195940KOSDAQ

HK Inno.N

39,700

-1,050 (-2.58%)

MA5
MA20
MA60

Market capitalizationKRW 1T

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

Overview

Summary

HK Inno.N was established in 2014 following a physical split from CJ CheilJedang. The company is listed on the KOSDAQ market and is part of the Kolmar group since 2018.

The company operates in the ethical drug (ETC) and H&B segments. It manufactures and distributes pharmaceuticals such as K-CAB and various infusion solutions, as well as H&B products including Condition and Hutgaesu through domestic and global channels.

Business overview as filed

당사는 전문의약품(ETC) 사업과 H&B 사업을 영위하고 있습니다. 전문의약품 부문의 주요 제품은 국내 30호 신약 케이캡을 필두로 로바젯, 아킨지오 등이 있으며, H&B 부문의 주요 제품은 컨디션, 헛개수, 비원츠 등이 있습니다. 주요 제품들의 성장을 통해 2025년 매출액 1조 632억 원, 영업이익 1,109억 원을 기록했습니다. 전사 매출 중 전문의약품 부문의 비중은 93%이며, H&B 부문은 7%입니다.당사는 1984년 제약 사업을 시작하였으며, 2006년 한일약품을 인수하여 전문의약품 포트폴리오를 강화하였습니다. 2014년 4월, 급변하는 제약산업 환경에 빠르게 대응하고 R&D 역량을 강화하기 위해 씨제이제일제당㈜에서 물적분할되어 법인이 설립되었으며 순환, 당뇨, 항암, 신장질환 치료제 등의 전문의약품(ETC)과 원료의약품(API) 분야에서 국내 대표 제약사로 확고히 입지를 굳혀왔습니다. 당사는 2018년 4월 한국콜마(주)에 인수되었으며, 인수 이후 의약품 및 다방면의 사업에서 시너지를 내고 있습니다.전문의약품 사업부는 대한민국 30호 신약 케이캡, 수액, 순환기, 당뇨/신장 등 다양한 의약품을 제조 및 유통하고 있습니다. 케이캡은 2019년 국내에 출시된 후 소화성궤양용제 시장점유율 1위 의약품으로 등극하여 지속적인 성장을 보이고 있으며, 중국, 미국, 인도, 남미 국가 등에 진출하여 글로벌 신약으로 자리매김하고 있습니다. 또한, 2022년부터 가동된 오송 수액신공장을 통해 수액 매출도 매년 안정적으로 증가하고 있습니다. 추가로, 당사는 글로벌 제약사들과의 협업을 통해 당뇨치료제, 독감치료제, 항암제 품목을 도입하여 더욱 다양한 의약품 포트폴리오를 구축하였습니다.H&B 사업부는 1988년 홍삼원 판매로 음료 사업을 시작하여 당사 대표 품목인 컨디션, 헛개수, 티로그 등을 출시하면서 성장을 지속하고 있습니다. 이와 더불어 2020년 상반기부터 H&B 사업 영역을 확대하기 위해 코스메틱 시장과 탈모·두피케어 시장에도 진출했습니다. 2020년 하반기에는 자사 온라인 쇼핑몰 오픈을 통해 제품 판로를 확대했으며, 2022년부터 '컨디션스틱', '비원츠 브랜드(아이세럼스틱, 리프팅크림, 선크림 등)'를 포함해 지속적으로 신제품을 출시하여 사업을 확장해 왔습니다.연구개발 분야에서는 암, 소화, 당뇨/비만, 자가면역질환 분야의 혁신적인 의약품 파이프라인을 지속 확보하며 '포스트 케이캡' 발굴에 집중하고 있습니다. 만성변비치료제 신약(IN-114199)은 국내 임상 1상을, 자가면역질환(IN-115314) 신약은 인체용 국내 임상 2상과 동물용 국내 임상 3상을 진행하고 있으며, GLP-1 비만치료제 신약(IN-B00009)은 국내 임상 3상을 진행하는 등 다양한 분야의 신약연구에 매진하고 있습니다.

Company overview

1. 연결대상 종속회사 개황

1-1. 연결대상회사의 변동내용

2. 회사의 법적, 상업적 명칭당사의 상호는 한글로 '에이치케이이노엔 주식회사'라고 하고, 영문으로는 'HK inno.N Corporation'이라고 표기합니다.

3. 설립일자당사는 2014년 4월 1일 씨제이제일제당(주)의 제약사업부문이 물적분할되어 설립되었습니다.

4. 본사의 주소, 전화번호, 홈페이지 주소

5. 중소기업 등 해당 여부

(주) 당사는「중견기업 성장 촉진 및 경쟁력 강화에 관한 특별법」제2조에 따른 중견기업에 해당합니다.

6. 주요 사업의 내용당사의 주요 사업은 의약품의 제조판매업, 도매업, 수출입업을 영위하는 전문의약품(ETC)사업부문과 음료수 및 다류 제조, 가공, 소분, 판매업 등을 영위하는 H&B사업부문으로 구성됩니다. 오송공장을 비롯한 전국 3개 공장에서 생산된 전문의약품과 원료의약품을 국내외 시장에 판매하고 있으며, H&B 제품인 숙취해소제, 음료 등을 유통, 판매, 수출하고 있습니다. 주요 ETC 제품으로는 케이캡, 수액, 에포카인, 로바젯 등이 있으며, H&B 제품은 컨디션, 헛개수 등이 있습니다.

7. 신용평가에 관한 사항

가. 최근 3년간 신용등급

나. 신용등급 체계 및 부여의미

(주) 상기 등급 중 AA부터 B등급은 +,-부호를 부가하여 동일등급 내에서의 우열을 나타냄

8. 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

3.17%

[2.10%, 4.86%] · 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 39.4% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.59

Beta [0.52, 0.67] · KOSDAQ150 · As of 2026-10-08

Intercept: -0.079%[-0.316%, +0.159%]
R squared: 0.50
Observations: 252
Trading-time corrected beta: 0.55[0.43, 0.67]

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

	2020Consolidated basis	2021Consolidated basis	2022Separate basis	2023Separate basis	2024Separate basis	2025Separate basis	TTMSeparate basis
RevenueKRW 100M	5,984	7,698	8,465	8,289	8,971	10,632	10,786
Revenue growth%	—	28.63	—	-2.08	8.23	18.50	—
Operating incomeKRW 100M	870	503	525	659	882	1,109	1,292
Operating income growth%	—	-42.18	—	25.52	33.82	25.68	—
Net incomeKRW 100M	279	247	381	472	616	757	858
Net income growth%	—	-11.33	—	23.77	30.47	22.93	—
Attributable to owners	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minorities	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Operating margin%	14.54	6.54	6.20	7.95	9.83	10.43	11.98
Net margin%	4.66	3.21	4.50	5.69	6.86	7.12	7.96
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	1.73	1.35	2.11	2.55	3.26	3.61	4.24
Debt ratio%	117.25	59.65	54.88	53.53	51.00	57.85	49.74
Current ratio%	74.67	109.94	94.51	72.74	83.08	82.07	89.01
Quick ratio%	49.77	83.71	65.39	48.93	44.85	53.69	53.81
Reserve ratio%	1,499.00	3,948.64	4,222.01	4,308.00	4,661.88	5,126.50	5,357.31
Free cash flowKRW 100M	-398	27	383	472	-109	875	—
FCF margin%	-6.65	0.35	4.52	5.70	-1.21	8.23	—
OCF conversion%	193.95	108.33	153.64	175.89	171.94	214.02	—
Capex to revenue%	15.69	3.13	2.40	4.32	13.02	7.01	—
Inventory daysdays	—	75.3	—	107.8	126.0	109.6	—
EPSKRW	—	—	—	—	2,174	2,672	—
PERx	—	—	—	—	16.49	18.45	—
BPSKRW	—	39,819	—	—	—	—	—
PBRx	—	1.32	—	—	—	—	—
Dividend per shareKRW	—	320	320	350	—	350	—
Payout ratio%	—	—	—	—	—	13.10	—

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

	2020	2021	2022	2023	2024	2025
	16,147	18,375	18,031	18,480	18,896	20,969
	2,336	4,554	4,084	4,328	3,855	4,863
Cash and cash equivalentsKRW 100M	518	874	1,106	1,077	454	914
InventoriesKRW 100M	779	1,086	1,258	1,417	1,774	1,681
Trade and other receivablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	13,811	13,821	13,947	14,152	15,041	16,106
Property, plant and equipmentKRW 100M	2,580	2,545	2,650	2,770	3,779	4,042
Intangible assetsKRW 100M	10,669	10,950	10,881	10,762	Not applicable	Not applicable
Investments in associatesKRW 100M	54	72	70	38	24	67
	8,714	6,865	6,389	6,443	6,382	7,685
	3,129	4,142	4,322	5,950	4,640	5,926
Trade and other payablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	100	1,070	1,628	2,390	2,500	3,100
Current portion of long-term borrowingsKRW 100M	1,498	1,499	999	1,699	200	509
Current lease liabilitiesKRW 100M	41	41	30	51	26	18
	5,586	2,723	2,067	493	1,742	1,760
Bonds issuedKRW 100M	1,997	2,494	1,498	—	1,496	989
Long-term borrowingsKRW 100M	3,286	0	400	200	0	450
Non-current lease liabilitiesKRW 100M	60	29	14	172	167	157
	7,432	11,510	11,642	12,036	12,514	13,284
	7,432	11,510	Not applicable	Not applicable	Not applicable	Not applicable
Issued capitalKRW 100M	111	145	145	145	145	145
Capital surplusKRW 100M	1,358	5,161	5,161	5,161	4,661	4,661
Retained earningsKRW 100M	305	546	941	1,065	2,077	2,748
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	1	100
Other equityKRW 100M	5,658	5,658	—	—	5,630	5,630
Non-controlling interestsKRW 100M	0	0	Not applicable	Not applicable	Not applicable	Not applicable

당기손익-공정가치금융자산As filed	0	0	23	81	134	622
매출채권As filed	976	1,201	1,302	1,462	1,182	1,394
기타유동금융자산As filed	8	1,363	386	357	427	856
기타유동자산As filed	55	29	32	15	18	18
무형자산As filed	—	—	—	—	10,710	10,695
기타포괄손익-공정가치금융자산As filed	55	55	66	81	67	285
순확정급여자산As filed	0	56	176	80	35	75
투자부동산As filed	—	—	—	58	57	106
기타비유동금융자산As filed	56	56	20	50	19	26
사용권자산As filed	111	78	49	222	200	179
기타비유동자산As filed	287	10	13	9	18	10
매입채무As filed	328	697	657	685	666	874
지배기업 소유주지분As filed	—	—	11,642	12,036	—	—
미지급법인세As filed	306	98	74	52	94	107
기타유동금융부채As filed	605	531	715	781	859	912
기타의자본항목As filed	—	—	5,396	5,666	—	—
자본과부채총계As filed	16,147	18,375	18,031	18,480	18,896	20,969
기타유동부채As filed	250	207	217	—	295	406
비지배지분As filed	—	—	0	0	—	—
충당부채As filed	6	6	7	8	9	0
순확정급여부채As filed	10	0	0	—	—	—
기타비유동금융부채As filed	14	15	15	14	25	23
이연법인세부채As filed	193	172	133	96	31	110
기타비유동부채As filed	19	6	0	—	14	31
기타 유동부채As filed	—	—	—	292	—	—
사채As filed	—	—	—	0	—	—
기타 비유동 부채As filed	—	—	—	3	—	—

Income statement

	2020	2021	2022	2023	2024	2025
	5,984	7,698	8,465	8,289	8,971	10,632
Cost of salesKRW 100M	2,746	4,519	4,971	4,529	4,621	5,755
Gross profitKRW 100M	3,238	3,179	3,494	3,760	4,351	4,876
SG&A expensesKRW 100M	2,368	2,676	2,969	3,100	Not applicable	Not applicable
	870	503	525	659	882	1,109
Finance incomeKRW 100M	32	28	63	60	57	78
Finance costsKRW 100M	288	206	172	205	167	200
Other incomeKRW 100M	5	3	6	13	Not applicable	Not applicable
Other expensesKRW 100M	89	48	42	82	Not applicable	Not applicable
Share of profit of associatesKRW 100M	—	—	—	—	-0	3
	531	278	378	452	717	913
Income tax expenseKRW 100M	252	30	-3	-20	102	156
	279	247	381	472	616	757
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	2,174	2,672
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	2,174	2,672
	309	241	427	445	534	869
Other comprehensive incomeKRW 100M	30	-6	46	-27	-82	112

기타비용As filed	—	—	—	—	61	80
기타수익As filed	—	—	—	—	6	3
지배기업의 소유주지분As filed	309	241	427	445	—	—
관계기업손익As filed	0	-2	-2	5	—	—
보통주기본주당이익As filed	0	0	0	0	—	—
보통주희석주당이익As filed	0	0	0	0	—	—
후속적으로 당기손익으로 재분류되는 항목 :As filed	—	—	—	—	0	0
순확정급여부채의 재측정요소As filed	10	-6	67	-54	-48	-8
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	46	-27	—	—
현금흐름위험회피평가손익As filed	—	—	—	—	0	0
기타포괄손익-공정가치금융자산평가이익(손실)As filed	20	0	-22	—	—	—
해외사업장 외화환산차이As filed	—	—	—	—	0	—
해외사업장 외화환산차이(손실)As filed	0	0	-0	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목 :As filed	—	—	—	—	-82	112
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	0	-0	—	—
기타포괄손익-공정가치금융자산평가손익As filed	—	—	—	—	—	121
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	-34	—
현금흐름위험회피이익(손실)As filed	—	—	0	—	—	—
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	—	-0	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	—	0	—	—
판매비와관리비As filed	—	—	—	—	3,468	3,768
우선주기본주당이익As filed	0	0	0	—	—	—
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	27	—	—
우선주희석주당이익As filed	0	0	0	—	—	—

Cash flow statement

	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	279	247	381	472	616	757
Total adjustments to operating cash flowcomputed	262	21	205	358	443	863
	541	268	586	830	1,059	1,620
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Income taxes paidKRW 100M	169	258	74	30	101	97
	153	-1,671	672	-340	-1,300	-1,714
Purchase of property, plant and equipmentKRW 100M	939	241	203	358	1,168	745
Proceeds from sale of property, plant and equipmentKRW 100M	7	0	0	2	1	3
Purchase of intangible assetsKRW 100M	11	74	25	33	91	118
	-782	1,760	-1,025	-519	-383	555
Dividends paidKRW 100M	—	—	53	52	57	99
Acquisition of treasury sharesKRW 100M	—	—	242	0	0	—
Issue of sharesKRW 100M	0	3,911	0	0	—	—
Cash at beginning of periodKRW 100M	605	518	874	1,106	1,077	454
	518	874	1,106	1,077	454	914
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	0	-1
Net change in cash and cash equivalentsKRW 100M	-87	357	233	-29	Not applicable	Not applicable

영업으로부터 창출된 현금흐름As filed	710	526	660	861	—	—
외화환산으로 인한 현금의 증가(감소)As filed	-0	0	-1	-0	—	—
사채의 발행As filed	499	1,995	0	0	1,496	0
신주발행비 지급As filed	—	—	—	0	—	—
이자의 수취As filed	7	5	30	38	27	25
당기손익-공정가치금융자산의 순증감As filed	-995	-9	22	28	—	—
사채의 상환As filed	600	0	1,500	1,000	1,500	0
리스부채 상환As filed	46	42	44	41	—	—
사채발행비 반환As filed	—	—	—	—	—	0
기타유동금융자산의 순증감As filed	-129	1,350	-1,007	-5	2	—
기타비유동금융자산의 증가As filed	1	6	10	6	10	2
이자의 지급As filed	255	199	146	187	177	167
리스부채의 상환As filed	—	—	—	—	55	29
기타비유동금융자산의 감소As filed	0	5	2	10	4	36
차입금의 증가As filed	4,935	1,400	1,560	2,420	2,500	3,950
관계기업투자주식의 취득As filed	10	30	—	—	—	—
종속기업 처분 등에 따른 순현금흐름As filed	—	—	3	0	0	—
차입금의 감소As filed	5,315	5,230	600	1,660	2,590	3,100
관계기업투자주식의 처분As filed	0	10	—	—	—	—
사업결합 순현금흐름As filed	—	—	-83	0	0	—
기타포괄-공정가치금융자산의 순증감As filed	15	0	-40	—	—	—
당기손익-공정가치금융자산의 감소As filed	—	—	—	—	—	2
지분법적용투자주식의 취득As filed	—	—	0	0	—	—
기타포괄공정가치금융자산의 취득As filed	—	—	—	—	30	—
지분법적용투자주식의 처분As filed	—	—	0	25	0	0
기타포괄공정가치금융자산의 감소As filed	—	—	—	—	—	43
무형자산의 처분As filed	14	0	13	5	1	0
당기손익-공정가치금융자산의 취득As filed	—	—	—	—	37	—
기타유동금융자산의 감소As filed	—	—	—	—	—	6,866
기타포괄-공정가치금융자산의 증가As filed	—	—	—	0	—	—
기타자산의 증가As filed	53	0	0	—	—	—
당기손익-공정가치금융자산의 증가As filed	—	—	—	—	—	472
기타포괄공정가치금융자산의 증가As filed	—	—	—	—	—	103
기타유동금융자산의 증가As filed	—	—	—	—	—	7,209
공동기업투자주식의 취득As filed	—	—	—	—	—	40
신주발행비As filed	0	74	0	—	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	1,159	1,717
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	—	—	-624	461

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

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 12	한영회계법인	2025-12-31
2024	적정의견Term 11	한영회계법인	2025-12-31
2023	적정의견Term 10	한영회계법인	2025-12-31
2022	적정Term 9	한영회계법인	2022-12-31
2021	적정Term 8	한영회계법인	2022-12-31
2020	적정Term 7	안진회계법인	2022-12-31
2019	적정Term 6	한영회계법인	2019-12-31
	적정Term 5	한영회계법인	2019-12-31
	적정Term 4	삼일회계법인	2019-12-31

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%

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 3Y0.56

Equity risk premium%

Terminal growth%

Cost of equity7.18%

Weighted average cost of capital6.08%

Initial growth2.0%

Effective tax rate17.1%

Base fiscal year2025

Current priceKRW39,700

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	6,892	-82.6%
Dividend discount model DDM	6,892	-82.6%
Discounted cash flow FCFF	62,538	+57.5%
Discounted cash flow FCFE	120,011	+202.3%
Residual income model RIM	No book value or return on equity

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.56 × 5.00% = 7.18%

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 = g_T = 2.00%

Gordon growth model

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

P_0 = 350 × (1 + 2.00%) / (7.18% − 2.00%) = 357 / 0.0518 = 6,892 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 = 350, g_1 = 2.00%, g_T = 2.00%, r = 7.18%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	2.00%	357	0.9330	333
2	2.00%	364	0.8705	317
3	2.00%	371	0.8122	302
4	2.00%	379	0.7578	287
5	2.00%	386	0.7070	273
Terminal value	2.00%	7,610	0.7070	5,380
Total				6,892

P_0 = 6,892 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 = 1,620.1 − 745.2 + 0.0 × (1 − 17.11%) = 874.9 KRW hundred million

Weighted average cost of capital

E = 11,247.0, D = 5,047.9 KRW hundred million; equity weight = 69.02%, debt weight = 30.98%; cost of debt k_d = 4.40%

WACC = 69.02% × 7.18% + 30.98% × 4.40% × (1 − 17.11%) = 6.08%

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	2.00%	892.4	0.9426	841.2
2	2.00%	910.3	0.8886	808.8
3	2.00%	928.5	0.8376	777.7
4	2.00%	947.0	0.7896	747.8
5	2.00%	966.0	0.7443	719.0
Terminal value	2.00%	24,124.9	0.7443	17,956.2
Total				21,850.7

Firm value = 21,850.7; less borrowings 5,047.9; plus cash 914.1 → 17,716.8 KRW hundred million

P_0 = 17,716.8 KRW hundred million ÷ 28,329,891 (shares) = 62,538 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 = 1,620.1 − 745.2 + 851.6 (net borrowing) = 1,726.5 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	1,761.1	0.9330	1,643.1
2	2.00%	1,796.3	0.8705	1,563.7
3	2.00%	1,832.2	0.8122	1,488.1
4	2.00%	1,868.9	0.7578	1,416.2
5	2.00%	1,906.2	0.7070	1,347.8
Terminal value	2.00%	37,537.8	0.7070	26,540.2
Total				33,999.1

P_0 = 33,999.1 KRW hundred million ÷ 28,329,891 (shares) = 120,011 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