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052690KOSPI

KEPCO Engineering & Construction

123,000
-4,800 (-3.76%)

Price chart

  • 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

KEPCO Engineering & Construction is a joint stock company established in 1975. The company is headquartered in Gimcheon, Gyeongsangbuk-do, and is listed on the KOSPI market.

The company provides engineering services for power plants and plants. Its business segments include nuclear power, nuclear reactor, and new energy businesses. Main services cover the design of nuclear and thermal power plants, O&M engineering, SMR technology development, and renewable energy projects such as offshore wind power.

Business overview as filed

회사는 발전소 및 플랜트 관련 엔지니어링 업체로서 1975년 설립된 이래 원자력/화력 발전소의 설계, 발전설비 O&M(Operation and Maintenance), 플랜트 건설사업 및 신재생에너지 관련 사업 등을 수행하고 있습니다.

회사는 원자력발전소 종합설계와 원자로계통설계 기술을 함께 보유한 기업으로, 1,2차 계통을 동시에 설계할 수 있는 세계 최고수준의 발전소 설계전문회사입니다. 특히 회사는 국내 원자력발전소 설계를 전담수행하고 있으며, 해외 원전시장에서도 설계 경쟁력을 인정받고 있습니다. 또한 회사는 설계 외에도 기기제작부터 시공과 운영에 이르기까지 각 단계별 역무를 점검·보완하고 발전소 전 생애주기에 걸쳐 종합 기술서비스를 제공하는 등 성공적인 프로젝트를 위한 중추적 역할을 담당하고 있습니다.또한 기존 대형원전 대비 소규모 설비용량의 SMR(소형모듈형원자로) 기술개발에서 계통설계와 BOP(Balance Of Plant) 종합설계와 같은 핵심과제를 주관하고 있으며, 회사 고유의 해양부유식 소형원자로 노형인 BANDI 개발을 수행하고 있습니다. 더 나아가 국내·외 다양한 SMR 얼라이언스 협력체계를 구축하고, 기술개발 및 홍보에 적극 참여하는 등 SMR 시장에서 그 입지를 견고히 하고 있습니다. 에너지신사업 부문에서는 석탄화력, 복합화력, 열병합발전 등 다양한 화력발전소 설계 기술을 보유하여 국내 발전플랜트 수요를 안정적으로 뒷받침해 왔습니다. 특히, 탈황·탈질 등의 친환경설비 및 IGCC(석탄가스화복합화력)실증플랜트 기술개발을 통해 대기오염물질 배출 문제점을 개선하고 고효율 청정석탄화력발전소 시대를선도 하였습니다. 2050 탄소중립을 위해 발전분야에서 대규모 해상풍력 등 재생에너지사업 뿐만 아니라 청정 수소 사업 수행 및 관련 기술 개발을 통해 친환경 및 무탄소에너지 시장을 선도하고 있습니다.회사는 다양한 발전분야 설계기술용역, EPC 사업수행 경험을 기반으로 에너지 발전플랜트 환경시장 변화를 반영한 신재생 등 친환경 사업 포트폴리오 다각화를 위해 노력하고 있고, 축적된 세계적 기술력과 경험을 바탕으로 글로벌 시장에서도 지속적으로 사업영역을 확대해 나가고 있습니다.

회사의 사업부문은 사업영역에 따라 원자력, 원자로, 에너지신사업으로 분류하고 있습니다. 원자력은 원전 종합설계(Architect Engineering), 원자로는 원자로계통설계(Nuclear Steam Supply System)에 해당하는 사업을 일컬으며, 에너지신사업의 경우 화력(복합화력 포함), 신재생에너지, 친환경에너지사업 등 비원전 사업에 해당됩니다.

가. 사업유형별 사업내용

회사의 사업부문별 현황은 아래와 같습니다.

나. 사업부문별 재무정보

회사의 당기 사업부문별 재무정보는 다음과 같습니다.

주1) 위 정보는 한국채택국제회계기준(K-IFRS)에 따라 작성하였습니다.

주2) 회사는 전체를 단일 보고부문으로 보고 있으나 사업성격에 따라 위와 같이 매출을 구분하였습니다.

Company overview

가. 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

○ 국문명칭 : 한국전력기술주식회사○ 영문명칭 : KEPCO Engineering & Construction Company, Inc.

(KEPCO E&C)

다. 회사의 설립일자○ 1975. 10. 1 : 『(주)코리아 아토믹 번즈앤드로(Burns & Roe 社)』

라. 본사의 주소, 전화번호, 홈페이지 주소○ 주 소 : 경상북도 김천시 혁신로 269(율곡동)○ 전화번호 : 054-421-3114○ 홈페이지 : www.kepco-enc.com

마. 회사 사업 영위의 근거가 되는 법률○ 상법 제317조(설립의 등기) : 상법상 주식회사

바. 중소기업 등 해당 여부

사. 주요 사업의 내용

회사는 원자력발전소 종합설계와 원자로계통설계 기술을 함께 보유한 기업입니다.

이를 바탕으로 1,2차 계통을 동시에 설계할 수 있는 세계 최고 수준의 발전소 설계 전문 회사로 국내 원자력발전소 설계를 전담수행하고 있으며, 해외 원전시장에서도 설계 경쟁력을 인정받고 있습니다. 신규 원전 건설 설계뿐만 아니라 가동원전 유지보수(O&M) 엔지니어링, 원전 해체 등 사후관리 엔지니어링에 이르기까지 원전 생애 전주기에 걸친 설계 엔지니어링 서비스를 제공하고 있습니다. 또한 기존 대형원전 대비소규모 설비용량의 SMR(소형모듈형원자로) 기술개발에서 계통설계와 BOP 종합설계 등 핵심과제를 주관하고 있으며, 회사 고유 해양형 소형원자로 노형인 '반디(BANDI)'를 개발 중에 있습니다. 에너지신사업 부문에서는 LNG 복합화력, 신재생에너지를 중심으로 시장 및 산업, 정책적 수요를 다각적으로 충족시키고 있습니다. 특히 탄소중립목표 달성을 위해 중기적 전력원으로 사용될 LNG 복합화력 건설기술 및 설비국산화를 목표로 '한국형 표준복합화력 모델 개발과제'를 주관하고 있으며, 이를 적용한 석탄화력 대체 건설 설계 등 실증사업을 수행하고 있습니다. 더불어 풍부한 발전소 설계 경험 및 기술력을 기반으로 해상풍력 FEED(Front End Engineering Design, 기본설계) 및 EPC(설계·구매·건설) 등 기술집약적인 신재생에너지 분야에 진출해 실적을 확보해가고 있습니다.

아. 신용평가에 관한 사항

주) 최근 3개년 사업연도(2023년도 ~ 2025년도) 신용등급을 기재하였습니다.

자. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.26), 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

7.42%
[4.64%, 12.01%] · 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 59.0% (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

0.67
Beta [0.53, 0.81] · KOSPI200 · As of 2026-10-08
Intercept
+0.013%[-0.554%, +0.579%]
R squared
0.23
Observations
252
Trading-time corrected beta
0.76[0.43, 1.09]
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

2015Separate basis2016Separate basis2017Separate basis2018Separate basis2019Separate basis2020Consolidated basis2021Consolidated basis2022Consolidated basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M6,5765,0604,9024,3374,4864,3174,3315,0535,4515,5345,1885,367
Revenue growth%—-23.05-3.13-11.523.44—0.3316.667.881.52-6.25—
Operating incomeKRW 100M143123329215441296101139286548355557
Operating income growth%—-13.89167.63-34.60104.98—-65.7537.64104.8991.88-35.31—
Net incomeKRW 100M150226325129264202165180327585854360
Net income growth%—50.5443.61-60.14104.05—-18.399.1381.8879.1945.90—
Attributable to ownersKRW 100M—————————585854360
Attributable to minoritiesKRW 100M—————————000
Operating margin%2.172.436.714.969.826.852.342.765.249.906.8310.39
Net margin%2.284.476.622.985.884.673.803.555.9910.5716.466.70
ROE%—————————10.1313.666.07
ROA%1.792.914.261.683.592.882.332.203.826.189.644.54
Debt ratio%109.3988.8266.7667.2149.3740.3237.4150.2556.2263.9641.6933.54
Current ratio%93.6089.28116.08113.28115.24126.97139.70153.77180.69159.47214.76238.98
Quick ratio%93.6089.28——————————
Reserve ratioNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Free cash flowKRW 100M-707129612799247126-17454380444247—
FCF margin%-10.752.5512.4918.415.502.92-4.011.076.978.024.77—
OCF conversion%75.1482.96192.82626.45102.5983.46-95.8137.64125.0083.6634.34—
Capex to revenue%12.471.150.280.270.530.970.380.270.520.820.88—
Receivable daysdays—66.643.741.639.8—36.136.745.963.854.8—
Inventory daysdays—0.0——————————
Payable daysdays—130.591.290.895.8—101.8110.199.2101.4114.7—
Cash conversion cycledays—-63.9——————————
EPSKRW395594—3406945304324728581,5382,244941
PERx—39.81—61.4728.8933.68196.76115.6872.3834.4640.11114.66
BPSKRW—————13,05813,43414,21814,32015,10916,35215,508
PBRx—————1.376.333.844.343.515.506.96
Dividend per shareKRW2001102201403102822382835159991,347—
Payout ratio%50.6318.52—41.1844.6753.2155.0959.9660.0264.9560.03—

Profit flowKRW 100M

Revenue
5,188
Cost of sales
4,061
Gross profit
1,127
SG&A expenses
772
Non-operating income
740
Operating income
355
Profit before tax
1,094
Net income
854
Income tax expense
240

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

20152016201720182019202020212022202320242025
8,3917,7557,6227,7157,3527,0037,0558,1658,5509,4688,855
4,3843,6483,0513,1012,4302,0121,9212,7313,0773,6942,606
4,0074,1074,5704,6144,9224,9915,1355,4345,4735,7756,250

Income statement

20152016201720182019202020212022202320242025
6,5765,0604,9024,3374,4864,3174,3315,0535,4515,534*5,188
143123329215441296101139286548*355
1542984801983432651772574417621,094
150226325129264202165180327585854
Basic earnings per shareKRW395594Not applicable3406945304324728581,5382,244
Diluted earnings per shareKRWNot applicableNot applicable5313406945304324728581,5382,244
155175505127362187251390147498855

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement150226325129264202165180327585854
Total adjustments to operating cash flowcomputed-37-393016817-33-322-11282-96-561
113187626810271168-15868408490293
-1,349-76-86-506472-339190187-220-344-95
627-42-569-174-364-131-121-103-119-207-390
Cash at beginning of periodKRW 100M763153215184315693391302453522465
153215184315693391302453522465273
Net change in cash and cash equivalentsKRW 100M-61062-31131378-302-8915168-56-192

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 2026.03.26.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 51신한회계법인2025-12-31
2024적정의견Term 50신한회계법인2025-12-31
2023적정의견Term 49신한회계법인2025-12-31
2022적 정Term 48신한회계법인2022-12-31
2021적 정Term 47신한회계법인2022-12-31
2020적 정Term 46한영회계법인2022-12-31
2019적 정Term 45한영회계법인2019-12-31
적 정Term 44삼정회계법인2019-12-31
적 정Term 43삼정회계법인2019-12-31
2016적 정Term 42삼정회계법인2016-12-31
2015적 정Term 41삼정회계법인2016-12-31
2014적 정Term 40삼정회계법인2016-12-31

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 5Y0.77
%
%
Cost of equity8.25%
Weighted average cost of capital—
Initial growth5.5%
Effective tax rate22.0%
Base fiscal year2025
Current priceKRW123,000

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 model21,990-82.1%
Dividend discount model DDM23,800-80.7%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE11,438-90.7%
Residual income model RIM32,256-73.8%
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% + 0.77 × 5.00% = 8.25%

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(13.66% × (1 − 60.03%), 0) = 5.46%

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 = 1,347 × (1 + 2.00%) / (8.25% − 2.00%) = 1,374 / 0.0625 = 21,990 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 = 1,347, g_1 = 5.46%, g_T = 2.00%, r = 8.25%

YearGrowthDividend KRWDiscount factorPresent value KRW
15.46%1,4210.92381,312
24.60%1,4860.85341,268
33.73%1,5410.78841,215
42.87%1,5850.72831,155
52.00%1,6170.67281,088
Terminal value2.00%26,3990.672817,762
Total23,800

P_0 = 23,800 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 = 16,352 KRW, ROE = 13.66%, payout ratio = 60.03%, r = 8.25%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
116,3522,2341,3498850.9238817
217,2452,3561,4229330.8534796
318,1862,4841,5009840.7884776
419,1792,6201,5821,0380.7283756
520,2262,7631,6681,0950.6728736
Terminal value17,8690.672812,022

P_0 = 16,352 + 3,882 + 12,022 = 32,256 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 = 293.2 − 45.7 + 0.0 (net borrowing) = 247.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.46%260.90.9238241.0
24.60%272.90.8534232.9
33.73%283.10.7884223.2
42.87%291.20.7283212.1
52.00%297.00.6728199.8
Terminal value2.00%4,849.10.67283,262.6
Total4,371.6

P_0 = 4,371.6 KRW hundred million ÷ 38,220,000 (shares) = 11,438 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.

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