051900KOSPI

LG H&H

269,500

-1,500 (-0.55%)

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

LG H&H was established in April 2001 following a split from LG Chem. The company is listed on the KOSPI market and operates as part of a corporate group with several subsidiaries including Coca-Cola Beverage Co. and The Avon Company.

The company operates in three business segments consisting of Beauty, HDB, and Refreshment. It manufactures and distributes luxury cosmetics, home and daily beauty products, and beverages. Main products include the Whoo brand, Perio, and Coca-Cola, which are supplied through department stores, duty free shops, and discount stores.

Business overview as filed

당사의 핵심 사업은 Beauty(화장품), HDB(생활용품, Home Care & Daily Beauty),Refreshment(음료)으로 구분됩니다. 2025년 연간 기준으로 각 사업부문이 매출에서 차지하는 비중은 Beauty(37%), HDB(35%), Refreshment(28%)입니다.Beauty 사업부문은 '더후', '숨37˚', '오휘', '빌리프', 'CNP', '더페이스샵' 등다양한 럭셔리 및 프리미엄 브랜드를 보유하고 있습니다. 특히 대표 럭셔리 브랜드'더후'는 차별화 된 컨셉과 제품력으로 국내외 시장에서 높은 인지도를 보유하고있으며, 당사 Beauty 매출에서도 가장 높은 비중을 차지하고 있습니다. 그 외에도'글린트', '프레시안', 'hince' 등 브랜드를 통해 색조 화장품 시장에서의 입지를 확대하고 있습니다.HDB 사업부문은 크게 Daily Beauty(DB)와 Home Care로 구분되어 있습니다.Daily Beauty는 샴푸, 바디워시, 치약처럼 개인의 미용과 위생을 목적으로 사용되는제품이고, Home Care는 집안 청소와 의류 세탁에 사용되는 생활용품으로 구분됩니다. 생활용품에 들어가는 원료를 판매하는 B2B사업도 하고 있는데, 이는Home Care에 포함되어 있습니다. HDB 사업부문은 당사의 가장 오래된 사업으로서국내 시장에서 굳건한 1위 지위를 차지하고 있습니다.Refreshment 사업부문에서 가장 큰 비중을 차지하는 브랜드는 '코카콜라'입니다.당사의 주요 종속회사인 코카콜라음료(주)는 The Coca-Cola Company(이하, "TCCC")의 보틀링 파트너로서 TCCC로부터 원액을 구매해 국내에서 제조하여 판매하는방식으로 매출이 발생하고 있습니다. 비탄산음료인 주스, 커피, 생수 등의 제품도제조하여 판매하고 있습니다.더운 여름이 성수기인 Refreshment 사업과 춥고 건조한 계절이 성수기인 Beauty사업은 상호 보완하여 매출의 연중 변동성을 축소하고 있습니다. 당사는 강력한 내수 지위를 갖춘 Home Care 사업과 Refreshment 사업의 국내 시장 경쟁력을 강화해나가는 한편, 동시에 럭셔리 및 프리미엄 Beauty 브랜드와 Daily Beauty 브랜드의집중 육성을 통해 해외 시장 안착을 도모하고 있습니다.보다 자세한 내용은 이하 II. 사업의 내용을 참고 바랍니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사는 주식회사 LG생활건강이라 칭하며, 한글 명칭은 주식회사 엘지생활건강,영문 명칭은 LG H&H Co., Ltd.입니다.

주) 영문 명칭은 기존 'LG Household & Health Care, Ltd'에서 'LG H&H Co., Ltd.'로 2022년 3월 28일에 개최된 제21기 정기주주총회에서 변경되었습니다.

주요 종속회사의 명칭은 아래와 같습니다.① 코카콜라음료(주) (Coca-Cola Beverage Co.)② 해태에이치티비(주) (HAI TAI HTB Co.,Ltd.)③ 태극제약(주) (TAI GUK PHARM CO., LTD)④ LG Household & Health Care Trading (Shanghai) Co., Ltd.⑤ Ginza Stefany Inc.⑥ Everlife Co., Ltd.⑦ LG H&H USA Inc.⑧ The Avon Company⑨ The Creme Shop, Inc.

다. 설립일자

당사는 2001년 4월 주식회사 LG화학에서 분할 신설되어 동월 유가증권시장에상장하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

중소기업 등 해당 여부

바. 주요 사업의 내용

당사의 주요 사업은 제품군에 따라 Beauty, HDB(Home Care & Daily Beauty), Refreshment 사업부문으로 구분되며, 각 사업부문은 화장품, 생활용품, 음료를 제조하여 백화점, 면세점, 할인점 등에 판매하는 사업을 영위하고 있습니다. 주요 제품으로는 궁중 처방 과학 브랜드 '더후', 자연발효 브랜드 '숨37˚' 등의 럭셔리 화장품과 '엘라스틴', '페리오', '샤프란' 등의 생활용품, 그리고 '코카콜라', '스프라이트', '몬스터 에너지' 등의 음료가 있습니다. 2025년 기준 전체 매출액 대비 사업부문별 매출 비중은 Beauty 37%, HDB 35%, Refreshment 28% 입니다.

사. 신용평가에 관한 사항

당사가 신용평가 전문기관으로부터 받은 신용평가등급은 다음과 같습니다.

신용등급체계 및 등급정의는 다음과 같습니다.

아. 회사의 주권상장(또는 등록ㆍ지정) 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 2026.03.16), 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

3.56%

[2.17%, 6.05%] · 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 28.6% (2026-06-26). 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

0.09

Beta [-0.06, 0.24] · KOSPI200 · As of 2026-10-08

Intercept: -0.044%[-0.343%, +0.256%]
R squared: 0.02
Observations: 252
Trading-time corrected beta: 0.06[-0.16, 0.29]

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	53,285	60,941	62,705	67,475	76,854	78,445	80,915	71,858	68,048	68,119	63,555	62,868
Revenue growth%	—	14.37	2.89	7.61	13.90	2.07	3.15	-11.19	-5.30	0.10	-6.70	—
Operating incomeKRW 100M	6,841	8,809	9,303	10,393	11,764	12,209	12,896	7,111	4,870	4,590	1,707	1,841
Operating income growth%	—	28.77	5.61	11.71	13.20	3.78	5.63	-44.86	-31.52	-5.74	-62.82	—
Net incomeKRW 100M	4,704	5,792	6,185	6,923	7,882	8,131	8,611	2,583	1,635	2,039	-858	-615
Net income growth%	—	23.15	6.79	11.92	13.85	3.16	5.91	-70.00	-36.70	24.68	-142.07	—
Attributable to ownersKRW 100M	4,604	5,682	6,067	6,827	7,781	7,976	8,445	2,366	1,428	1,891	-1,001	-755
Attributable to minoritiesKRW 100M	100	110	119	95	101	155	166	218	208	148	143	141
Operating margin%	12.84	14.46	14.84	15.40	15.31	15.56	15.94	9.90	7.16	6.74	2.69	2.93
Net margin%	8.83	9.50	9.86	10.26	10.26	10.37	10.64	3.60	2.40	2.99	-1.35	-0.98
ROE%	—	—	20.24	19.44	18.76	16.77	15.67	4.43	2.63	3.40	-1.84	-1.34
ROA%	11.16	12.87	12.95	13.12	12.14	11.95	11.40	3.54	2.26	2.75	-1.25	-0.85
Debt ratio%	99.24	71.78	55.00	46.80	53.26	40.26	37.42	33.54	30.12	30.25	23.32	25.05
Current ratio%	114.81	124.22	121.65	124.46	122.12	134.00	162.07	196.46	222.97	220.39	278.87	276.04
Quick ratio%	76.75	77.49	77.68	79.22	79.99	79.33	96.49	114.29	141.79	149.21	190.79	195.36
Reserve ratio%	2,442.24	2,976.43	3,547.04	4,132.20	4,822.48	5,534.21	6,300.24	6,366.19	6,436.15	6,539.05	6,363.80	6,498.71
Free cash flowKRW 100M	3,361	3,819	4,513	4,608	8,136	4,991	6,626	3,403	5,066	3,965	3,676	—
FCF margin%	6.31	6.27	7.20	6.83	10.59	6.36	8.19	4.74	7.45	5.82	5.78	—
OCF conversion%	135.60	123.17	118.90	118.03	144.59	123.58	114.32	192.50	403.04	258.78	—	—
Capex to revenue%	5.66	5.44	4.53	5.28	4.24	6.45	3.98	2.19	2.24	1.93	1.24	—
Receivable daysdays	—	27.8	—	—	29.1	29.9	27.8	30.4	—	—	—	—
Inventory daysdays	—	73.3	80.3	78.6	85.1	95.8	108.6	112.7	105.7	101.4	99.7	—
Payable daysdays	—	65.4	—	—	117.8	111.8	98.6	88.7	—	—	—	—
Cash conversion cycledays	—	35.7	—	—	-3.5	13.9	37.8	54.3	—	—	—	—
EPSKRW	27,467	33,905	36,199	40,740	46,431	47,596	50,395	14,112	8,513	11,281	-5,980	-5,044
PERx	—	25.28	32.85	27.03	27.16	34.04	21.77	51.16	41.70	27.04	—	—
BPSKRW	—	—	191,896	224,870	265,507	304,515	344,983	341,863	347,892	356,396	356,118	377,705
PBRx	—	—	6.20	4.90	4.75	5.32	3.18	2.11	1.02	0.86	0.73	0.61
Dividend per shareKRW	5,500	7,500	9,000	9,250	11,000	11,000	12,000	4,000	3,500	—	4,500	—
Payout ratio%	20.02	22.12	24.86	22.70	23.69	23.11	23.81	28.34	41.11	—	—	—

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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
	42,146	45,022	47,780*	52,759	64,937	68,014	75,552	73,029	72,203	74,058	68,694
	13,311	14,246	15,133*	16,912	21,631	19,828	24,729	22,844	24,296	28,560	26,354
Cash and cash equivalentsKRW 100M	3,969	3,389	3,862	3,966	6,471	4,341	7,345	6,551	9,103	12,535	10,863
Short-term financial instrumentsKRW 100M	309	269	169	169	723	585	954	220	165	165	1,007
InventoriesKRW 100M	4,413	5,359	5,469	6,147	7,463	8,090	10,007	9,554	8,845	9,224	8,324
Trade and other receivablesKRW 100M	4,361	4,929	Not applicable	5,819	6,457	6,378	5,930	6,029	Not applicable	Not applicable	Not applicable
	28,835	30,776	32,646*	35,847	43,306	48,186	50,824	50,185	47,907	45,497	42,340
Property, plant and equipmentKRW 100M	12,901	14,638	16,166	18,133	20,360	23,298	24,491	23,839	23,071	22,264	20,633
Intangible assetsKRW 100M	13,803*	6,900*	13,928	15,450	17,873	20,634	21,687	21,006	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	555	524	566	600	592	601	618	579	613
	20,993	18,813	16,954*	16,819	22,566	19,522	20,574	18,341	16,714	17,199	12,991
	11,595	11,469	12,441*	13,589	17,712	14,797	15,258	11,628	10,897	12,959	9,450
Trade and other payablesKRW 100M	4,249	4,477	Not applicable	8,486	10,345	7,799	8,624	6,780	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	827	923	710	2,108	2,876	1,864	2,567	2,155	1,382	2,413	558
Current portion of long-term borrowingsKRW 100M	—	—	50	136	36	36	55	75	—	20	0
	9,398	7,344	4,513	3,230	4,854	4,725	5,316	6,713	5,817	4,240	3,541
Bonds issuedKRW 100M	—	—	2,497	999	300	300	0	0	—	—	—
Long-term borrowingsKRW 100M	—	78	183	71	36	228	173	148	20	0	0
	21,153	26,208	30,826*	35,940	42,371	48,492	54,978	54,688	55,489	56,859	55,703
	Not applicable	Not applicable	29,971*	35,121	41,467	47,560	53,880	53,393	54,335	55,663	54,495
Issued capitalKRW 100M	886	886	886	886	886	886	886	886	886	886	886
Capital surplusKRW 100M	973	973	973	973	973	973	973	973	973	973	973
Retained earningsKRW 100M	20,662	25,395	30,450*	35,634	41,749	48,054	54,840	55,424	56,044	56,956	55,403
Accumulated other comprehensive incomeKRW 100M	-1,182	-924	-1,328	-1,216	-966	-1,241	-645	-832	-967	-175	-330
Other equityKRW 100M	-2,149	-1,930	—	—	—	—	—	—	-2,602	-2,977	-2,438
Non-controlling interestsKRW 100M	780	885	855	820	904	932	1,098	1,296	1,155	1,197	1,208

매출채권As filed	—	—	5,228	5,561	6,110	5,856	5,549	5,509	5,291	5,762	4,875
기타채권As filed	—	—	167	258	346	522	381	520	384	307	408
기타유동자산As filed	259	301	238	810	506	430	486	463	453	525	670
기타유동금융자산As filed	—	—	—	0	11	4	8	27	55	44	206
장기금융상품As filed	10	0	0	0	0	0	0	0	0	0	0
장기기타채권As filed	872	910	875	783	802	504	491	406	310	286	255
기타비유동금융자산As filed	52	58	—	104	95	98	284	644	799	320	144
이연법인세자산As filed	393	66	170	211	374	387	386	524	341	347	361
매도가능금융자산As filed	—	—	466	—	—	—	—	—	—	—	—
비유동매도가능금융자산As filed	52	58	—	—	—	—	—	—	—	—	—
무형자산As filed	—	—	—	—	—	—	—	—	20,079	19,643	17,989
관계기업및공동기업주식As filed	481	579	—	—	—	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	2,732	2,198	2,043	1,808	1,523	1,226	961
투자부동산As filed	296	285	271	452	422	248	301	259	460	652	840
기타비유동자산As filed	27	41	215	190	82	219	548	1,098	706	181	545
매입채무As filed	—	—	2,315	—	—	—	—	—	2,534	2,310	2,031
단기매입채무As filed	—	—	—	2,156	2,907	2,512	2,706	2,132	—	—	—
단기미지급금As filed	—	—	2,383	—	—	—	—	—	—	—	—
기타채무As filed	—	—	—	2,586	3,527	3,387	2,997	2,418	2,267	1,995	1,812
유동성사채As filed	2,900	1,799	2,600	1,500	1,000	—	300	0	0	—	—
당기법인세부채As filed	1,131	1,337	1,566	1,926	2,008	1,804	1,888	1,024	455	669	358
영업권As filed	—	7,299	—	—	—	—	—	—	—	—	—
이연수익As filed	228	246	215	257	—	—	—	—	—	—	—
반품충당부채As filed	118	105	100	167	—	—	—	—	—	—	—
기타유동부채As filed	2,142	2,531	2,503	756	1,668	1,545	1,312	1,206	—	725	796
부채와 자본 총계As filed	—	—	—	—	—	—	—	—	72,203	74,058	68,694
환불부채As filed	—	—	—	—	—	156	—	—	116	122	117
기타유동금융부채As filed	—	—	—	1,997	3,517	3,493	3,306	2,484	3,097	4,705	3,778
사채As filed	6,884	5,092	—	—	—	—	—	—	—	—	—
예수보증금As filed	84	89	84	—	—	—	—	—	97	58	91
유동반품충당부채As filed	—	—	—	—	—	—	129	133	—	—	—
유동성반품충당부채As filed	—	—	—	—	175	—	—	—	—	—	—
유동성장기차입금As filed	—	—	—	—	—	—	—	—	78	—	—
장기매입채무 및 기타비유동채무As filed	—	—	—	1,144	476	573	212	250	—	—	—
퇴직급여부채As filed	409	311	347	343	675	488	514	636	574	611	579
유동성 장기차입금As filed	—	50	—	—	—	—	—	—	—	—	—
이연법인세부채As filed	1,481	1,169	1,075	1,200	955	1,318	1,217	1,652	1,479	1,278	1,018
기타비유동부채As filed	540	605	327	304	476	774	740	424	—	508	650
장기예수보증금As filed	—	—	—	73	54	45	39	102	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	968	—	—
장기기타채무As filed	—	—	—	—	86	—	0	—	—	—	—
기타비유동금융부채As filed	—	—	—	239	2,271	1,573	2,631	3,751	3,178	1,784	1,202
기타자본As filed	-967	-1,006	—	—	—	—	—	—	—	—	—
기타자본항목As filed	—	—	-1,010	-1,156	-1,174	-1,112	-2,174	-3,059	—	—	—
자본과부채총계As filed	42,146	45,022	47,780	52,759	64,937	68,014	75,552	73,029	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	470	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	53,285	60,941	62,705*	67,475	76,854	78,445	80,915	71,858	68,048	68,119	63,555
Cost of salesKRW 100M	22,262	24,340	24,609*	26,964	29,172	29,629	30,399	31,685	31,779	32,511	32,109
Gross profitKRW 100M	31,023	36,600	38,095*	40,511	47,682	48,816	50,516	40,172	36,269	35,608	31,446
SG&A expensesKRW 100M	24,182	27,791	28,792*	30,119	35,918	36,607	37,620	33,061	Not applicable	Not applicable	Not applicable
	6,841	8,809	9,303*	10,393	11,764	12,209	12,896	7,111	4,870	4,590	1,707
Finance incomeKRW 100M	76	41	43	65	171	154	96	216	490	620	349
Finance costsKRW 100M	357	202	154	127	178	216	229	273	391	211	387
Other incomeKRW 100M	Not applicable	Not applicable	Not applicable	240	329	448	544	589	466	264	457
Other expensesKRW 100M	Not applicable	Not applicable	Not applicable	997	1,235	1,455	1,484	3,535	2,748	2,155	2,799
Share of profit of associatesKRW 100M	—	—	13	-13	69	70	51	70	77	58	40
	6,448	7,527	8,614*	9,560	10,921	11,211	11,874	4,178	2,764	3,166	-633
Income tax expenseKRW 100M	1,744	1,735	2,429*	2,637	3,039	3,080	3,262	1,594	1,129	1,127	225
	4,704	5,792	6,185*	6,923	7,882	8,131	8,611	2,583	1,635	2,039	-858
Attributable to ownersKRW 100M	4,604	5,682	6,067*	6,827	7,781	7,976	8,445	2,366	1,428	1,891	-1,001
Attributable to minoritiesKRW 100M	100	110	119	95	101	155	166	218	208	148	143
Basic earnings per shareKRW	27,467	33,905	36,199*	40,740	46,431	47,596	50,395	14,112	8,513	11,281	-5,980
Diluted earnings per shareKRW	Not applicable	Not applicable	36,249*	40,790	46,481	47,647	50,445	14,162*	8,513	11,281	-5,980
	4,943	6,020	6,025*	6,925	8,019	8,029	9,409	2,654	1,361	2,509	-567
Other comprehensive incomeKRW 100M	239	228	-161	2	137	-102	798	70	-275	470	291

당기순이익(손실)As filed	4,704	5,792	6,185	6,923	7,882	8,131	8,611	2,583	1,635	—	-858
비지배지분As filed	—	—	116	91	98	155	183	245	204	218	149
지배기업소유주지분As filed	—	—	5,909	6,834	7,920	7,875	9,227	2,409	1,157	2,290	-717
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-164	-27	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	255	-126	-136	172	186	243	-145	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	255	-118	-117	185	188	243	—	-402	452
확정급여제도의 재측정요소As filed	-164	-27	—	—	—	—	—	—	-144	—	—
기본 우선주당이익As filed	—	—	—	—	—	—	—	—	0	0	—
기본 우선주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	-0
기타포괄손익 공정가치 측정 금융자산 평가손실As filed	—	—	—	-8	-19	-13	-1	-2	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	403	255	—	—	—	—	—	—	—	—	—
매도가능금융자산 평가손익As filed	17	-7	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	-416	128	—	—	—	—	-130	877	-161
기타포괄손익 공정가치 측정 금융자산 처분이익As filed	—	—	—	—	—	0	0	2	—	—	—
기타포괄손익-공정가치 측정 금융자산 처분이익As filed	—	—	—	—	0	—	—	—	—	—	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	1	—	0	—	—	—	—	—	—
지분법자본변동As filed	-8	-1	-1	—	—	—	—	—	15	0	0
희석 우선주당이익As filed	—	—	—	—	—	—	—	—	0	0	—
희석 우선주당이익(손실)As filed	—	—	—	—	—	—	—	—	—	—	-0
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	272	-274	612	-173	—	—	—
해외사업환산손익As filed	—	—	-416	—	—	—	—	—	-145	877	-161
기타영업외손익As filed	-176	-1,194	—	—	—	—	—	—	—	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	2	1	-2	2	0	—	—	—
해외사업장환산손익As filed	394	262	—	—	—	—	—	—	—	—	—
기타영업외수익As filed	—	—	192	—	—	—	—	—	—	—	—
지분법관련손익As filed	63	73	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	126	272	-272	609	-173	—	—	—
기타영업외비용As filed	—	—	-783	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목:As filed	—	—	—	—	—	—	—	—	—	-407	452
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	-0	-4	-1
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	4,846	5,913	—	—	—	—	—	—	—	—	—
당기순이익As filed	—	—	—	—	—	—	—	—	—	2,039	—
포괄손익, 비지배지분As filed	97	107	—	—	—	—	—	—	—	—	—
기본 및 희석 우선주당이익As filed	0	0	—	—	—	—	—	—	—	—	—
판매비와관리비As filed	—	—	—	—	—	—	—	—	31,399	31,018	29,739

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	4,704	5,792	6,185	6,923	7,882	8,131	8,611	2,583	1,635	2,039	-858
Total adjustments to operating cash flowcomputed	1,674	1,342	1,169	1,248	3,515	1,917	1,234	2,390	4,955	3,237	5,322
	6,378	7,134	7,355	8,171	11,396	10,048	9,845	4,973	6,591	5,276	4,464
Interest receivedKRW 100M	71	34	39	46	76	50	49	97	226	356	273
Interest paidKRW 100M	301	207	144	116	102	87	80	118	161	186	200
DepreciationKRW 100M	1,108	1,157	1,271	1,357	2,239	2,339	2,409	2,469	2,321	2,213	2,014
AmortisationKRW 100M	163	180	193	218	271	283	341	411	378	343	386
Income taxes paidKRW 100M	1,611	1,655	2,349	2,368	3,164	3,372	3,033	2,441	1,665	1,035	1,100
	-3,470	-4,055	-3,338	-4,303	-4,614	-7,459	-4,651	-1,974	-1,408	-1,522	-1,711
Purchase of property, plant and equipmentKRW 100M	3,017	3,315	2,842	3,563	3,261	5,057	3,219	1,570	1,524	1,311	789
Proceeds from sale of property, plant and equipmentKRW 100M	166	41	23	33	127	68	180	344	223	15	49
Purchase of intangible assetsKRW 100M	67	81	66	78	90	131	103	94	111	162	158
	-2,315	-3,671	-3,511	-3,780	-4,294	-4,657	-2,384	-3,736	-2,682	-534	-4,430
Dividends paidKRW 100M	677	933	1,340	1,617	1,586	1,964	1,861	2,012	971	598	975
Cash at beginning of periodKRW 100M	3,381	3,969	Not applicable	Not applicable	Not applicable	Not applicable	4,341	7,345	6,551	9,103	12,535
	3,969	3,389	3,862	3,966	6,471	4,341	7,345	6,551	9,103	12,535	10,863
Effect of exchange rate changesKRW 100M	-7	1	Not applicable	Not applicable	Not applicable	Not applicable	3	-0*	52	210	5
Net change in cash and cash equivalentsKRW 100M	589	-581	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	4,704	5,792	6,185	6,923	7,882	8,131	8,611	2,583	1,635	—	-858
연결자본거래로 인한 변동As filed	—	—	—	—	—	—	—	—	0	0	0
예수보증금의 지급As filed	—	—	—	—	—	—	—	—	23	2	5
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	688	1,980	834
수익ㆍ비용의가감As filed	3,673	4,517	4,670	5,206	6,519	6,262	6,556	6,788	5,363	—	—
예수보증금의 수령As filed	—	—	—	—	—	—	—	—	23	0	9
퇴직급여As filed	408	475	485	440	464	505	504	484	439	444	594
대손상각비As filed	8	16	13	-2	2	6	37	-4	—	—	—
기타의대손상각비(대손충당금환입)As filed	16	8	—	—	—	—	—	—	—	—	—
단기차입금의 차입As filed	—	—	776	3,235	2,717	969	2,115	3,199	665	1,980	825
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	3,370	2,514	—
이자비용As filed	329	199	140	101	139	125	125	148	194	173	210
외화환산손실As filed	51	12	34	13	22	26	12	51	36	194	36
유형자산처분손실As filed	93	85	67	101	75	78	49	34	94	64	47
장기차입금의 차입As filed	—	—	156	24	—	227	0	50	0	0	—
재무활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	—	-5,264
기타의 대손상각비As filed	—	—	4	-10	5	1	-11	-2	—	—	—
투자부동산처분손실As filed	10	0	—	—	0	1	0	0	0	0	0
무형자산처분손실As filed	23	2	18	4	17	12	7	30	64	13	19
유형자산손상차손As filed	—	85	77	108	82	10	37	68	66	72	126
투자부동산손상차손As filed	3	3	—	—	—	27	0	0	9	6	0
무형자산손상차손As filed	19	706	8	290	415	1	6	1,778	1,122	934	1,798
유동성장기차입금의 상환As filed	1,088	—	50	71	—	36	36	57	125	78	20
당기손익 공정가치측정 금융자산 평가손실As filed	—	—	—	-9	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산 평가손실As filed	—	—	—	—	—	—	49	67	146	2	77
기타영업외비용As filed	0	0	—	—	—	—	—	—	—	6	0
당기손익-공정가치 측정 금융부채 평가손실As filed	—	—	—	—	—	24	14	0	0	0	0
리스부채의 지급As filed	—	—	—	—	803	912	851	858	775	713	716
당기손익 공정가치측정 금융자산 평가이익As filed	—	—	—	9	—	—	—	—	—	—	—
당기손익인식금융자산평가손실As filed	—	—	—	—	0	—	—	—	—	—	—
법인세비용As filed	1,744	1,735	2,429	2,637	3,039	3,080	3,262	1,594	1,129	1,127	225
당기손익-공정가치 측정 금융자산 평가이익As filed	—	—	—	—	—	—	-16	-46	187	191	0
이자수익As filed	76	39	35	38	87	50	57	113	264	336	286
파생상품평가손실As filed	—	—	3	—	—	—	—	—	—	—	—
배당수익As filed	—	0	—	—	—	—	—	—	—	—	—
비지배지분의 취득As filed	—	—	—	—	—	—	—	—	0	1	929
당기손익 공정가치측정 금융부채 평가이익As filed	—	—	—	-5	-14	—	—	—	—	—	—
당기손익 공정가치측정 금융자산 처분이익As filed	—	—	—	—	-14	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산 처분손실As filed	—	—	—	—	—	0	0	0	—	—	—
외화환산이익As filed	14	21	11	10	18	14	16	30	22	92	36
당기손익-공정가치 측정 금융부채 평가이익As filed	—	—	—	—	—	-32	-3	0	0	—	-0
유형자산처분이익As filed	45	12	11	20	62	35	79	201	126	12	12
단기차입금의 상환As filed	1,121	990	965	2,372	3,234	1,942	1,605	3,642	1,475	1,123	2,619
당기손익 공정가치측정 금융자산 처분손실As filed	—	—	—	—	0	—	—	—	—	—	—
무형자산처분이익As filed	0	0	0	1	2	5	0	1	1	0	0
종속기업의 유상증자As filed	—	—	83	—	—	—	1	0	0	—	—
투자부동산처분이익As filed	—	0	3	—	1	37	4	1	46	0	1
당기손익-공정가치 측정 금융자산 처분이익As filed	—	—	—	—	—	—	0	—	0	0	0
유동성사채의 상환As filed	1,515	2,900	1,800	2,617	1,500	—	0	300	0	0	—
지분법손익As filed	-63	-73	—	-13	69	70	51	70	77	58	40
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	698	144	194
투자자산손상차손As filed	—	—	2	—	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 감소As filed	—	—	—	—	—	—	—	—	1	1	4
투자부동산 손상차손As filed	—	—	—	9	21	—	—	—	—	—	—
공동기업의 처분As filed	—	—	—	—	—	—	—	—	—	0	0
사용권자산처분손실As filed	—	—	—	—	0	0	1	1	2	1	1
기타포괄손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	2	0	0	—
배당금수익As filed	—	—	0	0	0	9	-2	0	2	0	4
장기기타채권의 감소As filed	152	182	144	198	—	97	23	40	136	47	23
매각예정자산의 처분As filed	—	—	—	—	—	—	—	—	106	0	0
단기금융상품의 감소As filed	20	190	—	70	—	762	420	835	55	70	0
매각예정비유동자산처분이익As filed	95	—	—	—	—	—	—	—	—	—	—
사용권자산손상차손As filed	—	—	—	—	—	—	3	122	161	221	33
종속기업 처분으로 인한 순현금유입액As filed	—	—	—	—	—	—	74	0	0	—	—
단기기타채권의 감소As filed	—	—	—	—	—	9	72	44	20	8	51
금융리스채권의 수취As filed	—	—	—	—	—	—	—	—	—	—	37
연결범위 변동으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	22
관계기업투자처분손익As filed	-9	—	—	—	—	—	—	—	—	—	—
국고보조금의 수취As filed	—	—	—	—	—	—	—	—	3	2	0
당기손익-공정가치 측정 금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	50	23
기타포괄손익-공정가치 측정 금융자산의 증가As filed	—	—	—	—	—	—	—	—	—	0	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	14	—	—
무형자산의 처분As filed	3	5	0	1	5	99	3	46	8	0	2
영업활동으로 인한 자산부채의 변동As filed	-161	-1,352	—	—	—	—	—	—	1,134	-1,140	1,226
자산수증이익As filed	—	—	—	0	—	—	—	—	—	—	—
지분법이익As filed	—	—	13	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	0	—	—
매출채권 및 기타채권As filed	10	-453	—	—	—	—	—	—	—	—	—
장기기타채권의 증가As filed	215	211	104	113	—	39	46	20	25	27	48
투자부동산의 처분As filed	—	7	13	—	3	48	24	6	101	0	5
단기금융상품의 증가As filed	—	150	—	50	—	625	762	72	0	70	842
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-1,083	-1,544	157	-978	-2,322	-1,997	—	—	—
재고자산As filed	-212	-925	-166	-435	-310	-678	-1,478	620	754	-33	864
투자활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	—	-1,905
기타유동자산As filed	-90	-67	55	-577	-61	121	32	115	78	-3	47
단기기타채권의 증가As filed	—	—	—	—	—	2	7	8	9	26	15
종속기업/관계기업/공동기업투자처분이익As filed	—	—	—	—	—	—	63	0	—	—	—
기타비유동자산As filed	34	1	7	-39	—	-79	-58	-39	-35	4	-4
매출채권As filed	—	—	-623	37	-226	225	488	129	235	-325	870
사업결합으로 인한 순현금유출액As filed	—	—	—	—	—	—	—	—	422	0	0
사용권자산처분이익As filed	—	—	—	—	-1	-2	1	1	34	1	1
매입채무 및 기타채무As filed	82	296	—	—	—	—	—	—	—	—	—
기타채권As filed	—	—	-24	8	178	44	74	-113	122	181	-125
이연수익As filed	32	21	-29	22	—	—	—	—	—	—	—
반품충당부채As filed	14	-13	-4	-80	—	—	—	—	—	—	—
투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	2,105	1,666	—
공동기업투자의 처분As filed	—	—	—	—	—	—	—	—	45	—	—
기타유동부채As filed	693	202	85	31	215	-86	-335	-340	-272	-273	73
예수보증금As filed	-6	2	-20	4	-24	-6	-13	59	0	0	0
퇴직금의 지급As filed	-25	-25	-24	44	46	74	49	58	69	54	74
관계기업의 취득As filed	—	—	—	—	—	—	—	—	—	20	30
염가매수차익As filed	—	—	—	—	5	—	0	0	0	—	—
퇴직급여부채의 관계사 전입As filed	2	10	3	10	-5	8	6	1	1	5	6
매입채무As filed	—	—	103	-427	24	-301	51	-652	394	-330	-248
사외적립자산의 기여As filed	-706	-591	-176	-643	-664	-549	-559	-446	—	—	—
기타비유동부채As filed	11	192	-137	70	65	308	-16	-57	60	92	139
기타채무As filed	—	—	-135	219	709	225	-311	-498	-305	-276	-115
배당금수취As filed	4	4	—	—	—	—	—	—	—	—	—
기타유동금융부채As filed	—	—	—	301	303	-130	-125	-722	456	161	239
투자부동산의 취득As filed	—	—	—	—	—	—	0	0	0	—	—
환불부채As filed	—	—	—	—	-9	-5	-30	5	-18	4	-4
기타유동금융자산의 감소(증가)As filed	—	—	—	—	7	—	—	—	—	—	—
기타대여금 및 수취채권의 감소As filed	23	83	—	—	—	—	—	—	—	—	—
장기금융상품의 감소As filed	—	10	0	5	—	0	0	0	—	—	—
기타비유동비금융자산As filed	—	—	—	—	—	—	0	—	—	—	—
배당금수취(영업)As filed	—	—	35	25	29	42	64	60	—	—	—
단기금융상품의 처분As filed	—	—	100	—	151	—	—	—	—	—	—
기타대여금 및 수취채권의 증가As filed	7	105	—	—	—	—	—	—	—	—	—
기타채권의 감소As filed	—	—	6	24	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	10	—	—	—	—	—	—	—	—	—	—
매각예정비유동자산의 처분As filed	118	—	—	—	—	—	—	—	—	—	—
매도가능금융자산의 취득As filed	16	16	406	—	—	—	—	—	—	—	—
단기금융예치금의 증가As filed	145	—	—	—	—	—	—	—	—	—	—
사업결합으로 인한 순현금흐름As filed	469	661	—	—	—	—	—	—	—	—	—
기타채권의 증가As filed	—	—	12	7	—	—	—	—	—	—	—
관계기업및공동기업주식의 취득As filed	—	30	—	—	—	—	—	—	—	—	—
사외적립자산As filed	—	—	—	—	—	—	—	—	266	-291	-442
종속기업의 청산에 따른 순현금흐름As filed	27	—	—	—	—	—	—	—	—	—	—
합병으로 인한 순현금흐름As filed	—	—	106	—	—	—	—	—	—	—	—
기타비유동자산의 취득As filed	—	5	88	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	576	1,018	—	—	—	—	—	—	—	—	—
사업결합으로 인한 현금유입As filed	—	—	—	78	27	—	—	—	—	—	—
수익ㆍ비용의 가감As filed	—	—	—	—	—	—	—	—	—	5,125	5,084
기타비유동금융자산의 감소As filed	—	—	—	—	—	12	0	0	—	—	—
대손상각비(대손충당금환입)As filed	—	—	—	—	—	—	—	—	13	7	-4
장기차입금의 증가As filed	31	128	—	—	—	—	—	—	—	—	—
사채의 발행As filed	1,494	—	—	—	—	—	0	—	—	—	—
단기기타채권의？처분As filed	—	—	—	—	380	—	—	—	—	—	—
기타비유동금융자산의 증가As filed	—	—	—	2	—	—	—	—	—	—	—
장기기타채권의？처분As filed	—	—	—	—	643	—	—	—	—	—	—
기타비유동금융자산의 감소(증가)As filed	—	—	—	—	6	—	—	—	—	—	—
사업결합으로 인한 현금유출As filed	—	—	—	899	—	2,699	—	—	—	—	—
금융리스부채의 감소As filed	0	0	0	1	—	—	—	—	—	—	—
매각예정자산처분이익As filed	—	—	—	—	—	—	—	—	28	0	0
정부보조금의 수취As filed	—	8	—	—	—	—	3	0	—	—	—
종속기업투자의 취득As filed	—	—	200	119	52	—	148	117	—	—	—
주식발행비용As filed	0	—	—	—	—	—	—	—	—	—	—
비지배지분의 변동As filed	15	—	6	—	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	0	0	—	—	—
장기차입금의 상환As filed	—	—	—	179	136	—	—	—	—	—	—
종속기업의 설립As filed	—	—	—	—	500	—	0	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	593	-591	—	—	—	—	2,810	-737	—	—	—
단기금융상품의 취득As filed	—	—	—	—	703	—	—	—	—	—	—
해외사업장환산차이As filed	3	9	—	—	—	—	—	—	—	—	—
현금및현금성자산의 증가(감소)As filed	—	—	506	88	2,489	-2,068	—	—	2,501	—	—
기초의 현금및현금성자산As filed	—	—	3,389	3,862	3,966	6,471	—	—	—	—	—
단기기타채권의 취득As filed	—	—	—	—	3	—	—	—	—	—	—
사채의 상환As filed	—	—	—	7	—	1,000	—	—	—	—	—
장기기타채권의 취득As filed	—	—	—	—	654	—	—	—	—	—	—
현금및현금성자산의 환율변동효과As filed	—	—	-3	2	-7	-3	—	—	—	—	—
사업결합으로？인한？현금유출As filed	—	—	—	—	1,743	—	—	—	—	—	—
전환사채의 상환As filed	—	—	—	54	—	—	—	—	—	—	—
해외사업환산차이As filed	—	—	-29	14	23	-59	191	-57	—	—	—
사채의 증가As filed	—	—	—	—	300	—	—	—	—	—	—
기타의대손상각비(기타의충당금환입)As filed	—	—	—	—	—	—	—	—	—	—	11
기타포괄손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	5	—	—	—
기타대손충당금환입As filed	—	—	—	—	—	—	—	—	2	-4	—
기타영업외수익As filed	—	—	—	—	—	—	—	—	—	—	108
사업결합으로 인한 순현금 유출As filed	—	—	—	—	—	—	1,311	1,520	—	—	—
종속기업처분이익As filed	—	—	—	—	—	—	—	—	0	0	—
공동기업처분이익As filed	—	—	—	—	—	—	—	—	21	0	0
배당금의 수취As filed	—	—	—	—	—	—	—	—	59	117	40
당기순이익As filed	—	—	—	—	—	—	—	—	—	2,039	—
현금및현금성자산의 증감As filed	—	—	—	—	—	—	—	—	—	3,221	-1,676

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 2026.03.16.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 25	삼일회계법인	2025-12-31
2024	적정의견Term 24	삼일회계법인	2025-12-31
2023	적정의견Term 23	한영회계법인	2025-12-31
2022	적정Term 22	한영회계법인	2022-12-31
2021	적정Term 21	한영회계법인	2022-12-31
2020	적정Term 20	한영회계법인	2022-12-31
2019	한국채택국제회계기준에 위배되어 작성되었다는 점이 발견되지 아니함Term 19	한영회계법인	2019-12-31
2018	적정Term 18	한영회계법인	2019-12-31
2017	적정Term 17	한영회계법인	2019-12-31
2016	적정Term 16	한영회계법인	2016-12-31
2015	적정Term 15	한영회계법인	2016-12-31
2014	적정Term 14	한영회계법인	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 5Y0.28

Equity risk premium%

Terminal growth%

Cost of equity5.81%

Weighted average cost of capital5.81%

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW269,500

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	120,493	-55.3%
Dividend discount model DDM	114,889	-57.4%
Discounted cash flow FCFF	714,005	+164.9%
Discounted cash flow FCFE	300,373	+11.5%
Residual income model RIM	-265,711	-198.6%

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 = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.28 × 5.00% = 5.81%

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(-1.84% × (1 − 0.00%), 0) = 0.00%

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 = 4,500 × (1 + 2.00%) / (5.81% − 2.00%) = 4,590 / 0.0381 = 120,493 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 = 4,500, g_1 = 0.00%, g_T = 2.00%, r = 5.81%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	4,500	0.9451	4,253
2	0.50%	4,522	0.8932	4,040
3	1.00%	4,568	0.8442	3,856
4	1.50%	4,636	0.7978	3,699
5	2.00%	4,729	0.7540	3,566
Terminal value	2.00%	126,624	0.7540	95,476
Total				114,889

P_0 = 114,889 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 = 356,118 KRW, ROE = -1.84%, payout ratio = 0.00%, r = 5.81%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	356,118	-6,541	20,688	-27,229	0.9451	-25,734
2	349,576	-6,421	20,308	-26,729	0.8932	-23,875
3	343,155	-6,303	19,935	-26,238	0.8442	-22,149
4	336,852	-6,187	19,569	-25,756	0.7978	-20,549
5	330,665	-6,074	19,209	-25,283	0.7540	-19,064
Terminal value				-676,987	0.7540	-510,458

P_0 = 356,118 + -111,371 + -510,458 = -265,711 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 = 4,464.3 − 788.8 + 200.3 × (1 − 0.00%) = 3,875.9 KRW hundred million

Weighted average cost of capital

E = 41,240.1, D = 558.0 KRW hundred million; equity weight = 98.66%, debt weight = 1.34%; cost of debt k_d = 5.81%

WACC = 98.66% × 5.81% + 1.34% × 5.81% × (1 − 0.00%) = 5.81%

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	0.00%	3,875.9	0.9451	3,663.1
2	0.50%	3,895.3	0.8932	3,479.3
3	1.00%	3,934.2	0.8442	3,321.1
4	1.50%	3,993.2	0.7978	3,185.9
5	2.00%	4,073.1	0.7540	3,071.2
Terminal value	2.00%	109,062.2	0.7540	82,234.5
Total				98,955.0

Firm value = 98,955.0; less borrowings 558.0; plus cash 10,863.3 → 109,260.4 KRW hundred million

P_0 = 109,260.4 KRW hundred million ÷ 15,302,459 (shares) = 714,005 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 = 4,464.3 − 788.8 + -1,875.2 (net borrowing) = 1,800.3 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	1,800.3	0.9451	1,701.5
2	0.50%	1,809.3	0.8932	1,616.1
3	1.00%	1,827.4	0.8442	1,542.7
4	1.50%	1,854.8	0.7978	1,479.8
5	2.00%	1,891.9	0.7540	1,426.6
Terminal value	2.00%	50,659.2	0.7540	38,197.8
Total				45,964.4

P_0 = 45,964.4 KRW hundred million ÷ 15,302,459 (shares) = 300,373 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.

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