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060370KOSDAQ

LS Marine Solution

31,900
-2,000 (-5.90%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

LS Marine Solution is a KOSDAQ listed company established in 1995. The company is headquartered in Busan and operates as a corporate entity.

The company provides construction and maintenance services for submarine and underground power and communication cables. Its business segments include submarine and underground construction, offering turnkey solutions through its subsidiary LS Buildwin.

Business overview as filed

연결실체는 해저케이블과 지중케이블의 시공 및 유지보수 사업을 영위하고 있으며, 해저시공부문과 지중시공부문으로 사업부문을 구분하고 있습니다.2024년 10월, 지중 시공 전문 업체인 LS빌드윈 수직계열화를 통해 시공 전문성과 효율성을 강화하고, 시공에 대한 원스톱 솔루션 제공을 통해 해저시공과 지중시공이 결합된 턴키 솔루션을 갖추게 되었습니다.연결실체는 2025년에 2024년 대비 87% 증가한 2,442억원의 매출을 달성하였습니다. 부문으로 구분하면 해저시공부문 723억, 지중시공부문 1,719억원입니다.지역별로 구분하면 국내 447억원, 해외 1,995억원 입니다.연결실체의 2025년 말 수주잔고는 8,256억원입니다.

Company overview

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

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 엘에스마린솔루션 주식회사로 표기합니다. 또한 영문으로는 LS Marine Solution Co., Ltd.라 표기 합니다. 단, 약식으로 표기할 경우에는 LS마린솔루션(주)로 표기합니다. 당사는 2023년 8월 17일자로 상호를 변경하였으며 변경 전 상호는 주식회사 케이티서브마린입니다.

다. 설립일자 및 존속기간

당사는 1995년 4월 17일 설립되었으며, 2002년 2월 15일자로 코스닥시장에 주식을 상장한 주권상장법인입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

주소 : 부산광역시 동구 중앙대로 184, 16층전화번호 : 051-709-3371홈페이지 : http://lsmarinesolution.co.kr

마. 중소기업 등 해당 여부

바. 주요 사업의 내용당사는 해저전력/통신케이블 건설과 유지보수사업, 특수케이블 설치/유지보수, 탐사 등 기타 부대되는사업 등을 영위하고 있습니다. 2024년 10월, 지중 케이블 시공까지 사업영역을 확장하기 위해 LS빌드윈(주)을 연결 자회사로 편입하였습니다.

사. 신용평가에 관한 사항(1) 신용등급최근 3년간 외부 신용평가 전문기관으로부터 받은 신용평가등급은 다음과 같습니다.

(2) 신용등급체계와 신용등급에 부여된 의미

AA부터 CCC까지는 등급내 우열에 따라 '+' 또는 '-'를 부가함

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), 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

4.70%
[2.58%, 8.39%] · 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 54.0% (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

0.85
Beta [0.73, 0.98] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.162%[-0.331%, +0.655%]
R squared
0.34
Observations
252
Trading-time corrected beta
0.92[0.69, 1.15]
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.

Financials

2015Separate basis2016Separate basis2017Separate basis2018Separate basis2019Separate basis2020Separate basis2021Separate basis2022Separate basis2023Separate basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M6648407376135525222994287081,3032,4422,810
Revenue growth%—26.41-12.17-16.90-9.97-5.33-42.7943.2165.42—87.45—
Operating incomeKRW 100M628195-5210-41-51-6613112470109
Operating income growth%—30.7017.34-155.18—-518.46————-43.44—
Net incomeKRW 100M415182-43512-32-12111613284173
Net income growth%—24.1560.18-152.00—146.28-365.90———-36.71—
Attributable to ownersKRW 100M—————————132——
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%9.299.6112.84-8.531.79-7.93-17.18-15.4418.499.512.873.88
Net margin%6.246.1311.18-6.990.882.29-10.65-28.3416.4110.133.426.16
ROE%—————————6.34——
ROA%2.593.285.77-3.280.401.02-2.88-10.087.925.191.132.20
Debt ratio%65.6254.7931.3226.6818.0013.6510.777.0219.6522.1517.6724.12
Current ratio%73.0780.5698.2399.37169.90695.13812.581,169.59279.46374.36718.45509.52
Quick ratio%70.2777.1191.9295.04155.55691.34796.501,146.99271.68370.65716.79508.17
Reserve ratio%——404.83379.45376.31377.61363.33340.22379.78542.731,105.791,115.31
Free cash flowKRW 100M——————————-566—
FCF margin%——————————-23.16—
OCF conversion%393.13195.72356.88—3,699.76-136.75——146.74-50.15238.55—
Capex to revenue%——————————31.32—
Receivable daysdays—79.368.867.269.8165.3270.752.073.5—69.3—
Inventory daysdays—5.26.75.69.77.710.513.112.8—2.2—
Payable daysdays—57.046.435.147.845.755.548.659.9—41.8—
Cash conversion cycledays—27.429.237.731.7127.3225.716.626.4—29.7—
EPSKRW202250401-2092458-155-580472489215—
PERx—19.7210.96—197.0891.55——23.1630.25139.30—
BPSKRW—————————6,37212,02312,112
PBRx—————————2.322.492.24
Dividend per shareKRW5050503030303030160160160—
Payout ratio%24.7520.0012.47—125.0051.72——33.9032.7274.42—

Profit flowKRW 100M

Revenue
2,442
Cost of sales
2,281
Gross profit
161
SG&A expenses
91
Operating income
70
Non-operating income
40
Profit before tax
110
Net income
84
Income tax expense
27

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

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.

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
1,6031,5701,4281,3071,2091,1681,1041,2031,4672,5437,390
635556341275185140107792414611,110
9681,0141,0871,0321,0251,0289971,1241,2262,0826,281

Income statement

20152016201720182019202020212022202320242025
6648407376135525222994287081,3032,442
628195-5210-41-51-6613112470
4867106-54720-41-152145169110
415182-43512-32-12111613284
Basic earnings per shareKRW202250401-2092458-155-580472489215
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable214
385783-45-19-25-11711013276

Cash flow statement

20152016201720182019202020212022202320242025
Net incomefrom the income statement415182-43512-32-12111613284
Total adjustments to operating cash flowcomputed1224921233175-2813413854-198116
163101294-10180-1610317170-66199
-747-85-57-22-14205265-125-519185-4,716
316-44-171-23-127-43-8242-93074,470
Cash at beginning of periodKRW 100M299324691453199567701342785
324691453199567701342785736
Net change in cash and cash equivalentsKRW 100M-268-27Not applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 yearOpinionAuditorFiscal year end
2025적정의견Term 31안진회계법인2025-12-31
2024적정의견Term 30안진회계법인2025-12-31
2023적정의견Term 29삼일회계법인2025-12-31
2022적정Term 28삼일회계법인2022-12-31
2021적정Term 27삼일회계법인2022-12-31
2020적정Term 26삼정회계법인2022-12-31
2019적정Term 25삼정회계법인2019-12-31
2018적정Term 24삼정회계법인2019-12-31
2017적정Term 23삼정회계법인2019-12-31
2016적정Term 22안진회계법인2016-12-31
2015적정안진회계법인2016-12-31
2014적정Term 20안진회계법인2016-12-31

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 5Y0.73
%
%
Cost of equity8.03%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate24.3%
Base fiscal year2025
Current priceKRW31,900

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 model2,705-91.5%
Dividend discount model DDM2,705-91.5%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIMNo book value or return on equity
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% + 0.73 × 5.00% = 8.03%

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 = g_T = 2.00%

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 160 × (1 + 2.00%) / (8.03% − 2.00%) = 163 / 0.0603 = 2,705 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 = 160, g_1 = 2.00%, g_T = 2.00%, r = 8.03%

YearGrowthDividend KRWDiscount factorPresent value KRW
12.00%1630.9256151
22.00%1660.8568143
32.00%1700.7931135
42.00%1730.7341127
52.00%1770.6795120
Terminal value2.00%2,9860.67952,029
Total2,705

P_0 = 2,705 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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Neighbours in the market capitalisation order.

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