0.66

Beta [0.44, 0.87] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.439%[-0.580%, +1.459%]
R squared: 0.10
Observations: 250
Trading-time corrected beta: 0.77[0.49, 1.04]

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	5,638	6,159	6,713	5,760	5,955	5,432	5,690	7,211	8,237	7,908	6,769	6,964
Revenue growth%	—	9.24	8.99	-14.19	3.38	-8.79	4.76	26.74	14.23	-4.00	-14.40	—
Operating incomeKRW 100M	469	685	744	7	481	617	527	711	847	1,039	766	678
Operating income growth%	—	46.02	8.48	-99.00	6,348.81	28.34	-14.60	34.98	19.13	22.70	-26.31	—
Net incomeKRW 100M	-108	503	363	-43	186	137	203	302	338	661	408	356
Net income growth%	—	—	-27.86	-111.98	—	-26.15	48.39	48.43	12.01	95.52	-38.27	—
Attributable to ownersKRW 100M	—	—	363	-43	186	137	203	302	338	661	408	356
Attributable to minoritiesKRW 100M	—	—	—	-0	-0	-0	-0	-0	-0	-0	-0	-0
Operating margin%	8.33	11.13	11.08	0.13	8.07	11.36	9.26	9.86	10.28	13.14	11.31	9.73
Net margin%	-1.92	8.17	5.41	-0.75	3.12	2.52	3.57	4.19	4.10	8.36	6.03	5.11
ROE%	—	—	5.74	-0.70	2.93	2.14	3.10	4.39	4.79	8.74	5.19	4.56
ROA%	-0.98	3.98	2.87	-0.33	1.38	1.02	1.44	2.08	2.22	4.45	2.82	2.55
Debt ratio%	101.69	111.72	100.11	110.43	112.05	109.87	115.27	111.32	115.37	96.38	84.00	79.05
Current ratio%	112.61	108.37	66.53	104.28	83.06	66.96	63.80	97.68	78.43	102.11	91.08	89.49
Quick ratio%	87.09	84.21	43.44	76.20	59.49	48.83	40.63	56.36	54.91	74.60	66.94	63.03
Reserve ratio%	—	—	1,052.76	1,038.48	1,064.61	1,075.43	1,102.46	1,157.72	1,188.31	1,281.28	1,337.20	1,326.40
Free cash flowKRW 100M	—	—	-84	-186	182	406	-545	357	799	807	486	—
FCF margin%	—	—	-1.25	-3.23	3.06	7.47	-9.57	4.95	9.70	10.20	7.18	—
OCF conversion%	—	213.98	249.74	—	358.05	677.10	160.91	268.13	355.44	190.80	230.01	—
Capex to revenue%	—	—	14.74	12.29	8.09	9.61	15.32	6.28	4.89	5.74	6.69	—
Receivable daysdays	—	47.3	24.3	2.4	3.7	4.0	4.4	5.1	5.2	—	—	—
Inventory daysdays	—	36.7	43.2	46.7	46.1	49.8	53.3	61.3	58.5	53.2	56.3	—
Payable daysdays	—	11.7	28.6	38.2	39.9	58.0	54.3	39.3	40.1	—	—	—
Cash conversion cycledays	—	72.3	38.8	10.9	9.8	-4.1	3.5	27.1	23.6	—	—	—
EPSKRW	—	—	338	-40	173	128	190	281	315	616	380	330
PERx	—	—	9.13	—	21.91	31.17	24.89	11.94	9.94	4.78	13.13	26.71
BPSKRW	—	—	5,890	5,784	5,916	5,988	6,078	6,369	6,541	7,006	7,285	7,231
PBRx	—	—	0.52	0.74	0.64	0.67	0.78	0.53	0.48	0.42	0.68	1.22
Dividend per shareKRW	—	—	50	—	50	75	75	90	100	110	121	—
Payout ratio%	—	—	14.79	—	28.90	58.59	39.47	32.03	31.75	17.86	31.84	—

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
	11,077	12,634	12,653	13,068	13,470	13,493	14,123	14,528	15,205	14,851	14,467
	1,840	2,478	2,005	2,323	2,196	2,053	2,194	2,834	3,182	3,179	3,129
Cash and cash equivalentsKRW 100M	598	670	384	810	653	577	332	498	817	1,009	823
Short-term financial instrumentsKRW 100M	31	302	2*	7	1	—	—	—	—	—	—
InventoriesKRW 100M	417	552	696	626	623	556	797	1,199	954	856	829
Trade and other receivablesKRW 100M	720	877*	15	60	61	60	79	124	108	Not applicable	Not applicable
	9,237	10,156	10,648	10,746	11,274	11,440	11,929	11,693	12,023	11,672	11,338
Property, plant and equipmentKRW 100M	6,924	7,642	8,035	8,158	8,697	8,798	9,263	9,108	9,168	8,861	8,418
Intangible assetsKRW 100M	2,102	2,229	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	2,477
	5,585	6,666	6,330	6,858	7,118	7,064	7,562	7,653	8,145	7,289	6,605
	1,634	2,286	3,013	2,227	2,644	3,066	3,439	2,902	4,057	3,113	3,436
Trade and other payablesKRW 100M	52	258*	570	509	573	799	579	703	773	Not applicable	Not applicable
Short-term borrowingsKRW 100M	—	16	505	528	417	326	800	280	636	503	479
Current portion of long-term borrowingsKRW 100M	197	439	1,181	684	923	1,063	1,427	978	—	—	—
Current lease liabilitiesKRW 100M	—	—	50	—	92	99	139	154	216	230	213
	3,951	4,380	3,317	4,631	4,474	3,997	4,123	4,751	4,088	4,176	3,169
Bonds issuedKRW 100M	—	—	—	99	150	—	603	899	—	350	0
Long-term borrowingsKRW 100M	389	3,149	2,355	3,675	3,067	2,740	2,143	2,738	2,196	2,506	2,058
Non-current lease liabilitiesKRW 100M	—	—	101	—	420	451	651	631	999	881	752
	5,492	5,967	6,323	6,210	6,352	6,429	6,561	6,875	7,060	7,562	7,863
	Not applicable	Not applicable	6,323	6,209	6,351	6,428	6,559	6,874	7,059	7,561	7,861
Issued capitalKRW 100M	Not applicable	Not applicable	537	537	537	537	540	540	540	540	540
Capital surplusKRW 100M	2,148	2,148	2,148	2,148	2,148	2,148	2,148	2,148	2,148	2,148	2,148
Retained earningsKRW 100M	2,676	3,150	3,503	3,426	3,566	3,624	3,800	4,099	4,264	4,765	5,067
Treasury sharesKRW 100M	—	—	0	0	0	0	0	0	0	0	0
Accumulated other comprehensive incomeKRW 100M	-30	-29	-26	-63	-62	-42	-38	-22	-2	-1	-2
Other equityKRW 100M	161	161	—	—	—	—	—	—	—	109	109
Non-controlling interestsKRW 100M	Not applicable	0	Not applicable	1	1	1	2	1	1	1	1

유동성파생상품자산As filed	—	—	—	—	—	—	3	18	0	6	0
매출채권As filed	—	—	847	746	818	821	951	950	1,269	1,149	1,171
당기법인세자산As filed	8	0	—	18	—	—	—	—	—	14	0
유동매도가능금융자산As filed	—	—	0	—	—	—	—	—	—	—	—
기타유동자산As filed	61	68	60	57	40	40	33	45	33	34	34
유동성매도가능금융자산As filed	0	0	—	—	—	—	—	—	—	—	—
기타유동채권As filed	5	9	—	—	—	—	—	—	—	111	171
기타금융자산As filed	—	—	—	26	28	33	40	39	25	26	24
장기매출채권As filed	4	9	3	7	5	4	10	8	6	4	6
기타비유동채권As filed	126	58	77	59	45	45	86	79	77	87	112
단기기타금융자산As filed	—	—	—	—	—	—	—	—	—	—	100
매도가능금융자산As filed	—	29	32	—	—	—	—	—	—	—	—
파생상품자산As filed	—	—	—	—	—	—	6	—	—	—	—
이연법인세자산As filed	—	154	190	252	262	266	240	229	301	210	204
장기금융상품As filed	0	0	0	—	—	—	—	—	—	—	—
무형자산As filed	—	—	—	2,216	2,211	2,262	2,242	2,187	2,387	2,431	—
투자부동산As filed	4	4	18	4	4	4	4	4	4	4	4
비유동 순확정급여자산As filed	—	—	—	—	—	—	—	—	8	—	—
확정급여자산As filed	—	—	—	—	—	—	—	—	—	7	38
기타비유동자산As filed	31	30	29	23	20	27	38	39	46	41	55
비유동파생상품자산As filed	—	—	—	—	—	—	—	—	0	—	—
기타무형자산As filed	—	—	2,265	—	—	—	—	—	—	—	—
비유동매도가능금융자산As filed	46	—	—	—	—	—	—	—	—	—	—
유동성충당부채As filed	28	33	—	18	19	18	20	0	—	11	23
매입채무As filed	—	—	270	347	304	255	294	450	481	406	337
유동충당부채As filed	—	—	24	—	—	—	—	—	0	—	—
유동성사채As filed	—	—	—	—	99	150	—	113	500	400	350
유동성회생채무As filed	718	856	—	26	19	16	48	74	10	10	—
기타자본As filed	—	—	—	161	161	161	109	109	109	—	—
유동회생채무As filed	—	—	279	—	—	—	—	—	—	—	—
유동위험회피수단파생상품As filed	—	—	—	—	1	1	—	—	—	—	—
기타유동부채As filed	68	95	91	114	137	245	102	58	—	134	75
당기법인세부채As filed	—	82	43	—	60	93	31	92	119	0	46
기타유동채무As filed	514	455	—	—	—	—	—	—	—	799	744
충당부채As filed	181	200	227	162	170	179	248	281	—	316	316
유동성금융리스부채As filed	57	53	—	—	—	—	—	—	—	—	—
유동위험회피파생상품부채As filed	—	—	—	—	—	—	0	—	—	—	—
부채및자본총계As filed	—	—	—	—	—	—	—	—	—	—	14,467
자본과부채총계As filed	11,077	12,634	12,653	13,068	13,470	13,493	14,123	14,528	15,205	14,851	—
금융리스부채As filed	171	136	—	—	—	—	—	—	—	—	—
비유동회생채무As filed	2,559	308	98	97	97	97	65	5	4	4	—
유동파생상품부채As filed	—	—	—	—	—	—	—	—	1	—	—
기타비유동채무As filed	45	49	72	68	44	42	25	40	70	53	41
유동성장기차입금As filed	—	—	—	—	—	—	—	—	1,028	620	1,170
단기대여금As filed	1	—	—	—	—	—	—	—	—	—	—
유동성파생상품부채As filed	—	—	—	—	—	—	—	—	—	0	0
자본금As filed	537	537	—	—	—	—	—	—	—	—	—
확정급여부채As filed	—	—	416	529	525	488	387	156	86	66	2
자기주식As filed	-0	-0	—	—	—	—	—	—	—	—	—
퇴직급여부채As filed	398	467	—	—	—	—	—	—	—	—	—
기타비유동부채As filed	95	72	48	—	—	—	—	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	294	—	—
기타자본조정As filed	—	—	161	—	—	—	—	—	—	—	—
사채As filed	—	—	—	—	—	—	—	—	400	—	—
비유동충당부채As filed	—	—	—	—	—	—	—	—	333	—	—
이연법인세부채As filed	113	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	5,638	6,159	6,713	5,760	5,955	5,432	5,690	7,211	8,237	7,908	6,769
Cost of salesKRW 100M	4,652	4,821	5,278	5,163	4,949	4,319	4,632	5,946	6,717	6,216	5,466
Gross profitKRW 100M	986	1,338	1,435	597	1,006	1,112	1,058	1,265	1,520	1,692	1,304
SG&A expensesKRW 100M	Not applicable	Not applicable	691	589	525	495	532	554	673	653	538
	469	685	744	7	481	617	527	711	847	1,039	766
Finance incomeKRW 100M	Not applicable	Not applicable	38	21	26	31	18	65	52	42	31
Finance costsKRW 100M	Not applicable	Not applicable	282	218	244	216	232	306	331	316	253
Other incomeKRW 100M	Not applicable	Not applicable	67	214	98	39	63	108	8	60	27
Other expensesKRW 100M	Not applicable	Not applicable	119	124	93	210	157	200	126	163	63
	-41	392	449	-99	267	261	219	378	451	662	508
Income tax expenseKRW 100M	36	-111	86	55	-82	124	15	76	113	1	100
Profit from continuing operationsKRW 100M	-77	503	363	—	—	—	—	—	—	—	—
Profit or loss from discontinued operationsKRW 100M	-32	—	—	—	—	—	—	—	—	—	—
	-108	503	363	-43	186	137	203	302	338	661	408
Attributable to ownersKRW 100M	Not applicable	Not applicable	363	-43	186	137	203	302	338	661	408
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	-0	-0	-0	-0	-0	-0	-0	-0
Basic earnings per shareKRW	Not applicable	Not applicable	338	-40	173	128	190	281	315	616	380
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	-40	173	128	190	281	315	616	380
	-209	475	356	-61	142	131	261	395	282	609	419
Other comprehensive incomeKRW 100M	-100	-28	-7	-17	-44	-6	58	93	-56	-52	11

판매비와관리비As filed	516	652	—	—	—	—	—	—	—	—	—
금융수익As filed	85	36	—	—	—	—	—	—	—	—	—
비지배지분As filed	—	—	—	-0	-0	-0	-0	-0	-0	-0	-0
금융비용As filed	-453	-318	—	—	—	—	—	—	—	—	—
기타수익As filed	154	42	—	—	—	—	—	—	—	—	—
지배기업 소유주지분As filed	—	—	—	-60	142	131	261	395	282	610	419
기타비용As filed	-296	-53	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	10	2	—	-0	-1	0	1	15	-2	-0	0
당기손익으로 재분류될 수 있는 항목As filed	—	—	3	—	—	—	—	—	—	—	—
해외사업환산손익As filed	—	—	-0	-0	-0	-0	-0	13	—	0	—
현금흐름위험회피파생상품평가손익As filed	—	—	—	—	-1	0	1	2	-2	-0	0
매도가능금융자산평가손익As filed	—	—	3	—	—	—	—	—	—	—	—
해외산업 환산손익As filed	10	2	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	-111	-29	—	-17	-43	-6	57	78	-54	-51	11
기타포괄손익-공정가치 측정 지분상품 평가손익As filed	—	—	—	-4	2	4	4	1	0	1	-1
당기손익으로 재분류되지 않는항목As filed	—	—	-10	—	—	—	—	—	—	—	—
확정급여제도의 재측정요소As filed	—	—	-10	-13	-46	-10	53	77	-54	-52	12
확정급여제도의재측정요소As filed	-111	-29	—	—	—	—	—	—	—	—	—
지배기업소유주지분As filed	-108	503	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	0	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	356	—	—	—	—	—	—	—	—
지배기업 소유주 주당이익(손실)As filed	-0	0	—	—	—	—	—	—	—	—	—
지배기업 소유주 계속영업 주당이익(손실)As filed	-0	0	0	—	—	—	—	—	—	—	—
지배기업 소유주 중단영업 주당이익(손실)As filed	-0	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-108	503	363	-43	186	137	203	302	338	661	408
Total adjustments to operating cash flowcomputed	805	573	543	566	479	791	124	507	864	600	530
	697	1,076	906	522	664	928	327	809	1,202	1,261	939
Interest receivedKRW 100M	32	11	11	5	7	4	3	15	24	25	18
Interest paidKRW 100M	173	120	149	153	180	188	183	210	284	285	231
DepreciationKRW 100M	729	621*	508	496	512	556	606	655	704	744	773
AmortisationKRW 100M	7	12	23	30	23	23	23	19	16	14	14
Income taxes paidKRW 100M	356	57	-0*	84	Not applicable	93	70	61	141	27	38
	384	-1,717	-704	-698	-445	-465	-1,065	-412	-331	-400	-491
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	990	708	482	522	872	453	403	454	453
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	1	0	8	57	1	0	7	1	2
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	0	3	1	Not applicable	3	Not applicable	0	1	0
	-1,676	712	-488	602	-377	-540	493	-231	-552	-671	-633
Dividends paidKRW 100M	—	—	—	54	—	54	69	81	97	107	118
Cash at beginning of periodKRW 100M	1,190	598	670	384	810	653	577	332	498	817	1,009
	598	670	384	810	653	577	332	498	817	1,009	823
Effect of exchange rate changesKRW 100M	3	-0	-0	0	-0	-0	0	-0	0	1	0
Net change in cash and cash equivalentsKRW 100M	-592	72	-285	426	-157	-76	-245	166	319	191	-186

당기순이익As filed	—	—	—	—	—	—	203	—	338	661	408
당기순이익(손실)As filed	-108	503	363	-43	186	137	—	302	—	—	—
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	2,200	2,586
당기순이익(손실)에 대한 조정As filed	—	878	—	—	—	—	—	—	—	—	—
당기순이익에 대한 조정As filed	—	—	—	—	—	—	1,027	1,135	1,298	1,195	1,153
당기순이익조정을 위한 가감As filed	—	—	1,035	693	878	1,078	—	—	—	—	—
비현금항목 등의 조정As filed	1,392	—	—	—	—	—	—	—	—	—	—
임대보증금의 증가As filed	—	—	—	—	—	—	0	—	0	0	0
퇴직급여As filed	91	81	97	94	75	85	83	75	—	116	55
대여금및기타채권손상차손As filed	6	6	0	—	—	3	—	—	—	—	—
사채의 발행As filed	—	—	—	99	—	—	600	399	0	349	0
매출채권손상차손As filed	—	—	0	-2	—	3	—	—	—	—	—
유형자산손상차손환입As filed	—	—	—	—	-2	—	1	—	—	—	—
장기차입금의 차입As filed	90	3,309	387	3,118	408	772	923	2,046	200	920	1,771
충당부채전입As filed	14	22	—	—	—	—	—	—	53	80	6
광산복구충당부채전입As filed	—	—	—	—	7	8	12	24	—	—	—
이자비용As filed	372	292	264	189	216	198	194	239	—	288	246
투자부동산감가상각비As filed	—	—	0	—	—	—	—	—	—	—	—
단기차입금의 차입As filed	—	52	821	2,490	1,240	1,651	3,112	1,604	1,405	931	814
소송충당부채전입As filed	—	—	—	—	1	2	65	9	—	—	—
외화환산손실As filed	7	6	5	5	6	2	11	10	—	7	0
유형자산처분손실As filed	84	1	24	14	14	66	47	28	—	13	7
충당부채전입액As filed	—	—	84	21	—	—	—	—	—	—	—
금융보증계약부채전입As filed	17	—	—	—	—	—	—	—	—	—	—
사채의 상환As filed	—	—	—	—	—	—	—	—	102	—	—
유형자산손상차손As filed	144	—	—	—	25	47	—	53	—	17	10
장기차입금의 상환As filed	—	—	3	700	39	122	13	615	0	0	992
기타금융자산처분손실As filed	—	—	—	0	—	0	0	0	0	0	0
단기차입금의 상환As filed	-1	-37	331	2,467	1,350	1,741	2,642	2,124	1,096	1,070	932
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	2,871	3,219
투자부동산처분손실As filed	-1	—	—	—	—	—	—	—	—	—	—
무형자산손상차손As filed	43	—	—	49	—	—	—	36	-0	0	0
매도가능금융자산처분손실As filed	0	0	0	—	—	—	—	—	—	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	0	0
임대보증금의증가(감소)As filed	—	—	—	—	—	—	—	—	-0	—	—
재고자산처분손실As filed	—	—	—	—	0	—	—	—	—	—	—
매도가능금융자산손상차손As filed	37	5	2	—	—	—	—	—	—	—	—
기타의기타비용As filed	11	0	0	14	0	0	0	28	0	1	0
유동성사채의 상환As filed	—	—	—	—	—	-100	-150	—	—	500	400
유동성회생채무의 상환As filed	-1,551	-2,261	-885	-268	-15	-11	-8	-42	-70	0	0
법인세비용As filed	35	-111	—	—	—	—	—	—	—	1	100
리스부채의 상환As filed	—	—	—	—	-79	-114	-109	-120	-142	169	182
매출채권손상차손환입As filed	5	13	—	—	—	—	—	—	—	—	—
무형자산처분손실As filed	—	—	0	—	0	0	0	0	—	0	0
이자수익As filed	38	12	11	6	8	4	3	16	—	25	19
외화환산이익As filed	8	2	18	3	2	3	0	5	—	1	1
회생채무의 상환As filed	—	—	—	—	—	—	—	-1	-1	0	1
법인세비용(수익)As filed	—	—	86	-55	82	124	15	76	113	—	—
유형자산처분이익As filed	33	24	25	72	2	10	1	0	—	0	2
기타금융자산손상차손As filed	—	—	—	—	—	—	4	7	0	8	0
무형자산처분이익As filed	-9	—	—	—	—	—	—	1	—	1	0
비지배지분의 변동As filed	—	—	—	—	—	—	0	—	0	—	—
매각예정자산처분이익As filed	-56	—	—	—	—	—	—	—	—	—	—
유동성장기차입금의 상환As filed	-182	-313	438	1,613	692	822	1,152	1,298	649	1,025	594
재고자산감모손실As filed	—	—	—	—	—	—	—	0	—	0	—
채무조정이익As filed	-3	—	—	—	45	—	—	—	—	—	—
채무면제이익As filed	-10	-6	-3	—	—	-18	—	—	—	—	—
기타의기타수익As filed	-23	—	—	-6	-38	-3	-0	-11	-0	6	6
기타채권손상차손As filed	—	—	—	—	11	—	—	—	—	—	—
대손상각비(환입)As filed	—	—	—	—	—	—	-9	—	—	—	—
영업권손상차손As filed	—	—	—	7	—	—	—	—	—	—	—
종속기업처분이익As filed	-18	—	—	—	—	—	—	—	—	—	—
임차보증금의 감소As filed	3	122	20	38	25	14	4	6	2	4	4
기타대손상각비환입As filed	—	—	—	—	—	—	0	-0	0	0	—
대손상각비환입As filed	—	—	—	—	—	—	—	-62	39	40	—
임차보증금의 증가As filed	-10	-54	40	18	7	15	2	2	1	1	22
배당금수익As filed	—	—	-0	-0	-1	-1	-1	-1	-1	1	1
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	64	86
장기대여금의 회수As filed	—	—	—	—	—	—	—	2	0	1	0
기타채권손상차손환입As filed	—	—	—	-0	—	—	—	—	—	—	—
단기금융상품의 감소As filed	600	28	300	6	7	1	6	—	0	—	—
소송충당부채환입As filed	—	—	—	—	0	—	—	—	—	—	—
금융보증계약부채환입As filed	—	—	—	—	—	—	—	-19	0	—	—
단기대여금의 회수As filed	—	—	—	—	—	—	3	1	0	0	0
장기기타금융자산의 감소As filed	—	—	—	—	—	—	—	—	14	6	0
현금흐름위험회피파생상품평가이익As filed	—	—	—	—	—	—	-8	—	—	—	—
무형자산손상차손환입As filed	—	—	—	1	1	—	—	—	—	0	0
장기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
정부보조금의 수취As filed	6	—	5	0	6	1	0	37	50	45	79
충당부채환입액As filed	—	—	—	86	—	—	—	—	—	—	—
기타금융자산의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
무형자산의 처분As filed	—	—	—	—	—	—	—	2	0	7	0
단기금융상품의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	464	577
단기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-95	105	-228	-10	-644	-372	—	—	—
파생상품평가이익As filed	—	—	—	—	—	—	—	-10	-3	6	0
영업양수As filed	—	—	—	—	—	—	188	—	0	—	—
장기대여금의 대여As filed	—	—	—	2	—	—	1	—	—	—	2
단기금융상품의 증가As filed	-47	-299	—	12	1	—	6	—	—	—	100
매출채권As filed	-66	-156	32	93	-74	-5	-117	0	-358	159	-20
장기기타금융자산의 취득As filed	—	—	—	—	—	-0	6	5	—	8	0
기타유동채권As filed	29	46	35	-41	34	29	69	56	20	34	-86
장기매출채권As filed	2	9	4	1	2	1	4	2	1	2	3
재고자산As filed	132	-136	-143	39	-6	46	-260	-444	192	22	-8
단기대여금의 대여As filed	—	—	—	—	—	—	4	—	—	—	0
영업활동으로 인한 자산 부채의 증감As filed	—	—	—	—	—	—	—	—	—	-309	—
기타유동자산As filed	407	-7	7	-159	10	3	5	-7	13	6	2
정부보조금의 상환As filed	—	—	—	—	—	—	—	—	—	—	0
사외적립자산As filed	—	—	—	97	-20	-61	-46	-122	-40	-97	6
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	-35	—	—
영업활동으로 인한 자산부채의 변동As filed	-90	-137	—	—	—	—	—	—	—	—	—
기타비유동자산As filed	-5	0	1	6	3	-8	-11	-7	-8	10	10
영업활동 자산ㆍ부채의 증감As filed	—	—	—	—	—	—	—	—	—	—	-374
매입채무As filed	-30	216	13	78	-43	-45	39	160	33	-77	-68
기타비유동채권As filed	2	0	—	—	—	—	-36	1	0	-15	-5
기타비유동채무As filed	2	2	27	-1	-4	-5	-1	0	6	8	-17
기타유동채무As filed	81	-88	159	60	-75	-14	-71	2	37	-14	-25
기타유동부채As filed	-350	27	-5	50	23	103	-167	26	238	-155	-58
비유동충당부채As filed	—	—	-60	-0	-1	—	-9	-0	-1	-87	47
유동충당부채As filed	-50	—	-4	—	—	—	—	-0	0	-1	-12
퇴직급여지급As filed	-192	-40	-127	-107	-72	-56	-44	-40	-167	-106	-141
계열사전입As filed	—	—	—	4	1	3	0	2	1	2	0
관계사전입As filed	—	—	1	—	—	—	—	—	—	—	—
관계사전출As filed	—	—	-1	—	—	—	—	—	—	—	—
계열사전출As filed	—	—	—	-15	-4	-2	—	-0	-4	0	0
사외적립자산납입As filed	-120	-81	-43	—	—	—	—	—	—	—	—
사외적립자산의지급As filed	67	68	8	—	—	—	—	—	—	—	—
기타금융자산의 처분As filed	—	—	—	0	0	—	—	—	—	—	—
확정급여채무승계As filed	2	2	—	—	—	—	—	—	—	—	—
배당금수취As filed	—	—	—	—	1	1	-9	1	—	—	—
비유동수입보증금의 증가As filed	—	—	0	0	—	0	—	—	—	—	—
배당금 수취As filed	—	—	0	—	—	—	—	—	—	1	1
장기금융상품의 감소As filed	1	0	—	—	—	0	—	—	—	—	—
법인세 납부As filed	—	—	-259	—	—	—	—	—	—	—	—
법인세 환급As filed	—	—	—	—	0	—	—	—	—	—	—
기타무형자산의 처분As filed	5	—	—	—	—	0	—	—	—	—	—
유동매도가능금융자산의 처분As filed	0	13	0	—	—	—	—	—	—	—	—
유동성충당부채As filed	—	2	—	—	—	—	—	—	—	—	—
투자활동으로 인한 현금 유입액As filed	704	167	—	—	—	—	—	—	—	—	—
장기금융상품의 증가As filed	—	—	—	—	—	0	—	—	—	—	—
기타무형자산의 취득As filed	-1	—	—	—	—	1	—	—	—	—	—
비유동매도가능금융자산의 취득As filed	—	—	0	—	—	—	—	—	—	—	—
유형자산의 처분As filed	24	2	—	—	—	—	—	—	—	—	—
종속기업의 유상증자As filed	—	—	—	-1	—	—	—	—	—	—	—
투자부동산의 처분As filed	2	—	—	—	—	—	—	—	—	—	—
대손상각비As filed	—	—	—	—	—	—	—	—	—	0	0
매각예정자산의 처분As filed	69	—	—	—	—	—	—	—	—	—	—
사업결합으로 인한 현금유입As filed	—	2	—	—	—	—	—	—	—	—	—
사채의 증가As filed	—	—	—	—	150	—	—	—	—	—	—
금융리스부채의 상환As filed	-38	-38	38	6	—	—	—	—	—	—	—
투자활동으로 인한 현금 유출액As filed	-319	-1,884	—	—	—	—	—	—	—	—	—
유동매도가능금융자산의 취득As filed	—	-0	—	—	—	—	—	—	—	—	—
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	1	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	3	—	—
유형자산의 취득As filed	-261	-1,038	—	—	—	—	—	—	—	—	—
무형자산의 취득As filed	—	-3	—	—	—	—	—	—	—	—	—
무형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	0	—	—
종속기업에 대한 소유지분의 변동으로 인한 처분As filed	—	—	-0	—	—	—	—	—	—	—	—
무형자산손상차손 조정As filed	—	—	—	—	—	—	—	—	15	—	—
사업결합으로 인한 현금유출As filed	—	-490	—	—	—	—	—	—	—	—	—
유형자산손상차손 조정As filed	—	—	—	—	—	—	—	—	9	—	—
이자비용 조정As filed	—	—	—	—	—	—	—	—	296	—	—
재무활동으로 인한 현금 유입액As filed	96	3,361	—	—	—	—	—	—	—	—	—
파생상품평가손실As filed	—	—	—	—	—	—	—	—	1	0	0
재고자산감모손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
무형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	0	—	—
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	23	—	—
재무활동으로 인한 현금 유출액As filed	-1,772	-2,648	—	—	—	—	—	—	—	—	—
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	4	—	—
기타대손상각비As filed	—	—	—	—	—	—	—	—	0	1	0
대손충당금 환입As filed	—	—	—	—	—	—	—	—	—	—	6
퇴직급여 조정As filed	—	—	—	—	—	—	—	—	60	—	—
유형자산손상차손환입 조정As filed	—	—	—	—	—	—	—	—	0	—	—
충당부채환입As filed	—	—	—	—	—	—	—	—	—	10	23
기타금융자산손상차손환입As filed	—	—	—	—	—	—	—	—	—	6	0
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	24	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	—	—	1	—	—

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 2026.03.20.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 35	한영회계법인	2025-12-31
2024	적정의견Term 34	삼정회계법인	2025-12-31
2023	적정의견Term 33	삼정회계법인	2025-12-31
2022	적정Term 32	삼정회계법인	2022-12-31
2021	적정Term 31	삼정회계법인	2022-12-31
2020	적정Term 30	삼정회계법인	2022-12-31
2019	적정Term 29	삼정회계법인	2019-12-31
2018	적정Term 28	삼정회계법인	2019-12-31
2017	적정Term 27	삼일회계법인	2019-12-31
2016	적정Term 26	삼덕회계법인	2016-12-31
2015	적정Term 25	삼덕회계법인	2016-12-31
2014	적정Term 24	삼덕회계법인	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 5Y0.58

Equity risk premium%

Terminal growth%

Cost of equity7.29%

Weighted average cost of capital6.93%

Initial growth3.5%

Effective tax rate19.7%

Base fiscal year2025

Current priceKRW7,080

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	2,333	-67.1%
Dividend discount model DDM	2,417	-65.9%
Discounted cash flow FCFF	11,735	+65.7%
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	4,236	-40.2%

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% + 0.58 × 5.00% = 7.29%

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(5.19% × (1 − 31.84%), 0) = 3.54%

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 = 121 × (1 + 2.00%) / (7.29% − 2.00%) = 123 / 0.0529 = 2,333 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 = 121, g_1 = 3.54%, g_T = 2.00%, r = 7.29%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	3.54%	125	0.9320	117
2	3.15%	129	0.8687	112
3	2.77%	133	0.8097	108
4	2.38%	136	0.7547	103
5	2.00%	139	0.7034	98
Terminal value	2.00%	2,674	0.7034	1,881
Total				2,417

P_0 = 2,417 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 = 7,285 KRW, ROE = 5.19%, payout ratio = 31.84%, r = 7.29%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	7,285	378	531	-153	0.9320	-143
2	7,542	392	550	-158	0.8687	-138
3	7,809	405	569	-164	0.8097	-133
4	8,086	420	590	-170	0.7547	-128
5	8,372	435	610	-176	0.7034	-124
Terminal value				-3,389	0.7034	-2,384

P_0 = 7,285 + -665 + -2,384 = 4,236 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 938.5 − 452.8 + 230.6 × (1 − 19.69%) = 670.9 KRW hundred million

Weighted average cost of capital

E = 7,640.5, D = 2,537.4 KRW hundred million; equity weight = 75.07%, debt weight = 24.93%; cost of debt k_d = 7.29%

WACC = 75.07% × 7.29% + 24.93% × 7.29% × (1 − 19.69%) = 6.93%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	3.54%	694.7	0.9352	649.6
2	3.15%	716.6	0.8745	626.7
3	2.77%	736.4	0.8178	602.3
4	2.38%	754.0	0.7648	576.6
5	2.00%	769.0	0.7152	550.0
Terminal value	2.00%	15,901.4	0.7152	11,373.0
Total				14,378.2

Firm value = 14,378.2; less borrowings 2,537.4; plus cash 822.9 → 12,663.7 KRW hundred million

P_0 = 12,663.7 KRW hundred million ÷ 107,916,306 (shares) = 11,735 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