322000KOSPI

HD Hyundai Energy Solutions

147,300

+1,800 (+1.24%)

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

HD Hyundai Energy Solutions was established on December 21, 2016. The company is listed on the KOSPI market and is part of the HD Hyundai group.

The company produces and supplies solar cells and modules. Its business segments include solar module distribution, inverters, solar solutions, and operation and maintenance services. It operates a production facility in Eumseong and distributes products to domestic and overseas customers.

Business overview as filed

당사는 지속적인 R&D 투자와 최첨단 생산 설비 확충으로 세계 최고 수준의 태양광 셀과 모듈을 생산 및 공급하고 있으며, 이러한 제품 경쟁력을 기반으로 인버터(PCS),태양광 솔루션, O&M분야로 사업을 확대하여 다양한 태양광 사업에 최적화된 솔루션과 서비스를 제공하며 태양광 에너지 산업을 선도하고 있습니다.

당사는 태양광 모듈 판매를 주력 사업으로 영위하고 있으며, 태양광 모듈 판매 비중이 전체 매출액의 75%를 차지합니다. 지속적인 고객 발굴과 마케팅 강화, 제품 경쟁력 강화를 통해, 2025년(누적) 연결기준 태양광 모듈 해외 매출 1,946.7억원, 국내 매출 1,794.8억원, 인버터 매출 852.0원, 수주계약 285.8억원, 시스템 설치 및 발전소 관리 등 용역매출 35.8억원, 기타 11.4억원의 매출 실적을 기록하였습니다. 또한, 전체 매출에서 수출금액은 1,946.7억원, 국내는 2,979.9억원이며, 수출로 발생한 매출액이 약 39%를 차지하고 있습니다.당사는 충북 음성공장에서 주요 제품인 셀과 모듈을 자체 생산하고 있으며, 해외 Top-tier 태양광 셀/모듈 제조업체와의 파트너십을 통해 추가적인 공급능력 확보 및 생산 유연성을 증대시키고 있습니다. 또한, 신규 설비투자를 통해 제품 경쟁력을 강화하는 등 지속적인 성장을 위해 매진하는 한편, 태양광 셀/모듈 제품 및 시스템 제품의 효율, 출력 향상 및 신뢰성 개선 기술 개발에 주력하고 있습니다. 이를 위해 HD현대그룹 글로벌R&D센터(GRC)내 PV R&D Center에서 연구활동을 수행하고 있으며,위탁연구를 통해 다양한 기술을 확보하고자 노력하고 있습니다.당사는 환경관련 규제 준수를 위해 노력하고 있습니다. ISO 인증기관(KIWA)으로부터 ISO 14001 인증(국제표준화기구에서 제정하는 환경경영에 관한 국제 규격)을 취득하였으며, 사업장에서 발생할 수 있는 각종 위험을 사전 예측 및 예방하여 조직의 안전보건을 체계적으로 관리하기 위한 국제 표준인 ISO 45001 인증을 취득하였습니다. 이를 바탕으로 대기관리, 수질관리, 폐기물관리 등 저탄소 녹색경영 활동을 더욱 활발히 전개해 나갈 예정입니다.

Company overview

가. 연결대상 종속회사 개황

주요종속회사 판단기준 : 최근사업연도말 자산 총액 750억원 이상

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

ㆍ당사의 명칭은 '에이치디현대에너지솔루션 주식회사'라고 표기하며, 영문으로는 'HD HYUNDAI ENERGY SOLUTIONS CO.,LTD.'라고 표기합니다.

다. 설립일자

ㆍ회사의 설립일 : 2016년 12월 21일

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

당사는 『중소기업기본법 제2조ㆍ벤처기업육성에 관한 특별조치법 제 2조의 2ㆍ중견기업 성장 촉진 및 경쟁력 강화에 관한 특별법 제 2조』에 의한, 중소기업ㆍ벤처기업ㆍ중견기업에 해당되지 않습니다.

바. 주요 사업의 내용

당사는 태양광 제조업체를 넘어 Total Energy Solution Provider로서, 단결정 고효율 셀부터 모듈, 인버터 및 ESS 등의 시스템 설치까지 고객이 필요로 하는 태양광 에너지의 모든 니즈를 충족시키는 것을 목표로 하고 있습니다. 당사의 매출액(당기말 기준)은 태양광 모듈 76%, 인버터 17%, 수주계약 6% 등으로 구성되어 있습니다.

사. 신용평가에 관한 사항

당사는 최근 3년간 신용평가를 받은 이력이 없습니다.

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 2026.03.13), 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

6.73%

[3.80%, 12.40%] · 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 59.2% (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

0.63

Beta [0.38, 0.89] · KOSPI200 · As of 2026-10-08

Intercept: +0.440%[-0.383%, +1.262%]
R squared: 0.10
Observations: 252
Trading-time corrected beta: 0.66[0.03, 1.28]

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

	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	3,476	4,461	3,944	5,932	9,848	5,461	4,224	4,927	5,986
Revenue growth%	—	28.33	-11.59	50.40	66.03	-44.55	-22.66	16.64	—
Operating incomeKRW 100M	143	221	88	95	902	175	35	412	943
Operating income growth%	—	54.55	-60.20	8.13	849.63	-80.54	-80.03	1,076.88	—
Net incomeKRW 100M	190	235	62	-67	606	-29	1	417	844
Net income growth%	—	24.03	-73.57	-206.94	—	-104.73	—	36,385.38	—
Attributable to owners	Not applicable	Not applicable	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	Not applicable	Not applicable
Operating margin%	4.11	4.95	2.23	1.60	9.16	3.21	0.83	8.37	15.76
Net margin%	5.46	5.28	1.58	-1.12	6.15	-0.52	0.03	8.46	14.09
ROE	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
ROA%	6.87	4.89	1.36	-1.10	9.28	-0.57	0.03	7.86	13.11
Debt ratio%	16.33	51.37	39.39	89.05	71.11	35.12	22.75	26.96	36.39
Current ratio%	512.28	227.74	287.83	174.09	206.44	343.09	454.53	404.10	332.38
Quick ratio%	363.60	150.49	186.25	101.28	91.39	—	—	304.28	214.66
Reserve ratio%	493.98	467.63	479.00	463.80	572.94	555.05	555.43	630.21	724.85
Free cash flowKRW 100M	-514	-39	-345	90	-479	674	718	54	—
FCF margin%	-14.77	-0.87	-8.74	1.52	-4.87	12.34	16.99	1.10	—
OCF conversion%	-213.47	69.08	-155.36	—	-57.06	—	73,054.23	42.52	—
Capex to revenue%	3.11	4.51	6.29	4.63	1.35	1.54	2.76	2.50	—
Receivable daysdays	—	85.8	90.6	60.4	47.8	75.2	70.0	77.1	—
Inventory daysdays	—	83.0	123.8	104.5	104.9	—	—	—	—
Payable daysdays	—	48.1	66.2	84.0	82.7	94.5	65.8	71.1	—
Cash conversion cycledays	—	120.6	148.2	80.9	70.0	—	—	—	—
EPSKRW	2,373	2,788	556	-594	5,412	-256	10	3,721	—
PERx	—	6.19	71.67	—	9.02	—	2,020.00	14.70	—
BPSKRW	—	28,380	29,352	28,600	34,065	33,175	33,007	37,302	42,125
PBRx	—	0.61	1.36	0.75	1.43	0.84	0.61	1.47	3.30
Dividend per shareKRW	—	—	200	—	600	—	—	—	—
Payout ratio%	—	—	35.97	—	11.09	—	—	—	—

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

	2018	2019	2020	2021	2022	2023	2024	2025
	2,764	4,812	4,582	6,056	6,528	5,021	4,538	5,304
	1,774	3,587	3,116	4,453	4,902	3,611	3,182	3,861
Cash and cash equivalentsKRW 100M	311	649	1,121	1,283	688	1,049	1,404	365
Short-term financial instrumentsKRW 100M	—	388	—	50	—	0	—	—
InventoriesKRW 100M	515	1,217	1,100	1,862	2,732	Not applicable	Not applicable	954
Trade and other receivablesKRW 100M	929	1,168*	789	1,175	1,404	845	774	1,307
	990	1,224	1,466	1,603	1,626	1,409	1,356	1,444
Property, plant and equipmentKRW 100M	846	950	996	1,142	1,194	948	875	979
Intangible assetsKRW 100M	46	66	72	79	81	102	95	Not applicable
	388	1,633	1,295	2,852	2,713	1,305	841	1,126
	346	1,575	1,083	2,558	2,374	1,053	700	955
Trade and other payablesKRW 100M	313	692	546	1,835	1,788	712	641	865
Short-term borrowingsKRW 100M	—	—	487	579	403	256	27	—
Current lease liabilitiesKRW 100M	—	4	5	5	10	8	12	12
	42	58	212	295	338	252	141	171
Long-term borrowingsKRW 100M	—	—	170	255	281	207	103	147
Non-current lease liabilitiesKRW 100M	—	7	1	3	18	12	9	0
	2,376	3,179	3,287	3,203	3,815	3,716	3,697	4,178
	2,376	3,179	3,287	3,203	3,815	3,716	3,697	4,178
Issued capitalKRW 100M	400	560	560	560	560	560	560	560
Capital surplusKRW 100M	649	1,059	1,059	1,059	1,059	1,059	1,059	1,059
Retained earningsKRW 100M	1,327	1,560	1,624	1,539	2,150	2,050	2,052	2,471
Accumulated other comprehensive incomeKRW 100M	—	-0	45	46	47	47	26	89
Non-controlling interestsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

계약자산As filed	6	0	—	—	—	0	58	16
재고자산As filed	—	—	—	—	—	1,682	834	—
당기법인세자산As filed	2	—	1	2	0	0	5	0
기타유동자산As filed	11	165	105	81	78	35	106	119
장기금융자산As filed	—	6	24	24	23	23	23	23
장기매출채권및기타채권As filed	5	3	3	5	7	9	10	5
단기금융자산As filed	—	—	—	—	—	—	—	1,100
사용권자산As filed	—	10	6	8	30	22	20	12
이연법인세자산As filed	93	176	351	344	273	298	325	317
계약부채As filed	16	611	24	120	23	34	6	29
무형자산As filed	—	—	—	—	—	—	—	98
기타비유동자산As filed	—	14	14	—	18	9	7	10
기타유동부채As filed	17	10	4	3	51	—	—	3
확정급여부채As filed	14	13	14	2	3	3	3	0
비유동충당부채As filed	27	38	26	34	36	30	24	21
자본과부채총계As filed	2,764	4,812	4,582	6,056	6,528	—	—	—
단기금융부채As filed	—	236	—	—	—	—	—	20
당기법인세부채As filed	—	8	0	—	57	2	0	8
유동충당부채As filed	—	15	16	16	41	36	11	18
장기매입채무 및 기타채무As filed	—	—	0	0	0	0	1	—
부채및자본총계As filed	—	—	—	—	—	5,021	4,538	5,304
기타 유동부채As filed	—	—	—	—	—	4	4	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	2

Income statement

	2018	2019	2020	2021	2022	2023	2024	2025
	3,476	4,461	3,944	5,932	9,848	5,461	4,224	4,927
Cost of salesKRW 100M	3,040	3,810	3,415	5,173	7,995	4,829	3,750	3,864
Gross profitKRW 100M	436	651	529	759	1,853	632	474	1,062
SG&A expensesKRW 100M	293	431	441	664	951	456	439	650
	143	221	88	95	902	175	35	412
Finance incomeKRW 100M	22	50	123	93	195	120	145	128
Finance costsKRW 100M	14	51	102	193	311	155	86	96
Other incomeKRW 100M	7	0	2	4	8	11	3	4
Other expensesKRW 100M	18	57	229	63	44	187	123	10
	140	163	-119	-64	749	-34	-26	439
Income tax expenseKRW 100M	-50	-73	-181	3	143	-6	-27	22
	190	235	62	-67	606	-29	1	417
Attributable to ownersKRW 100M	Not applicable	Not applicable	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	Not applicable	Not applicable
Basic earnings per shareKRW	2,373	2,788	556	-594	5,412	-256	10	3,721
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	187	233	109	-62	612	-33	-19	481
Other comprehensive incomeKRW 100M	-3	-2	47	5	6	-4	-20	64

후속적으로 당기손익으로 재분류되지 않는 기타포괄손익As filed	-3	-2	—	—	—	—	—	—
보험수리적손익As filed	-3	-2	1	4	5	-4	1	2
후속적으로 당기손익으로 재분류되는 기타포괄손익As filed	—	-0	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 세후기타포괄손익As filed	—	—	47	4	6	-4	—	64
해외사업환산손익As filed	—	-0	-1	1	0	0	-21	-0
유형자산재평가손익As filed	—	—	46	—	1	0	0	62
후속적으로 당기손익으로 재분류 되는 세후기타포괄손익As filed	—	—	-1	—	0	0	—	—
후속적으로 당기손익으로 재분류될 수 는 세후기타포괄손익As filed	—	—	—	1	—	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 세후기타포괄손익As filed	—	—	—	—	—	—	—	-0
후속적으로 당기손익으로 재분류될 수 있는 포괄손익As filed	—	—	—	—	—	—	-21	—
후속적으로 당기손익으로 재분류되지 않는 포괄손익As filed	—	—	—	—	—	—	1	—

Cash flow statement

	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	190	235	62	-67	606	-29	1	417
Total adjustments to operating cash flowcomputed	-595	-73	-159	431	-952	786	833	-240
	-405	163	-97	365	-346	758	834	177
Interest receivedKRW 100M	11	6	7	9	13	21	35	35
Interest paidKRW 100M	Not applicable	3	8	15	16	32	12	3
Income taxes paidKRW 100M	1	-1	17	-2	14	72	8	21
	-212	-625	133	-337	-106	-96	-138	-1,240
Purchase of property, plant and equipmentKRW 100M	108	201	248	275	133	84	117	123
Proceeds from sale of property, plant and equipmentKRW 100M	0	Not applicable	17	6	-2	0	5	0
Purchase of intangible assetsKRW 100M	17	23	19	20	21	26	50	63
	Not applicable	803	435	133	-143	-300	-344	24
Dividends paidKRW 100M	—	—	—	22	—	67	0	0
Issue of sharesKRW 100M	—	569	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	928	311	649	1,121	1,283	688	1,049	1,404
	311	649	1,121	1,283	688	1,049	1,404	365
Effect of exchange rate changesKRW 100M	Not applicable	-0*	1	1	-0	1	2	-0
Net change in cash and cash equivalentsKRW 100M	-617	338	472	162	-595	362	355	-1,039

당기순이익As filed	190	235	—	—	—	—	—	417
당기순이익(손실)As filed	—	—	62	-67	606	-29	1	—
장기차입금의 차입As filed	—	—	170	110	100	20	83	64
리스부채의 감소As filed	—	-3	5	7	8	11	12	—
조정항목As filed	-605	-77	-142	434	-935	870	818	-252
단기차입금의 차입As filed	—	518	738	2,217	587	336	100	0
배당금수취(영업)As filed	—	—	0	—	—	—	—	—
배당금의 수취As filed	—	—	—	—	0	—	—	—
배당의 수취As filed	—	—	—	2	—	0	0	1
보증금의 감소As filed	0	3	2	1	0	4	0	0
장기차입금의 상환As filed	—	—	—	—	—	—	160	0
단기금융자산의 감소As filed	—	150	396	—	50	0	100	350
단기차입금의 상환As filed	—	280	468	2,165	801	521	239	0
보증금의 증가As filed	3	2	2	3	6	1	1	0
장기금융자산의 감소As filed	—	—	0	0	1	0	0	0
리스부채의 지급As filed	—	—	—	—	—	—	—	13
유동성장기차입금의 상환As filed	—	—	—	—	20	-57	-117	27
단기금융자산의 증가As filed	—	547	—	50	—	0	100	1,450
정부보조금의 증가As filed	—	—	5	3	5	12	23	45
포괄사업양수As filed	-84	—	—	—	—	—	—	—
무형자산의 감소As filed	—	—	—	1	—	—	—	—
유형자산의 폐기As filed	—	—	—	—	—	-1	0	0
장기금융자산의 증가As filed	—	5	-18	1	-0	0	0	0
재무제표환산으로 인한 환율변동효과As filed	—	-3	—	—	—	—	—	—
무형자산의 처분As filed	—	—	—	—	—	0	—	—
영업활동에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	165

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 2026.03.13.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 10	한영회계법인	2025-12-31
2024	적정의견Term 9	한영회계법인	2025-12-31
2023	적정의견Term 8	한영회계법인	2025-12-31
2022	적 정Term 7	한영회계법인	2022-12-31
2021	적 정Term 6	한영회계법인	2022-12-31
2020	적 정Term 5	가율회계법인	2022-12-31
2019	적 정Term 4	가율회계법인	2019-12-31
2018	적 정Term 3	삼정회계법인	2019-12-31
2017	적 정Term 2	삼정회계법인	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%

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 5Y0.76

Equity risk premium%

Terminal growth%

Cost of equity8.19%

Weighted average cost of capital8.16%

Initial growth2.0%

Effective tax rate5.0%

Base fiscal year2025

Current priceKRW147,300

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	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	10,337	-93.0%
Discounted cash flow FCFE	10,502	-92.9%
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% + 0.76 × 5.00% = 8.19%

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%

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 = 177.2 − 123.0 + 2.7 × (1 − 5.02%) = 56.7 KRW hundred million

Weighted average cost of capital

E = 16,497.6, D = 147.2 KRW hundred million; equity weight = 99.12%, debt weight = 0.88%; cost of debt k_d = 4.40%

WACC = 99.12% × 8.19% + 0.88% × 4.40% × (1 − 5.02%) = 8.16%

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%	57.9	0.9246	53.5
2	2.00%	59.0	0.8548	50.5
3	2.00%	60.2	0.7903	47.6
4	2.00%	61.4	0.7307	44.9
5	2.00%	62.7	0.6756	42.3
Terminal value	2.00%	1,037.6	0.6756	701.0
Total				939.8

Firm value = 939.8; less borrowings 147.2; plus cash 365.1 → 1,157.7 KRW hundred million

P_0 = 1,157.7 KRW hundred million ÷ 11,200,000 (shares) = 10,337 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 = 177.2 − 123.0 + 17.3 (net borrowing) = 71.4 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	2.00%	72.9	0.9243	67.3
2	2.00%	74.3	0.8543	63.5
3	2.00%	75.8	0.7896	59.9
4	2.00%	77.3	0.7298	56.4
5	2.00%	78.9	0.6745	53.2
Terminal value	2.00%	1,298.7	0.6745	875.9
Total				1,176.3

P_0 = 1,176.3 KRW hundred million ÷ 11,200,000 (shares) = 10,502 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