112610KOSPI

CS Wind

55,700

-1,500 (-2.62%)

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

CS Wind was established in 2006 and is headquartered in Seoul. The company is listed on the KOSPI market.

The company produces wind towers, tower components, and offshore wind substructures such as monopiles and transition pieces. It operates production facilities in Korea, Vietnam, the United States, Portugal, China, Turkey, and Taiwan. Its main customers include wind turbine manufacturers like Vestas and SGRE, as well as energy companies such as Orsted and RWE.

Business overview as filed

당사와 연결종속회사는 풍력타워 생산 및 타워내부 부품, 베어링 등 풍력타워 부품 생산과 해상풍력 하부구조물 생산사업을 운영 중에 있습니다. 당사는 한국 본사를 기반으로 베트남, 미국, 포르투갈, 중국, 터키, 대만에서 풍력타워 생산법인을 운영하며유럽, 미국, 아시아 등 전세계 시장에 육상 및 해상 풍력타워를 공급, 납품하고 있습니다. 더불어, 해상풍력을 주력으로 시장경쟁력을 강화하기 위하여 해상풍력 하부구조물 사업에 새롭게 진출하고자 2023년 12월 유럽 해상풍력 하부구조물 생산기업인 'Bladt Industries'를 인수하여 유럽, 미국 등 전세계 시장에 Monopile, Transition Piece 등 해상풍력 하부구조물 등을 공급, 납품하고 있습니다.당사가 주로 생산하는 풍력 타워 및 하부구조물의 경우 풍력발전단지의 설치지역(육상/해상), 설치 지역의 지리 및 기후 특성 등에 따라 다품종 생산을 기반으로 하며, 고객사 및 수주 프로젝트에 따라 제품의 사양이 상이하기에 판매가격의 추이를 확인하기는 어렵습니다. 다만, 원재료 중 큰 비중을 차지하는 후판 가격은 지역마다 상이하긴 하나 2025년에는 중국, 유럽 등 대부분의 국가에선 후판 가격이 하락한 반면, 미국산 후판 가격은 작년 말에 비해 상승하였습니다.당사의 매출은 풍력타워 부문의 경우, Vestas, SGRE 등 글로벌 유수의 풍력터빈 업체가 주요 고객사로 2025년 연결 매출액의 62.1%를 차지하고 있습니다. 고객사와의전략적인 관계 구축을 통한 장기적인 공급계약을 바탕으로 수주활동을 전개하고 있으며, 2025년 풍력타워부문의 연간 수주총액은 1,520백만USD이며, 2025년말 수주잔고는 1,147백만USD입니다. 해상풍력 하부구조물 부문에서는 Orsted, RWE 등 글로벌 신재생에너지 발전기업들이 주요 고객사로, 전략적인 관계 구축을 통한 장기적인 공급계약을 바탕으로 수주활동을 전개하고 있으며, 2025년말 해상풍력 하부구조물 부문의 수주잔고는 31백만USD입니다. 다만, 하부구조물 사업부문 인수 이후 체결된 신규 공급계약은 경영상 비밀유지 의무에 따라 공시가 유보되어 있으며, 해당 계약은 현재 수주잔고에 반영하지않은 수치입니다.

Company overview

1) 연결대상 종속회사 개황

1-1) 연결대상회사의 변동내용

2) 회사의 법적ㆍ상업적 명칭당사의 명칭은 "씨에스윈드 주식회사"라 표기하며, 영문으로는 "CS Wind Corporation"이라 표기합니다.3) 회사의 설립일자당사는 최초 중산풍력 주식회사로 2006년 8월 17일에 설립되었으며, 2007년 8월 3일 씨에스윈드 주식회사로 사명을 변경하였습니다. 또한 2014년 11월 27일자로 유가증권시장에 상장되어 매매가 개시되었습니다.4) 본사의 주소, 전화번호, 홈페이지 주소- 주 소 : 서울시 강남구 언주로 723- 전화번호 : 02-6480-1800- 홈페이지 : http://www.cswind.com

5) 중소기업 등 해당 여부

6) 주요 사업의 내용 및 향후 추진하려는 신규 사업

당사와 연결종속회사는 풍력타워 생산 및 타워내부 부품, 베어링 등 풍력타워 부품 생산과 해상풍력 하부구조물 생산사업을 운영 중에 있습니다. 당사는 한국 본사를 기반으로 베트남, 미국, 포르투갈, 중국, 터키, 대만에서 풍력타워 생산법인을 운영하며유럽, 미국, 아시아 등 전세계 시장에 육상 및 해상 풍력타워를 공급, 납품하고 있습니다. 더불어, 해상풍력을 주력으로 시장경쟁력을 강화하기 위하여 해상풍력 하부구조물 사업에 새롭게 진출하고자 2023년 12월 유럽 해상풍력 하부구조물 생산기업인 'Bladt Industries'를 인수하여 유럽, 미국 등 전세계 시장에 Monopile, Transition Piece 등 해상풍력 하부구조물 등을 공급, 납품하고 있습니다.당사가 주로 생산하는 풍력 타워 및 하부구조물의 경우 풍력발전단지의 설치지역(육상/해상), 설치 지역의 지리 및 기후 특성 등에 따라 다품종 생산을 기반으로 하며, 고객사 및 수주 프로젝트에 따라 제품의 사양이 상이하기에 판매가격의 추이를 확인하기는 어렵습니다. 다만, 원재료 중 큰 비중을 차지하는 후판 가격은 지역마다 상이하긴 하나 2025년에는 중국, 유럽 등 대부분의 국가에선 후판 가격이 하락한 반면, 미국산 후판 가격은 작년 말에 비해 상승하였습니다.당사의 매출은 풍력타워 부문의 경우, Vestas, SGRE 등 글로벌 유수의 풍력터빈 업체가 주요 고객사로 2025년 연결 매출액의 62.1%를 차지하고 있습니다. 고객사와의 전략적인 관계 구축을 통한 장기적인 공급계약을 바탕으로 수주활동을 전개하고 있으며, 2025년 풍력타워부문의 연간 수주총액은 1,520백만USD이며, 2025년말 수주잔고는 1,147백만USD입니다. 해상풍력 하부구조물 부문에서는 Orsted, RWE 등 글로벌 신재생에너지 발전기업들이 주요 고객사로, 전략적인 관계 구축을 통한 장기적인 공급계약을 바탕으로 수주활동을 전개하고 있으며, 2025년말 해상풍력 하부구조물 부문의 수주잔고는 31백만USD입니다. 다만, 하부구조물 사업부문 인수 이후 체결된 신규 공급계약은 경영상 비밀유지 의무에 따라 공시가 유보되어 있으며, 해당 계약은 현재 수주잔고에 반영하지않은 수치입니다.

7) 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

4.83%

[2.84%, 8.13%] · As of 2026-10-02

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 54.4% (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

0.37

Beta [0.20, 0.54] · KOSPI200 · As of 2026-10-08

Intercept: +0.049%[-0.421%, +0.519%]
R squared: 0.09
Observations: 252
Trading-time corrected beta: 0.45[0.06, 0.85]

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	2,971	3,112	3,122	5,022	7,994	9,691	12,034	13,749	15,202	30,725	29,316	27,773
Revenue growth%	—	4.74	0.32	60.85	59.18	21.23	24.18	14.25	10.57	102.12	-4.59	—
Operating incomeKRW 100M	364	-237	354	327	601	976	1,010	421	1,047	2,555	3,203	2,962
Operating income growth%	—	-164.97	—	-7.52	83.65	62.26	3.48	-58.28	148.48	144.09	25.38	—
Net incomeKRW 100M	214	-172	390	71	347	336	647	-98	189	1,437	401	107
Net income growth%	—	-180.64	—	-81.89	391.53	-3.12	92.70	-115.18	—	658.69	-72.07	—
Attributable to ownersKRW 100M	214	-173	389	59	319	309	662	-10	199	1,423	347	43
Attributable to minoritiesKRW 100M	0	0	0	11	28	27	-15	-88	-9	14	54	64
Operating margin%	12.26	-7.61	11.34	6.52	7.52	10.07	8.39	3.06	6.89	8.32	10.93	10.66
Net margin%	7.20	-5.54	12.48	1.40	4.34	3.47	5.38	-0.71	1.25	4.68	1.37	0.38
ROE%	—	—	12.91	1.96	9.36	7.47	7.40	-0.11	2.22	12.39	3.01	0.34
ROA%	5.45	-4.47	10.04	1.16	4.71	3.82	3.65	-0.55	0.67	3.98	1.25	0.30
Debt ratio%	20.36	29.15	28.51	90.38	98.90	98.56	87.35	92.45	199.94	200.72	167.68	161.71
Current ratio%	457.65	283.25	266.69	171.28	154.41	164.71	187.35	161.24	95.48	123.46	145.54	149.70
Quick ratio%	315.15	216.45	186.25	105.70	111.37	103.17	126.08	100.03	—	79.09	101.06	101.69
Reserve ratio%	—	—	3,978.58	—	—	—	—	—	3,841.04	4,620.55	4,562.71	4,843.19
Free cash flowKRW 100M	-373	329	-398	-469	-20	-862	-1,977	524	-815	-1,506	4,351	—
FCF margin%	-12.54	10.56	-12.75	-9.34	-0.25	-8.90	-16.43	3.81	-5.36	-4.90	14.84	—
OCF conversion%	-92.83	—	-7.90	-290.94	247.03	71.39	-162.78	—	585.31	34.15	1,314.89	—
Capex to revenue%	5.86	5.13	11.77	5.25	10.97	11.37	7.67	7.16	12.65	6.50	3.16	—
Receivable daysdays	—	84.5	93.1	87.4	73.0	69.3	91.3	101.5	92.5	59.5	63.1	—
Inventory daysdays	—	82.8	91.3	92.5	71.1	71.9	98.3	108.0	—	—	85.8	—
Payable daysdays	—	30.2	29.6	38.9	49.7	60.0	83.6	93.8	135.4	89.2	84.4	—
Cash conversion cycledays	—	137.2	154.9	140.9	94.3	81.2	105.9	115.7	—	—	64.5	—
EPSKRW	1,308	-1,075	2,462	378	2,061	1,892	1,598	-23	471	3,374	837	103
PERx	—	—	10.64	73.02	18.44	93.55	41.11	—	148.95	12.42	49.70	414.73
BPSKRW	—	—	17,454	17,476	19,726	23,900	21,204	20,786	21,266	27,238	27,342	30,488
PBRx	—	—	1.50	1.58	1.93	7.41	3.10	3.31	3.30	1.54	1.52	1.40
Dividend per shareKRW	300	200	350	400	460	1,000	600	500	500	1,000	1,000	—
Payout ratio%	22.94	—	14.22	105.82	22.32	52.85	37.55	—	106.09	29.64	119.47	—

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
	3,920	3,857	3,879	6,064	7,356	8,807	17,739*	17,795*	28,326*	36,095	32,166
	2,504	2,296	2,159	3,867	4,267	5,472	10,729	10,059*	13,529*	18,281	16,413
Cash and cash equivalentsKRW 100M	530	561	449	401	839	918	2,618	1,916	2,071	3,592	4,789
Short-term financial instrumentsKRW 100M	—	—	—	46	37	39	44	3	146	111	156
InventoriesKRW 100M	780	541	651	1,481	1,189	2,045	3,509	3,818	Not applicable	6,571	5,016
Trade and other receivablesKRW 100M	701	740	853*	1,552	1,645	2,034	3,984	3,663*	4,039*	5,985*	4,145
	1,416	1,561	1,721	2,197	3,089	3,335	7,010*	7,679*	14,645*	17,814	15,753
Property, plant and equipmentKRW 100M	1,166*	1,188	1,492	1,760	2,278	2,725	5,100	5,322*	9,156*	11,327	10,206
Intangible assetsKRW 100M	52*	24	25	Not applicable	Not applicable	Not applicable	Not applicable	1,209*	2,610	Not applicable	Not applicable
Investments in associatesKRW 100M	1	1	0	15	19	15	30	87	152	136	143
	663	871	861	2,879	3,658	4,371	8,271*	8,549*	18,882*	24,092	20,149
	547	811	809	2,258	2,763*	3,322	5,727	6,238	14,171*	14,806	11,278
Trade and other payablesKRW 100M	249	232	154*	744	1,125	1,574	3,150	3,214	6,536	6,503	4,890
Short-term borrowingsKRW 100M	87	153	300	1,210	1,426	1,461	1,879*	2,327	3,841	4,255	2,425
Current portion of long-term borrowingsKRW 100M	—	—	—	—	—	—	—	269	1,194	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	29	16	21	25	148	169	194
	116	60	51	621	895*	1,049	2,544*	2,310*	4,712*	9,286	8,872
Bonds issuedKRW 100M	—	—	—	—	—	177	—	—	—	—	—
Long-term borrowingsKRW 100M	63	16	—	567	564*	631	2,062	1,736	3,032	6,557	5,671
Non-current lease liabilitiesKRW 100M	—	—	—	—	261	131	280	342	1,284	2,156	2,156
	3,257	2,986	3,019	3,185	3,698	4,435	9,468*	9,247*	9,444*	12,003	12,017
	Not applicable	Not applicable	3,017	3,021	3,410	4,131	8,942*	8,766*	8,968*	11,487	11,531
Issued capitalKRW 100M	Not applicable	Not applicable	86	86	86	86	211	211	211	211	211
Capital surplusKRW 100M	1,734	1,734	1,734	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	5,686	6,130	4,075
Retained earningsKRW 100M	1,572	1,349	1,704	1,706	1,958	2,186	2,679*	2,392*	2,413*	3,613	5,546
Other equityKRW 100M	-138	-186	-508*	-125	-11	-245	80*	494*	658*	1,533	1,699
Non-controlling interestsKRW 100M	2	2	2	164	289	304	526*	481	476	516	486

미청구공사As filed	—	—	—	—	—	—	—	—	—	1,280	140
기타금융자산As filed	223	375	—	—	—	—	—	—	—	—	—
기타유동금융자산As filed	—	—	118	114	58	63	122	41	32	37	123
단기미청구공사As filed	—	—	—	—	—	—	—	—	842	—	—
유동 당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	0	63	—	—	—
기타유동자산As filed	53	72	87	273	499	363	448	475	567	684	2,030
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	6	7
당기법인세자산As filed	218	6	0	1	0	10	5	79	10	15	8
기타비유동금융자산As filed	105	235	78	79	97	95	21	19	104	179	170
재고자산As filed	—	—	—	—	—	—	—	—	5,822	—	—
장기금융상품As filed	—	—	—	23	18	13	16	2	1	2	2
매각예정 비유동자산As filed	—	—	—	—	—	—	—	57	—	—	—
이연법인세자산As filed	41	66	67	52	72	100	174	132	205	271	646
기타비유동자산As filed	50	47	59	42	3	5	7	11	528	347	121
무형자산As filed	—	—	—	224	222	210	1,274	—	—	2,620	1,785
사용권자산As filed	—	—	—	—	380	167	386	477	1,611	2,499	2,189
장기매출채권 및 기타비유동채권As filed	—	—	—	—	—	0	—	—	—	—	—
기타금융부채As filed	52	117	—	—	1	—	—	—	—	—	—
기타유동금융부채As filed	—	—	74	1	2	6	11	8	2	3	1
미지급법인세As filed	19	9	10	—	—	—	—	—	—	—	—
투자부동산As filed	—	—	—	—	—	—	—	371	218	341	326
기타유동부채As filed	127	286	250	300	119	57	325	202	—	—	1,033
파생금융부채As filed	1	—	21	—	—	—	—	—	—	—	—
기타충당부채As filed	13	13	—	—	—	—	—	—	—	—	—
순확정급여자산As filed	—	—	—	—	—	—	—	4	13	11	22
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	5	2	2	2	—	—
순확정급여부채As filed	29	24	—	—	—	—	—	18	8	23	27
기타비유동부채As filed	21	20	18	18	11	10	13	17	—	—	95
당기손익-공정가치측정금융부채As filed	—	—	—	1	4	—	—	—	—	0	52
자본금As filed	86	86	—	—	—	—	—	—	—	—	—
부채와자본총계As filed	3,920	3,857	—	—	—	—	—	—	—	—	—
유동충당부채As filed	—	—	2	2	4	0	5	2	226	326	153
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	2	1
당기법인세부채As filed	—	—	—	1	54	206	141	87	85	73	363
비유동 당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	—	44	44	—	—
기타비유동금융부채As filed	3	—	1	—	—	0	—	1	2	3	3
유동당기손익인식측정금융부채As filed	—	—	—	—	—	0	4	—	—	—	—
퇴직급여부채As filed	—	—	15	32	36	42	27	—	—	—	—
매출채권및기타비유동채권As filed	—	—	—	—	—	—	—	—	—	—	18
이연법인세부채As filed	—	—	17	4	7	54	161	156	138	105	11
미지급배당금As filed	—	—	—	—	0	0	0	0	0	—	0
유동성교환사채As filed	—	—	—	—	—	0	—	—	—	—	—
자본과부채총계As filed	—	—	3,879	6,064	7,356	8,807	17,739	17,795	28,326	36,095	—
기타불입자본As filed	—	—	—	1,353	1,377	2,104	5,973	5,669	—	—	—
비유동충당부채As filed	—	—	—	—	14	2	1	26	59	194	865
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	152	0	0
유동성사채As filed	—	—	—	—	—	—	190	75	54	—	—
유동 당기손익-공정가치 측정 금융부채As filed	—	—	—	—	—	—	—	28	29	—	—
장기매입채무 및 기타비유동채무As filed	—	—	—	—	—	0	0	13	0	0	—
단기초과청구공사As filed	—	—	—	—	—	—	—	—	1,765	—	—
부채및자본총계As filed	—	—	—	—	—	—	—	—	—	—	32,166
유동 기타포괄손익-공정가치 측정 금융부채As filed	—	—	—	—	—	—	—	—	24	—	—
사채As filed	—	—	—	—	—	—	—	—	—	0	0
초과청구공사As filed	—	—	—	—	—	—	—	—	—	1,226	287
유동성장기차입금As filed	—	—	—	—	—	—	—	—	—	1,239	1,880
기타 유동부채As filed	—	—	—	—	—	—	—	—	266	987	—
기타포괄손익-공정가치측정금융부채As filed	—	—	—	—	—	—	—	—	—	24	0
미지급 배당금As filed	—	—	—	—	—	—	—	—	—	0	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	189	81	—
비유동법인세부채As filed	—	—	—	—	—	—	—	—	—	166	42
장기매입채무및기타비유동채무As filed	—	—	—	—	—	—	—	—	—	—	0

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	2,971	3,112	3,122	5,022	7,994	9,691	12,034*	13,749	15,202	30,725	29,316
Cost of salesKRW 100M	2,312	2,913	2,383	4,208	6,858	8,211	10,312*	12,387	13,143*	26,681	24,634
Gross profitKRW 100M	659	200	739	814	1,136	1,480	1,723*	1,362	2,059*	4,044	4,682
SG&A expensesKRW 100M	295	436	385	487	535	504	713*	941	1,012*	1,490	1,479
	364	-237	354	327	601	976	1,010*	421	1,047*	2,555	3,203
Finance incomeKRW 100M	151	134	145	156	169	504	456*	590	396	442	862
Finance costsKRW 100M	256	104	85	187	268	578	599*	999	936*	1,356	1,373
Other incomeKRW 100M	7	113	75	20	21	35	87*	90*	19	194	99
Other expensesKRW 100M	7	73	69	244	122	347	73*	213	258	84	2,266
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	-33	14
	258	-168	419	68	399	578	894*	17*	239*	1,718	539
Income tax expenseKRW 100M	44	4	29	-3	52	242	246*	103	50	281	137
Profit from continuing operationsKRW 100M	—	—	—	—	—	—	—	-85*	189*	1,437	—
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	—	—	—	-13	—	0	—
	214	-172	390	71	347	336	647*	-98*	189*	1,437	401
Attributable to ownersKRW 100M	214	-173	389	59	319	309	662*	-10*	199*	1,423	347
Attributable to minoritiesKRW 100M	0	0	0	11	28	27	-15*	-88	-9	14	54
Basic earnings per shareKRW	1,308	-1,075	2,462	378	2,061	1,892*	1,598	Not applicable	Not applicable	Not applicable	837
Diluted earnings per shareKRW	1,306	-1,075	2,457	378	2,061	1,892*	1,598	Not applicable	Not applicable	Not applicable	823
	374	-140	89	75	450	81	1,000*	309*	350*	2,331	548
Other comprehensive incomeKRW 100M	161	33	-301	4	104	-255	353*	407*	161*	894	147

지분법 투자손익As filed	—	—	—	—	—	—	—	-24	—	—	—
지분법손익As filed	—	—	—	—	—	—	—	—	-39	—	—
지분법투자손익As filed	—	—	—	-5	-2	-12	12	—	—	—	—
관계기업지분법손실As filed	1	1	1	—	—	—	—	—	—	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	-12	44	—
비지배지분As filed	0	0	—	—	—	—	—	—	—	—	35
순확정급여부채의 재측정요소As filed	1	-1	—	—	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	363	2,287	—
표시통화환산손익As filed	160	34	-298	8	112	-120	429	283	55	293	-78
관계기업 기타포괄손익 중 지분해당액As filed	-0	-0	—	—	—	—	—	—	—	—	—
지배기업의 소유주As filed	—	—	—	—	—	—	—	—	—	—	513
지배주주지분As filed	374	-140	—	—	—	—	—	—	—	—	—
순화폐성자산에 대한 이익(손실)As filed	—	—	—	—	—	—	—	151	10	0	—
지배기업의 소유주에게 귀속되는 계속영업총포괄손익As filed	—	—	—	—	—	—	—	—	—	2,287	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	5	104	-129	437	272	—	282	—
당기손익으로 재분류되지 않는항목As filed	—	—	-301	—	—	—	—	—	—	—	—
계속영업 총포괄손익As filed	—	—	—	—	—	—	—	392	363	—	—
지배기업의 소유주에게 귀속되는 중단영업총포괄손익As filed	—	—	—	—	—	—	—	—	—	0	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-3	-3	-8	-9	8	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	0	0	0	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	0	-0	-1	-126	-85	135	—	612	—
계속영업이익(손실)As filed	—	—	—	—	—	—	—	3	—	—	—
순화폐성자산에서 발생하는 손익As filed	—	—	—	—	—	—	—	—	—	—	0
중단영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	-0	—	0	—
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	0	-0	-1	1	6	-2	—	—	—
중단영업이익(손실)As filed	—	—	—	—	—	—	—	-13	—	—	—
계속영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	0	0	0	—
중단영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	-0	—	0	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	89	65	427	66	990	393	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	—	—	-127	-90	137	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	105	—	226
총 포괄손익, 비지배지분As filed	—	—	-0	10	24	15	10	-84	—	—	—
현금흐름위험회피파생상품평가손익As filed	—	—	—	—	—	—	—	—	-14	-0	5
해외사업환산손익As filed	—	—	—	—	—	—	—	—	127	625	218
확정급여제도의 재측정효과As filed	—	—	—	—	—	—	—	-11	1	—	-1
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	-2	—	1
지분법자본변동As filed	—	—	—	—	—	—	—	—	-6	-14	1
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	56	—	-79
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	—	—	—	—	—	—	2	—
중단영업 총포괄손익As filed	—	—	—	—	—	—	—	1	—	—	—
확정급여제도의 재측정요소As filed	—	—	—	—	—	—	—	—	—	-11	—
비지배지분에 귀속될 계속영업이익(손실)As filed	—	—	—	—	—	—	—	—	-9	14	—
지배기업의 소유주에게 귀속될 계속영업손익As filed	—	—	—	—	—	—	—	—	199	1,423	—
비지배지분에 귀속될 중단영업이익(손실)As filed	—	—	—	—	—	—	—	—	—	0	—
지배기업의 소유주에게 귀속될 중단영업손익As filed	—	—	—	—	—	—	—	—	—	0	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	214	-172	390	71	347	336	647	-98	189	1,437	401
Total adjustments to operating cash flowcomputed	-412	661	-420	-276	510	-96	-1,701	1,607	919	-946	4,876
	-198	488	-31	-205	857	240	-1,054	1,508	1,108	491	5,277
Interest receivedKRW 100M	13	3	5	7	21	21	31	22	51	36	147
Interest paidKRW 100M	8	18	7	22	89	81	89	87	189	673	820
Income taxes paidKRW 100M	309	-179	10	42	24	179	401	305	77	262	403
	638	-330	-139	-617	-664	-1,103	-3,006	-1,053	-2,359	-2,117	-960
Purchase of property, plant and equipmentKRW 100M	174	160	367	264	877	1,102	923	984	1,923	1,997	926
Proceeds from sale of property, plant and equipmentKRW 100M	14	11	13	45	152	6	5	42	44	35	20
Purchase of intangible assetsKRW 100M	6	4	13	30	8	5	23	24	3	19	6
	-204	-125	95	793	233	1,094	5,678	-949	1,411	2,915	-3,253
Dividends paidKRW 100M	82	49	32	55	62	71	173	253	207	207	414
Acquisition of treasury sharesKRW 100M	16	82	24	85	—	—	—	427	—	0	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	448	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	—	—	—	4,626	268	—	—	—
Cash at beginning of periodKRW 100M	Not applicable	Not applicable	561	449	401	839	918	2,618	1,916	2,071	3,592
	530	561	449	401	839	918	2,618	1,916	2,071	3,592	4,789
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	2	4	-6	-3	-3	-122	-73*	232	133
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	-112	-48	Not applicable	79	1,700	-702	155	1,521	Not applicable

영업으로부터 창출된 현금흐름As filed	105	324	-19	—	—	—	—	—	—	—	—
영업활동으로 창출된 현금As filed	—	—	—	—	—	—	—	1,878	1,321	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	—	-148	948	479	-599	—	—	—	—
표시통화환산으로 인한 현금 및 현금성자산의 순증감As filed	—	—	—	—	—	—	—	-133	44	—	—
기타금융자산의 취득As filed	—	—	528	954	90	45	—	—	—	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	1	5	0	2
배당금수취(영업)As filed	—	—	—	—	—	—	4	—	3	7	—
임대보증금의 증가As filed	—	—	—	—	—	—	—	7	5	1	1
초인플레이션 회계적용으로 인한 현금의 변동As filed	—	—	—	—	—	—	—	48	24	0	0
기타금융자산의 증가As filed	1,078	453	—	—	—	—	—	—	—	—	—
기타금융자산의 처분As filed	—	—	772	835	164	46	—	—	—	—	—
단기금융자산의 취득As filed	—	—	—	—	—	—	—	6	—	—	—
사채발행비용의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
금융상품의 취득As filed	—	—	—	—	—	—	318	—	—	—	—
기타금융자산의 감소As filed	1,994	228	—	—	—	—	—	—	—	—	—
단기금융자산의 처분As filed	—	—	—	—	—	—	—	53	—	—	—
매도가능금융자산의 취득As filed	56	—	—	—	—	—	—	—	—	—	—
사채발행비 지급As filed	—	—	—	—	—	—	—	—	—	5	—
지분법적용 투자지분의 취득As filed	—	—	—	20	6	—	—	—	—	—	—
교환사채의 증가As filed	—	—	—	403	—	—	—	—	—	446	0
금융상품의 처분As filed	—	—	—	—	—	—	322	—	—	—	—
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	-3	0	—	—	—	—
매도가능금융자산의 처분As filed	56	—	—	—	—	—	—	—	—	—	—
유동당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	159	—	0	—
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	19	—	—	—	—	—	—	—	—
파생상품의 정산으로 인한 현금유입As filed	—	—	—	—	—	11	34	—	—	—	0
무형자산의 처분As filed	0	—	2	19	1	1	0	3	6	0	0
장기차입금의 증가As filed	—	—	—	—	—	—	1,204	270	2,617	4,366	179
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	4	—	—	—	—
파생상품의 정산으로 인한 현금유출As filed	—	—	—	—	—	-4	-6	—	—	3	7
단기차입금의 증가As filed	—	—	166	—	—	—	2,524	2,359	2,987	4,914	3,110
유동당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	96	62	0	—
비유동당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	27	0	0	—
사업결합으로 인한 순현금유입(유출)As filed	—	—	—	-248	—	—	—	—	—	—	—
종속기업 및 관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	6	2,176	141	—	—	—
사업결합으로 인한 현금의 증감As filed	-112	49	—	—	—	—	—	—	—	—	—
신주인수권부사채의 상환As filed	—	—	—	—	—	—	—	—	—	—	0
비유동당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	0	1	5	—
전환사채의 상환As filed	—	—	—	—	—	—	—	85	—	—	0
관계기업투자주식의 취득As filed	—	2	—	—	—	—	—	—	—	—	—
신주인수권부사채의 감소As filed	—	—	—	—	—	—	—	—	30	45	—
장기금융상품의 취득As filed	—	—	—	—	—	—	—	0	—	0	—
장기차입금의 감소As filed	5	—	—	—	—	—	—	—	24	—	887
장기차입금의 상환As filed	—	—	15	—	—	—	—	386	—	1	—
단기차입금의 감소As filed	—	—	—	—	—	—	—	—	3,596	—	4,742
단기차입금의 순감소As filed	100	-6	—	—	—	—	—	—	—	—	—
장기금융상품의 처분As filed	—	—	—	—	—	—	—	0	0	0	0
전환사채의 감소As filed	—	—	—	—	—	—	—	—	—	15	—
종속기업 및 관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	-0	—	—	—	—
선급금의 증가As filed	—	—	—	—	—	—	—	—	—	-0	0
주식선택권행사As filed	—	—	-1	—	—	—	—	—	—	—	—
차입금As filed	—	—	—	346	1,339	—	—	—	—	—	—
보증금의 증가As filed	—	—	—	—	—	-29	-97	12	14	313	70
파생상품정산으로 인한 현금유출As filed	—	—	—	—	—	—	—	-38	1	—	—
단기차입금의 상환As filed	—	—	—	—	—	—	2,401	1,965	—	5,302	—
비지배지분의 취득As filed	—	—	—	—	—	—	—	—	—	—	120
주식선택권의 행사As filed	-0	0	—	—	—	—	—	—	—	—	—
차입금의 상환As filed	—	—	—	—	1,132	1,304	—	—	—	—	—
금융리스부채의 증가As filed	—	—	—	—	-32	—	—	—	—	—	—
유동성장기차입금의 감소As filed	—	—	—	—	—	—	—	—	302	1,093	201
유동화부채의 증가As filed	—	—	—	185	—	—	—	—	—	—	—
리스부채의 감소As filed	—	—	—	—	—	—	—	—	41	—	175
보증금의 감소As filed	—	—	—	—	—	21	117	78	28	267	5
비지배 지분의 증가As filed	—	—	—	—	—	—	—	—	7	—	—
주식선택권행사로 인한 현금유입As filed	—	—	—	-0	-2	0	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	235	33	-76	-29	427	231	1,619	-494	160	1,288	—
종속기업에 및 관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	66	—	—	—
기초현금및현금성자산As filed	274	530	—	—	—	—	—	—	—	—	—
종속기업의 유상증자As filed	—	—	—	—	122	—	—	—	—	—	—
비지배지분의 추가취득As filed	—	—	—	—	—	—	—	—	—	0	—
표시통화환산으로 인한 현금및현금성자산의 감소As filed	14	2	-39	—	—	—	—	—	—	—	—
대여금의 감소As filed	—	—	—	—	—	4	56	2	1	2	3
표시통화 환산으로 인한 현금및현금성자산의 순변동As filed	—	—	—	-23	18	-149	84	—	—	—	—
리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	145	—
선급금의 감소(증가)As filed	—	—	—	—	—	—	—	—	-385	—	—
차입금의 증가As filed	—	—	—	—	—	2,087	—	—	—	—	—
현금및현금성자산에 대한 환율변동효과As filed	6	-5	—	—	—	—	—	—	—	—	—
대여금의 증가As filed	—	—	—	—	—	—	0	3	90	30	11
투자부동산의 처분As filed	—	—	—	—	—	—	—	1	—	0	—
비지배지분의 증가As filed	—	—	—	—	—	10	—	—	—	0	—
무상증자As filed	—	—	—	—	—	—	-2	—	—	—	—
금융리스부채의 증감As filed	—	—	—	—	—	-18	-16	—	—	—	—
당기손익-공정가치측정금융자산(유동)의 처분As filed	—	—	—	—	—	—	—	—	—	—	284
종속기업에 대한 소유지분의 변동으로 인한 지급As filed	—	—	—	—	—	58	—	—	—	—	—
기타포괄손익-공정가치측정금융자산(비유동)의 처분As filed	—	—	—	—	—	—	—	—	—	—	1
유동성 장기부채의 증감As filed	—	—	—	—	—	—	-84	—	—	—	—
매각예정비유동자산의 처분As filed	—	—	—	—	—	—	—	—	11	198	0
정부보조금의 수취As filed	—	—	—	—	—	—	—	0	—	0	—
종속기업및관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	1	0
단기금융상품의 처분As filed	—	—	—	—	—	—	—	—	20	381	705
당기손익-공정가치측정금융자산(비유동)의 처분As filed	—	—	—	—	—	—	—	—	—	—	10
종속기업및관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	-49	—	1
당기손익-공정가치측정금융자산(유동)의 취득As filed	—	—	—	—	—	—	—	—	—	—	284
당기손익-공정가치측정금융자산(비유동)의 취득As filed	—	—	—	—	—	—	—	—	—	—	0
단기금융상품의 취득As filed	—	—	—	—	—	—	—	—	162	342	750
유동성장기부채의 감소As filed	—	—	—	—	—	—	—	-31	—	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	26	—
정부보조금의 수령As filed	—	—	—	—	—	—	—	—	—	—	87
신주인수권부채의 상환As filed	—	—	—	—	—	—	—	-25	—	—	—
종속기업투자주식의 추가취득As filed	—	—	—	—	—	—	—	-666	—	—	—
제3자에 대한 선급금 및 대여금As filed	—	—	—	—	—	—	—	—	—	279	—
금융리스부채의 감소As filed	—	—	—	—	—	—	—	15	—	—	—
영업활동으로 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	—	6,338
배당금의 수취As filed	—	—	—	—	—	—	—	—	—	—	15
선물계약, 선도계약, 옵션계약, 스왑계약에 따른 현금수취As filed	—	—	—	—	—	—	—	—	—	2	—
외화표시현금및현금성자산의 환율변동 효과As filed	—	—	—	—	—	—	—	—	—	-8	-10
표시통화환산으로인한현금및현금성자산의 순증감As filed	—	—	—	—	—	—	—	—	—	241	143
현금및현금성자산의 증가As filed	—	—	—	—	—	—	—	—	—	—	1,064
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	1,383	—

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 20	안진회계법인	2025-12-31
2024	적정의견Term 19	삼일회계법인	2025-12-31
2023	적정의견Term 18	삼일회계법인	2025-12-31
2022	적정Term 17	삼일회계법인	2022-12-31
2021	적정Term 16	안진회계법인	2022-12-31
2020	적정Term 15	안진회계법인	2022-12-31
2019	적정Term 14	안진회계법인	2019-12-31
2018	적정Term 13	안진회계법인	2019-12-31
2017	적정Term 12	삼일회계법인	2019-12-31
2016	적정Term 11	삼일회계법인	2016-12-31
2015	적정Term 10	삼일회계법인	2016-12-31
2014	적정Term 9	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 5Y0.59

Equity risk premium%

Terminal growth%

Cost of equity7.34%

Weighted average cost of capital6.86%

Initial growth0.0%

Effective tax rate25.5%

Base fiscal year2025

Current priceKRW55,700

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	19,090	-65.7%
Dividend discount model DDM	18,214	-67.3%
Discounted cash flow FCFF	227,586	+308.6%
Discounted cash flow FCFE	70,615	+26.8%
Residual income model RIM	6,657	-88.0%

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% + 0.59 × 5.00% = 7.34%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(3.01% × (1 − 100.00%), 0) = 0.00%

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%) / (7.34% − 2.00%) = 1,020 / 0.0534 = 19,090 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 = 0.00%, g_T = 2.00%, r = 7.34%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	1,000	0.9316	932
2	0.50%	1,005	0.8679	872
3	1.00%	1,015	0.8085	821
4	1.50%	1,030	0.7532	776
5	2.00%	1,051	0.7017	737
Terminal value	2.00%	20,061	0.7017	14,076
Total				18,214

P_0 = 18,214 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 = 27,342 KRW, ROE = 3.01%, payout ratio = 100.00%, r = 7.34%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	27,342	823	2,008	-1,185	0.9316	-1,104
2	27,342	823	2,008	-1,185	0.8679	-1,028
3	27,342	823	2,008	-1,185	0.8085	-958
4	27,342	823	2,008	-1,185	0.7532	-892
5	27,342	823	2,008	-1,185	0.7017	-831
Terminal value				-22,620	0.7017	-15,871

P_0 = 27,342 + -4,814 + -15,871 = 6,657 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 = 5,277.1 − 925.8 + 820.2 × (1 − 25.50%) = 4,962.3 KRW hundred million

Weighted average cost of capital

E = 23,489.5, D = 8,095.6 KRW hundred million; equity weight = 74.37%, debt weight = 25.63%; cost of debt k_d = 7.34%

WACC = 74.37% × 7.34% + 25.63% × 7.34% × (1 − 25.50%) = 6.86%

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	0.00%	4,962.3	0.9358	4,643.6
2	0.50%	4,987.1	0.8757	4,367.1
3	1.00%	5,037.0	0.8194	4,127.5
4	1.50%	5,112.5	0.7668	3,920.3
5	2.00%	5,214.8	0.7176	3,741.9
Terminal value	2.00%	109,374.2	0.7176	78,482.7
Total				99,283.2

Firm value = 99,283.2; less borrowings 8,095.6; plus cash 4,788.8 → 95,976.3 KRW hundred million

P_0 = 95,976.3 KRW hundred million ÷ 42,171,403 (shares) = 227,586 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 = 5,277.1 − 925.8 + -2,716.3 (net borrowing) = 1,635.0 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	1,635.0	0.9316	1,523.1
2	0.50%	1,643.2	0.8679	1,426.0
3	1.00%	1,659.6	0.8085	1,341.8
4	1.50%	1,684.5	0.7532	1,268.7
5	2.00%	1,718.2	0.7017	1,205.6
Terminal value	2.00%	32,799.5	0.7017	23,014.2
Total				29,779.4

P_0 = 29,779.4 KRW hundred million ÷ 42,171,403 (shares) = 70,615 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