083450KOSDAQ

Global Standard Technology

57,700

+1,500 (+2.67%)

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

Global Standard Technology is a mid-sized company established on October 1, 2001. Headquartered in Hwaseong, Gyeonggi-do, the company is listed on the KOSDAQ market and manages 15 unlisted affiliates.

The company manufactures scrubbers for purifying harmful gases and chillers for temperature control in semiconductor and display manufacturing processes. Its business segments include product sales, services, and merchandise, with a subsidiary, EST, producing semiconductor equipment parts and cold chain systems.

Business overview as filed

당사는 반도체 및 디스플레이 제조공정 등에서 사용후 배출되는 유해가스를 정화 하는 가스정화장비인 Scrubber와 반도체 및 디스플레이 제조 공정상 안정적인 온도유지를 제공함으로써 공정효율을 개선하는 온도조절 장비인 Chiller 제조를 주요사업으로 영위하고 있습니다.

당사는 11개의 종속회사와 4개의 관계기업을 포함하여 15개의 계열사가 있으며, 모두 비상장사입니다. 당사가 92.96%의 지분을 보유한 주요종속회사로는 반도체설비부품 및 콜드체인시스템을 생산하는 (주)이에스티가 있습니다.

당사 제25기 경영현황으로 연결기준 매출액은 347,159백만원, 영업이익은 59,172백만원 실적으로 전년대비 매출은 약 4% 증가, 영업이익은 1% 증가하였습니다. 매출구성으로는 스크러버와 칠러를 포함하는 제품매출액은 79.3%, 용역매출 18.4%, 상품매출 2.3%의 비중을 차지하고 있습니다. 주요제품인 스크러버의 대당 단가는 전기말 121백만원보다 약 11% 증가한 134백만원으로 산출되었으며 고객사별, 옵션별 대당 단가는 변동성이 있습니다. 당사의 원재료 및 주요 부품의 경우 원재료가격의 변동성으로 캐비넷 ASS'Y는 252만원으로 약 10% 감소 하였으며, MFC의 경우는 54만원으로 약 4% 감소하였습니다.

2025년말 현재 누적생산현황으로는 스크러버 1,789대, 칠러 1,089대, 총 2,878대로 약2% 상승하였으며, 스크러버의 생산량은 전기 대비 약 13% 감소하였으며, 칠러의 생산량은 전기 대비 약 39% 증가하였습니다.당사 부설 기술연구소에서는 초저온칠러, 전기식칠러, CO₂칠러, 촉매 타입 스크러버, 에너지효율화 기술, Nox저감 기술 등 스크러버, 칠러 신제품 및 신사업 액침냉각 솔루션 개발을 고도화 하는 등 연구개발을 지속하고 있으며, 당기중 투입한 연구개발비(별도재무제표기준)는 매출액대비 5.2%인 17,415 백만원으로 전년대비 26.6% 증가하였습니다.

Company overview

1. 연결대상 종속회사 개황 - 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

가. 회사의 법적ㆍ상업적 명칭 당사의 명칭은 "주식회사 글로벌스탠다드테크놀로지"이며, 영문으로는 Global Standard Technology, Limited (약호 GST Co.,Ltd.)로 표기됩니다.나. 설립일자 당사는 2001년 10월 01일에 설립되었습니다.다. 본사의 주소, 전화번호, 홈페이지 주소ㆍ주 소 : 경기도 화성시 동탄산단6길 15-13ㆍ전 화 번 호 : 031-371-2200ㆍ홈페이지주소 : http://www.gst-in.com

라. 중소기업 등 해당 여부

당사는 보고서 작성기준일 현재 「중견기업 성장촉진및 경쟁력강화에 관한 특별법」제2조 제1호에 의한 중견기업입니다.마. 주요 사업의 내용당사는 반도체·디스플레이 등의 제조 공정에서 사용후 배출되는 유해가스를 정화하는 가스정화장비인 Scrubber와 반도체·디스플레이 공정상 안정적인 온도를 유지하여 공정효율을 개선하는 온도조절 장비인 Chiller 제조를 주요사업으로 영위하고 있습니다.

바. 계열회사의 총수, 주요계열회사의 명칭 및 상장여부당사는 보고서 작성기준일 현재 15개의 계열회사가 있으며, 모두 비상장회사입니다.

사. 신용평가에 관한 사항회사의 신용평가에 관한 사항은 다음과 같습니다.

(*) 신용평가회사의 신용등급정의

평가자의 필요에 따라 각 등급을 +,o,-로 세분화 할 수도 있습니다.(**) 신용평가회사의 현금흐름등급 정의 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

7.10%

[5.29%, 9.66%] · 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 45.9% (2026-07-29). 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

1.06

Beta [0.92, 1.20] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.422%[-0.062%, +0.906%]
R squared: 0.50
Observations: 252
Trading-time corrected beta: 1.04[0.80, 1.27]

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	844	908	1,628	1,299	1,682	1,669	3,045	3,128	2,792	3,462	3,472	3,881
Revenue growth%	—	7.58	79.30	-20.26	29.56	-0.80	82.46	2.75	-10.75	24.00	0.27	—
Operating incomeKRW 100M	60	49	223	104	219	182	464	569	425	591	592	679
Operating income growth%	—	-18.86	356.36	-53.26	110.54	-17.15	155.68	22.70	-25.29	38.89	0.15	—
Net incomeKRW 100M	57	46	158	103	180	155	390	476	369	459	456	558
Net income growth%	—	-18.58	239.26	-34.61	74.39	-13.79	151.57	22.15	-22.40	24.16	-0.61	—
Attributable to ownersKRW 100M	—	40	153	96	179	158	377	468	357	454	453	556
Attributable to minoritiesKRW 100M	—	6	5	7	1	-3	12	8	13	5	3	2
Operating margin%	7.12	5.37	13.67	8.01	13.02	10.88	15.24	18.20	15.23	17.06	17.04	17.49
Net margin%	6.76	5.11	9.68	7.93	10.68	9.28	12.80	15.22	13.23	13.25	13.13	14.39
ROE%	—	—	20.69	11.88	18.00	14.29	25.86	24.01	15.82	17.48	15.03	17.25
ROA%	8.18	5.19	15.39	9.81	13.14	10.92	18.90	18.90	13.20	13.70	11.80	13.17
Debt ratio%	22.97	47.10	30.82	22.40	32.37	24.70	36.26	25.07	20.03	24.80	26.80	29.73
Current ratio%	338.59	211.09	266.78	320.14	286.47	367.25	282.40	413.59	454.69	344.54	331.66	306.40
Quick ratio%	245.80	120.71	161.51	211.68	216.14	262.68	211.31	292.92	346.82	275.32	258.16	225.28
Reserve ratio%	1,055.54	1,128.26	1,462.35	1,640.31	2,032.08	2,310.18	3,078.57	4,037.44	4,699.33	2,697.58	3,124.38	3,321.37
Free cash flowKRW 100M	14	—	47	-58	171	177	139	251	270	355	288	—
FCF margin%	1.68	—	2.90	-4.45	10.14	10.63	4.57	8.01	9.65	10.25	8.31	—
OCF conversion%	118.32	3.42	114.18	22.76	107.45	126.47	65.57	66.14	128.45	118.63	91.24	—
Capex to revenue%	6.32	—	8.15	6.26	1.34	1.11	3.83	2.06	7.34	5.47	3.67	—
Inventory daysdays	—	104.0	78.5	87.4	72.3	82.9	59.3	83.2	94.3	71.6	85.1	—
EPSKRW	—	458	1,719	1,080	2,010	1,788	4,292	5,243	3,960	2,479	2,533	3,019
PERx	—	11.99	7.18	4.11	5.07	9.62	8.77	3.74	6.96	6.75	11.39	18.32
BPSKRW	—	—	7,937	8,694	10,657	11,872	15,663	20,921	24,200	13,938	16,342	17,504
PBRx	—	—	1.56	0.51	0.96	1.45	2.40	0.94	1.14	1.20	1.77	3.16
Dividend per shareKRW	—	—	100	—	200	150	300	300	500	300	650	—
Payout ratio%	—	—	5.82	—	9.95	8.39	6.99	5.72	12.63	12.10	25.66	—

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
	697	894	1,024	1,050	1,368	1,418	2,062	2,518	2,798	3,348	3,863
	354	538	579	547	890	918	1,422	1,789	1,838	2,071	2,463
Cash and cash equivalentsKRW 100M	155	128	191	118	256	360	424	425	486	551	719
Short-term financial instrumentsKRW 100M	—	10	1	11	63	62	113	284	448	467	414
InventoriesKRW 100M	97	230	229	185	218	261	358	522	436	416	546
Trade and other receivablesKRW 100M	Not applicable	160	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	343	356	445	504	478	500	640	730	960	1,277	1,400
Property, plant and equipmentKRW 100M	236*	22*	343	386	385	372	470	509	692	767	858
Intangible assetsKRW 100M	Not applicable	262*	20	34	29	31	32	30	32	36	Not applicable
Investments in associatesKRW 100M	21	16	3	2	1	6	1	29	20	73	102
	130	286	241	192	334	281	549	505	467	665	817
	105	255	217	171	311	250	504	432	404	601	743
Trade and other payablesKRW 100M	Not applicable	131	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	25	35	30	53	44	33	35	33	53	102	122
Current lease liabilitiesKRW 100M	—	—	—	—	2	2	2	2	7	5	7
	26	31	24	21	24	31	45	72	63	64	74
Long-term borrowingsKRW 100M	12	10	10	—	15	15	33	30	30	24	1
Non-current lease liabilitiesKRW 100M	—	—	—	—	1	2	2	2	5	4	6
	567	608	783	858	1,033	1,137	1,514	2,013	2,331	2,683	3,047
	541	Not applicable	740	810	993	1,106	1,459	1,949	2,255	2,595	3,012
Issued capitalKRW 100M	47	47	47	47	47	47	47	47	47	93	93
Capital surplusKRW 100M	69	69	69	69	69	69	69	69	69	22	22
Retained earningsKRW 100M	423	457	612	695	878	1,007	1,365	1,812	2,121	2,489	2,886
Other equityKRW 100M	2	5	12	-1	-0	-17	-21	22	19	-9	10
Non-controlling interestsKRW 100M	26	31	43	48	40	31	54	64	76	88	35

매출채권As filed	81	—	117	199	326	209	468	468	411	535	619
유동파생상품자산As filed	—	—	—	—	—	—	0	22	1	—	0
기타금융자산As filed	5	4	—	—	—	—	—	—	—	—	33
기타유동자산As filed	11	6	12	20	21	20	53	51	24	26	29
단기당기손익-공정가치금융자산As filed	—	—	—	—	—	—	—	—	—	—	81
단기당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	30	—
기타유동금융자산As filed	—	—	8	5	5	5	5	16	30	36	—
당기법인세자산As filed	4	0	1	9	0	0	—	0	0	0	0
장기금융상품As filed	9	12	20	15	8	10	13	15	16	—	—
기타장기금융자산As filed	42	24	34	41	17	20	31	36	34	44	37
기타의투자자산As filed	—	—	21	—	—	—	—	—	—	—	—
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	—	10	22
장기매출채권As filed	—	—	—	—	1	2	8	9	17	14	0
기타포괄손익-공정가치금융자산As filed	—	—	—	0	0	8	14	25	33	37	37
순확정급여자산As filed	—	—	—	—	—	—	—	17	21	16	42
이연법인세자산As filed	16	—	25	25	32	47	67	54	77	75	93
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	128	—
무형자산As filed	20	17	—	—	—	—	—	—	—	—	51
사용권자산As filed	—	—	—	—	3	5	4	4	11	9	13
기타비유동자산As filed	0	0	0	0	0	0	0	0	6	3	2
장기파생상품자산As filed	—	1	—	—	—	—	—	—	—	—	—
투자부동산As filed	—	—	—	—	—	—	—	—	—	74	54
당기손익-공정가치금융자산As filed	—	—	—	—	—	—	—	—	—	—	110
매입채무As filed	25	—	—	—	95	89	135	118	107	132	162
단기매입채무As filed	—	—	72	57	—	—	—	—	—	—	—
기타유동금융부채As filed	—	—	35	22	59	55	87	92	110	109	—
당기법인세부채As filed	2	8	29	1	48	10	103	75	38	111	80
기타금융부채As filed	20	20	—	—	—	—	—	—	—	—	182
자본과부채총계As filed	—	—	1,024	1,050	1,368	1,418	2,062	2,518	2,798	3,348	—
충당부채As filed	23	33	29	11	38	41	95	76	59	55	103
기타유동부채As filed	9	29	22	27	25	19	41	35	—	—	69
유동파생상품부채As filed	—	—	—	—	—	—	5	—	0	36	—
기타장기금융부채As filed	1	1	1	4	4	5	5	5	5	5	4
퇴직급여부채As filed	—	—	14	18	4	9	6	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	31	52	—
부채및자본총계As filed	697	894	—	—	—	—	—	—	—	—	3,863
장기충당부채As filed	—	—	—	—	—	—	—	30	15	21	51
파생상품부채As filed	—	—	—	—	—	—	—	—	—	—	17
기타장기부채As filed	—	—	—	—	—	—	—	5	8	10	13
매각예정부채As filed	—	—	—	—	—	—	—	—	—	—	0
확정급여부채As filed	12	21	—	—	—	—	—	—	—	—	—
지배기업 소유주지분As filed	—	577	—	—	—	—	—	—	—	—	—
장기파생상품부채As filed	1	—	—	—	—	—	—	—	—	—	—
납입자본As filed	47	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	844	908	1,628	1,299	1,682	1,669	3,045	3,128	2,792	3,462*	3,472
Cost of salesKRW 100M	539	575	1,068	864	1,019	1,057	1,906	1,930	1,853	2,172*	2,064
Gross profitKRW 100M	Not applicable	333	561	435	663	612	1,139	1,199	939	1,290*	1,408
SG&A expensesKRW 100M	Not applicable	285	338	331	444	431	675	629	514	700*	816
	60	49	223	104	219	182	464	569	425	591*	592
Finance incomeKRW 100M	5	3	6	24	21	13	41	115	66	134	88
Finance costsKRW 100M	Not applicable	1	24	5	15	28	17	87	55	85	85
Other incomeKRW 100M	Not applicable	14	6	10	8	3	5	4	8	4	5
Other expensesKRW 100M	Not applicable	13	24	18*	1	1	3	7	6	5	15
Share of profit of associatesKRW 100M	—	—	—	—	-1	-0	-5	-1	-9	-2	-8
	63	52	187	115	230	168	486	594	430	637*	577
Income tax expenseKRW 100M	6	6	29	12	51	13	96	118	61	179*	110
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	—	—	—	467
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	—	—	—	-11
	57	46	158	103	180	155	390	476	369	459	456
Attributable to ownersKRW 100M	Not applicable	40	153	96	179	158	377	468	357	454	453
Attributable to minoritiesKRW 100M	Not applicable	6	5	7	1	-3	12	8	13	5	3
Basic earnings per shareKRW	Not applicable	458	1,719	1,080	2,010	1,788	4,292	5,243	3,960*	2,479	2,533
Diluted earnings per shareKRW	Not applicable	458	1,689	1,079	1,964	1,727	4,177*	5,243	3,935*	2,471	2,533
	Not applicable	40	159	99	183	143	388	490	341	466	455
Other comprehensive incomeKRW 100M	-1	-6	1	-4	4	-12	-2	14	-29	7	-1

매출 총 이익As filed	305	—	—	—	—	—	—	—	—	—	—
판매비 와 관리비As filed	245	—	—	—	—	—	—	—	—	—	—
비지배지분As filed	4	5	—	—	—	—	—	—	—	—	3
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	11	5	—
기타수익As filed	9	—	—	—	—	—	—	—	—	—	—
지배기업 소유주지분As filed	—	—	—	—	—	—	—	—	—	—	451
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	329	461	—
기타비용As filed	11	—	—	—	—	—	—	—	—	—	—
금융비용As filed	1	—	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 포괄손익As filed	-1	-7	—	—	—	—	—	—	—	—	—
보험수리적손익As filed	-1	-9	—	-5	5	-15	-8	9	-29	-16	-2
법인세효과As filed	0	2	-1	-1	1	-3	-2	4	-0	-5	—
후속적으로 당기손익으로 재분류되는 포괄손익As filed	0	1	—	—	—	—	—	—	—	—	—
계속영업기본주당이익As filed	—	—	—	—	—	—	—	—	—	—	0
해외사업환산손익As filed	0	1	-3	0	-0	-0	6	-1	—	—	-0
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	3	—	—	—	—	—	—	—	-1
당기손익으로 재분류되지 않는 항목(세전기타포괄손익)As filed	—	—	—	-4	4	-12	-6	15	-29	-10	—
중단영업기본주당이익As filed	—	—	—	—	—	—	—	—	—	—	-0
지분법자본변동As filed	0	0	-0	—	—	—	—	—	—	7	0
보험수리적효과As filed	—	—	4	—	—	—	—	—	—	—	—
총포괄이익As filed	56	—	—	—	—	—	—	—	—	—	—
계속영업희석주당이익As filed	—	—	—	—	—	—	—	—	—	—	0
당기순이익의귀속As filed	57	—	—	—	—	—	—	—	—	—	—
지배기업소유주지분As filed	53	35	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	-2	—	—	—	—	—	—	—	-0
당기손익으로 재분류될 수 있는 항목(세전기타포괄손익)As filed	—	—	—	-0	-0	-0	4	-1	1	17	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	11	-9	3	—
중단영업희석주당이익As filed	—	—	—	—	—	—	—	—	—	—	-0
총포괄이익의귀속As filed	56	—	—	—	—	—	—	—	—	—	—
해외사업장환산외환차이(세전기타포괄이익)As filed	—	—	—	—	—	—	—	—	1	15	—
지분법 자본변동As filed	—	—	—	-0	—	—	—	—	—	—	—
기본주당이익As filed	0	—	—	—	—	—	—	—	—	—	—
희석주당순이익As filed	0	—	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	154	94	183	147	375	481	—	—	—
총 포괄손익, 비지배지분As filed	—	—	5	5	1	-4	12	9	—	—	—
기타포괄손익-공정가치금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	—	1

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	57	46	158	103	180	155	390	476	369	459	456
Total adjustments to operating cash flowcomputed	10	-45	22	-80	13	41	-134	-161	105	85	-40
	67	2	180	23	193	196	256	315	474	544	416
Interest receivedKRW 100M	Not applicable	Not applicable	2	2	2	3	4	9	22	33	33
Interest paidKRW 100M	1	Not applicable	1	1	2	2	2	2	3	6	7
DepreciationKRW 100M	—	—	12	17	24	25	26	26	29	36	—
AmortisationKRW 100M	—	—	4	7	9	10	8	8	8	9	—
Income taxes paidKRW 100M	Not applicable	Not applicable	14	46	4	63	24	141	113	116	Not applicable
	-90	-37	-115	-69	-45	-37	-194	-284	-397	-401	-136
Purchase of property, plant and equipmentKRW 100M	53	Not applicable	133	81	23	18	116	64	205	189	128
Proceeds from sale of property, plant and equipmentKRW 100M	0*	-2*	36	1	2	4	0	2	2	3	1
Purchase of intangible assetsKRW 100M	5	Not applicable	6	4	3	5	9	5	5	7	2
	-6	6	4	-28	-10	-53	-1	-27	-13	-86	-113
Dividends paidKRW 100M	6	1	—	11	—	18	13	26	27	45	54
Acquisition of treasury sharesKRW 100M	—	-1	—	—	—	—	—	—	—	123	0
Disposal of treasury sharesKRW 100M	—	—	9	3	—	—	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	—	—	—	—	—	—	—	0
Cash at beginning of periodKRW 100M	181	155	128	191	118	256	360	424	425	486	551
	155	128	191	118	256	360	424	425	486	551	719
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-6	-0	0	-1	4	-4	-3	8	0
Net change in cash and cash equivalentsKRW 100M	-26	-28	63	-73	138	104	64	0	61	65	168

당기순이익As filed	57	46	—	—	—	—	—	—	—	—	456
당기순이익(손실)As filed	—	—	158	103	180	155	390	476	369	459	—
감가상각비As filed	11	12	—	—	—	—	—	—	—	—	—
당기순이익조정을 위한 가감As filed	—	—	154	96	184	173	341	289	152	371	—
주식선택권행사As filed	—	—	—	—	—	9	9	8	1	45	2
무형자산상각비As filed	3	4	—	—	—	—	—	—	—	—	—
유형자산처분손실As filed	0	0	0	0	0	0	0	0	—	1	—
장기차입금의 증가As filed	—	—	—	—	15	—	20	—	23	46	0
단기차입금의 상환As filed	—	—	—	—	—	25	9	5	3	3	5
퇴직급여As filed	15	15	17	21	25	26	30	30	28	35	—
대손상각비As filed	2	0	8	4	5	16	36	-5	-26	41	—
무형자산처분손실As filed	0	—	—	—	—	0	0	—	—	0	—
기타의 대손상각비As filed	—	0	10	0	—	—	—	—	—	—	—
단기차입금의 증가As filed	—	—	—	—	—	15	9	—	—	—	2
종속기업의 유상증자As filed	—	—	—	—	15	0	25	—	—	3	—
하자보수비As filed	48	67	53	34	65	70	140	117	55	—	—
주식보상비용As filed	1	2	1	5	5	1	7	8	3	1	—
리스부채의 상환As filed	—	—	—	—	-3	-3	-3	-3	-7	-8	9
외화환산손실As filed	0	0	11	1	4	13	2	24	10	5	—
장기금융상품평가손실As filed	1	1	—	1	0	0	0	1	—	—	—
지분법손실As filed	2	7	2	2	2	0	5	1	9	3	—
이자비용As filed	1	1	1	1	2	1	1	2	1	3	—
기타금융자산의 처분As filed	—	—	3	18	21	23	10	3	6	20	12
법인세비용As filed	6	6	29	12	51	13	96	118	61	179	—
종속기업의 취득As filed	—	—	—	—	-6	-14	-20	—	—	—	-50
단기금융상품의 처분As filed	—	—	10	1	—	4	32	50	20	159	184
유형자산처분이익As filed	-0	-0	4	7	0	1	0	1	-1	-1	—
외화환산이익As filed	-2	-5	—	5	5	0	12	11	-3	-41	—
파생상품평가손실As filed	1	—	—	—	—	—	5	—	0	36	—
기타금융자산의 취득As filed	—	—	15	—	21	24	11	9	11	22	10
파생상품평가이익As filed	—	-1	—	—	—	—	-0	-22	-1	—	—
단기당기손익-공정가치금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	123
장기금융상품의 취득As filed	—	—	2	—	12	3	3	3	4	—	—
단기금융상품의 취득As filed	—	—	6	11	52	4	83	221	185	177	131
장기금융상품평가이익As filed	—	-0	—	0	0	0	0	-0	-0	—	—
관계기업주식손상차손As filed	—	—	11	—	—	—	—	—	—	—	—
이자수익As filed	-3	-1	1	2	2	3	3	9	-26	-35	—
관계기업주식의 취득As filed	-20	—	—	12	1	5	—	28	—	-50	38
당기손익-공정가치금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	20
무형자산손상차손As filed	—	—	—	15	—	0	—	3	—	—	—
장기금융상품처분손실As filed	—	—	0	—	—	—	—	—	—	—	—
관계기업투자처분손실As filed	—	—	—	0	—	—	—	—	—	—	—
기타장기금융자산의처분As filed	6	—	14	2	48	10	4	10	5	16	—
사업결합으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	-5	0
기타장기금융자산처분As filed	—	20	—	—	—	—	—	—	—	—	20
기타장기금융자산의취득As filed	20	—	24	9	5	11	13	18	4	-20	—
단기당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	-30	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	-108	—
종속기업투자처분손실As filed	—	—	0	0	—	—	—	—	—	0	—
매도가능금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
기타포괄손익-공정가치금융자산의 취득As filed	—	—	—	-0	—	-7	-6	—	-18	—	—
유형자산폐기손실As filed	—	—	0	0	—	—	—	—	—	—	—
단기당기손익-공정가치금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	171
사업결합으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	5	0
무형자산처분이익As filed	-2	—	—	—	—	—	—	0	—	—	—
당기손익-공정가치금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	2
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
대손충당금환입As filed	—	—	—	10	—	—	—	—	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	46	-197	—
장기금융상품거래이익As filed	—	—	—	—	-0	-0	—	—	—	—	—
지분법이익As filed	—	—	0	—	0	—	0	0	-0	-1	—
사용권자산의 처분As filed	—	—	—	—	—	—	—	0	—	1	0
파생상품자산의 감소(증가)As filed	—	—	1	—	—	—	—	0	22	1	—
기타금융자산의 감소(증가)As filed	—	—	—	—	-0	1	-0	-2	0	5	—
배당금수입As filed	—	—	—	—	—	—	-0	-0	-0	—	—
기타비유동자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	0	0	—
기타장기금융자산의 취득As filed	—	—	—	6	—	—	—	—	—	—	16
매출채권의감소(증가)As filed	22	-75	—	—	—	—	—	—	—	—	—
기타장기부채의 증가(감소)As filed	—	—	—	—	—	—	—	5	3	—	—
장기금융자산평가이익As filed	—	—	1	—	—	—	—	—	—	—	—
기타금융자산의감소(증가)As filed	—	0	—	—	—	—	—	—	—	—	—
잡이익As filed	—	—	—	—	—	0	0	0	-0	-0	—
기타금융부채의 증가(감소)As filed	—	—	—	—	37	-4	29	39	18	-1	—
기타유동자산의감소(증가)As filed	-5	5	—	—	—	—	—	—	—	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-118	-131	-167	-70	-453	-315	—	—	—
재고자산의감소(증가)As filed	36	-133	—	—	—	—	—	—	—	—	—
투자자산처분이익As filed	—	—	—	0	—	—	—	—	—	—	—
매출채권의 감소(증가)As filed	—	—	29	-82	-131	88	-288	-6	71	-115	—
무형자산의 처분As filed	—	—	—	—	—	—	—	0	—	2	0
장기충당부채의 증가(감소)As filed	—	—	—	—	—	—	—	30	-16	—	—
매입채무의증가(감소)As filed	-6	106	—	—	—	—	—	—	—	—	—
기타비용As filed	4	—	—	—	—	—	—	—	—	—	—
충당부채의 증가(감소)As filed	—	—	—	—	-38	—	—	-135	-73	-97	—
파생상품부채의증가(감소)As filed	—	-1	—	—	—	—	—	—	—	—	—
기타금융부채의증가(감소)As filed	-13	-0	—	—	—	—	—	—	—	—	—
기타유동자산의 감소(증가)As filed	—	—	-7	-10	1	3	-20	-18	28	-2	—
기타유동금융자산의 감소(증가)As filed	—	—	-3	3	—	—	—	—	—	—	—
기타유동부채의증가(감소)As filed	-22	20	—	—	—	—	—	—	—	—	—
재고자산의 감소(증가)As filed	—	—	2	49	-32	-45	-99	-166	76	11	—
퇴직금의 지급As filed	-3	—	-2	—	-1	-2	-2	-0	-1	-1	—
충당부채의증가(감소)As filed	-52	-58	—	—	—	—	—	—	—	—	—
매입채무의 증가(감소)As filed	—	—	-59	-21	34	-2	41	-18	-12	17	—
사용자기여금납입As filed	—	-16	-18	-24	-32	-35	-37	-44	-60	-45	—
파생상품부채의 증가(감소)As filed	—	—	—	—	—	—	—	-5	—	-0	—
부가세대급금의 증가As filed	—	—	—	—	—	-2	-21	20	—	—	—
퇴직금의지급As filed	—	-0	—	—	—	—	—	—	—	—	—
기타유동금융자산의감소(증가)As filed	0	—	—	—	—	—	—	—	—	—	—
기타유동부채의 증가(감소)As filed	—	—	-7	4	-2	-6	30	-6	-4	21	—
부가세대급금의 감소(증가)As filed	—	—	—	—	-2	—	—	—	-8	4	—
이자의수취As filed	—	2	—	—	—	—	—	—	—	—	—
자산ㆍ부채의증감As filed	—	—	—	—	—	—	—	—	—	—	-315
기타유동금융부채의 증가(감소)As filed	—	—	2	0	—	—	—	—	—	—	—
이자의지급As filed	—	-1	—	—	—	—	—	—	—	—	—
장기충당부채의증가(감소)As filed	—	—	—	—	—	—	—	—	—	6	—
법인세납부As filed	13	-0	—	—	—	—	—	—	—	—	161
조정As filed	—	—	—	—	—	—	—	—	—	—	410
기타장기금융부채의증가(감소)As filed	—	—	—	-0	0	—	—	—	—	—	—
배당금의수취As filed	—	—	—	—	—	—	—	—	—	—	1
유동충당부채의 증가(감소)As filed	—	—	-57	-52	—	—	—	—	—	—	—
유형자산의처분As filed	—	-4	—	—	—	—	—	—	—	—	—
충당부채의 감소As filed	—	—	—	—	—	-67	-86	—	—	—	—
단기금융상품의취득As filed	—	-10	—	—	—	—	—	—	—	—	—
기타금융자산의처분As filed	—	8	—	—	—	—	—	—	—	—	—
기타장기금융부채의 증가(감소)As filed	—	—	—	—	—	1	0	-10	—	—	—
비지배지분의 증가As filed	—	1	7	1	—	—	—	—	—	—	—
기타금융자산취득As filed	—	-9	—	—	—	—	—	—	—	—	—
장기금융상품의 처분As filed	—	—	0	3	—	—	—	—	—	—	—
사외적립자산의 감소(증가)As filed	—	—	—	1	—	—	—	—	—	—	—
장기금융상품의취득As filed	—	4	—	—	—	—	—	—	—	—	—
유형자산의취득As filed	—	-43	—	—	—	—	—	—	—	—	—
기타비유동금융부채의증가(감소)As filed	-4	—	—	—	—	—	—	—	—	—	—
기타장기부채의증가(감소)As filed	—	—	—	—	—	—	—	—	—	2	—
무형자산의취득As filed	—	-1	—	—	—	—	—	—	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	0	0	0	—	—
관계기업주식의취득As filed	—	-2	—	—	—	—	—	—	—	—	—
기타비유동자산의 감소As filed	—	—	0	—	—	—	—	—	—	—	—
사용자 기여금 납입As filed	-16	—	—	—	—	—	—	—	—	—	—
기타비유동자산의취득As filed	-0	0	—	—	—	—	—	—	—	—	—
유쳥자산처분손실As filed	—	—	—	—	—	—	—	—	0	—	—
매각예정자산의 처분As filed	—	—	—	28	—	—	—	—	—	—	—
이자 수취As filed	2	—	—	—	—	—	—	—	—	—	—
잡손실As filed	—	—	—	—	—	—	—	—	0	—	—
정부보조금의 수취As filed	—	—	—	—	—	0	—	—	—	—	—
단차입금의 상환As filed	—	—	—	—	9	—	—	—	—	—	—
무형자산의처분As filed	3	—	—	—	—	—	—	—	—	—	—
차입금의 차입As filed	—	—	20	—	—	—	—	—	—	—	—
기타단기금융자산의처분As filed	2	—	—	—	—	—	—	—	—	—	—
종속기업의 자기주식취득As filed	—	—	—	—	-23	—	—	—	—	—	—
차입금의 상환As filed	—	—	25	—	—	—	—	—	—	—	—
차입금의차입As filed	—	10	—	—	—	—	—	—	—	—	—
기타장기금융부채의 감소As filed	—	—	0	—	—	—	—	—	—	—	—
재고자산평가손실As filed	—	—	—	—	—	—	—	—	9	12	—
차입금의상환As filed	—	-2	—	—	—	—	—	—	—	—	—
기타단기금융자산의취득As filed	1	—	—	—	—	—	—	—	—	—	—
기타장기금융부채의증가As filed	—	0	—	—	—	—	—	—	—	—	—
기타투자자산의 증가As filed	—	—	—	-0	—	—	—	—	—	—	—
장기금융상품 취득As filed	-2	—	—	—	—	—	—	—	—	—	—
종속기업의 자기주식 취득As filed	—	-2	—	—	—	—	—	—	—	—	—
외화표시현금및현금성자산의환율변동효과As filed	—	2	—	—	—	—	—	—	—	—	—
자기주식 취득As filed	—	—	—	-20	—	-16	-18	—	—	—	—
무형자산손상차손환입As filed	—	—	—	—	—	—	—	—	-3	0	—
기타장기금융부채 취득As filed	1	—	—	—	—	—	—	—	—	—	—
유지보수비As filed	—	—	—	—	—	—	—	—	—	94	—
현금및현금성자산의환율변동효과As filed	2	—	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가이익As filed	—	—	—	—	—	—	—	—	—	-0	—
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	—	—	—	—	—	—	-5	—

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 25	신우회계법인	2025-12-31
2024	적정의견Term 24	신우회계법인	2025-12-31
2023	적정의견Term 23	신우회계법인	2025-12-31
2022	적정Term 22	이촌회계법인	2022-12-31
2021	적정Term 21	이촌회계법인	2022-12-31
2020	적정Term 20	이촌회계법인	2022-12-31
2019	적정Term 19	이촌회계법인	2019-12-31
2018	적정Term 18	이촌회계법인	2019-12-31
2017	적정Term 17	이촌회계법인	2019-12-31
2016	적정Term 16	이촌회계법인	2016-12-31
2015	적정Term 15	이촌회계법인	2016-12-31
2014	적정Term 14	신한회계법인	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 5Y0.97

Equity risk premium%

Terminal growth%

Cost of equity9.26%

Weighted average cost of capital9.21%

Initial growth11.2%

Effective tax rate19.1%

Base fiscal year2025

Current priceKRW57,700

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	9,131	-84.2%
Dividend discount model DDM	11,199	-80.6%
Discounted cash flow FCFF	30,911	-46.4%
Discounted cash flow FCFE	26,676	-53.8%
Residual income model RIM	33,815	-41.4%

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% + 0.97 × 5.00% = 9.26%

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(15.03% × (1 − 25.66%), 0) = 11.18%

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 = 650 × (1 + 2.00%) / (9.26% − 2.00%) = 663 / 0.0726 = 9,131 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 = 650, g_1 = 11.18%, g_T = 2.00%, r = 9.26%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	11.18%	723	0.9152	661
2	8.88%	787	0.8377	659
3	6.59%	839	0.7667	643
4	4.29%	875	0.7017	614
5	2.00%	892	0.6422	573
Terminal value	2.00%	12,533	0.6422	8,049
Total				11,199

P_0 = 11,199 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 = 16,342 KRW, ROE = 15.03%, payout ratio = 25.66%, r = 9.26%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	16,342	2,457	1,513	943	0.9152	863
2	18,168	2,731	1,683	1,049	0.8377	879
3	20,199	3,037	1,871	1,166	0.7667	894
4	22,456	3,376	2,080	1,296	0.7017	910
5	24,966	3,753	2,312	1,441	0.6422	926
Terminal value				20,246	0.6422	13,002

P_0 = 16,342 + 4,471 + 13,002 = 33,815 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 = 415.9 − 127.6 + 6.7 × (1 − 19.09%) = 293.8 KRW hundred million

Weighted average cost of capital

E = 10,634.1, D = 122.4 KRW hundred million; equity weight = 98.86%, debt weight = 1.14%; cost of debt k_d = 5.45%

WACC = 98.86% × 9.26% + 1.14% × 5.45% × (1 − 19.09%) = 9.21%

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	11.18%	326.6	0.9157	299.1
2	8.88%	355.6	0.8385	298.2
3	6.59%	379.0	0.7678	291.0
4	4.29%	395.3	0.7031	277.9
5	2.00%	403.2	0.6438	259.6
Terminal value	2.00%	5,707.4	0.6438	3,674.6
Total				5,100.4

Firm value = 5,100.4; less borrowings 122.4; plus cash 718.9 → 5,696.9 KRW hundred million

P_0 = 5,696.9 KRW hundred million ÷ 18,430,000 (shares) = 30,911 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 = 415.9 − 127.6 + -3.0 (net borrowing) = 285.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	11.18%	317.2	0.9152	290.4
2	8.88%	345.4	0.8377	289.3
3	6.59%	368.2	0.7667	282.3
4	4.29%	384.0	0.7017	269.4
5	2.00%	391.7	0.6422	251.5
Terminal value	2.00%	5,502.1	0.6422	3,533.5
Total				4,916.5

P_0 = 4,916.5 KRW hundred million ÷ 18,430,000 (shares) = 26,676 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