058610KOSDAQ

SPG

97,400

-2,500 (-2.50%)

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

SPG was established in 1991 and is headquartered in Incheon. The company is listed on the KOSDAQ market and operates as a mid-sized enterprise with five affiliated companies.

The company manufactures precision control geared motors and small motors. Its products are supplied to factory automation, office automation, and home automation sectors, including appliances and semiconductor production lines. The business also includes fan motors, blowers, and air curtains.

Business overview as filed

1. 사업의 개요(1) 회사의 사업개요 당사는 지난 1991년 3월 창업 이래 소형 기어드 모터(Precision control geared motor)전문 제조업체로서 지난 2002년 7월에 코스닥시장에 상장하였습니다. 소형 기어드 모터의 주요 기능은 자동화 시스템 및 가전기기 등에 사용되는 소형 모터에 기어 박스 세트(감속 기어)를 부착하여 무거운 것을 운반하거나 들어 올릴 수 있는 힘을 제공하는 것입니다. 제품의 주요 용도를 보면 첫째, FA(공장자동화)용도로 포장용기기, 최첨단 반도체 및 PDP, LCD 등 생산라인의 컨베이어 구동 용도 기기로 투입됩니다. 둘째, OA(사무자동화)용도로 복사기, 문서세단기, 자동문, 동전계수기, 지폐계수기 등에 쓰이며, 세째, HA(Home Automation) 용도로 고급 좌우개폐형 냉장고의 얼음분쇄기, 의료용 침대, 정수기, 비데기, 제습기 등 다양하게 적용되고 있습니다. 이외에도 자동판매기, 음식물분쇄기, 4D Chair, 아이스 슬러시(Ice slush), 녹즙기, 전철 티켓 개찰기, 비닐하우스 개폐기 등에 이르기까지 매우 광범위한 사용처를 갖고 있습니다. 기어드 모터를 제품 형태별로 분류하면, 3,500여종에 달하는 다품종 소량 생산에 적합한 Standard AC/DC geared motor와 소품종 대량 생산에 적합한 Shaded pole geared motor, Fan BLDC motor가 대표적 주력 품목입니다. 그 외에 로봇산업용 제품과 반도체 장비, 공작기계 등에 주로 적용되는 유성감속기 외에 특수용도의 정밀감속기와 로봇용 액추에이터(SDD)까지 그 영역을 넓혀 가고 있습니다. 또한 당사는 진정한 Global 모터업체로 발돋움 하기 위해 지난 2016년 11월 30일 국내 최대 FAN 모터 제조업체인 ㈜ 성신을 흡수 합병하여 50년이 넘는 결코 짧지 않은 소형모터의 제조 기술 및 노하우를 확보하게 되었습니다. ㈜ 성신이 영위한 주요사업은 냉장고, 오븐, 에어컨, 식기세척기 등 가전기기에 사용되는 소형모터(AC Motor, BLDC Motor 등), Outer Rotor Motor (Axial Fan type, Siroco Fan type 등), 송풍기 및 에어커튼을 생산ㆍ판매하고 있습니다. 특히 해당 제품들은 높은 기술력과 다양한 수요처, 가전특성상 지속적인 신규제품 개발 및 대체 수요 확보로 인해 경기 변동 민감도가 낮은 편에 속하는 사업구조를 가지고 있습니다. 또한 가전제품의 개발단계에서부터 참여하여 해당 가전제품에서 요구하는 다양한 스펙에 맞는 모터를 생산하고 있습니다.

향후 가전 및 산업분야, OA 등에서 다품종소량으로 생산되는 기어드 모터 제품을 주력으로 삼고 있는 당사와 가전분야에 특화된 FAN모터를 공급하고 있는 ㈜ 성신과의 합병이 완료됨에 따라 지속적인 성장, 그로 인한 수익창출과 R&D 투자를 통해 세계 굴지의 모터업체들과 대등한 경쟁을 펼쳐 세계적인 모터기업으로 발돋움할 전략적 결합으로 당사는 판단하고 있습니다.

Company overview

1. 연결대상 종속회사 개황(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

주) 주요종속회사 판단근거 ① 최근사업연도말 자산총액이 지배회사 자산총액의 10% 이상인 종속회사 ② 최근사업연도말 자산총액이 750억원 이상인 종속회사 1-1. 연결대상회사의 변동내용

2. 회사의 법적, 상업적 명칭지배회사의 명칭은 주식회사 에스피지라고 표기합니다. 영문명은 SPG.Co.,Ltd 라 표기하며, 약식으로 ㈜ 에스피지라고 표기합니다.

3. 설립일자 및 존속기간지배회사는 정밀 제어용 모터 및 감속기 부품 개발, 생산 및 판매를 주 영업목적으로 1991년 3월21일 설립되었습니다. 또한 회사의 주식이 2002년 7월 23일자로 상장되어 코스닥시장에서 매매가 개시되었습니다.

4. 본사의 주소, 전화번호 및 홈페이지주 소 : 인천광역시 남동구 청능대로 289번길 45(고잔동, 남동공단 67B 12L)전화번호 : 032-820-8200홈페이지 : http://www.spg.co.kr 중소기업 등 해당 여부 중견기업확인서20250415.jpg 중견기업확인서20250415

6. 주요사업의 내용당사는 지난 1991년 3월 창업 이래 정밀 제어용 기어드 모터(Precision control geared motor)를 전문적으로 생산 및 판매하는 제조업체입니다. 정밀 제어용 기어드 모터의 주요 기능은 자동화 시스템 및 가전기기 등에 사용되는 정밀 제어용 모터에 기어 박스 세트(감속 기어)를 부착하여 무거운 것을 운반하거나 들어 올릴 수 있는 힘을 제공하는 것입니다. 제품의 주요 용도를 보면 첫째, FA(공장자동화)용도로 포장용기기, 최첨단 반도체 및 PDP, LCD 등 생산라인의 컨베이어 구동 용도 기기로 투입됩니다. 둘째, OA(사무자동화)용도로 복사기, 문서세단기, 자동문, 동전계수기, 지폐계수기 등에 쓰이며, 세째, HA(Home Automation) 용도로 고급 좌우 개폐형 냉장고의 얼음분쇄기, 의료용 침대, 정수기, 비데기, 공기청정기, 제습기 등 다양하게 적용되고 있습니다. 이외에도 자동판매기, 음식물처리기, 4D용 Chair, 제습기, 에어워셔, 아이스 슬러시(Ice slush), 녹즙기, 비닐하우스 개폐기 등에 이르기까지 매우 광범위한 사용처를 갖고 있습니다. 또한 당사는 진정한 Global 모터업체로 발돋움 하기 위해 지난 2016년 11월 30일 국내 최대 FAN 모터 제조업체인 ㈜ 성신을 흡수 합병함으로써 50년이 넘는 결코 짧지않은 소형모터의 제조 기술 및 노하우를 확보하게 되었습니다. ㈜ 성신의 주요사업은 냉장고, 오븐, 에어컨, 식기세척기 등 가전기기에 사용되는 소형모터(AC Motor, BLDC Motor 등), Outer Rotor Motor (Axial Fan type, Siroco Fan type 등), 송풍기 및 에어커튼을 생산ㆍ판매하고 있습니다. 특히 ㈜ 성신에서 만드는 제품은 높은 기술력과 다양한 수요처, 가전제품 특성상 지속적인 신규제품 개발 및 대체 수요 확보로 인해 경기 변동 민감도가 낮은 편에 속하는 사업구조를 가지고 있습니다. 또한 가전제품의 개발단계에서 부터 참여하여 해당 가전제품에서 요구하는 다양한 스펙에 맞는 모터를 생산하고 있으며, 현재 약 900개의 기종을 생산하고 있습니다.당사의 제35기(2025사업연도) 연간 누적 연결기준 매출액은 341,670백만원으로 전년 동기 대비 -12.0% 감소하였으나, 영업이익은 17,939백만원으로 전년 동기 대비 +45.4% 증가하였습니다.

기타 사업에 대한 주요 상세 내용은 II.

7. 계열회사에 관한 사항당사는 보고서 작성기준일 현재『독점규제 및 공정거래에 관한 법률』상의 대규모 기업집단에 속하여 있지 않습니다. 당사의 계열회사는 당사를 제외하고 총 5개의 회사입니다. 계열회사와 관련한 세부내용은 Ⅸ. 계열회사 등에 관한 사항, ⅩⅡ.

8. 신용평가에 관한 사항 당사는 보고서 작성기준일 현재 한국평가데이터로부터 BBB- 신용등급을 유지하고 있습니다.

주) 위 등급은 일반 상거래를 위해 회사가 위 평가회사로부터 받은 평가등급입니다.

신용평가 회사의 신용등급 체계는 다음과 같습니다.

주) 'AA'부터 'CCC'까지는 등급내 우열에 따라 '+' 또는 '-'를 부가하게 됨.

9. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.41%

[4.00%, 10.11%] · 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 60.4% (2026-07-20). 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

1.10

Beta [0.92, 1.28] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.640%[-0.054%, +1.334%]
R squared: 0.29
Observations: 252
Trading-time corrected beta: 1.17[0.72, 1.62]

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	1,388	1,523	2,958	3,054	3,152	3,548	4,163	4,405	3,938	3,885	3,417	3,375
Revenue growth%	—	9.70	94.22	3.27	3.19	12.59	17.33	5.80	-10.60	-1.35	-12.05	—
Operating incomeKRW 100M	80	61	64	121	103	181	235	255	160	123	179	184
Operating income growth%	—	-22.81	3.85	89.86	-14.92	75.62	30.18	8.25	-37.32	-22.76	45.43	—
Net incomeKRW 100M	49	155	-41	80	68	141	229	197	110	131	91	95
Net income growth%	—	214.91	-126.56	—	-15.24	106.99	62.76	-14.12	-44.14	19.27	-30.35	—
Attributable to ownersKRW 100M	49	155	-32	78	74	135	229	197	110	131	91	95
Attributable to minoritiesKRW 100M	—	-0	-9	3	-6	6	0	0	0	0	0	0
Operating margin%	5.73	4.03	2.15	3.96	3.27	5.10	5.65	5.78	4.06	3.18	5.25	5.46
Net margin%	3.55	10.20	-1.39	2.63	2.16	3.97	5.50	4.47	2.79	3.38	2.67	2.82
ROE%	6.53	15.05	-3.29	6.18	5.62	9.29	11.87	9.22	5.02	5.16	3.54	3.47
ROA%	3.14	6.31	-1.67	2.92	2.47	4.88	6.28	5.55	3.17	3.30	2.13	2.07
Debt ratio%	108.16	143.93	155.18	119.55	110.12	99.18	89.08	65.97	58.51	56.42	66.08	67.89
Current ratio%	149.40	146.49	137.64	137.54	156.99	153.36	169.07	186.56	201.63	224.98	195.01	195.80
Quick ratio%	99.15	100.33	89.66	77.38	87.92	91.08	108.08	112.75	132.34	121.81	104.67	102.19
Reserve ratio%	828.55	1,000.44	946.95	1,019.48	1,072.93	1,201.26	1,409.91	1,584.86	1,638.38	1,712.64	1,746.57	1,769.40
Free cash flowKRW 100M	22	74	-299	30	36	96	-207	164	297	42	236	—
FCF margin%	1.58	4.89	-10.11	0.98	1.15	2.71	-4.98	3.71	7.53	1.07	6.89	—
OCF conversion%	122.87	120.68	—	114.43	121.26	104.85	-68.19	113.28	317.65	86.19	310.63	—
Capex to revenue%	2.78	7.42	4.74	2.03	1.47	1.46	1.22	1.35	1.34	1.84	1.41	—
Receivable daysdays	—	156.0	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	135.6	88.2	102.5	111.7	97.3	89.0	94.6	98.9	115.5	173.4	—
Payable daysdays	—	95.2	—	—	—	—	—	—	—	—	—	—
Cash conversion cycledays	—	196.4	—	—	—	—	—	—	—	—	—	—
EPSKRW	305	948	-171	388	370	670	1,092	901	496	591	412	429
PERx	—	5.91	—	16.75	19.14	12.40	10.85	19.09	72.58	39.59	197.33	187.33
BPSKRW	—	4,919	4,716	6,025	6,336	6,935	8,707	9,627	9,871	11,459	11,633	12,361
PBRx	—	1.14	1.46	1.08	1.12	1.20	1.36	1.79	3.65	2.04	6.99	6.50
Dividend per shareKRW	—	100	50	100	100	150	250	200	200	150	250	—
Payout ratio%	—	10.55	—	25.77	27.03	22.39	22.89	22.20	40.32	25.38	60.68	—

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
	1,572	2,461	2,467	2,752	2,757	2,884	3,651	3,543	3,470	3,975	4,285
	1,061	1,766	1,723	1,790	1,777	1,913	2,557	2,441	2,408	2,676	3,014
Cash and cash equivalentsKRW 100M	168	300	155	152	152	126	182	217	322	280	420
Short-term financial instrumentsKRW 100M	—	—	22	6	13	4	20	27	43	61	42
InventoriesKRW 100M	357	556	601	783	782	777	922	966	827	1,227	1,396
Trade and other receivablesKRW 100M	499	803	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	511	695	744	962	980	971	1,094	1,102	1,062	1,299	1,270
Property, plant and equipmentKRW 100M	429	637	685	892	910	885	905	934	917	1,149	1,118
Intangible assetsKRW 100M	Not applicable	Not applicable	35	41	39	37	55	30	26	26	28
Investments in associatesKRW 100M	0	0	—	—	—	11	22	19	7	13	0
	817	1,452	1,500	1,499	1,445	1,436	1,720	1,409	1,281	1,434	1,705
	710	1,206	1,252	1,301	1,132	1,247	1,512	1,309	1,194	1,189	1,546
Trade and other payablesKRW 100M	199	442	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	437	655	729	600	502	480	777	722	606	588	541
Current portion of long-term borrowingsKRW 100M	25	18	47	155	147	80	80	100	100	0	100
Current lease liabilitiesKRW 100M	—	—	—	—	4	4	11	11	9	15	16
	107	247	248	197	313	189	208	100	87	244	159
Long-term borrowingsKRW 100M	69	182	166	80	80	100	100	0	0	100	0
Non-current lease liabilitiesKRW 100M	—	—	—	—	19	15	26	19	10	29	15
	755	1,009	967	1,254	1,312	1,448	1,931	2,135	2,189	2,541	2,580
	755	1,027	984	1,258	1,323	1,448	1,931	2,135	2,189	2,541	2,580
Issued capitalKRW 100M	81	104	104	104	104	104	111	111	111	111	111
Capital surplusKRW 100M	230	460	464	483	490	490	597	648	648	548	448
Retained earningsKRW 100M	440	585	524	582	630	764	966	1,110	1,169	1,351	1,489
Other equityKRW 100M	4	-122	-108	89	98	90	257	267	261	531	532
Non-controlling interestsKRW 100M	0	-18	-18	-4	-11	0	0	0	0	0	0

매출채권As filed	—	—	873	734	755	916	1,258	1,115	1,132	1,004	996
기타수취채권As filed	15	32	13	13	13	13	18	4	24	21	29
당기법인세자산As filed	1	0	3	1	3	1	9	17	14	2	3
단기금융상품As filed	5	27	—	—	—	—	—	—	—	—	—
파생금융자산As filed	—	—	—	—	1	3	0	0	—	—	—
기타유동자산As filed	17	48	57	100	59	74	147	96	46	81	128
순확정급여자산As filed	—	—	—	—	—	—	—	15	9	5	9
장기금융상품As filed	13	6	8	10	9	19	10	4	4	4	3
이연법인세자산As filed	4	3	4	5	6	7	9	10	6	6	9
매도가능금융자산As filed	32	0	0	0	0	—	—	—	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	0	0	0	0	0	0	—	—
투자부동산As filed	—	—	—	—	—	—	88	86	88	86	86
기타비유동자산As filed	—	5	9	10	10	5	3	3	3	5	14
무형자산As filed	33	40	—	—	—	—	—	—	—	—	—
매입채무As filed	—	—	402	—	—	510	514	370	389	491	780
기타지급채무As filed	39	64	44	59	53	58	61	60	64	75	66
단기매입채무As filed	—	—	—	406	374	—	—	—	—	—	—
부채와자본총계As filed	—	—	—	—	—	—	—	—	—	—	4,285
유동금융보증부채As filed	—	—	0	0	0	0	0	0	0	0	—
자본과부채총계As filed	1,572	2,461	2,467	2,752	2,757	2,884	3,651	3,543	3,470	3,975	—
유동성금융보증채무As filed	0	0	—	—	—	—	—	—	—	—	0
당기법인세부채As filed	1	16	4	27	6	4	11	24	1	5	10
기타유동부채As filed	8	10	25	52	43	7	54	17	—	—	30
전환사채As filed	—	—	—	—	85	91	0	0	—	—	—
충당부채As filed	—	—	—	3	4	4	4	4	—	—	3
순확정급여부채As filed	—	59	72	70	75	26	1	0	0	—	—
파생금융부채As filed	—	—	—	—	9	10	0	0	—	—	—
유동충당부채As filed	—	—	—	—	—	—	—	—	3	3	—
소송충당부채As filed	—	—	4	—	—	—	—	—	—	—	—
금융보증부채As filed	—	—	—	0	0	0	0	—	—	—	—
이연법인세부채As filed	17	7	7	47	44	48	81	77	72	109	136
기타 유동부채As filed	—	—	—	—	—	—	—	—	23	13	—
신주인수권부사채As filed	0	—	—	—	—	—	—	—	—	—	—
자본금As filed	81	104	—	—	—	—	—	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	4	6	—
기타장기부채As filed	—	—	—	—	—	—	—	4	—	—	8
퇴직급여채무As filed	21	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,388	1,523	2,958	3,054	3,152	3,548	4,163	4,405	3,938	3,885	3,417
Cost of salesKRW 100M	1,120	1,229	2,394	2,464	2,557	2,923	3,486	3,641	3,309	3,248	2,761
Gross profitKRW 100M	268	293	563	590	594	625	678	764	628	637	656
SG&A expensesKRW 100M	188	232	499	469	491	445	442	509	469	514	476
	80	61	64	121	103	181	235	255	160	123	179
Finance incomeKRW 100M	1	1	2	1	4	3	7	1	1	3	6
Finance costsKRW 100M	15	14	25	27	33	25	21	33	37	30	24
Other incomeKRW 100M	37	150	44	70	64	83	89	201	83	122	75
Other expensesKRW 100M	39	39	90	54	60	94	66	201	70	80	76
Share of profit of associatesKRW 100M	-8	15	—	—	—	—	—	—	—	—	-13
	56	174	-5	111	78	158	255	219	126	143	146
Income tax expenseKRW 100M	6	19	36	31	10	17	26	22	16	12	54
Profit from continuing operationsKRW 100M	50	155	-41	80	—	—	—	—	—	—	—
Profit or loss from discontinued operationsKRW 100M	-0	0	0	—	—	—	—	—	—	—	—
	49	155	-41	80	68	141	229	197	110	131	91
Attributable to ownersKRW 100M	49	155*	-32	78	74	135	229	197	110	131	91
Attributable to minoritiesKRW 100M	Not applicable	-0	-9	3	-6	6	0	0	0	0	0
Basic earnings per shareKRW	305	948	-171	388	370	670	1,092	901	496	591	412
Diluted earnings per shareKRW	305	Not applicable	-171	Not applicable	366	646	1,092	901	496	591	412
	59	154	-76	225	72	151	379	183	98	397	94
Other comprehensive incomeKRW 100M	10	-1	-35	144	4	10	150	-14	-12	266	3

관계지업투자손익As filed	—	—	—	—	—	9	12	-4	-11	5	—
비지배지분As filed	—	—	—	—	—	—	—	—	—	—	0
지배기업의 소유주지분As filed	—	—	—	—	—	—	—	—	—	—	94
포괄손익, 비지배지분As filed	—	-0	—	—	—	—	—	—	0	0	—
관계기업손익As filed	—	—	0	0	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	59	155	—	—	—	—	—	—	98	397	—
당기손익으로 재분류되지 않는 항목(세전기타포괄손익)As filed	—	—	-9	145	-5	19	69	4	-6	—	—
확정급여제도의 재측정손익(세전기타포괄손익)As filed	—	—	-9	-9	-5	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	11	2	—	—	—	—	—	—	—	—	3
지분법이익잉여금As filed	—	—	—	—	—	-0	-0	1	-0	-0	1
자산재평가손익(세전기타포괄손익)As filed	—	—	—	153	0	0	66	2	0	138	—
순확정급여부채의 재측정손익(세전기타포괄손익)As filed	—	—	—	—	—	19	3	0	-6	—	—
해외사업장환산외환차이As filed	11	2	—	—	—	—	—	—	—	—	3
후속적으로 당기손익으로 재분류되지 않는 항목As filed	-2	-3	—	—	—	—	—	—	—	134	-0
당기손익으로 재분류될 수 있는 항목(세전기타포괄손익)As filed	—	—	-26	-0	9	-9	82	-17	-5	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	—	132	—
순확정급여부채의 재측정요소As filed	-2	-3	—	—	—	—	—	—	—	—	1
해외사업장환산외환차이(세전기타포괄이익)As filed	—	—	-26	-0	9	-9	82	-17	-5	132	—
순확정급여부채의 재측정손익As filed	—	—	—	—	—	—	—	—	—	-4	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세전기타포괄손익)As filed	—	—	0	—	—	—	—	—	—	—	—
토지재평가이익As filed	—	—	—	—	—	—	—	—	—	—	-2
부의지분법자본변동As filed	0	0	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	-67	222	78	145	379	183	—	—	—
총 포괄손익, 비지배지분As filed	—	—	-9	3	-6	6	0	0	—	—	—
계속사업주당순이익As filed	0	0	—	—	—	—	—	—	—	—	—
희석계속사업주당이익As filed	0	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	49	155	-41	80	68	141	229	197	110	131	91
Total adjustments to operating cash flowcomputed	11	32	-118	12	14	7	-385	26	239	-18	192
	61	187	-159	92	82	148	-156	223	349	113	284
Interest receivedKRW 100M	1	1	2	1	1	1	0	1	1	2	5
Interest paidKRW 100M	15	13	25	26	26	17	18	31	36	29	24
DepreciationKRW 100M	—	—	53	54	64	61	60	72	68	68	74
AmortisationKRW 100M	—	—	0	0	0	0	0	0	0	0	0
Income taxes paidKRW 100M	17	10	49	11	37	20	16	38	35	-6	30
	7	-65	-110	-57	-46	-98	-65	-59	-66	-88	-30
Purchase of property, plant and equipmentKRW 100M	39	113	140	62	46	52	51	59	53	71	48
Proceeds from sale of property, plant and equipmentKRW 100M	1	0	4	1	8	5	2	1	1	2	0
Purchase of intangible assetsKRW 100M	3	0	2	6	0	0	20	0	0	0	2
	12	8	129	-38	-37	-76	274	-122	-177	-88	-118
Dividends paidKRW 100M	32	8	19	10	20	20	30	54	44	44	55
Acquisition of treasury sharesKRW 100M	0	61	0	0	—	—	—	—	—	—	—
Disposal of treasury sharesKRW 100M	—	—	45	68	0	0	34	89	0	0	—
Issue of sharesKRW 100M	0	0	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	88	168	300	155	152	152	126	182	217	322	280
	168	300	155	152	152	126	182	217	322	280	420
Effect of exchange rate changesKRW 100M	1	1	-4	-1	0	0	3	-7	-1	21	6
Net change in cash and cash equivalentsKRW 100M	81	131	-145	-3	0	-27	56	35	105	-42	Not applicable

당기순이익(손실)As filed	—	—	-41	80	68	141	229	197	110	131	—
영업에서 창출된 현금흐름As filed	92	210	—	—	—	—	—	—	—	—	332
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	—	173
당기순이익As filed	49	155	—	—	—	—	—	—	—	—	91
당기순이익조정을 위한 가감As filed	—	—	218	136	155	138	106	183	142	—	—
가감As filed	87	-13	—	—	—	—	—	—	—	—	—
이자비용As filed	15	14	25	26	30	23	21	33	—	—	24
장기차입금의 차입As filed	30	169	—	—	—	—	—	—	—	—	0
리스부채의 원금상환As filed	—	—	—	—	8	7	5	15	15	11	—
신주발행비 지급As filed	—	—	—	—	—	—	—	0	0	—	—
대손상각비As filed	-4	28	49	-1	21	1	-4	10	—	—	—
장기차입금의 증가As filed	—	—	40	81	0	100	0	0	—	100	—
감가상각비As filed	36	36	—	—	—	—	—	—	—	—	—
단기차입금의 차입As filed	409	196	—	—	—	—	—	—	—	162	173
기타의 대손상각비As filed	—	—	—	1	0	-1	2	0	—	—	—
단기차입금의 증가As filed	—	—	404	293	495	353	745	626	275	—	—
무형자산상각비As filed	0	0	—	—	—	—	—	—	—	—	—
주식보상비용(환입)As filed	—	—	—	—	—	—	7	0	—	—	—
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	—	291
퇴직급여As filed	14	16	36	25	25	26	18	14	—	—	15
단기차입금의 상환As filed	347	223	323	423	595	356	470	688	393	195	220
외화환산손실As filed	2	6	20	4	9	30	3	66	—	—	13
유형자산처분손실As filed	0	0	0	1	1	0	0	0	—	—	1
무형자산처분손실As filed	2	0	0	0	0	—	—	—	—	—	—
유동성장기부채의 상환As filed	48	28	18	47	8	147	0	80	0	100	0
판매보증비As filed	—	—	—	3	2	0	0	0	—	—	-0
리스부채의 상환As filed	—	—	—	—	—	—	—	—	—	—	16
무형자산손상차손As filed	18	0	0	—	—	—	—	—	—	—	—
보증금의 감소As filed	—	—	2	1	0	0	5	0	0	—	1
임차보증금의 증가As filed	—	—	—	—	—	—	—	—	1	5	—
지분법손실As filed	8	0	0	—	—	—	—	—	—	—	—
사채상환손실As filed	0	0	—	—	—	—	—	—	—	—	—
금융보증채무손실As filed	0	0	0	0	0	0	0	0	0	0	0
대여금의 감소As filed	—	—	—	—	—	—	—	—	1	—	—
장기금융상품의 처분As filed	0	0	0	0	0	0	0	4	0	0	—
종속기업처분손실As filed	—	—	—	—	—	2	0	0	—	—	—
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	—	35
법인세비용As filed	6	19	36	31	10	17	26	22	—	—	54
파생상품평가손실As filed	—	—	—	—	2	1	0	0	0	—	—
단기금융상품의 감소As filed	33	6	—	—	—	—	—	—	—	14	—
단기금융상품의 처분As filed	—	—	26	26	8	14	8	23	19	—	34
이자수익As filed	-1	-1	2	1	1	1	1	1	—	—	6
외화환산이익As filed	-7	-18	3	5	4	10	7	38	—	—	17
종속기업투자처분손실As filed	—	2	0	—	—	—	—	—	—	—	—
관계기업투자처분손실As filed	—	21	0	0	—	—	—	—	—	—	—
단기대여금의 회수As filed	—	—	20	15	0	0	0	0	—	0	0
대여금의 증가As filed	—	—	—	—	—	—	0	—	1	—	—
소송충당부채전입액As filed	—	—	4	1	0	0	—	—	—	—	—
유형자산처분이익As filed	-1	-0	0	2	1	0	0	1	—	—	0
장기금융상품의 취득As filed	10	8	8	7	9	14	9	9	7	8	7
종속기업처분이익As filed	-1	0	—	—	—	—	—	—	—	—	—
금융보증채무환입As filed	0	-0	0	0	0	0	0	0	0	0	0
단기금융상품의 취득As filed	—	—	15	5	5	2	8	18	29	19	7
무형자산의 처분As filed	2	0	7	0	0	0	—	0	4	0	0
자산및부채의증감As filed	-45	67	—	—	—	—	—	—	—	—	—
종속기업/관계기업/공동기업투자처분손실As filed	—	—	—	0	—	—	—	—	—	—	—
단기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
매출채권의감소(증가)As filed	-68	77	—	—	—	—	—	—	—	—	—
미수금의감소(증가)As filed	-6	7	—	—	—	—	—	—	—	—	—
선급금의감소(증가)As filed	-1	-3	—	—	—	—	—	—	—	—	—
선급비용의감소(증가)As filed	0	1	—	—	—	—	—	—	—	—	—
충당부채전입액As filed	—	—	—	—	—	—	0	—	—	—	—
선급부가가치세의감소(증가)As filed	-1	-7	—	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	—	65
재고자산의감소(증가)As filed	26	-14	—	—	—	—	—	—	—	—	—
매입채무의증가(감소)As filed	4	33	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	0	1	1	4	2	0	0	1	—	—	0
미지급금의증가(감소)As filed	2	-11	—	—	—	—	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	—	—	—	—	—	1	0	0
미지급비용의증가(감소)As filed	1	1	—	—	—	—	—	—	—	—	—
지분법이익As filed	—	-36	0	0	—	9	12	-4	—	—	-7
예수보증금의증가(감소)As filed	-0	-1	—	—	—	—	—	—	—	—	—
선수금의증가(감소)As filed	2	2	—	—	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	167	-107	—
잡이익As filed	—	—	1	1	0	0	0	—	—	—	—
단기대여금의 증가As filed	1	2	3	15	0	0	—	—	—	—	0
선급금의 감소(증가)As filed	—	—	4	-20	-6	17	-55	25	14	-16	—
파생상품평가이익As filed	—	—	—	—	3	3	6	0	—	—	—
사외적립자산의 감소(증가)As filed	—	—	-6	-8	-17	-26	53	-19	-8	-3	—
예수금의증가(감소)As filed	-0	-3	—	—	—	—	—	—	—	—	—
무형자산처분이익As filed	—	—	—	—	—	—	5	0	—	—	—
장기선급비용의 감소(증가)As filed	—	—	-5	-1	1	4	3	1	-0	-2	—
종속기업투자처분이익As filed	—	—	0	—	—	—	—	—	—	—	—
부가세예수금의증가(감소)As filed	4	-5	—	—	—	—	—	—	—	—	—
염가매수차익As filed	—	-99	0	0	—	—	—	—	—	—	—
관계회사전입자분확정급여채무As filed	0	1	0	0	—	—	—	—	—	—	—
미수금의 감소(증가)As filed	—	—	0	3	2	-3	-4	14	-21	6	—
영업활동으로 인한 자산ㆍ부채의 변동As filed	—	—	—	—	—	—	—	—	—	—	71
부가가치세 예수금의 증가(감소)As filed	—	—	1	-0	0	0	0	0	16	-16	—
부가세대급금의 증감As filed	—	—	—	—	—	—	—	—	—	—	-37
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-263	-88	-78	-95	-457	-89	—	—	—
퇴직금의지급As filed	-4	-6	—	—	—	—	—	—	—	—	—
기타장기부채의 증가(감소)As filed	—	—	—	—	—	—	—	4	1	2	—
사외적립자산의감소(증가)As filed	-5	-4	—	—	—	—	—	—	—	—	—
선급금의 증감As filed	—	—	—	—	—	—	—	—	—	—	-5
매출채권의 감소(증가)As filed	—	—	-162	142	-2	-209	-239	76	-8	225	—
잡손실As filed	—	—	—	—	—	—	—	0	—	—	—
미지급비용의 증가(감소)As filed	—	—	4	0	-3	1	4	1	-1	1	—
사외적립자산의 증감As filed	—	—	—	—	—	—	—	—	—	—	-11
장기선급비용의 증감As filed	—	—	—	—	—	—	—	—	—	—	-9
미수금의 증감As filed	—	—	—	—	—	—	—	—	—	—	-8
선수금의 증가(감소)As filed	—	—	14	27	-10	-6	47	-37	-10	5	—
선급비용의 감소(증가)As filed	—	—	-2	-4	-2	3	0	0	—	—	—
부가세예수금의 증감As filed	—	—	—	—	—	—	—	—	—	—	0
예수보증금의 증가(감소)As filed	—	—	1	0	-20	0	-7	12	1	5	—
미지급금의 증가(감소)As filed	—	—	1	6	-4	35	-10	-12	4	1	—
기타장기부채의 증감As filed	—	—	—	—	—	—	—	—	—	—	2
예수금의 증가(감소)As filed	—	—	-0	0	0	1	-1	0	0	0	—
부가세대급금의 감소(증가)As filed	—	—	-13	-21	41	-38	-9	26	37	-11	—
미지급비용의 증감As filed	—	—	—	—	—	—	—	—	—	—	1
퇴직금의 지급As filed	—	—	-25	-30	-10	-18	-93	-10	-7	-12	6
재고자산의 감소(증가)As filed	—	—	-65	-181	30	-6	-96	-60	126	-348	—
매입채무의 증가(감소)As filed	—	—	-11	3	-80	148	-51	-111	25	60	—
선수금의 증감As filed	—	—	—	—	—	—	—	—	—	—	16
미지급금의 증감As filed	—	—	—	—	—	—	—	—	—	—	1
선급비용의 감소 (증가)As filed	—	—	—	—	—	—	—	—	-1	-3	—
예수금의 증감As filed	—	—	—	—	—	—	—	—	—	—	0
예수보증금의 증감As filed	—	—	—	—	—	—	—	—	—	—	-8
비현금항목의 조정As filed	—	—	—	—	—	—	—	—	—	110	170
재고자산의 증감As filed	—	—	—	—	—	—	—	—	—	—	-150
대손상각비 조정As filed	—	—	—	—	—	—	—	—	-2	3	—
선급비용의 증감As filed	—	—	—	—	—	—	—	—	—	—	-1
단기대여금의 감소As filed	1	2	0	0	—	—	—	—	—	—	—
매출채권의 증감As filed	—	—	—	—	—	—	—	—	—	—	23
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	0	1	—
매입채무의 증감As filed	—	—	—	—	—	—	—	—	—	—	264
보증금의감소As filed	1	0	—	—	—	—	—	—	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	13	38	—
종속기업/관계기업/공동기업투자손상차손As filed	—	—	—	—	—	—	—	—	7	0	—
이자비용 조정As filed	—	—	—	—	—	—	—	—	36	30	—
종속기업투자의처분As filed	36	—	—	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	14	6	—	—	—	—	—	—	—	—	—
무형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	0	0	0
관계기업투자손상차손As filed	—	—	—	—	—	—	—	—	—	—	6
무형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	0	—	—
소송충당부채의 증가(감소)As filed	—	—	—	—	0	0	—	—	—	—	—
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	3	1	—
법적소송충당부채의 증가(감소)As filed	—	—	—	-5	—	—	0	—	—	—	—
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	12	30	—
파생금융자산평가이익 조정As filed	—	—	—	—	—	—	—	—	0	—	—
잡이익 조정As filed	—	—	—	—	—	—	—	—	—	0	—
관계기업주식의취득As filed	0	0	—	—	—	—	—	—	—	—	—
잡손실 조정As filed	—	—	—	—	—	—	—	—	0	0	—
기타의 대손상각비 조정As filed	—	—	—	—	—	—	—	—	0	-2	—
판매보증비 조정As filed	—	—	—	—	—	—	—	—	-1	0	—
사업결합으로 인한 현금유입As filed	—	56	—	—	—	—	—	—	—	—	—
사업결합으로인한현금의유입As filed	—	—	0	0	—	—	—	—	—	—	—
지분법이익 조정As filed	—	—	—	—	—	—	—	—	-5	5	—
연결실체변동으로인한순자산처분As filed	—	0	0	—	—	—	—	—	—	—	—
퇴직급여 조정As filed	—	—	—	—	—	—	—	—	13	14	—
기타의대손상각비As filed	—	—	—	—	—	—	—	—	—	—	0
사업결합으로인한현금의감소As filed	0	0	—	—	—	—	—	—	—	—	—
재고자산평가손실(환입)As filed	—	—	—	—	—	—	—	—	—	—	3
법인세비용 조정As filed	—	—	—	—	—	—	—	—	16	12	—
신주인수권부사채의 발행As filed	0	—	—	—	—	—	—	—	—	—	—
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	1	3	—
대손상각비(환입)As filed	—	—	—	—	—	—	—	—	—	—	-1
사업결합으로인한현금의유출As filed	—	—	0	—	—	—	—	—	—	—	—
시설이용권의 처분As filed	—	—	—	—	—	—	7	—	—	—	—
전환사채의 발행As filed	—	—	—	—	100	0	0	—	—	—	—
주식보상비용(환입) 조정As filed	—	—	—	—	—	—	—	—	0	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	80	131	-141	-2	-0	-27	53	42	106	-63	—
연결실체변동으로인한현금의감소As filed	—	—	—	—	—	50	0	0	—	—	—
종속회사의 유상증자As filed	—	—	9	11	0	0	0	—	—	—	—
기타As filed	—	—	—	—	—	—	—	—	—	—	3
장기차입금의 상환As filed	—	37	9	12	0	0	0	—	—	—	—
현금의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	135
신주인수권부사채의상환As filed	—	0	—	—	—	—	—	—	—	—	—
전환사채의 전환As filed	—	—	—	—	—	—	0	—	—	—	—

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 35	한영회계 법인	2025-12-31
2024	적정의견Term 34	회계법인 리안	2025-12-31
2023	적정의견Term 33	회계법인 리안	2025-12-31
2022	적정Term 32	회계법인 리안	2022-12-31
2021	적정Term 31	서현회계법인	2022-12-31
2020	적정Term 30	서현회계법인	2022-12-31
2019	적정Term 29	서현회계법인	2019-12-31
2018	적정Term 28	서현회계법인	2019-12-31
2017	적정Term 27	서현회계법 ('구'서일회계법인)	2019-12-31
2016	적정Term 26	서일회계법인	2016-12-31
2015	적정Term 25	서일회계법인	2016-12-31
2014	적정Term 24	서일회계법인	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 5Y0.95

Equity risk premium%

Terminal growth%

Cost of equity9.16%

Weighted average cost of capital8.97%

Initial growth1.4%

Effective tax rate35.0%

Base fiscal year2025

Current priceKRW97,400

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	3,564	-96.3%
Dividend discount model DDM	3,514	-96.4%
Discounted cash flow FCFF	15,323	-84.3%
Discounted cash flow FCFE	11,929	-87.8%
Residual income model RIM	2,687	-97.2%

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% + 0.95 × 5.00% = 9.16%

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(3.54% × (1 − 60.68%), 0) = 1.39%

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 = 250 × (1 + 2.00%) / (9.16% − 2.00%) = 255 / 0.0716 = 3,564 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 = 250, g_1 = 1.39%, g_T = 2.00%, r = 9.16%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	1.39%	253	0.9161	232
2	1.54%	257	0.8393	216
3	1.70%	262	0.7689	201
4	1.85%	267	0.7044	188
5	2.00%	272	0.6453	175
Terminal value	2.00%	3,876	0.6453	2,501
Total				3,514

P_0 = 3,514 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 = 11,633 KRW, ROE = 3.54%, payout ratio = 60.68%, r = 9.16%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	11,633	412	1,065	-653	0.9161	-598
2	11,795	418	1,080	-662	0.8393	-556
3	11,959	423	1,095	-672	0.7689	-516
4	12,125	429	1,110	-681	0.7044	-480
5	12,294	435	1,126	-690	0.6453	-446
Terminal value				-9,841	0.6453	-6,350

P_0 = 11,633 + -2,596 + -6,350 = 2,687 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 = 283.7 − 48.2 + 23.7 × (1 − 35.00%) = 250.9 KRW hundred million

Weighted average cost of capital

E = 21,600.7, D = 640.6 KRW hundred million; equity weight = 97.12%, debt weight = 2.88%; cost of debt k_d = 4.40%

WACC = 97.12% × 9.16% + 2.88% × 4.40% × (1 − 35.00%) = 8.97%

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	1.39%	254.4	0.9176	233.4
2	1.54%	258.3	0.8421	217.5
3	1.70%	262.7	0.7727	203.0
4	1.85%	267.6	0.7091	189.7
5	2.00%	272.9	0.6507	177.6
Terminal value	2.00%	3,991.4	0.6507	2,597.2
Total				3,618.5

Firm value = 3,618.5; less borrowings 640.6; plus cash 420.2 → 3,398.2 KRW hundred million

P_0 = 3,398.2 KRW hundred million ÷ 22,177,360 (shares) = 15,323 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 = 283.7 − 48.2 + -47.3 (net borrowing) = 188.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	1.39%	190.8	0.9161	174.8
2	1.54%	193.8	0.8393	162.6
3	1.70%	197.1	0.7689	151.5
4	1.85%	200.7	0.7044	141.4
5	2.00%	204.7	0.6453	132.1
Terminal value	2.00%	2,918.2	0.6453	1,883.1
Total				2,645.6

P_0 = 2,645.6 KRW hundred million ÷ 22,177,360 (shares) = 11,929 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