222800KOSDAQ

Simmtech

172,800

+2,400 (+1.41%)

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

Simmtech is a company listed on the KOSDAQ market. It operates as a corporate entity focused on the production of printed circuit boards.

The company manufactures and supplies printed circuit boards for semiconductors and communication devices. Its main products include module PCBs for memory chips and package substrates for semiconductor assembly. Customers include global memory chip makers and packaging specialists.

Business overview as filed

가. 회사의 개요

(舊)심텍은 1987년 8월 24일 설립되어 PCB(인쇄회로기판)제조 및 판매사업을 영위해 오다가 지주회사 체재로 전환 하기 위해 사명을 심텍홀딩스로 변경하고, 2015년 7월 1일 인적분할을 하였습니다. 이 후 존속법인인 심텍홀딩스는 지주회사사업을 담당하고, 신설법인인 ㈜심텍은 PCB제조 및 판매사업을 담당하여 현재까지 사업을 영위해 오고 있습니다. 당사는 국내에 6개의 공장 및 R&D 센터를 운영하고 있으며, 해외 주요 생산법인으로 중국의 신태전자(Module PCB 생산)와 일본의 심텍그래픽스(Subustrate PCB 생산)가 있습니다.당사는 분할전부터 반도체용 PCB의 개발 및 양산에 매진하여 차별화된 양산 기술력을 보유하고 있으며, PC, 서버, 스마트모바일, SSD향 , 스마트 웨어러블 기기향 등으로 다변화 되어 있는 전방시장에서도 글로벌 Big5 메모리칩메이커(삼성전자, SK하이닉스,USA chipmaker 등) 및 Big5 패키징전문 기업(ASE, Amkor, JCET, PTI 등)을 고객사로 확보하여 안정적인 성장을 지속하고 있습니다. 또한, 당사의 고객사는 글로벌 리딩기업들로 구성되어 있어 당사는 First PCB Vendor(메인 공급업체) 및 전략적 파트너로서 고객사와 함께 선행개발 및 양산을 진행해오고 있습니다. 아울러, 메모리향 위주의 제품에서 FC-CSP, SiP모듈 등 고부가가치 System IC향 제품의 높은 Package Substrate분야로의 고객확보 및 매출확대를 추진하고 있습니다.

나. 주요 제품 및 매출현황-

당사의 주요 제품군으로는 DRAM등의 메모리칩을 확장 시켜주는 Module PCB와 각종 반도체칩을 조립할때 사용되는 Package Substrate 기판 등이 있습니다. 구체적 용도는 다음과 같습니다.

- 당기 포함하여 최근 5년간 매출현황은 다음과 같습니다.

다. 주요 원재료별 매입현황

라. 생산 설비에 관한 사항

마. 주요 제품별 시장점유율 추이

당사의 PCB 제품군 별로는 경쟁 관계에 있는 업체가 존재하나, 각 PCB 제조사마다주력으로 하는 제품에 차이가 있어 100% 완벽하게 당사의 경쟁회사라고 볼 수 있는 회사는 없습니다.

또한, 당사가 설립 이래 집중해 왔던 반도체용 PCB부문은 기술 장벽이 높은 산업이며, 당사가 제조하는 모듈PCB와 서브스트레이트 기판 부문에서 유의미한 신규 업체의 진입이 없었던 바, 향후 경쟁 구도의 변동 가능성은 낮은 상황입니다.

바. 본 사업의 개요에 요약된 내용의 세부사항 및 포함되지 않은 내용 등

"II. 사업의 내용"의 "2. 주요 제품 및 서비스"부터 "7. 기타 참고사항"까지의 항목에 상세히 기재되어 있으며 이를 참고하여 주시기 바랍니다.

Company overview

가. 연결대상 종속회사 개황

- 연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

다. 설립일자 및 존속기간

라. 본사의 주소, 전화번호 및 홈페이지

마. 중소기업 등 해당여부

당사는 보고서 작성기준일 현재 중소기업 기본법에 의한 중소기업에 해당되지 않습니다.

바. 주요 사업의 내용

당사는 반도체 및 통신기기용 인쇄회로기판을 생산 및 판매를 주된 사업으로 영위하고 있습니다.

- 당사 및 계열사들이 영위하는 주요 사업

사. 신용평가에 관한 사항

1) 당사는 매년 신용평가사로부터 기업전반에 대해 평가를 받고 있습니다.

2) 신용평가 회사의 신용등급체계 및 등급부여의미

- 이크레더블

- NICE평가정보

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.17), 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

7.65%

[5.51%, 11.11%] · 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 59.4% (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

1.20

Beta [0.95, 1.44] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.753%[+0.145%, +1.360%]
R squared: 0.38
Observations: 252
Trading-time corrected beta: 1.31[0.90, 1.72]

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	3,955	7,920	8,116	10,075	10,002	12,014	13,658	16,975	10,419	12,314	14,106	17,031
Revenue growth%	—	100.27	2.47	24.15	-0.73	20.11	13.69	24.28	-38.62	18.19	14.55	—
Operating incomeKRW 100M	195	402	338	308	-179	897	1,743	3,524	-881	-470	119	992
Operating income growth%	—	106.64	-15.94	-9.00	-158.28	—	94.25	102.13	-125.01	—	—	—
Net incomeKRW 100M	104	293	161	23	-394	565	1,183	2,461	-1,151	-310	-1,646	-507
Net income growth%	—	180.88	-45.06	-85.62	-1,802.12	—	109.42	108.04	-146.79	—	—	—
Attributable to ownersKRW 100M	104	291	159	50	-366	566	1,172	2,458	-1,149	-303	-1,642	-506
Attributable to minoritiesKRW 100M	0	2	2	-27	-28	-1	11	3	-3	-7	-4	-1
Operating margin%	4.92	5.08	4.17	3.05	-1.79	7.47	12.76	20.76	-8.46	-3.81	0.84	5.83
Net margin%	2.64	3.70	1.98	0.23	-3.94	4.70	8.66	14.50	-11.05	-2.52	-11.67	-2.98
ROE%	6.73	16.30	7.61	2.34	-22.51	19.65	30.90	40.26	-24.51	-6.78	-28.52	-7.80
ROA%	1.90	4.87	2.21	0.28	-4.69	7.24	13.80	19.43	-9.79	-2.15	-10.16	-2.75
Debt ratio%	254.02	235.51	239.07	279.06	420.02	170.48	124.89	106.71	149.99	221.82	181.13	183.10
Current ratio%	49.46	60.51	53.46	48.48	46.07	56.78	71.66	106.40	57.37	65.34	91.34	96.12
Quick ratio%	20.53	30.23	20.24	18.53	19.40	21.41	29.41	75.90	28.29	45.61	61.15	65.98
Reserve ratio%	—	—	1,672.03	1,694.03	1,261.40	1,597.71	2,077.76	3,453.11	2,624.15	2,394.96	2,702.26	3,024.82
Free cash flowKRW 100M	—	—	809	-75	-1,067	1,295	380	2,765	-2,327	-2,646	-2,545	—
FCF margin%	—	—	9.97	-0.75	-10.66	10.78	2.78	16.29	-22.33	-21.49	-18.04	—
OCF conversion%	629.56	134.70	825.85	3,908.79	—	381.46	96.87	176.95	—	—	—	—
Capex to revenue%	—	—	6.41	9.73	7.50	7.16	5.61	9.36	13.37	8.39	3.96	—
Receivable daysdays	—	34.1	35.7	23.8	29.2	22.6	17.0	22.8	44.5	49.1	82.2	—
Inventory daysdays	—	47.3	58.2	59.7	60.6	49.2	45.3	43.4	51.6	45.8	55.8	—
Payable daysdays	—	96.4	114.2	117.3	111.7	82.1	64.5	73.1	113.3	87.2	78.0	—
Cash conversion cycledays	—	-15.0	-20.3	-33.8	-21.8	-10.3	-2.2	-6.9	-17.2	7.6	60.0	—
EPSKRW	504	1,326	683	208	-1,611	1,964	3,680	7,719	-3,607	-953	-4,991	-1,350
PERx	—	9.09	15.45	32.64	—	11.63	12.40	3.43	—	—	—	—
BPSKRW	—	8,007	9,188	9,351	7,142	9,038	11,907	19,166	14,713	14,040	15,416	17,324
PBRx	—	1.50	1.15	0.73	1.74	2.53	3.83	1.38	2.62	0.79	3.20	8.58
Dividend per shareKRW	260	200	265	160	160	320	500	500	160	100	100	—
Payout ratio%	51.59	15.08	38.80	76.92	—	16.29	13.59	6.48	—	—	—	—

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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
	5,483	6,012	7,282	8,133	8,399	7,798	8,574	12,663	11,761	14,433	16,203
	1,433	1,916	2,102	2,524	2,542	1,988	2,451	5,047	2,802	5,097	7,256
Cash and cash equivalentsKRW 100M	32	15	122	273	97	171	167	1,198	100	1,278	540
InventoriesKRW 100M	838	959	1,306	1,559	1,471	1,238	1,445	1,447	1,420	1,539	2,398
Trade and other receivablesKRW 100M	552	928	658	656	947	540	731	1,390	1,152	2,157	4,198
	4,051	4,096	5,179	5,610	5,858	5,810	6,124	7,616	8,958	9,336	8,947
Property, plant and equipmentKRW 100M	3,535	3,437	4,594	5,067	5,136	5,125	5,013	5,867	6,252	6,301	5,722
Intangible assetsKRW 100M	284	285	Not applicable	255	247	221	235	265	261*	25	33
	3,935	4,220	5,134	5,988	6,784	4,915	4,762	6,537	7,056	9,948	10,440
	2,897	3,167	3,932	5,207	5,517	3,501	3,420	4,744	4,884	7,802	7,945
Trade and other payablesKRW 100M	1,827	1,834	2,608	3,021	2,563	1,958	1,862	3,010	3,283	2,355	3,148
Short-term borrowingsKRW 100M	1,042	1,283	1,248	2,045	2,508	871	284	262	1,258	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	13	26	31	27	27	22	32
	1,038	1,053	1,202	781	1,267	1,414	1,342	1,794	2,172	2,146	2,495
Bonds issuedKRW 100M	—	—	—	—	27	14	—	—	—	—	—
Long-term borrowingsKRW 100M	739	554	630	195*	217	379	491	381	810	905	1,015
Non-current lease liabilitiesKRW 100M	—	—	—	—	80	34	53	40	37	34	84
	1,549	1,792	2,147	2,146	1,615	2,883	3,813	6,126	4,704	4,485	5,764
	1,546	1,788	2,090	2,128	1,625	2,879	3,793	6,105	4,687	4,472	5,757
Issued capitalKRW 100M	Not applicable	Not applicable	122	122	122	171	171	171	171	171	198
Capital surplusKRW 100M	1,375	201	421	437	497	1,184	1,104	1,104	1,104	1,104	4,048
Retained earningsKRW 100M	73	1,487	1,614	1,626	1,039	1,545	2,444	4,793	3,378	2,986	1,309
Accumulated other comprehensive incomeKRW 100M	-11	-11	-66	-55	-31	-20	74	38	35	212	202
Other equityKRW 100M	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1
Non-controlling interestsKRW 100M	3	4	57	18	-10	4	20	21	18	12	7

매각예정자산As filed	—	—	—	—	—	—	—	137	32	—	—
당기법인세자산As filed	—	—	—	0	2	14	0	2	0	4	0
매각예정비유동자산As filed	—	—	—	—	—	—	76	—	—	42	18
기타유동금융자산As filed	—	—	—	—	—	—	—	804	11	—	—
기타유동자산As filed	11	11	16	36	25	25	—	69	86	77	102
기타자산(유동)As filed	—	—	—	—	—	—	32	—	—	—	—
기타금융자산As filed	21	4	22	17	20	26	—	—	—	—	—
매출채권 및 기타채권As filed	—	—	—	22	1	19	—	1,069	—	—	—
매출채권및기타채권(비유동)As filed	—	—	—	—	—	—	327	—	—	—	—
무형자산As filed	—	—	331	—	—	—	—	—	—	—	—
영업권As filed	—	—	—	—	—	—	—	—	—	268	261
기타비유동자산As filed	10	9	9	8	8	8	—	4	5	4	4
장기매출채권 및 기타비유동채권As filed	—	—	—	—	—	—	—	—	1,701	2,045	1,897
기타금융자산(비유동)As filed	—	—	—	—	—	—	34	—	—	—	—
기타비유동금융자산As filed	—	—	—	—	—	—	—	49	54	67	168
이연법인세자산As filed	201	186	224	240	319	293	355	226	541	—	—
사용권자산As filed	—	—	—	—	126	119	151	136	145	63	149
순이연법인세자산As filed	—	—	—	—	—	—	—	—	—	563	712
기타자산(비유동)As filed	—	—	—	—	—	—	9	—	—	—	—
공동기업투자As filed	—	160	—	—	—	—	—	—	—	—	—
기타유동부채As filed	15	17	19	45	34	217	—	227	—	—	—
당기법인세부채As filed	12	33	57	96	32	148	311	697	15	62	6
사채As filed	—	—	—	—	368	—	—	—	—	—	294
전환사채(유동)As filed	—	—	—	—	—	231	449	—	—	—	—
유동성전환사채As filed	—	—	—	—	—	—	—	292	—	551	24
파생상품부채(유동)As filed	—	—	—	—	—	51	349	—	—	—	—
매입채무 및 기타채무As filed	—	—	66	31	8	2	—	—	—	—	—
유동파생상품부채As filed	—	—	—	—	—	—	—	229	—	389	43
순확정급여부채As filed	—	421	506	556	670	—	—	589	744	896	918
자본과부채총계As filed	5,483	6,012	7,282	8,133	8,399	7,798	8,574	12,663	11,761	14,433	16,203
기타금융부채As filed	1	79	0	—	—	—	—	—	—	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	3,887	4,421
기타부채(유동)As filed	—	—	—	—	—	—	133	—	—	—	—
기타유동금융부채As filed	—	—	—	—	—	—	—	—	17	22	12
장기매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	0	0	23	59	93
기타 유동부채As filed	—	—	—	—	—	—	—	—	285	402	259
순확급여부채As filed	—	—	—	—	—	684	570	—	—	—	—
전환사채As filed	—	—	—	—	212	—	—	—	—	—	—
순확정급여채무As filed	298	—	—	—	—	—	—	—	—	—	—
기타비유동금융부채As filed	—	—	—	—	—	—	—	4	4	7	5
파생상품부채As filed	—	—	—	—	52	—	—	—	—	—	—
기타비유동부채As filed	—	—	—	—	—	300	—	768	—	—	—
자본금As filed	110	112	—	—	—	—	—	—	—	—	—
순이연법인세부채As filed	—	—	—	—	—	—	—	—	—	15	24
유동성신주인수권부사채As filed	—	—	—	—	—	—	—	—	—	110	—
이연법인세부채As filed	—	—	—	—	0	—	—	11	14	—	—
기타금융부채(비유동)As filed	—	—	—	—	—	—	2	—	—	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	541	230	62
기타부채(비유동)As filed	—	—	—	—	—	—	225	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	3,955	7,920	8,116	10,075	10,002	12,014	13,658	16,975	10,419	12,314	14,106
Cost of salesKRW 100M	3,501	6,935	7,101	8,758	9,122	10,050	10,817	12,163	10,135	11,795	12,872
Gross profitKRW 100M	454	985	1,015	1,317	880	1,964	2,841	4,811	284	519	1,234
SG&A expensesKRW 100M	259	583	677	1,009	1,059	1,067	1,098	1,288	1,166	989	1,115
	195	402	338	308	-179	897	1,743	3,524	-881	-470	119
Finance incomeKRW 100M	97	180	212	265	226	399	342	691	526	1,175	651
Finance costsKRW 100M	167	296	267	405	365	550	517	748	619	814	2,296
Other incomeKRW 100M	7	39	34	51	42	72	98	100	174	57	153
Other expensesKRW 100M	11	43	41	115	148	69	126	105	647	200	394
Share of profit of associatesKRW 100M	—	—	-86	—	—	—	—	—	—	—	—
	122	347	190	104	-424	749	1,540	3,463	-1,447	-251	-1,767
Income tax expenseKRW 100M	-17	54	29	81	30	-184	357	1,002	-295	59	-121
	104	293	161	23	-394	565	1,183	2,461	-1,151	-310	-1,646
Attributable to ownersKRW 100M	104	291	159	50	-366	566	1,172	2,458	-1,149	-303	-1,642
Attributable to minoritiesKRW 100M	0	2	2	-27	-28	-1	11	3	-3	-7	-4
Basic earnings per shareKRW	504	1,326	683	208	-1,611	1,964	3,680	7,719	-3,607	-953	-4,991
Diluted earnings per shareKRW	498	1,319	682	208	-1,611	1,964	3,680	7,719	-3,607	-953	-4,991
	Not applicable	Not applicable	118	63	-400	600	1,255	2,472	-1,262	-169	-1,650
Other comprehensive incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-111	142	-4

비지배지분As filed	0	2	2	-23	-28	-6	15	1	-3	—	—
포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	—	-5	-5
지배주주지분As filed	63	271	117	86	-372	606	—	2,472	-1,259	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	—	-163	-1,645
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	5	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익(세후기타포괄손익)As filed	—	—	—	—	—	—	—	-0	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-61	—	—	7	—	—	-4	—	—
해외사업환산손익As filed	-11	5	—	14	24	—	98	-39	—	178	-12
공정가치측정 금융자산 평가손익As filed	—	—	—	—	0	-0	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-3	178	-12
순확정급여부채의 재측정 요소As filed	-31	-20	—	—	—	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	—	—	12	—	-31	29	-26	—	-108	—	—
당기 법인세차감후 기타포괄손익As filed	-42	-21	-43	—	—	—	—	—	—	—	—
당기 총포괄손익As filed	63	272	—	—	—	—	—	—	—	—	—
공정가치 측정 금융자산 평가손익As filed	—	—	—	-0	—	—	—	—	—	—	—
공정가치측정 금융자산평가손익As filed	—	—	—	—	—	—	—	0	0	—	—
기타포괄-공정가치 측정 지분상품 평가손익As filed	—	—	—	—	—	—	0	—	—	—	—
당기 법인세비용 차감후 기타포괄손익As filed	—	—	—	—	-6	35	72	—	—	—	—
기타포괄손익-공정가치로 측정되는 금융자산의 세후차손익As filed	—	—	—	—	—	—	—	—	0	0	0
지분법이익As filed	—	67	—	—	—	—	—	—	—	—	—
지분법자본변동As filed	—	-5	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	—	26	—	—	—	50	—	-37	7
당기 법인세비용차감후 기타포괄손익As filed	—	—	—	—	—	—	—	11	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	-108	-37	8
법인세차감후 기타포괄손익As filed	—	—	—	40	—	—	—	—	—	—	—
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	—	—	—	—	—	—	0	1
지배기업의 소유주지분As filed	—	—	—	—	—	—	1,240	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	104	293	161	23	-394	565	1,183	2,461	-1,151	-310	-1,646
Total adjustments to operating cash flowcomputed	552	102	1,169	882	78	1,590	-37	1,894	217	-1,302	-340
	657	395	1,330	905	-316	2,155	1,146	4,355	-934	-1,613	-1,986
Interest receivedKRW 100M	1	0	0	2	1	3	2	12	18	22	15
Interest paidKRW 100M	42	55	64	115	96	83	64	47	114	178	195
DepreciationKRW 100M	207	412	432	636	723	739	779	812	799	—	—
AmortisationKRW 100M	9	22	19	46	20	17	9	8	7	—	—
Income taxes paidKRW 100M	Not applicable	Not applicable	31	65	107	60	236	510	668	31	76
	-158	-415	-609	-995	-737	-829	-805	-2,688	-903	-968	-188
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	520	980	750	860	766	1,589	1,393	1,033	559
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	3	11	22	39	324	46	41	34	420
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	32	9	6	1	9	13	12	3	5
	-468	4	-614	233	871	-1,249	-346	-628	739	3,757	1,443
Dividends paidKRW 100M	—	57	45	64	39	37	104	159	159	51	42
Acquisition of treasury sharesKRW 100M	1	—	—	—	—	—	—	—	—	—	—
Issue of sharesKRW 100M	—	—	200	—	—	609	—	—	—	—	—
Cash at beginning of periodKRW 100M	2	32	15	122	273	97	171	167	1,198	100	1,278
	32	15	122	273	97	171	167	1,198	100	1,278	540
Effect of exchange rate changesKRW 100M	-0	-1	-0	7	7	-4	1	-8	0	1	-7
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

신종자본증권의 발행As filed	—	—	—	—	—	—	—	—	—	—	497
영업에서 창출된 현금As filed	698	462	—	—	—	—	—	4,899	-170	—	—
영업활동에서 창출된 현금As filed	—	—	1,425	1,083	-115	2,294	1,444	—	—	—	—
임대보증금의 증가As filed	—	—	—	—	—	—	—	2	—	7	—
당기순이익As filed	—	293	161	23	—	—	1,183	—	-1,151	—	—
당기순이익(손실)As filed	104	—	—	—	-394	565	—	2,461	—	—	—
리스부채의 상환As filed	—	—	—	—	65	55	—	44	35	32	19
임대보증금의 감소As filed	—	—	-1	—	—	—	—	—	—	—	2
조정As filed	321	651	790	1,091	1,024	1,225	1,452	2,083	1,600	—	—
신주인수권부사채의 증가As filed	—	—	—	—	—	—	—	—	—	200	—
퇴직급여As filed	49	109	120	129	137	147	152	170	183	—	—
매출채권처분손실As filed	9	18	28	48	43	34	40	—	—	—	—
장기차입금의 증가As filed	—	—	—	100	220	300	466	—	1,129	358	2,011
대손 상각비As filed	-3	-0	—	—	—	—	—	—	—	—	—
주식보상비용As filed	—	—	—	—	—	7	—	—	—	—	—
기타의 대손상각비As filed	—	—	0	-3	—	—	—	—	—	—	—
기타의대손상각비As filed	0	10	—	—	—	—	—	—	—	—	—
전환사채의 증가As filed	—	—	—	—	—	—	—	—	—	1,000	—
기타의대손상각비(환입)As filed	-1	-2	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	—	229	—	—	—	—	1,348	538	4,653	7,313	6,557
대손상각비As filed	—	—	—	—	2	1	—	3	0	—	—
외화환산이익As filed	32	40	34	24	68	73	11	115	62	—	—
재고자산평가이익As filed	—	—	—	—	—	—	—	12	—	—	—
대손상각비(환입)As filed	—	—	—	—	—	—	-1	—	—	—	—
사채의 증가As filed	—	—	—	—	366	—	—	—	—	—	293
보험차익As filed	—	—	—	—	0	—	—	—	—	—	—
외화환산손실As filed	24	51	36	22	36	72	34	168	74	—	—
전환사채의 상환As filed	—	—	—	—	—	—	300	—	507	0	—
무형자산손상차손As filed	—	3	—	50	0	—	—	—	—	—	—
유형자산처분이익As filed	1	3	9	7	8	10	24	3	2	—	—
장기차입금의 상환As filed	—	1	40	64	112	10	252	34	132	0	1,538
무형자산처분손실As filed	—	0	0	—	—	—	0	—	—	—	—
유형자산처분손실As filed	0	1	—	1	0	1	1	4	0	—	—
단기차입금의 상환As filed	—	—	—	0	—	—	—	538	4,142	5,038	6,315
유형자산손상차손As filed	—	—	—	2	30	—	—	—	—	—	—
이자수익As filed	1	0	0	3	2	1	6	22	26	—	—
이자비용As filed	43	83	81	115	133	108	95	81	—	—	—
법인세비용As filed	17	54	29	81	-30	184	357	—	—	—	—
지분법이익As filed	—	-67	—	—	—	—	—	—	—	—	—
유형자산손상차손환입As filed	—	—	—	—	—	—	27	—	—	—	—
유동성장기부채의 상환As filed	830	650	506	412	132	111	507	75	69	—	—
임차보증금의 감소As filed	—	—	—	—	—	—	—	—	0	36	12
지분법손익As filed	—	—	86	—	—	—	—	—	—	—	—
공동기업투자주식처분손실As filed	—	—	1	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	15	13	45	120
유형자산폐기손실As filed	—	—	—	—	1	—	36	19	—	—	—
대여금의 증가As filed	—	—	—	—	—	—	—	—	47	47	40
무형자산처분이익As filed	—	—	—	—	—	—	1	—	—	—	—
파생금융자산평가이익As filed	—	—	—	—	—	2	—	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	0	—
배당금수익As filed	—	—	—	0	-0	-0	-0	-0	—	—	—
단기금융상품의 감소As filed	25	—	4	—	—	—	—	200	1,306	—	—
자산 및 부채의 증감As filed	273	-483	—	—	-745	505	-1,190	—	—	—	—
파생상품평가이익As filed	—	—	—	—	—	—	2	54	21	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	0	—
매출채권의 증가As filed	97	—	—	—	—	—	—	—	—	—	—
자산및부채의 증감As filed	—	—	474	-32	—	—	—	355	-618	—	—
파생상품평가손실As filed	—	—	—	—	9	—	17	72	—	—	—
매출채권의 감소(증가)As filed	—	-358	402	-25	-228	10	—	-484	74	—	—
미수금의 증가As filed	-5	-12	—	—	—	—	—	—	—	—	—
장기금융상품의 취득As filed	—	—	—	—	—	—	—	—	4	2	1
대여금및수취채권의 처분As filed	—	—	—	—	—	—	—	—	—	1	113
선급금의 감소As filed	0	—	—	—	—	—	—	—	—	—	—
파생상품거래이익As filed	—	—	—	—	—	—	3	—	—	—	—
매각예정자산의 취득As filed	—	—	—	—	—	—	—	426	335	27	15
미수금의 감소(증가)As filed	—	—	26	—	-37	65	—	-485	-738	—	—
사채 상환손실As filed	—	—	—	—	—	—	6	—	—	—	—
사채상환이익As filed	—	—	—	—	—	—	—	20	—	—	—
선급비용의 감소As filed	13	-0	—	—	—	—	—	—	—	—	—
장기금융상품의 처분As filed	—	—	—	—	—	—	—	—	—	—	8
단기금융상품의 취득As filed	—	—	—	—	—	—	—	—	600	2,210	—
장기대여금및수취채권의 처분As filed	—	—	—	—	—	—	—	—	—	1	—
재고자산의 증가As filed	90	—	-126	-237	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	—	—	534	100	—	—
장기선급비용의 감소As filed	0	1	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	—	-633	-0	—	—
단기금융상품의 처분As filed	—	—	—	—	—	—	—	—	—	2,221	—
매입채무의 증가As filed	103	—	115	-817	—	—	—	—	—	—	—
미수금의 감소As filed	—	—	—	18	—	—	—	—	—	—	—
선급금의 증가(감소)As filed	—	—	-0	—	—	—	—	—	—	—	—
금융자산처분이익As filed	—	—	—	—	—	—	—	0	1	—	—
단기대여금의 회수As filed	—	—	—	—	—	—	—	23	29	—	—
미지급금의 증가As filed	40	115	83	1,083	—	—	—	—	—	—	—
선급금의 증가As filed	—	—	—	-6	—	4	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	0	—
선급비용의 감소(증가)As filed	—	—	3	—	2	—	—	-2	—	—	—
선수금의 증가As filed	0	—	0	10	—	—	—	—	—	—	—
금융자산처분손실As filed	—	—	—	—	—	—	—	0	1	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
선급비용의 증가As filed	—	—	—	-5	—	-3	—	—	—	—	—
예수금의 증가As filed	0	1	2	7	—	—	—	—	—	—	—
장기대여금의 대여As filed	—	—	—	—	—	—	—	-34	-10	—	—
당기손익-공정가치측정금융자산의감소As filed	—	—	—	—	—	—	—	—	48	—	—
매각예정자산 처분이익As filed	—	—	—	—	—	—	—	-28	—	—	—
미지급비용의 증가As filed	4	—	—	—	—	—	—	—	—	—	—
재고자산의 감소(증가)As filed	—	-123	—	—	105	229	—	-17	-254	—	—
반품충당부채의 증가As filed	0	0	0	—	—	—	—	—	—	—	—
사업결합으로 인한 순현금 유출As filed	—	—	—	—	—	—	—	—	0	—	—
장기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	—	—	0	—
장기선급비용의 감소(증가)As filed	—	—	-0	0	—	0	—	-2	—	—	—
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	—	—	-48	—	—
매입채무의 증가(감소)As filed	—	-73	—	—	378	-56	—	447	381	—	—
반환제품회수권의 증가As filed	—	—	—	-9	—	—	—	—	—	—	—
퇴직금의 지급As filed	-43	-13	-20	-32	-35	-41	-41	-32	—	—	—
사외적립자산의 증가As filed	-27	—	—	—	-20	-47	—	-50	-34	—	—
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	-1,427	-1,730
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	34	106	—
미지급비용의 증가(감소)As filed	—	-21	-11	25	18	25	—	-59	-2	—	—
반환제품회수권의 감소(증가)As filed	—	—	—	—	7	-1	—	-5	-26	—	—
배당금수취As filed	—	—	—	0	0	—	—	—	—	0	0
선급금의 증가(증가)As filed	—	—	—	—	3	—	—	—	—	—	—
사업결합으로 인한 순현금유출As filed	—	—	—	—	—	—	—	—	—	0	—
선수금의 증가(감소)As filed	—	-0	—	—	-11	660	—	549	-187	—	—
법인세비용(이익)As filed	—	—	—	—	—	—	—	1,002	-295	—	—
매출채권의 증감As filed	—	—	—	—	—	—	-97	—	—	—	—
무형자산의 처분As filed	—	4	7	—	0	1	2	—	—	0	—
미수금의 증감As filed	—	—	—	—	—	—	-38	—	—	—	—
선급금의 감소(증가)As filed	—	—	—	—	—	—	—	-32	-5	—	—
현금및현금성자산의증가(감소)As filed	—	—	—	—	—	—	—	1,039	-1,098	1,176	-731
미지급금의 증가(감소)As filed	—	—	—	—	-902	-339	—	519	295	—	—
법인세의 지급As filed	—	-12	—	—	—	—	—	—	—	—	—
선급금의 증감As filed	—	—	—	—	—	—	-5	—	—	—	—
환불부채의 증가As filed	—	—	—	10	—	1	—	—	—	—	—
장기미지급금의 감소As filed	—	—	—	-39	-24	—	—	—	—	—	—
투자활동으로 인한 현금유입액As filed	70	28	128	—	29	60	382	—	—	—	—
선급비용의 증감As filed	—	—	—	—	—	—	3	—	—	—	—
장기선급비용의 증가As filed	—	—	—	—	0	—	—	—	—	—	—
예수금의 증가(감소)As filed	—	—	—	—	6	3	—	12	-16	—	—
장기금융상품의 감소As filed	22	—	—	—	—	—	—	—	—	—	—
반환제품회수권의 증감As filed	—	—	—	—	—	—	-4	—	—	—	—
사외적립자산의 감소(증가)As filed	—	—	—	-15	—	—	—	—	—	—	—
유형자산의 처분As filed	2	9	—	—	—	—	—	—	—	—	—
보증금의 감소As filed	1	5	—	6	7	—	—	—	—	—	—
보증금의 감소(증가)As filed	—	—	3	—	—	—	—	—	—	—	—
장기미지급금의 증가(감소)As filed	—	—	—	—	—	-6	—	-0	1	—	—
재고자산의 증감As filed	—	—	—	—	—	—	-203	—	—	—	—
연결범위변동으로 인한 현금 증가As filed	19	—	—	—	—	—	—	—	—	—	—
연결범위변동으로 인한 현금유입액As filed	—	—	112	—	—	—	—	—	—	—	—
장기선급비용의 증감As filed	—	—	—	—	—	—	-1	—	—	—	—
투자활동으로 인한 현금 유입액As filed	—	—	—	17	—	—	—	—	—	—	—
매입채무의 증감As filed	—	—	—	—	—	—	-285	—	—	—	—
투자활동으로 인한 현금유출액As filed	-228	-444	-736	1,011	—	—	—	—	—	—	—
미지급금의 증감As filed	—	—	—	—	—	—	-233	—	—	—	—
장기금융상품의 증가As filed	9	2	2	2	2	2	2	3	—	—	—
장기대여금의 회수As filed	—	1	—	—	—	—	—	59	—	—	—
환불부채의 증가(감소)As filed	—	—	—	—	-8	—	—	7	24	—	—
공동기업투자주식의 증가As filed	—	18	182	—	—	—	—	—	—	—	—
기타비유동자산의 감소(증가)As filed	—	—	—	—	—	—	—	-2	—	—	—
미지급비용의 증감As filed	—	—	—	—	—	—	122	—	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	0	0	—	0	—	—
유형자산의 취득As filed	210	394	—	—	—	—	—	—	—	—	—
무형자산의 취득As filed	8	15	—	—	—	—	—	—	—	—	—
선수금의 증감As filed	—	—	—	—	—	—	-178	—	—	—	—
재무활동으로 인한 현금유입액As filed	450	807	231	865	1,390	1,147	2,574	—	—	—	—
지배기업 대여금의 증가As filed	—	—	—	21	—	—	—	—	—	—	—
신주인수권 행사As filed	—	—	31	—	—	—	—	—	—	—	—
예수금의 증감As filed	—	—	—	—	—	—	14	—	—	—	—
관계사 장기대여금의 감소As filed	—	—	—	—	—	20	—	—	—	—	—
단기차입금의 차입As filed	—	—	—	765	504	—	—	—	—	—	—
장기차입금의 차입As filed	450	550	—	—	—	—	—	—	—	—	—
재무활동으로 인한 현금 유출액As filed	—	—	845	-632	—	—	—	—	—	—	—
지배기업 대여금의 회수As filed	—	10	—	—	—	—	—	—	—	—	—
확정급여채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	-132	—	—
환불부채의 증감As filed	—	—	—	—	—	—	5	—	—	—	—
단기차입금의 감소As filed	—	95	12	—	—	—	1,509	—	—	—	—
장기미지급금의 증감As filed	—	—	—	—	—	—	-1	—	—	—	—
재무활동으로 인한 현금유출액As filed	-918	-803	—	—	-519	-2,396	-2,920	—	—	—	—
투자활동으로 인한 현금 유출액As filed	—	—	—	—	-766	-888	-1,187	—	—	—	—
기타 비유동자산의 증감As filed	—	—	—	—	—	—	—	—	2	—	—
단기금융상품의 증가As filed	—	4	—	—	—	—	—	900	—	—	—
상환우선주 발행As filed	—	—	—	0	—	140	—	—	—	—	—
장기임대보증금의 증감As filed	—	—	—	—	—	—	2	—	—	—	—
주임종 장기대여금의 증가As filed	—	—	—	—	—	16	—	—	—	—	—
관계사 대여금의 증가As filed	—	—	—	—	—	2	—	—	—	—	—
기타장기종업원부채의증감As filed	—	—	—	—	—	—	—	—	6	—	—
단기차입금의 순감소As filed	87	—	—	—	—	—	—	—	—	—	—
신주인수권 행사로 인한 현금유입As filed	—	—	—	0	—	—	—	—	—	—	—
사외적립자산의 불입As filed	—	—	—	—	—	—	-250	—	—	—	—
사채의 상환As filed	—	—	242	92	—	491	14	0	—	—	—
현금및현금성자산 감소As filed	31	—	—	—	—	—	—	—	—	—	—
보증금의 증가As filed	—	1	—	—	8	7	8	—	—	—	—
선급비용의 감소 (증가)As filed	—	—	—	—	—	—	—	—	-7	—	—
지배기업대여금의 대여As filed	—	10	—	—	—	—	—	—	—	—	—
현금및 현금성자산의 증가As filed	—	—	107	—	—	—	—	—	—	—	—
장기미지급비용의 증가(감소)As filed	—	—	—	—	—	—	—	-10	—	—	—
기타금융자산의 증가As filed	—	—	—	—	0	—	—	—	—	—	—
사채의 발행As filed	—	—	—	—	—	98	—	—	—	—	—
배당금의 수취As filed	—	—	—	—	—	—	—	0	—	—	—
주임종 장기대여금의 감소As filed	—	—	—	—	—	—	11	—	—	—	—
현금 및 현금성자산의 감소(증가)As filed	—	—	—	144	—	—	—	—	—	—	—
제3자에 대한 선급금 및 대여금의 회수에 따른 현금유입As filed	—	—	—	—	—	—	45	—	—	—	—
관계사 단기차입금의 상환As filed	—	—	—	—	20	1,640	—	—	—	—	—
신주인수권의 행사As filed	—	28	—	—	—	—	—	—	—	—	—
종속기업대여금의 증가As filed	—	—	—	—	—	—	385	—	—	—	—
전환사채의 발행As filed	—	—	—	—	300	—	760	—	—	—	—
정부보조금의 유입As filed	—	—	—	—	—	—	—	75	—	—	—
매각예정비유동관련처분이익As filed	—	—	—	—	—	—	—	—	31	—	—
비지배지분의 취득As filed	—	—	—	—	—	—	17	-4	—	—	—
상환우선주 상환As filed	—	—	—	—	152	51	142	—	—	—	—
임차 보증금의 감소As filed	—	—	—	—	—	—	—	0	—	—	—
이자비용 조정As filed	—	—	—	—	—	—	—	—	108	—	—
현금및현금성자산 증가As filed	—	-17	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	—	—	—	77	-4	—	—	—	—
사채상환손실As filed	—	—	—	—	—	—	—	—	4	—	—
단기 대여금의 대여As filed	—	—	—	—	—	—	—	8	—	—	—
채권조정손실As filed	—	—	—	—	—	—	—	—	557	—	—
현금 및 현금성자산의 증가As filed	—	—	—	—	-182	—	—	—	—	—	—
재고자산평가손실환입As filed	—	—	—	—	—	—	—	—	-303	—	—
배당금 수익As filed	—	—	—	—	—	—	—	—	-0	—	—
파생상품부채의 감소As filed	—	—	—	—	—	—	47	—	—	—	—
관계사 차입금의 상환As filed	—	—	—	—	—	—	45	—	—	—	—
기타As filed	—	—	—	—	—	—	—	—	0	—	—
우선주의 상환As filed	—	—	—	—	—	—	—	0	—	—	—
전환사채의 감소As filed	—	—	—	—	—	—	—	317	—	—	—
파생상품 부채의 감소As filed	—	—	—	—	—	—	—	0	—	—	—

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 2026.03.17.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 11	신한회계법인	2025-12-31
2024	적정의견Term 10	삼일회계법인	2025-12-31
2023	적정의견Term 9	삼일회계법인	2025-12-31
2022	적정Term 8	삼일회계법인	2022-12-31
2021	적정Term 7	신한회계법인	2022-12-31
2020	적정Term 6	신한회계법인	2022-12-31
2019	"적정"Term 5	신한회계법인	2019-12-31
2018	"적정"Term 4	신한회계법인	2019-12-31
2017	"적정"Term 3	삼일회계법인	2019-12-31
2016	"적정"Term 2	삼일회계법인	2016-12-31
2015	"적정"Term 1	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 5Y0.99

Equity risk premium%

Terminal growth%

Cost of equity9.35%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW172,800

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	1,387	-99.2%
Dividend discount model DDM	1,325	-99.2%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-11,683	-106.8%

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% + 0.99 × 5.00% = 9.35%

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(-28.52% × (1 − 0.00%), 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 = 100 × (1 + 2.00%) / (9.35% − 2.00%) = 102 / 0.0735 = 1,387 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 = 100, g_1 = 0.00%, g_T = 2.00%, r = 9.35%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	100	0.9145	91
2	0.50%	100	0.8363	84
3	1.00%	102	0.7647	78
4	1.50%	103	0.6993	72
5	2.00%	105	0.6395	67
Terminal value	2.00%	1,458	0.6395	932
Total				1,325

P_0 = 1,325 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 = 15,416 KRW, ROE = -28.52%, payout ratio = 0.00%, r = 9.35%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	15,416	-4,396	1,442	-5,838	0.9145	-5,339
2	11,019	-3,143	1,031	-4,173	0.8363	-3,490
3	7,877	-2,246	737	-2,983	0.7647	-2,281
4	5,630	-1,606	527	-2,132	0.6993	-1,491
5	4,025	-1,148	376	-1,524	0.6395	-975
Terminal value				-21,145	0.6395	-13,522

P_0 = 15,416 + -13,576 + -13,522 = -11,683 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.

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