066570KOSPI

LG Electronics

200,500

-7,500 (-3.61%)

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 Electronics was established in 2002 through a corporate split of the electronics and information communication business division of LG Electronics Co., Ltd. The company is listed on the KOSPI market and also has depositary receipts listed on the London Stock Exchange.

The company operates several business segments including home appliances, air conditioners, HVAC, TVs, monitors, PCs, and vehicle components. It also provides optical solutions through LG Innotek. Main customers include major retailers such as Home Depot and Lowe's.

Business overview as filed

연결회사의 보고부문인 사업본부는 서로 다른 제품과 용역을 제공하는 전략적 사업단위입니다. 각 사업은 서로 다른 기술과 마케팅전략에 따라 별도로 운영되고 있습니다. 보고기간말 현재 제조 및 판매하고 있는 각 사업부문별 주요 제품은 다음과 같습니다.

HS사업부문과 ES사업부문은 냉장고, 세탁기, 청소기, 에어컨 등을 생산ㆍ판매하며, 양 개 사업부문의 제24기 (이하 생략) 매출액은 354,489억원으로 전체 매출액 대비 약 39.8%를 차지하고 있으며, 주요 제품인 냉장고, 세탁기, 에어컨의 매출액은 264,692억원으로 양 개 사업부문 매출액의 약 74.7%를 차지하고 있습니다. Steel, Resin, Copper 등이 주요 원재료이며, 한국, 중국, 태국, 미국 등에서 생산하고 있습니다.MS사업부문은 TV, Audio, 모니터, PC, 인포메이션 디스플레이 등 주로 영상 및 관련기기들을 생산ㆍ판매하며, 매출액은 194,263억원으로 전체 매출액 대비 약 21.8%를 차지하고 있습니다. 주요 제품인 영상기기의 매출액은 162,092억원으로 사업부문 매출액 대비 83.4%를 차지하고 있습니다. LCD 모듈, Chip 등이 주요 원재료이며, 멕시코, 폴란드, 인도네시아, 중국 등에서 생산하고 있습니다. 텔레매틱스, AV, AVN 등 차량용 부품을 생산ㆍ판매하는 VS사업부문의 매출액은 111,357억원이며, 매출 비중은 약 12.5%입니다. 주요 원재료는 LCD 패널, Chip 등 이며, 주요 생산지는 한국, 베트남, 중국, 오스트리아 등입니다. LG이노텍의 주요 제품은 카메라모듈 등이며, 매출액은 218,966억원 그리고 매출 비중은 24.5%입니다. 주요 원재료는 Image Sensor, Lens, Actuator 등이며, 주요 생산지는 한국, 중국, 베트남 등입니다.

연결회사는 금융담당 주관하에 4개의 해외 금융센터를 운영하며 재무위험을 선제적이며 체계적으로 관리하고 있습니다. 내부적인 외환관리규칙에 의거 영업활동으로 인한 외환위험을 관리하며, 잔여위험 축소를 위하여 파생상품 활용 시 매월 헷지 결과를 점검하고 있으며, 투기목적의 파생상품 거래는 금지하고 있습니다. 이자비용의 최소화를 위해, 해외 연결회사 간 내부자금 공유 확대를 통해 외부차입금 최소화 및 보유 예금의 최적화를 추진하고 있으며, 주기적으로 국내외 금리동향 모니터링 및 대응방안을 수립하고 있습니다. 신용위험 관리를 위해, 세계 3대 채권보험사 및 한국무역보험공사와 통합 채권보험 프로그램을 운영하며, 거래선에 대한 보험사별 신용 평가를 준용하여 보험부보를 실행함으로써 매출채권 신용위험을 최소화하고 있습니다. 보고기간말 현재 연결회사의 매출채권 잔액은 14,066,426백만원이며, 보험한도 및 담보금액은 31,590,717백만원입니다. 유동성위험 관리를 위해 국내외 신용평가기관으로부터 투자적격등급을 부여받고 있어, 적기에 자금조달이 가능합니다.연결회사는 생활가전 및 영상기기 분야에서는 저소비 전력, 소비자 편의성 증대 및 친환경 프리미엄 신제품을 개발하고 있으며, 로봇, 차량용 부품 등 신규 사업분야에서는 고성능, 고효율, 스마트 기능의 차세대 혁신 기술 및 제품을 개발하고 있습니다. 각 사업본부 산하 연구소는 단기간내 출시되는 제품 및 기술을 집중 개발하고, CTO부문에서는 중장기적인 핵심기술을 선행 연구 개발하고 있으며, 연간 4조원 이상의 연구개발비를 지출하고 있습니다. 이러한 노력에 힘입어 2025년말 기준 국내 27,737건, 해외 71,554건의 등록된 특허권을 보유하고 있습니다.

연결회사는 사업활동에서 발생하는 환경부담을 줄이기 위해 제품과 사업장에 대한 환경 관련 규제에 적극적으로 대응하고 있습니다. EU를 비롯한 미국, 중국, 일본, 한국 등에서 시행중인 유해물질 규제를 충족하는 제품을 생산하고 있으며, 글로벌 폐가전 회수처리 프로그램 운영을 통해 2020년에 413,067톤, 2021년에 445,254톤, 2022년에 497,425톤, 2023년에 462,440톤, 2024년에 532,630톤을 처리하였습니다. 또한, 온실가스 배출량은 다음과 같습니다.

주) 온실가스 배출량 및 에너지 사용량은 환경부의 적합성 평가 결과에 따라 변동될 수 있습니다.사업장내 환경오염물질의 저감을 위해 2010년부터 본사 통합 운영을 통해 국내 생산사업장 및 연구소에 대한 환경 및 안전보건에 대한 통합인증을 완료하였으며, 녹색기업 사업장을 운영하고 있습니다. 또한, 2030 탄소중립 목표를 설정하고 이에 따른 온실가스 감축, 재생에너지 확대 등 친환경 활동을 수행하고 있습니다. 특히 회사는 2021년에 SBTi(Science-Based Target Initiative, 과학적 기반 감축 목표 이니셔티브인)로부터 온실가스 감축 목표를 검증 받고, 공정개선, 에너지 절감 기술도입, 재생에너지 사용 등을 통해 온실가스 배출량을 저감하고 있습니다. 이러한 노력의 결과, 회사는 글로벌 기후변화 대응 성과를 평가하는 2025 CDP Climate Change 평가에서 A- 등급을 획득하며 탄소중립 및 기후리스크 관리 역량을 국제적으로 인정받았습니다. 또한 2025년 한국기업지배구조원의 ESG 평가에서는 환경부문 A 등급을 받았습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)2025년말 현재 지배회사의 연결대상 종속기업은 177개입니다.

(2) 연결대상회사의 변동내용2025년말 현재 연결대상 종속기업은 2024년 말 대비 29개 증가하고 4개 감소하였습니다.

나. 회사의 법적ㆍ상업적 명칭

당 회사는 엘지전자주식회사(이하 '회사')라 칭하며, 약칭으로는 LG전자주식회사, 영문으로는 LG Electronics Inc.라고 표기합니다.

다. 설립일자 및 존속기간

회사는 2002년 4월 1일을 기준일로 분할 전 LG전자㈜의 전자 및 정보통신 사업부문을 인적분할하여 설립하였습니다.2002년 4월 22일자로 한국거래소 유가증권시장에 재상장하였으며, 회사의 주식예탁증서는 런던증권거래소에 2002년 9월에 재상장하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

- 본사의 주소 : 서울특별시 영등포구 여의대로 128 LG트윈타워- 전화번호 : 02-3777-1114- 홈페이지 주소: https://www.lge.co.kr

마. 중소기업 등 해당 여부

회사는 중소기업기본법 제2조에 의한 중소기업, 벤처기업 육성에 관한 특별조치법 제2조의2에 의한 벤처기업 및 중견기업 성장촉진 및 경쟁력 강화에 관한 특별법 제2조에 의한 중견기업에 해당되지 않습니다.

바. 주요 사업의 내용

회사와 그 종속기업(이하'연결회사')의 주요 사업부문은 냉장고ㆍ세탁기ㆍ청소기 등을 생산ㆍ판매하며, 제24기 기준 전체 매출액 대비 29.3%의 비중을 차지하는 Home appliance Solution 사업본부(HS), 에어컨, HVAC 등을 생산ㆍ판매하며, 매출 비중은 10.5%인 Eco Solution 사업본부(ES), TV와 모니터, PC, 사이니지 등 디지털 미디어 제품을 생산ㆍ판매하며, 매출 비중은 21.8%인 Media entertainment Solution 사업본부(MS), 자동차 부품 등을 설계ㆍ제조하며, 매출 비중은 12.5%인 Vehicle component Solution 사업본부(VS) 그리고 광학솔루션사업 등을 영위하며 매출 비중은 24.5%인 엘지이노텍의 5개로 구성되어 있습니다. 연결회사의 주요 매출처는 Best Buy, HOME DEPOT, LOWE'S 등이 있으며, 기타 자세한 사항은 「Ⅱ. 사업의 내용」을 참조 바랍니다.

사. 신용평가에 관한 사항 회사가 신용평가 전문기관으로부터 받은 최근 사업연도 신용평가등급은 다음과 같습니다.

【국내】【국내 신용등급체계 및 등급정의】【해외】 주) 2026년 1월 Moody's는 당사 신용등급 전망을 Baa1(Stable)로 상향 결정하였습니다.【해외 신용등급체계 및 등급정의】

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.13), 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

4.58%

[2.54%, 8.06%] · 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 62.3% (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

0.73

Beta [0.50, 0.97] · KOSPI200 · As of 2026-10-08

Intercept: +0.241%[-0.329%, +0.810%]
R squared: 0.22
Observations: 252
Trading-time corrected beta: 1.08[0.61, 1.55]

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	565,090	553,670	613,963	613,417	623,062	632,620	747,216	834,673	842,278	877,282	892,009	932,796
Revenue growth%	—	-2.02	10.89	-0.09	1.57	1.53	18.11	11.70	0.91	4.16	1.68	—
Operating incomeKRW 100M	11,923	13,378	24,685	27,033	24,361	31,950	38,638	35,510	35,491	34,197	24,784	38,327
Operating income growth%	—	12.20	84.53	9.51	-9.88	31.15	20.93	-8.10	-0.05	-3.65	-27.53	—
Net incomeKRW 100M	2,491	1,263	18,695	14,728	1,799	20,638	14,150	18,631	11,506	5,914	12,204	15,216
Net income growth%	—	-49.30	1,380.04	-21.22	-87.78	1,046.88	-31.44	31.67	-38.24	-48.60	106.37	—
Attributable to ownersKRW 100M	1,244	769	17,258	12,401	313	19,683	10,317	11,964	7,129	3,675	9,606	10,407
Attributable to minoritiesKRW 100M	1,247	494	1,437	2,327	1,487	955	3,833	6,667	4,377	2,239	2,598	4,809
Operating margin%	2.11	2.42	4.02	4.41	3.91	5.05	5.17	4.25	4.21	3.90	2.78	4.11
Net margin%	0.44	0.23	3.05	2.40	0.29	3.26	1.89	2.23	1.37	0.67	1.37	1.63
ROE%	1.07	0.64	13.05	8.70	0.22	12.75	5.99	6.30	3.63	1.75	4.02	3.88
ROA%	0.69	0.33	4.54	3.32	0.40	4.28	2.65	3.38	1.91	0.90	1.78	2.06
Debt ratio%	179.69	183.42	180.92	171.84	173.12	174.79	166.10	145.23	156.36	160.31	140.33	130.89
Current ratio%	110.95	107.92	109.46	113.00	111.87	115.00	116.38	123.09	125.58	124.23	128.28	130.60
Quick ratio%	77.98	75.07	75.77	77.86	78.66	78.15	75.08	81.05	87.81	84.94	87.50	89.47
Reserve ratio%	1,338.77	1,362.75	1,554.17	1,677.08	1,652.95	1,851.54	1,937.89	2,092.77	2,133.41	2,150.15	2,268.11	2,433.19
Free cash flowKRW 100M	8,715	11,390	-4,093	13,751	16,170	23,467	293	-90	26,437	14,862	16,652	—
FCF margin%	1.54	2.06	-0.67	2.24	2.60	3.71	0.04	-0.01	3.14	1.69	1.87	—
OCF conversion%	1,051.11	2,500.09	115.87	308.36	2,050.13	224.28	189.22	166.81	513.95	649.80	350.74	—
Capex to revenue%	3.09	3.65	4.19	5.16	3.33	3.61	3.54	3.73	3.88	2.69	2.93	—
Receivable daysdays	—	46.7	22.4	2.9	3.4	3.1	2.3	2.4	—	—	—	—
Inventory daysdays	—	44.0	43.3	47.1	46.2	51.7	56.2	55.3	52.4	54.6	58.2	—
Payable daysdays	—	56.3	40.1	28.4	27.2	26.7	24.9	24.9	—	—	—	—
Cash conversion cycledays	—	34.4	25.5	21.6	22.4	28.2	33.5	32.7	—	—	—	—
EPSKRW	686	422	10,546	7,578	191	12,028	6,304	7,311	3,954	2,036	5,330	6,389
PERx	—	122.27	10.05	8.22	377.15	11.22	21.89	11.83	25.75	41.01	17.24	31.77
BPSKRW	—	73,249	80,809	87,097	87,567	94,334	105,291	116,055	120,165	128,292	146,651	164,463
PBRx	—	0.70	1.31	0.72	0.82	1.43	1.31	0.75	0.85	0.65	0.63	1.23
Dividend per shareKRW	—	400	400	750	750	1,200	850	700	800	500	1,000	—
Payout ratio%	—	94.79	3.79	9.90	392.32	9.98	13.48	9.57	20.23	24.56	18.76	—

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
	363,139	378,553	412,210	443,284	448,599	482,042	534,815	551,561	602,408	656,296	686,202
	163,976	169,906	191,950	193,629	197,535	232,394	274,878	274,882	303,412	339,235	348,699
Cash and cash equivalentsKRW 100M	27,102	30,151	33,506	42,704	47,774	58,963	60,515	63,224	84,876	75,730	87,698
Short-term financial instrumentsKRW 100M	—	—	805	805	660	820	1,465	1,710	264	467	263
InventoriesKRW 100M	48,727	51,710	59,084	60,214	58,634	74,472	97,540	93,888	91,254	107,294	110,850
Trade and other receivablesKRW 100M	70,934	70,599*	4,674	5,064	6,392	4,464	4,891	6,028	Not applicable	Not applicable	Not applicable
	199,163	208,647	220,260	249,656	251,064	249,648	259,937	276,679	298,996	317,061	337,503
Property, plant and equipmentKRW 100M	104,603	112,224	118,008	133,340	145,054	139,740	147,008	158,318	168,186	170,752	167,143
Intangible assetsKRW 100M	14,733	15,711	18,546	30,012	26,920	31,391	24,432	24,548	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	48,419	51,046	56,203	55,376	45,445	44,716	51,492	39,636	30,045	27,757	27,973
	233,304	244,985	265,473	280,215	284,347	306,621	333,834	326,641	367,423	404,179	400,681
	147,797*	157,444	175,365	171,350	176,579	202,075	236,199	223,325	241,604	273,074	271,832
Trade and other payablesKRW 100M	60,870	67,464*	35,228	36,705	33,188	35,560	40,774	45,516	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	23,261	16,505	13,608	14,051	16,437	14,501	18,956	22,875	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	2,742	2,766	2,925	3,040	3,368	3,857	4,224
	85,507*	87,542	90,108	108,865	107,768	104,546	97,635	103,316	125,819	131,105	128,850
Long-term borrowingsKRW 100M	65,011	70,085	80,897	94,961	88,437	84,696	80,360	87,577	107,192	110,933	101,800
Non-current lease liabilitiesKRW 100M	—	—	—	—	4,972	5,854	6,629	7,923	8,563	8,742	8,937
	129,835	133,567	146,737	163,069	164,251	175,421	200,980	224,920	234,985	252,117	285,520
	116,266	119,871	132,243	142,533	143,301	154,375	172,306	189,921	196,648	209,948	238,874
Issued capitalKRW 100M	9,042	9,042	9,042	9,042	9,042	9,042	9,042	9,042	9,042	9,042	9,042
Capital surplusKRW 100M	30,882	30,882	30,882	30,882	30,882	30,882	30,882	30,882	30,882	30,882	30,882
Retained earningsKRW 100M	90,165	92,334	109,642	120,754	118,573	136,528	144,336	158,340	162,014	163,528	174,193
Accumulated other comprehensive incomeKRW 100M	-11,720	-10,290	-15,225	-16,047	-13,098	-19,979*	-11,189	-7,504	-4,208	8,129	12,342
Other equityKRW 100M	-2,103	-2,097	-2,098	-2,098	-2,098	-2,098	-887	-847	-1,081	-1,628	12,404
Non-controlling interestsKRW 100M	13,569	13,696	14,494	20,536	20,951	21,046	28,674	34,999	38,338	42,169	46,646

기타수취채권As filed	6,541	5,458	4,702	4,524	4,380	4,582	—	—	5,958	15,835	7,918
계약자산As filed	—	—	—	7,638	6,715	6,422	6,128	7,040	11,294	13,521	11,223
매출채권As filed	—	—	81,782	63,716	63,603	71,549	81,665	82,165	92,650	105,356	111,607
금융기관예치금As filed	875	806	528	459	394	589	—	—	1,952	1,936	2,005
당기법인세자산As filed	1,613	1,472	1,342	1,518	1,483	1,373	1,793	2,157	2,263	2,586	2,645
기타금융자산As filed	207	307	35	84	51	43	183	78	1,021	762	224
기타자산As filed	7,942	9,314	10,507	10,734	12,075	10,390	—	—	3,091	3,107	15,594
매각예정분류자산As filed	36	89	214	1,152	147	3,898	1,801	129	42	36	676
기타유동자산As filed	—	—	—	—	—	—	18,899	18,462	13,792	17,648	—
장기금융기관예치금As filed	—	—	—	—	—	—	589	752	—	—	—
장기매출채권As filed	—	—	—	—	—	—	251	1,432	—	—	—
이연법인세자산As filed	16,378	15,546	13,654	14,108	16,684	19,159	20,857	24,521	28,216	35,096	35,209
장기기타수취채권As filed	—	—	—	—	—	—	6,719	7,878	—	—	—
장기기타금융자산As filed	—	—	—	—	—	—	2,236	4,112	—	—	—
투자부동산As filed	1,213	970	957	944	3	4	4	1,019	945	926	1,775
순확정급여자산As filed	—	7	7	9	0	107	58	7,712	5,578	5,071	7,998
무형자산As filed	—	—	—	—	—	—	—	—	28,677	35,187	43,704
기타비유동자산As filed	—	—	—	—	—	—	3,324	3,105	—	—	—
기타지급채무As filed	28,471	31,967	65	180	12	631	1,163	1,365	46,240	57,295	57,120
매입채무As filed	—	—	81,375	72,167	68,206	87,282	87,419	82,124	94,273	98,848	105,821
기타금융부채As filed	138	211	23	33	72	200	85	102	93	30	94
당기법인세부채As filed	766	743	1,004	1,857	1,728	2,029	3,946	2,506	2,263	3,709	3,499
충당부채As filed	5,759	7,710	6,496	6,725	8,245	9,110	26,093	14,808	10,496	15,154	12,347
기타부채As filed	28,531	32,844	37,632	28,613	33,767	34,174	—	—	39,874	43,831	44,660
비유동매출채권As filed	—	—	—	—	—	—	—	—	6,394	16,457	—
이연법인세부채As filed	58	96	88	1,270	1,284	1,318	371	468	350	351	787
계약부채As filed	—	—	—	11,198	12,195	16,453	14,540	14,440	18,980	21,460	19,426
순확정급여부채As filed	7,876	5,113	3,267	3,986	5,929	4,991	2,019	862	1,053	1,470	1,285
납입자본As filed	39,923	39,923	—	—	—	—	—	—	—	—	—
비지배지분As filed	13,569	—	—	—	—	—	—	—	—	—	—
매각예정분류 기타포괄손익누계액As filed	—	—	—	—	—	—	123	8	—	-5	11
매각예정분류기타포괄손익누계액As filed	—	—	—	—	—	—	—	—	-1	—	—
부채와 자본 총계As filed	—	—	412,210	443,284	448,599	482,042	534,815	551,561	602,408	656,296	686,202
부채와 자본총계As filed	363,139	378,553	—	—	—	—	—	—	—	—	—
기타유동부채As filed	—	—	—	—	—	—	41,460	37,915	—	—	—
매각예정분류부채As filed	—	—	—	—	—	—	0	0	—	—	—
차입금As filed	—	—	—	—	—	—	—	—	26,016	28,893	24,642
장기충당부채As filed	—	—	—	—	—	—	3,737	2,881	—	—	—
장기계약부채As filed	—	—	—	—	—	—	474	472	—	—	—
기타비유동부채As filed	—	—	—	—	—	—	2,285	1,664	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	565,090	553,670	613,963	613,417	623,062	632,620*	747,216*	834,673	842,278*	877,282	892,009
Cost of salesKRW 100M	436,351	416,303	467,376	462,606	469,706	469,451*	558,488*	632,311	644,251*	663,489	683,592
Gross profitKRW 100M	128,739	137,367	146,587	150,810	153,356	163,169*	188,729*	202,362	198,027*	213,792	208,417
SG&A expensesKRW 100M	66,079	66,897*	121,902	123,778	128,994	131,220*	150,091*	166,853	162,536*	179,596	183,633
	11,923	13,378	24,685	27,033	24,361	31,950*	38,638*	35,510	35,491*	34,197	24,784
Finance incomeKRW 100M	5,426	4,906	4,837	4,874	4,262	6,581*	5,962*	10,382	12,853*	11,677	10,615
Finance costsKRW 100M	9,031	8,841	8,311	7,966	7,140	11,160*	6,904*	12,319	14,255*	11,326	14,403
Other incomeKRW 100M	18,816	18,946	13,466	12,516	13,760	25,919*	18,741*	38,529	22,950*	24,059	24,019
Other expensesKRW 100M	24,798	23,859	15,771	15,600	19,436	28,492*	25,491*	35,024	27,661*	35,326	27,762
Share of profit of associatesKRW 100M	3,595	2,687	6,675	-772	-10,521	-242	4,489	-11,680	-10,447	-9,924	1,112
	5,931	7,217	25,581	20,086	5,286	24,556*	35,434*	25,398	18,699*	13,358	18,364
Income tax expenseKRW 100M	3,402	5,954	6,886	5,358	3,487	3,919*	9,786*	5,323	7,202*	4,625	6,085
Profit from continuing operationsKRW 100M	2,530	1,263	18,695	—	—	—	—	—	11,497*	8,733	12,280
Profit or loss from discontinued operationsKRW 100M	-38	0	0	—	—	—	—	—	9*	-2,819	-75
	2,491	1,263	18,695	14,728	1,799	20,638	14,150	18,631	11,506	5,914	12,204
Attributable to ownersKRW 100M	1,244	769	17,258	12,401	313	19,683	10,317	11,964	7,129	3,675	9,606
Attributable to minoritiesKRW 100M	1,247	494	1,437	2,327	1,487	955	3,833	6,667	4,377	2,239	2,598
Basic earnings per shareKRW	686	422	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	3,954	2,036	5,330
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	1,008	4,845	14,337	13,322	3,774	13,434	23,194	26,095	12,451	20,677	20,623
Other comprehensive incomeKRW 100M	-1,483	3,582	-4,358	-1,406	1,975	-7,204	9,044	7,463	945	14,763	8,419

당기순이익(손실)As filed	2,491	1,263	18,695	14,728	1,799	20,638	14,150	18,631	—	5,914	12,204
비지배지분As filed	1,209	517	1,236	2,339	1,563	1,000	4,304	6,980	4,268	4,480	3,473
순확정급여부채의 재측정요소As filed	-954	1,820	965	-739	-1,456	-767	2	3,248	—	1,143	3,255
지배기업의 소유주지분As filed	—	—	13,101	10,984	2,211	12,433	18,890	19,114	8,183	16,197	17,150
후속적으로 당기손익으로 재분류되지 않는 항목 :As filed	-1,267	—	—	-726	—	—	—	—	—	—	—
관계기업의 재측정요소에 대한 지분As filed	-314	449	-10	19	325	418	-616	481	182	-494	257
관계기업 및 공동기업의 기타포괄손익에 대한 지분As filed	222	-400	—	—	—	—	—	—	—	—	—
서비스비As filed	12,864	18,930	13,320	12,806	14,334	15,129	23,090	17,990	17,173	18,081	18,628
판매비As filed	—	—	71,257	74,312	76,212	77,841	91,809	107,004	99,892	111,688	112,467
현금흐름위험회피As filed	-198	-29	295	-356	-334	-58	661	1,007	—	-173	292
후속적으로 당기손익으로 재분류될 수 있는 항목 :As filed	-216	—	—	-680	—	—	—	—	—	—	—
관리비As filed	14,095	13,477	13,456	13,420	13,614	13,118	14,234	17,885	19,995	22,953	24,772
매도가능금융자산As filed	24	-4	-12	0	0	—	—	—	—	—	—
해외사업장환산외환차이As filed	-264	1,746	-4,607	-239	2,963	-6,993	6,584	3,221	—	11,592	4,355
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	—	14,102	3,713
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	-6	86	223	-151	-244	-23	12	1,193
지배기업의 소유주 지분As filed	-200	4,328	—	—	—	—	—	—	—	—	—
연구개발비As filed	23,778	24,686	23,869	23,240	24,834	25,132	20,957	23,973	25,476	26,873	27,766
관계기업 및 공동기업의 기타포괄손익(재측정요소 제외)에 대한 지분As filed	—	—	-989	-86	390	-27	2,564	-250	250	2,683	-934
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	3,686	—	—
세후기타포괄손익, 현금흐름위험회피As filed	—	—	—	—	—	—	—	—	-581	—	—
초인플레이션으로 인한 순화폐성 항목에서 발생하는 이익(손실)As filed	—	—	—	—	—	—	—	—	-231	0	0
계속영업당기순이익(손실)As filed	1,282	769	17,258	—	—	—	25,648	20,075	4,377	2,239	2,598
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	—	661	4,706
중단영업당기순이익(손실)As filed	-38	0	0	—	—	—	-11,499	-1,444	0	0	0
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-2,570	—	—
계속영업 보통주기본주당순이익(손실)As filed	0	0	0	—	—	—	—	—	0	0	0
우선주기본주당순이익(손실)As filed	7	5	—	—	—	—	—	—	0	0	0
중단영업 보통주기본주당순이익(손실)As filed	-0	0	—	—	—	—	—	—	0	-0	-0
계속영업 우선주기본주당순이익(손실)As filed	8	5	0	—	—	—	—	—	0	0	0
중단영업 우선주기본주당순이익(손실)As filed	-0	0	0	—	—	—	—	—	0	-0	-0
당기순이익(손실)(A)As filed	—	—	—	—	—	—	—	—	11,506	—	—
보통주기본주당순이익As filed	—	—	—	—	0	0	—	—	—	—	—
보통주 기본주당순이익As filed	—	—	0	0	—	—	—	—	—	—	—
우선주기본주당순이익As filed	—	—	—	—	0	0	—	—	—	—	—
보통주기본주당이익(손실)As filed	—	—	—	—	—	—	0	0	—	—	—
우선주 기본주당순이익As filed	—	—	0	0	—	—	—	—	—	—	—
계속영업 보통주기본주당이익(손실)As filed	—	—	—	—	—	—	0	0	—	—	—
중단영업 보통주기본주당이익(손실)As filed	—	—	—	—	—	—	-0	-0	—	—	—
우선주기본주당이익(손실)As filed	—	—	—	—	—	—	0	0	—	—	—
계속영업 우선주기본주당이익(손실)As filed	—	—	—	—	—	—	0	0	—	—	—
중단영업 우선주기본주당이익(손실)As filed	—	—	—	—	—	—	-0	-0	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	2,491	1,263	18,695	14,728	1,799	20,638	14,150	18,631	11,506	5,914	12,204
Total adjustments to operating cash flowcomputed	23,696	30,317	2,968	30,688	35,092	25,648	12,624	12,447	47,630	32,513	30,601
	26,188	31,580	21,663	45,416	36,892	46,286	26,774	31,078	59,136	38,427	42,805
Interest receivedKRW 100M	756	776	813	1,005	1,294	890	822	1,871	4,236	4,880	3,934
Interest paidKRW 100M	4,662	4,337	3,844	4,258	4,112	3,730	3,185	3,747	5,600	6,231	6,246
Income taxes paidKRW 100M	4,098	5,372	5,366	4,946	5,693	6,517	6,832	11,508	10,147	9,800	11,251
	-19,332	-23,907	-25,829	-44,203	-20,833	-23,145	-24,655	-32,275	-52,897	-42,119	-30,136
Purchase of property, plant and equipmentKRW 100M	17,473	20,190	25,755	31,665	20,721	22,819	26,481	31,168	32,699	23,564	26,153
Proceeds from sale of property, plant and equipmentKRW 100M	816	1,038	6,283	1,475	2,234	1,353	3,114	3,202	473	412	1,018
Purchase of intangible assetsKRW 100M	4,836	4,571	6,438	6,779	4,725	8,012	6,110	6,360	8,677	13,116	12,920
	-1,889	-2,788	8,408	8,193	-11,170	-9,939	-2,823	4,483	15,032	-7,047	-3,195
Dividends paidKRW 100M	1,090	1,174	1,168	1,226	2,309	2,352	3,080	3,306	2,410	3,167	2,663
Cash at beginning of periodKRW 100M	22,444	27,102	30,151	33,506	42,704	47,774	58,963	60,515	63,224	84,876	75,730
	27,102	30,151	33,506	42,704	47,774	58,963	60,515	63,224	84,876	75,730	87,698
Effect of exchange rate changesKRW 100M	-309	-1,835	-888	-207	180	-1,477	2,304	-1,161	381	1,594	2,494
Net change in cash and cash equivalentsKRW 100M	4,658	3,050	3,355	9,198	5,070	11,725	1,600	2,125	21,652	-9,145	11,968

기초의 매각예정집단에 포함된 현금및현금성자산As filed	—	—	—	—	—	—	—	—	0	—	—
영업으로부터 창출된 현금As filed	33,472	39,793	29,376	52,928	45,389	55,507	35,854	43,437	—	—	56,279
연결자본거래로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	18,179
리스부채의 원금 상환As filed	—	—	—	—	—	—	—	—	3,606	3,803	—
기말의 매각예정집단에 포함된 현금및현금성자산As filed	—	—	—	—	—	—	—	—	0	—	—
배당금의 수취As filed	719	719	685	687	13	136	115	1,025	—	231	88
비지배지분과의 거래로 인한 감소As filed	—	—	—	—	—	—	—	—	—	2,256	57
리스부채의 상환As filed	—	—	—	—	2,768	2,932	2,912	2,399	—	—	4,567
비지배지분과의 거래As filed	—	—	—	—	—	—	4,730	146	637	—	—
차입금의 증가As filed	19,805	17,508	22,244	22,798	7,353	12,817	13,874	45,909	60,625	43,552	36,637
금융기관예치금의 감소As filed	698	632	221	337	283	59	88	200	1,428	255	404
기타수취채권의 감소As filed	1,622	1,399	1,599	1,403	1,211	811	896	1,380	1,436	965	11,164
비지배지분과의 거래로 인한 증가As filed	—	—	—	—	—	—	—	—	—	18	169
기타금융자산의 회수 및 처분As filed	788	429	275	655	697	839	758	1,025	—	2,035	739
차입금의 상환As filed	20,611	19,186	12,668	13,380	13,445	17,472	15,433	35,867	40,214	41,391	50,892
무형자산의 처분As filed	20	25	20	28	42	318	127	1,346	146	260	192
관계기업 및 공동기업 투자의 회수 및 처분As filed	541	250	517	0	309	7,288	0	20	0	15	3
투자부동산의 처분As filed	—	219	0	0	997	0	0	0	0	—	77
매각예정자산의 처분As filed	—	—	—	—	—	—	—	—	134	0	—
매각예정분류자산의 처분As filed	—	43	127	391	1,108	184	961	3,013	—	—	53
사업양도로 인한 현금의 증가As filed	1,123	65	139	—	—	—	—	—	—	—	—
기타금융자산의 처분As filed	—	—	—	—	—	—	—	—	1,177	—	—
기타의 감소As filed	12	1	0	0	0	—	—	—	—	—	—
사업양도As filed	—	—	—	496	1,730	0	5,687	1,421	0	63	—
금융기관예치금의 증가As filed	646	458	180	272	71	427	60	359	1,936	614	269
기타수취채권의 증가As filed	1,413	1,232	1,309	1,386	1,092	1,174	1,284	3,314	11,475	1,000	993
기타금융자산의 취득As filed	396	776	498	632	721	1,008	927	1,833	2,487	1,267	1,890
관계기업 및 공동기업 투자의 취득As filed	0	665	797	875	188	154	382	594	417	5,893	341
사업결합As filed	—	—	—	7,380	1,926	403	-1,044	-255	0	671	1,544
사업결합으로 인한 현금의 감소As filed	—	—	35	—	—	—	—	—	—	—	—
사업양도 및 사업결합As filed	—	—	—	—	—	—	—	—	—	—	324
종속기업의 유상증자As filed	7	64	0	0	—	—	—	—	—	—	—
매각예정분류자산으로 분류된 현금및현금성자산As filed	—	—	—	—	—	-536	-584	0	—	—	—
기초의 매각예정분류자산으로 분류된 현금및현금성자산As filed	—	—	—	—	—	—	536	584	—	—	—
영업으로부터 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	70,515	49,346	—
배당금수취As filed	—	—	—	—	—	—	—	—	132	—	—
사업결합 및 연결범위변동으로 인한 현금의 감소As filed	188	117	—	—	—	—	—	—	—	—	—
기타의 증가As 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 2026.03.13.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 24	한영회계법인	2025-12-31
2024	적정의견Term 23	한영회계법인	2025-12-31
2023	적정의견Term 22	삼일회계법인	2025-12-31
2022	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 21	삼일회계법인	2022-12-31
	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 20	삼일회계법인	2022-12-31
	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 19	삼일회계법인	2022-12-31
2019	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 18	삼일회계법인	2019-12-31
	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 17	삼일회계법인	2019-12-31
	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 16	삼일회계법인	2019-12-31
2016	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 15	삼일회계법인	2016-12-31
	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 14	삼일회계법인	2016-12-31
	적정 예외사항 없음 예외사항 없음 예외사항 없음Term 13	삼일회계법인	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 5Y0.81

Equity risk premium%

Terminal growth%

Cost of equity8.45%

Weighted average cost of capital7.42%

Initial growth3.3%

Effective tax rate33.1%

Base fiscal year2025

Current priceKRW200,500

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	15,803	-92.1%
Dividend discount model DDM	16,270	-91.9%
Discounted cash flow FCFF	239,145	+19.3%
Discounted cash flow FCFE	75,107	-62.5%
Residual income model RIM	41,546	-79.3%

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% + 0.81 × 5.00% = 8.45%

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(4.02% × (1 − 18.76%), 0) = 3.27%

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 = 1,000 × (1 + 2.00%) / (8.45% − 2.00%) = 1,020 / 0.0645 = 15,803 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 = 1,000, g_1 = 3.27%, g_T = 2.00%, r = 8.45%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	3.27%	1,033	0.9220	952
2	2.95%	1,063	0.8502	904
3	2.63%	1,091	0.7839	855
4	2.32%	1,116	0.7228	807
5	2.00%	1,139	0.6664	759
Terminal value	2.00%	17,996	0.6664	11,993
Total				16,270

P_0 = 16,270 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 = 146,651 KRW, ROE = 4.02%, payout ratio = 18.76%, r = 8.45%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	146,651	5,897	12,398	-6,501	0.9220	-5,994
2	151,441	6,090	12,804	-6,714	0.8502	-5,708
3	156,389	6,289	13,222	-6,933	0.7839	-5,435
4	161,498	6,494	13,654	-7,159	0.7228	-5,175
5	166,774	6,706	14,100	-7,393	0.6664	-4,927
Terminal value				-116,837	0.6664	-77,866

P_0 = 146,651 + -27,239 + -77,866 = 41,546 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 = 42,805.0 − 26,153.5 + 6,245.9 × (1 − 33.13%) = 20,827.9 KRW hundred million

Weighted average cost of capital

E = 326,587.2, D = 101,800.5 KRW hundred million; equity weight = 76.24%, debt weight = 23.76%; cost of debt k_d = 6.14%

WACC = 76.24% × 8.45% + 23.76% × 6.14% × (1 − 33.13%) = 7.42%

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

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	3.27%	21,508.3	0.9309	20,022.6
2	2.95%	22,142.9	0.8666	19,189.4
3	2.63%	22,726.0	0.8068	18,334.3
4	2.32%	23,252.5	0.7510	17,463.2
5	2.00%	23,717.5	0.6991	16,582.1
Terminal value	2.00%	446,322.9	0.6991	312,045.7
Total				403,637.2

Firm value = 403,637.2; less borrowings 101,800.5; plus cash 87,698.4 → 389,535.2 KRW hundred million

P_0 = 389,535.2 KRW hundred million ÷ 162,886,387 (shares) = 239,145 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 = 42,805.0 − 26,153.5 + -9,132.3 (net borrowing) = 7,519.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	3.27%	7,764.8	0.9220	7,159.5
2	2.95%	7,993.9	0.8502	6,796.2
3	2.63%	8,204.4	0.7839	6,431.4
4	2.32%	8,394.5	0.7228	6,067.4
5	2.00%	8,562.4	0.6664	5,706.3
Terminal value	2.00%	135,312.1	0.6664	90,177.9
Total				122,338.8

P_0 = 122,338.8 KRW hundred million ÷ 162,886,387 (shares) = 75,107 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