081660KOSPI

Misto Holdings

38,150

-1,050 (-2.68%)

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

Misto Holdings is a holding company established on July 23, 1991, and is listed on the KOSPI market. Based in Seoul, the company operates as a corporate group managing a global brand portfolio.

The company earns income through dividends, asset rentals, and management consulting. It operates two segments. The Misto segment manages fashion and lifestyle brands including FILA, Alife, and Pairs. The Acushnet segment manages golf brands such as Titleist and FootJoy, overseeing product development, manufacturing, and distribution.

Business overview as filed

가. 영업의 개황

당사는 2020년 1월 1일자로 신발, 의류 및 기타 관련 제품의 판매하는 부문을 물적분할하여 자회사 미스토코리아(주)를 신설하면서 지주회사로 전환되었습니다. 이후 2025년 3월, 글로벌 브랜드 포트폴리오 기업으로서 정체성을 강화하기 위해 사명을 (주)휠라홀딩스에서 (주)미스토홀딩스로 변경하였습니다. 지주회사인 당사의 주요 수입원은 자회사 등으로부터 받는 배당수익 및 자회사의 경영자문을 통한 자문료 수익 등입니다. 당사의 경영진은 연결실체의 영업부문에 배분될 자원에 대해 전략적인 의사결정을 수행하고 있습니다. 연결실체의 영업부문은 Misto부문과 Acushnet 부문으로 구분됩니다. Misto 부문은 'FILA', 'Alife', 'Pairs'를 포함한 자체 브랜드와 K-패션 브랜드에 대한 라이선스 및 유통 사업으로 구성된 멀티 브랜드 포트폴리오를 운영하고 있습니다.Acushnet 부문은 'Titleist', 'FootJoy', 'Pinnacle', 'Vokey Design', 'Scotty Cameron', 'KJUS', 'Links&Kings', 'Club Glove' 등 다양한 골프 관련 브랜드 사업을 영위하고 있습니다.

나. 산업분석(요약)

[Misto 부문]Misto 부문은 자사 브랜드뿐만 아니라 라이선스 및 유통 계약을 통한 다양한 외부 브랜드를 포함하는 글로벌 브랜드 포트폴리오 기업으로, 변화하는 소비 트렌드와 지역별 시장 환경에 유연하게 대응하고 있습니다.

글로벌 시장의 소비 심리 위축과 관세 관련 불확실성 등 복합적인 환경 변화 속에서도, Misto 부문은 각 브랜드 고유의 정체성과 차별화된 제품 경쟁력, 그리고 지역별 맞춤 전략을 바탕으로 브랜드를 전개하고 있습니다.

자사 대표 브랜드인 FILA는 제품 기획부터, 디자인, 생산, 유통, 마케팅에 이르기까지 전 과정을 아우르는 직접 사업을 한국, 말레이시아에서 전개하고 있으며, 'Authentic Italian Sports Brand’로서 글로벌 시장에서의 경쟁력을 공고히 하고 있습니다.

또한 젊은 소비층에게 높은 선호를 보이는 외부 패션 브랜드와의 라이선스 또는 유통계약을 통해 중화권 시장에 진출, 새로운 성장 동력을 확보하고 있습니다. 향후 스포츠, 아웃도어 등 신규 분야로의 브랜드 포트폴리오 확장도 지속 추진할 계획입니다.

앞으로도 Misto 부문은 브랜드 간 시너지를 극대화하여 브랜드의 장기적인 성장 가능성을 확대해 나갈 계획입니다.

[Acushnet 부문]

COVID-19 팬데믹 기간(2020~2022년) 동안 골프는 비교적 안전한 소규모 야외 레저 활동으로 주목받으며, 전 세계적으로 시장 규모가 빠르게 확대되었습니다. 이후에도 참여 인구 증가와 장비 수요 회복에 힘입어 글로벌 골프 산업은 지속적인 성장세를 이어가고 있습니다.

미국 내셔널 골프 파운데이션(National Golf Foundation, NGF)에 따르면, 2025년 미국 내 골프 참여 인구는 약 4,810만 명으로 전년 대비 90만 명(+1.9%) 증가하며 역대최고치를 경신하였습니다. 이 중 On-Course(필드 골프) 참여 인구는 2,910만 명을 돌파하며, 8년 연속 성장세를 기록하고 있습니다. 특히, 같은 해 연간 골프 라운드 수는 +1.2% 증가하며, 2024년의 기록적인 수치를 상회하는 등 골프 산업의 전반의 호황기가 지속되고 있습니다.소비 측면에서도 긍정적인 흐름이 이어지고 있습니다. 골프 데이터테크(Golf Datatech)에 따르면, 2025년 10, 11, 12월 미국 장비류(골프공, 클럽 등) 소매 판매는 각각 전년동기 대비 +8.9%, +6.1%, +4.7% 증가한 것으로 나타났습니다. 이는 골프 인구 증가와 소비 수요 확대 지속으로 골프 산업의 견조한 흐름이 지속됨을 시사합니다.Acushnet 부문은 업계 전반의 견조한 수요 흐름에 힘입어 2025년 4분기에도 긍정적인 실적 모멘텀을 이어갔습니다. Acushnet의 대표브랜드인 Titleist는 2025년형 업그레이드 골프공 'Pro V1'과 'Pro V1x' 판매 호조에 이어, 'AVX', 'Toursoft' 등 신제품 라인업 확장으로 시장에서의 경쟁력을 한창 강화했습니다. 또한, 'GT Metal', 'T-Series Iron', 'Vokey SM10 Wedge' 등 클럽 부문의 고른 판매 호조가 더해지며 브랜드 모멘텀을 한층 강화하고 있습니다.

다. 매출

글로벌 브랜드 포트폴리오사로의 정체성 강화를 위해 사명 변경과 함께 사업부문 체계를 재편하였습니다.※ (주1) 매출은 연결 전체 실체 기준으로 Acushnet 부문과 FILA 브랜드를 제외한 기타 브랜드 매출만을 합산한 금액입니다.

Company overview

가. 연결대상 종속회사 개황

가-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

주식회사 미스토홀딩스(영문명: Misto Holdings Corporation) 약식 표기: (주)미스토홀딩스

다. 설립일자 및 존속기간

당사는 각종 가정용 섬유제품, 의복, 신발, 가죽제품, 시계, 화장품 및 골프장비 등의 제조, 도소매 및 수출입을 목적으로 1991년 7월 23일 설립되었으며, 같은 해 8월 10일 외국인투자촉진법에 따라 외국인투자기업으로 등록되었습니다.

2005년 MBO(Management Buyout) 방식을 통해 FILA Global Group으로부터 독립하였으며, 2007년 LBO(Leverage Buyout) FILA 브랜드의 글로벌 상표권 및 사업권을 확보하였습니다. 이후 전 세계 라이선시를 통해 브랜드 사업을 전개하며 로열티 수익을 창출해왔습니다.

2020년 1월 1일부로 물적분할을 통해 지주회사로 전환하였으며, 글로벌 브랜드 포트폴리오를 운영하는 지주회사로서의 정체성을 확립하고자 2025년 3월 31일 정기주주총회 결의를 통해 사명을 주식회사 미스토홀딩스(Misto Holdings Corporation)로 변경하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

주소: 서울특별시 성북구 보문로 35전화번호: 02-1533-6400홈페이지: https://www.mistoholdings.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 Misto와 Acushnet의 두 사업 부문을 중심으로 다양한 글로벌 브랜드를 운영하고 있으며, 지주회사로서 자회사 등으로부터의 배당금, 자산 임대에 따른 임대료, 경영자문을 통한 자문료 등을 주요 수익원으로 하고 있습니다.

종속회사는 각기 다른 역할을 수행하며 당사의 주요 사업을 전개하고 있습니다.Misto 부문은 'FILA', 'Alife', 'Pairs'를 포함한 다양한 패션 및 라이프스타일 브랜드를 포트폴리오로 보유하고 있으며, 브랜드별로 상표권을 직접 보유하거나, 유통권 또는 라이선스 권한을 기반으로 사업을 전개하고 있습니다. 이 부문은 글로벌 유통, 소싱, 브랜드 운영, 라이선싱 등을 포괄하며, 한국, 미국, 유럽, 아시아 등 주요 거점에서 각 법인이 제품 기획, 판매, 현지 시장 대응 등의 기능을 수행하고 있습니다.

Acushnet 부문은 Titleist', 'FootJoy', 'Pinnacle', 'Vokey Design', 'Scotty Cameron', 'KJUS', 'Links&Kings', 'Club Glove' 등 골프 관련 브랜드를 보유하고 있으며, Acushnet Holdings Corp. 및 그 계열사를 통해 글로벌 시장에서 제품 개발, 제조, 유통 전반을 아우르는 사업을 영위하고 있습니다.

당사는 이러한 두 사업 부문을 통해 글로벌 스포츠 및 라이프스타일 시장에서의 경쟁력을 지속적으로 강화하고 있으며, 브랜드 포트폴리오의 확장도 함께 추진하고 있습니다.

사. 신용평가에 관한 사항

(1) 최근 5년간 신용평가 내역당사의 신용등급 현황은 아래와 같습니다.

(2) 신용등급 체계 및 부여 의미

주1) 상기 등급 중 AA부터 CCC등급까지는 +,- 부호를 부가하여 동일등급 내에서의 우열을 나타내고 있음

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

2.93%

[2.03%, 4.35%] · 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 33.4% (2026-05-13). 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

0.00

Beta [-0.10, 0.11] · KOSPI200 · As of 2026-10-08

Intercept: +0.006%[-0.295%, +0.307%]
R squared: 0.00
Observations: 252
Trading-time corrected beta: -0.17[-0.34, 0.01]

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	8,157	9,671	25,303	29,546	34,504	31,288	37,940	42,218	40,066	42,687	44,686	47,236
Revenue growth%	—	18.56	161.63	16.77	16.78	-9.32	21.26	11.28	-5.10	6.54	4.68	—
Operating incomeKRW 100M	806	118	2,175	3,571	4,707	3,411	4,929	4,351	3,035	3,608	4,748	6,191
Operating income growth%	—	-85.31	1,737.07	64.21	31.80	-27.53	44.50	-11.72	-30.24	18.88	31.59	—
Net incomeKRW 100M	-1,333	3,111	1,081	2,100	3,381	1,977	3,378	4,675	1,531	2,077	3,486	4,248
Net income growth%	—	—	-65.25	94.29	60.98	-41.52	70.84	38.40	-67.26	35.72	67.83	—
Attributable to ownersKRW 100M	-1,328	3,233	624	1,435	2,668	1,390	2,352	3,437	426	842	2,243	2,746
Attributable to minoritiesKRW 100M	-5	-122	457	665	714	587	1,026	1,238	1,105	1,235	1,243	1,503
Operating margin%	9.88	1.22	8.59	12.09	13.64	10.90	12.99	10.31	7.57	8.45	10.62	13.11
Net margin%	-16.34	32.17	4.27	7.11	9.80	6.32	8.90	11.07	3.82	4.87	7.80	8.99
ROE%	-27.68	37.70	7.81	14.48	21.35	10.76	14.60	18.32	2.23	4.20	11.61	12.75
ROA%	-13.62	9.19	3.51	6.36	8.97	5.26	7.88	9.70	3.07	3.75	6.32	6.74
Debt ratio%	104.33	159.95	149.44	119.34	109.35	102.36	85.95	87.29	95.00	102.33	112.73	111.50
Current ratio%	152.33	104.02	166.16	199.00	182.95	169.38	194.14	209.88	193.03	199.60	212.56	203.00
Quick ratio%	70.53	52.98	82.89	104.96	98.15	107.54	122.06	91.77	103.01	117.03	120.08	130.97
Reserve ratio%	707.93	1,351.13	—	—	—	—	2,477.43	—	2,758.70	2,768.81	2,554.02	2,788.37
Free cash flowKRW 100M	—	—	-94	1,899	2,724	4,057	4,744	-2,241	4,182	3,477	3,280	—
FCF margin%	—	—	-0.37	6.43	7.90	12.97	12.50	-5.31	10.44	8.15	7.34	—
OCF conversion%	—	—	27.71	130.73	94.38	225.05	155.28	-29.66	377.53	237.84	162.76	—
Capex to revenue%	1.62	2.41	1.55	2.87	1.35	1.26	1.32	2.02	3.98	3.43	5.36	—
Receivable daysdays	—	100.4	56.8	53.2	52.6	60.6	47.6	41.2	42.7	42.3	42.4	—
Inventory daysdays	—	276.7	168.0	148.6	145.1	155.6	131.0	170.5	209.3	185.5	177.9	—
Payable daysdays	—	205.7	119.3	90.4	86.9	94.6	90.1	88.7	92.6	98.8	99.4	—
Cash conversion cycledays	—	171.4	105.6	111.4	110.8	121.7	88.5	122.9	159.4	129.0	120.8	—
EPSKRW	-11,987	28,420	5,150	2,349	4,382	2,306	3,914	5,720	709	1,417	4,061	5,171
PERx	—	2.48	15.84	22.78	12.09	18.95	9.16	5.81	54.58	28.44	10.51	8.02
BPSKRW	—	75,175	65,368	16,226	20,448	21,274	26,517	30,889	31,409	33,367	32,151	40,572
PBRx	—	0.94	1.25	3.30	2.59	2.05	1.35	1.08	1.23	1.21	1.33	1.02
Dividend per shareKRW	—	250	250	50	219	185	1,000	1,580	1,090	340	1,800	—
Payout ratio%	—	0.88	4.85	2.13	5.00	8.02	25.55	27.62	153.74	23.99	44.32	—

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
	9,789	33,849	30,789	33,043	37,702	37,584	42,889	48,218	49,801	55,364	55,192
	4,138	12,410	11,541	13,379	15,868	16,861	20,411	22,933	22,417	24,624	23,344
Cash and cash equivalentsKRW 100M	469	1,494	1,077	1,490	2,320	4,706	6,992	4,074	5,856	6,832	6,256
InventoriesKRW 100M	2,222	6,089	5,784	6,322	7,355	6,156	7,578	12,905	10,454	10,186	10,156
Trade and other receivablesKRW 100M	1,315	4,005	3,873	4,739	5,210	5,185	4,713	4,808	4,562	5,324	5,055
	5,651	21,439	19,248	19,665	21,834	20,724	22,477	25,285	27,385	30,739	31,848
Property, plant and equipmentKRW 100M	445	3,445	3,235	3,107	4,391	4,052	4,182	4,998	6,010	7,992	9,984
Intangible assetsKRW 100M	Not applicable	Not applicable	14,404	14,919	15,479	14,507	15,528	17,409	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	117	173	266	438	662	1,008	1,550	1,784	2,245	1,960	1,704
	4,998	20,828	18,446	17,978	19,693	19,011	19,824	22,472	24,262	28,001	29,248
	2,716	11,930	6,946	6,723	8,674	9,955	10,514	10,927	11,613	12,337	10,983
Trade and other payablesKRW 100M	1,054	5,125	3,304	4,060	4,130	4,079	5,369	5,292	5,043	5,950	5,422
Short-term borrowingsKRW 100M	1,460	5,843	2,127	1,744	2,364	3,560	2,859	3,770	4,428	4,209	—
	2,282	8,897	11,500	11,255	11,019	9,057	9,310	11,546	12,650	15,664	18,265
Bonds issuedKRW 100M	—	—	—	612	—	—	—	—	—	—	—
Long-term borrowingsKRW 100M	926	5,144	8,556	7,469	6,117	5,071	4,211	7,669	8,643	11,052	13,277
	4,791	13,022	12,343	15,065	18,009	18,573	23,065	25,746	25,539	27,363	25,944
	4,799	8,576	7,990	9,917	12,497	12,924	16,109	18,766	19,082	20,052	19,321
Issued capitalKRW 100M	565	570	Not applicable	Not applicable	Not applicable	Not applicable	611	Not applicable	611	611	611
Capital surplusKRW 100M	1,041	1,056	1,178	1,178	1,178	1,178*	1,081	532	571	707	818
Retained earningsKRW 100M	2,962	6,651	6,797	8,224	10,800	11,793	14,060	16,499	16,289	16,214	14,791
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	652	1,417	1,905	3,383	3,196
Other equityKRW 100M	231	299*	-131	-91	-343	-395	—	—	-294	-864	-95
Non-controlling interestsKRW 100M	-8	4,446	4,353	5,148	5,513	5,649	6,955	6,980	6,458	7,311	6,623

파생금융자산As filed	10	137	—	—	—	—	75	94	62	120	42
기타금융자산As filed	0	122	—	—	—	—	29	26	492	877	370
기타유동금융자산As filed	—	—	246	42	71	34	—	—	—	—	—
기타유동자산As filed	129	539	491	517	650	538	766	855	927	1,219	1,394
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	54	55
당기법인세자산As filed	3	24	20	0	7	32	98	18	2	12	17
당기손익-공정가치 측정 금융자산As filed	—	—	—	96	70	—	67	153	62	—	—
유동 당기손익-공정가치 의무 측정 금융자산As filed	—	—	—	—	—	56	—	—	—	—	—
유동파생상품자산As filed	—	—	50	—	—	—	—	—	—	—	—
계약자산As filed	—	—	—	—	—	—	94	—	—	—	—
유동계약자산As filed	—	—	—	105	131	142	—	—	—	—	—
매출채권 및 기타채권As filed	26	180	—	—	—	—	—	—	—	—	—
유동파생금융자산As filed	—	—	—	68	53	13	—	—	—	—	—
장기매출채권 및 기타비유동채권As filed	—	—	183	192	212	102	—	—	—	—	—
기타비유동금융자산As filed	—	—	168	173	236	193	—	—	—	—	—
무형자산As filed	3,966	16,269	—	—	—	—	—	—	17,775	19,731	19,247
장기매출채권 및 기타채권As filed	—	—	—	—	—	—	173	—	—	—	—
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	196	—	—	—
이연법인세자산As filed	1,053	1,070	898	747	746	764	721	534	421	419	339
장기기타금융자산As filed	—	—	—	—	—	—	3	0	—	—	—
매출채권및기타채권As filed	—	—	—	—	—	—	—	—	181	261	371
비유동매도가능금융자산As filed	—	—	31	—	—	—	—	—	—	—	—
매도가능금융자산As filed	31	31	—	—	—	—	—	—	—	—	—
기타비유동자산As filed	2	73	58	55	62	61	231	161	148	299	79
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	70	66	60	—	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	21	34	36	—	—	—	—	—
비유동파생상품자산As filed	—	—	6	—	—	—	—	—	—	—	—
투자부동산As filed	—	—	—	—	—	—	—	—	456	0	0
비유동파생금융자산As filed	—	—	—	11	13	0	—	—	—	—	—
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	59	57
기타금융부채As filed	25	41	—	—	—	—	312	360	433	540	726
기타유동부채As filed	162	576	519	219	217	341	355	421	—	585	472
당기법인세부채As filed	14	333	202	362	597	1,226	866	489	551	499	403
순확정급여자산As filed	—	—	—	—	—	—	—	119	88	16	46
사채As filed	754	781	696	—	—	—	—	—	—	—	—
기타유동금융부채As filed	—	—	29	2	288	307	—	—	—	—	—
매입채무 및 기타채무As filed	188	206	—	—	—	—	—	—	—	—	—
유동파생상품부채As filed	—	—	69	—	51	87	—	—	—	—	—
파생금융부채As filed	—	13	—	—	—	—	—	60	26	4	25
파생상품부채As filed	—	—	—	—	—	—	6	—	—	—	—
기타비유동부채As filed	282	349	297	137	126	68	59	59	—	71	97
당기손익-공정가치 측정 금융부채As filed	—	—	—	6	66	7	93	83	124	—	—
유동성사채As filed	—	—	—	—	636	—	—	—	—	—	—
이연법인세부채As filed	0	552	758	1,426	1,871	1,315	2,683	1,252	1,084	1,411	1,270
순확정급여부채As filed	23	1,765	—	—	1,475	1,307	1,261	1,076	1,044	1,249	1,169
장기매입채무 및 기타비유동채무As filed	—	—	193	138	137	123	—	—	—	—	—
기타비유동금융부채As filed	—	—	59	4	1,172	1,087	—	—	—	—	—
납입자본As filed	1,606	1,626	—	—	—	—	—	—	—	—	—
유동계약부채As filed	—	—	—	317	324	349	654	—	—	—	—
유동파생금융부채As filed	—	—	—	12	—	—	—	—	—	—	—
비유동파생상품부채As filed	—	—	3	—	—	—	—	—	—	—	—
보통주자본금As filed	565	570	611	611	611	611	—	—	—	—	—
부채 및 자본총계As filed	—	—	—	—	—	—	—	48,218	49,801	55,364	55,192
확정급여채무의현재가치As filed	—	—	1,634	1,311	—	—	—	—	—	—	—
기타잉여금As filed	318	385	—	—	—	—	—	—	—	—	—
장기매입채무 및 기타채무As filed	—	—	—	—	—	—	130	—	—	—	—
(2)기타자본항목As filed	-87	—	—	—	—	—	—	—	—	—	—
계약부채As filed	—	—	—	—	—	—	67	410	426	441	493
자본과부채총계As filed	9,789	33,849	30,789	33,043	37,702	37,584	42,889	—	—	—	—
충당부채As filed	—	—	—	—	—	—	—	42	42	47	56
기타자본잉여금As filed	—	—	-465	-6	251	-263	—	—	—	—	—
차입금및사채As filed	—	—	—	—	—	—	—	—	—	—	3,346
당기손익-공정가치측정금융부채As filed	—	—	—	—	—	—	—	—	—	62	41
비유동파생금융부채As filed	—	—	—	12	10	11	—	—	—	—	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	146	—	—	—
기타자본항목As filed	—	-87	—	—	—	—	—	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	540	—	—
법인세부채As filed	—	—	—	—	—	—	52	—	—	—	—
매입채무및기타채무As filed	—	—	—	—	—	—	—	—	169	197	125
비유동계약부채As filed	—	—	—	147	106	70	—	—	—	—	—
자본조정As filed	—	—	—	—	—	—	-294	—	—	—	—
복구충당부채As filed	—	—	—	—	5	5	—	—	—	—	—
비유동법인세부채As filed	—	—	—	—	—	—	—	95	43	18	0
Ⅰ. 자본금As filed	—	—	—	—	—	—	—	611	—	—	—
파생상품 금융부채As filed	—	—	—	—	—	—	—	—	—	—	0
Ⅲ. 자본조정As filed	—	—	—	—	—	—	—	-294	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	70	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	8,157	9,671	25,303	29,546	34,504	31,288	37,940	42,218	40,066	42,687	44,686
Cost of salesKRW 100M	4,469	5,482	12,898	14,871	17,207	15,842	19,137	21,924	20,364	20,309	20,869
Gross profitKRW 100M	3,689	4,190	12,405	14,675	17,297	15,446	18,803	20,293	19,702	22,378	23,817
SG&A expensesKRW 100M	2,883	4,071	10,231	11,104	12,590	12,036	13,874	15,942	16,667	18,770	19,069
	806	118	2,175	3,571	4,707	3,411	4,929	4,351	3,035	3,608	4,748
Finance incomeKRW 100M	140	559	451*	197	219*	386	253	539	433	665	560
Finance costsKRW 100M	407	419	888	774	813	683	542	861	1,260	1,412	1,701
Other incomeKRW 100M	23	4,793	23	340	337	82	64	131	59	47	300
Other expensesKRW 100M	101	124	68	181	108	222	62	83	131	132	88
Share of profit of associatesKRW 100M	-2,218	-618	—	—	—	—	—	—	639	616	757
	-1,756	4,311	1,818	3,371	4,713	3,399	5,128	4,531	2,774	3,393	4,577
Income tax expenseKRW 100M	-423	1,199	737	1,271	1,331	1,422	1,750	-144	1,244	1,316	1,091
	-1,333	3,111	1,081	2,100	3,381	1,977	3,378	4,675	1,531	2,077	3,486
Attributable to ownersKRW 100M	-1,328	3,233	624	1,435	2,668	1,390	2,352	3,437	426	842	2,243
Attributable to minoritiesKRW 100M	-5	-122	457	665	714	587	1,026	1,238	1,105	1,235	1,243
Basic earnings per shareKRW	-11,987	28,420	5,150*	2,349	4,382	2,306	3,914	5,720	709	1,417	4,061
Diluted earnings per shareKRW	-11,987	26,917	5,150*	2,349	4,382	2,306	3,914	5,720	709	1,417	4,061
	-1,035	3,959	-750	2,801	3,559	1,146	4,926	5,924	2,354	4,246	3,296
Other comprehensive incomeKRW 100M	298	848	-1,831	701	Not applicable	Not applicable	Not applicable	Not applicable	823	2,169	-190

비지배지분As filed	9	174	—	—	688	331	1,634	1,620	1,421	1,990	1,227
관계기업에 대한 지분법손익As filed	—	—	125	—	—	—	—	—	—	—	—
이자수익As filed	—	—	—	20	25	—	—	—	—	—	—
X. 지분법이익As filed	—	—	—	—	—	—	—	456	—	—	—
관계기업에 대한 지분법이익As filed	—	—	—	198	346	426	486	—	—	—	—
지배기업소유주지분As filed	—	—	—	—	—	—	—	4,304	933	2,256	2,068
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-0	543	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-463	41	—	-115	—	—	—	—	—
순확정급여부채의 재측정요소(세후기타포괄손익)As filed	—	—	—	—	-166	-115	67	—	—	—	—
확정급여제도의 보험수리적손익의 세후기타포괄손익As filed	-0	559	—	—	—	—	—	—	—	—	—
순확정급여부채(자산)의 재측정요소As filed	—	—	—	—	—	—	—	207	61	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-463	51	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	26	—	—	—	—
관계기업에 대한 지분법이익잉여금 변동As filed	—	-16	—	—	—	—	—	—	—	—	—
공정가치 금융자산 평가손익As filed	—	—	—	—	—	1	—	—	—	—	—
기타포괄손익-공정가치 금융상품 평가손익As filed	—	—	—	—	—	—	—	-3	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	298	305	—	—	—	—	—	—	—	2,306	-216
기타포괄손익공정가치 금융상품 평가손익As filed	—	—	—	-10	13	—	—	—	—	—	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	—	-20	—	63	24	—	—	—	—
관계기업에 대한 지분법자본변동As filed	3	207	14	—	-14	—	—	-145	-36	-53	62
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	-1,368	660	—	—	—	—	—	—	—
해외사업환산손익As filed	295	-102	—	—	—	—	—	1,197	804	2,364	-224
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-1,240	606	398	-718	1,310	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익의 구성요소As filed	—	—	—	—	—	—	—	—	767	—	—
매도가능금융자산평가손익As filed	—	2	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	4	—	—	—	—	—	—	—	—
파생금융자산평가손익(세후기타포괄손익)As filed	—	—	—	73	-54	-63	121	—	—	—	—
파생금융상품평가손익As filed	—	—	—	—	—	—	—	—	—	—	-54
파생금융자산평가손익As filed	—	197	-146	—	—	—	—	-6	-1	-6	—
당기 세후 기타포괄손익As filed	—	—	—	—	177	-832	1,548	—	—	—	—
지배주주지분As filed	-1,045	3,785	—	—	2,871	815	3,292	—	—	—	—
XV. 당기 세후 기타포괄손익As filed	—	—	—	—	—	—	—	1,249	—	—	—
당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	56	-137	25
세후 기타포괄손익As filed	—	—	—	701	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	-681	1,924	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융상품평가손익As filed	—	—	—	—	—	—	—	—	—	-1	-2
총 포괄손익, 비지배지분As filed	—	—	-69	877	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융상품 평가손익As filed	—	—	—	—	—	—	—	—	-4	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	—	—	—	-136	27

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-1,333	3,111	1,081	2,100	3,381	1,977	3,378	4,675	1,531	2,077	3,486
Total adjustments to operating cash flowcomputed	—	—	-782	646	-190	2,473	1,867	-6,062	4,248	2,863	2,188
	Not applicable	Not applicable	300	2,746	3,191	4,450	5,246	-1,387	5,778	4,940	5,674
Interest receivedKRW 100M	2	9	2	6	14	12	16	47	119	185	147
Interest paidKRW 100M	100	133	437	479	467	359	214	308	739	971	1,172
Income taxes paidKRW 100M	55	278	446	286	749	1,120	1,055	1,231	1,187	1,273	1,178
	Not applicable	Not applicable	-516	-246	-359	-552	-396	-2,028	-2,459	-1,942	-2,332
Purchase of property, plant and equipmentKRW 100M	132	233	393	847	467	393	502	854	1,596	1,463	2,394
Proceeds from sale of property, plant and equipmentKRW 100M	0	1	1	668	438	8	6	62	10	7	4
Purchase of intangible assetsKRW 100M	3	83	24	24	118	100	65	1,229	423	62	151
	Not applicable	Not applicable	222	-2,144	-1,902	-1,345	-2,972	294	-3,072	-2,535	-3,823
Dividends paidKRW 100M	26	28	29	31	31	133	111	1,100	655	653	996
Acquisition of treasury sharesKRW 100M	—	—	—	—	164	235	—	0	—	769	1,914
Issue of sharesKRW 100M	172	20	163	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	601	469	1,494	1,077	1,490	2,320	4,706	6,992	4,074	5,856	6,832
	469	1,494	1,077	1,490	2,320	4,706	6,992	4,074	5,856	6,832	6,256
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	1,535	513	-95
Net change in cash and cash equivalentsKRW 100M	-164	975	6	356	931	2,553	1,878	-3,121	Not applicable	Not applicable	Not applicable

1. 영업으로부터 창출된 현금흐름As filed	—	—	—	—	—	—	—	-58	—	—	—
당기순이익(손실)As filed	—	—	1,173	—	—	—	—	—	—	—	—
영업으로부터 창출된 현금흐름As filed	421	360	—	—	—	—	—	—	7,423	5,884	6,638
영업활동으로 창출된 현금흐름As filed	—	—	—	3,504	4,270	5,841	6,419	—	—	—	—
사채발행비As filed	—	—	—	—	—	—	2	0	79	0	105
5. 배당금수취As filed	—	—	—	—	—	—	—	163	—	—	—
배당금수취As filed	7	7	—	1	—	—	—	—	162	1,115	1,240
배당금수취(영업)As filed	—	—	7	—	124	75	80	—	—	—	—
사채의 발행As filed	708	—	—	613	—	—	700	0	4,569	0	7,111
기타금융부채의 감소As filed	-12	-30	41	-83	-315	-353	-322	-380	409	530	660
영업활동으로부터의 순현금유입As filed	274	-35	—	—	—	—	—	—	—	—	—
사채의 상환As filed	—	—	—	695	—	637	—	0	—	700	5,217
무형자산의 처분As filed	2	—	—	—	0	1	—	0	17	0	0
비지배지분에 대한 배당금 지급As filed	—	—	—	-213	-284	-329	-308	-363	329	369	399
기타금융자산의 감소As filed	—	0	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	13	3	15	1	28	6	26	23	16	93	154
파생금융상품의 취득As filed	—	—	-19	—	—	—	—	—	—	—	—
금융자산의 취득As filed	—	—	—	—	—	691	0	—	—	2,151	2,196
단기금융상품의 취득As filed	—	—	111	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융상품의 취득As filed	—	—	—	—	—	—	—	2	—	—	—
비지배지분의 변동As filed	—	—	—	—	-161	-82	-265	-2,043	3,152	946	1,245
파생금융상품의 처분(취득)As filed	—	—	—	22	105	—	—	—	—	—	—
단기금융상품의 증가As filed	—	—	—	124	200	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	—	30	21	—	—	—	—	—	—	—
금융자산의 처분As filed	—	—	—	—	—	19	175	6	204	1,786	2,690
보증금의 감소As filed	5	5	5	9	2	14	7	7	11	37	22
차입금의 차입As filed	732	5,536	—	—	5,099	—	2,882	22,683	22,719	18,783	26,353
장기금융상품의 처분As filed	0	—	10	—	—	—	—	—	—	—	—
차입금의 상환As filed	1,399	1,798	7,477	4,582	6,047	9,215	5,545	18,505	25,737	17,352	26,753
기타금융자산의 처분As filed	—	—	0	211	189	592	—	—	—	—	—
당기손익-공정가치 금융자산의 처분As filed	—	—	—	—	39	—	—	—	—	—	—
장기금융상품의 취득As filed	—	—	—	-4	0	—	—	—	—	—	—
대여금의 증가As filed	—	—	—	—	—	1	—	0	1	1	0
대여금의 감소As filed	—	—	—	—	—	—	4	0	0	0	1
장기대여금및수취채권의 증가As filed	—	—	—	-1	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	469	—	—	—	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	485	—	—	—	—	—	—	—	—	—
리스순투자의 감소As filed	—	—	—	—	10	6	5	6	4	1	0
종속기업에 대한 투자자산의 취득As filed	3	1,893	—	186	—	—	—	—	—	—	—
사용권자산의 증가As filed	—	—	—	—	-1	—	-0	0	0	2	12
투자활동에서의 순현금유출As filed	-613	-2,691	—	—	—	—	—	—	—	—	—
종속기업투자의 취득As filed	—	—	—	—	328	—	—	—	—	—	—
비지배지분에 대하 배당금As filed	—	—	-190	—	—	—	—	—	—	—	—
사용권자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	1
금융상품의 취득As filed	—	—	—	—	—	—	—	—	670	—	—
단기대여금 증가As filed	—	—	—	—	5	—	—	—	—	—	—
단기대여금 감소As filed	—	—	—	—	5	—	—	—	—	—	—
차입금As filed	—	—	7,795	2,846	—	—	—	—	—	—	—
연결범위변동(지배력의 취득)As filed	—	—	—	—	—	—	—	—	-1	0	0
차입금 차입As filed	—	—	—	—	—	9,638	—	—	—	—	—
재무활동에서의 순현금유입(유출)As filed	175	3,701	—	—	—	—	—	—	—	—	—
환율변동 효과As filed	—	—	-422	—	—	—	—	—	—	—	—
연결범위 변동(지배력의 상실)As filed	—	—	—	—	—	—	—	—	—	—	-145
현금및현금성자산의 환율변동효과로 인한 증가(감소)As filed	32	50	—	—	—	—	—	—	—	—	—
현금및현금성자산의 순증감As filed	—	—	—	—	—	—	—	—	247	463	-482
환율변동효과(현금및현금성자산)As filed	—	—	—	—	—	-167	408	—	—	—	—
환율변동효과As filed	—	—	—	57	-101	—	—	—	—	—	—
Ⅵ. 현금및현금성자산에 대한 환율변동효과As filed	—	—	—	—	—	—	—	203	—	—	—

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 36	삼정회계법인	2025-12-31
2024	적정의견Term 35	삼정회계법인	2025-12-31
2023	적정의견Term 34	삼정회계법인	2025-12-31
2022	적정Term 33	삼정회계법인	2022-12-31
	적정Term 32	삼정회계법인	2022-12-31
	적정Term 31	현대회계법인	2022-12-31
2019	적정Term 30	삼일회계법인	2019-12-31
	적정Term 29	삼일회계법인	2019-12-31
	적정Term 28	삼일회계법인	2019-12-31
2016	적정Term 27	삼일회계법인	2016-12-31
	적정Term 26	삼일회계법인	2016-12-31
	적정Term 25	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 5Y0.20

Equity risk premium%

Terminal growth%

Cost of equity5.37%

Weighted average cost of capital4.90%

Initial growth6.5%

Effective tax rate23.8%

Base fiscal year2025

Current priceKRW38,150

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	54,458	+42.7%
Dividend discount model DDM	60,446	+58.4%
Discounted cash flow FCFF	259,359	+579.8%
Discounted cash flow FCFE	72,443	+89.9%
Residual income model RIM	101,874	+167.0%

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% + 0.20 × 5.00% = 5.37%

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(11.61% × (1 − 44.32%), 0) = 6.46%

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

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 1,800 × (1 + 2.00%) / (5.37% − 2.00%) = 1,836 / 0.0337 = 54,458 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 = 1,800, g_1 = 6.46%, g_T = 2.00%, r = 5.37%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	6.46%	1,916	0.9490	1,819
2	5.35%	2,019	0.9006	1,818
3	4.23%	2,104	0.8547	1,799
4	3.12%	2,170	0.8112	1,760
5	2.00%	2,213	0.7698	1,704
Terminal value	2.00%	66,960	0.7698	51,546
Total				60,446

P_0 = 60,446 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 = 32,151 KRW, ROE = 11.61%, payout ratio = 44.32%, r = 5.37%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	32,151	3,732	1,727	2,006	0.9490	1,903
2	34,229	3,974	1,839	2,135	0.9006	1,923
3	36,442	4,231	1,957	2,273	0.8547	1,943
4	38,797	4,504	2,084	2,420	0.8112	1,963
5	41,305	4,795	2,219	2,576	0.7698	1,983
Terminal value				77,950	0.7698	60,007

P_0 = 32,151 + 9,716 + 60,007 = 101,874 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 = 5,674.0 − 2,393.9 + 1,172.4 × (1 − 23.84%) = 4,173.1 KRW hundred million

Weighted average cost of capital

E = 22,926.6, D = 13,277.4 KRW hundred million; equity weight = 63.33%, debt weight = 36.67%; cost of debt k_d = 5.37%

WACC = 63.33% × 5.37% + 36.67% × 5.37% × (1 − 23.84%) = 4.90%

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	6.46%	4,442.9	0.9533	4,235.3
2	5.35%	4,680.5	0.9087	4,253.3
3	4.23%	4,878.5	0.8663	4,226.1
4	3.12%	5,030.5	0.8258	4,154.1
5	2.00%	5,131.2	0.7872	4,039.2
Terminal value	2.00%	180,358.5	0.7872	141,977.8
Total				162,885.8

Firm value = 162,885.8; less borrowings 13,277.4; plus cash 6,255.7 → 155,864.1 KRW hundred million

P_0 = 155,864.1 KRW hundred million ÷ 60,095,839 (shares) = 259,359 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 = 5,674.0 − 2,393.9 + -1,983.8 (net borrowing) = 1,296.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	6.46%	1,380.2	0.9490	1,309.9
2	5.35%	1,454.0	0.9006	1,309.6
3	4.23%	1,515.6	0.8547	1,295.4
4	3.12%	1,562.8	0.8112	1,267.7
5	2.00%	1,594.0	0.7698	1,227.1
Terminal value	2.00%	48,226.7	0.7698	37,125.6
Total				43,535.2

P_0 = 43,535.2 KRW hundred million ÷ 60,095,839 (shares) = 72,443 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