# Hankook Tire Worldwide (000240.KO)

Canonical: https://gigainvestors.com/s/000240.KO

Analysis as of: 2026-10-16T07:41:11.211Z. Financial observations: FY2000–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 26,750.00 per share; close as of 2026-10-15.

Estimated value: low KRW 43,703.18 per share, central KRW 60,097.86 per share, high KRW 70,295.34 per share. Buy at or below the central value KRW 60,097.86 per share. Valuation as of 2026-10-16T07:41:11.211Z; scenarios are not confidence intervals.

Expected annual return: 18.5% at the stated quote. About 18.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.28×

- FY2018: 0.25×

- FY2019: 0.20×

- FY2020: 0.19×

- FY2021: 0.24×

- FY2022: 0.22×

- FY2023: 0.24×

- FY2024: 0.30×

- FY2025: 0.28×

- LTM to Jun 2026: 0.30×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.0%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: -5.0 pp

- Typical gross margin (annual median): 32.1%

- Recent gross margin (lower of latest and 3-year median): 37.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.1%

- FY2017: 6.4%

- FY2018: 7.2%

- FY2019: 4.8%

- FY2020: 4.3%

- FY2021: 5.7%

- FY2022: 4.2%

- FY2023: 5.7%

- FY2024: 8.2%

- FY2025: 7.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.26T

- Net income, five-year total: KRW 1.25T

- Return on incremental invested capital: 48.7%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 5.2 pp

- Working capital / revenue, final three-year average: 30.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 0.97×

- FY2023: 0.98×

- FY2024: 1.02×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.2% vs 7.8%

- Per-share earnings: 1881.81 to 3666.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: KRW 574B

- Cumulative retained earnings: KRW 1.56T

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.7%

- Per-share value change: KRW 2K

- Per-share value, starting three-year median: KRW 2K

- Per-share value, ending three-year median: KRW 4K

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 29B

- Cumulative net income, 10 years: KRW 2.18T

- ROIC, first three-year median: 7.2%

- ROIC, last three-year median: 7.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 2K

- FY2018: KRW 2K

- FY2019: KRW 2K

- FY2020: KRW 1K

- FY2021: KRW 2K

- FY2022: KRW 2K

- FY2023: KRW 2K

- FY2024: KRW 4K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: 2.1%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.68×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.7%

- FY2017: 1.4%

- FY2018: 4.2%

- FY2019: 1.8%

- FY2020: 0.1%

- FY2021: 3.9%

- FY2022: 3.1%

- FY2023: 3.1%

- FY2024: 4.2%

- FY2025: 2.1%

## Holders

## Price story

Price needs cash profits to shrink 4.7% a year for ten years · sales -1%

Story as of 2026-10-16T10:00:11.821Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.7% a year for ten years

### Sales · FY2025–2026

sales -1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 708B 

- FY2018: KRW 848B 

- FY2019: KRW 848B 

- FY2020: KRW 821B 

- FY2021: KRW 963B 

- FY2022: KRW 1.10T 

- FY2023: KRW 1.09T 

- FY2024: KRW 1.39T 

- FY2025: KRW 1.46T 

- FY2026: KRW 1.44T 

### Gross margin · FY2025

gross margin 37.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.4% 

- FY2017: 25.4% 

- FY2018: 33.5% 

- FY2019: 30.6% 

- FY2020: 29.6% 

- FY2021: 34.0% 

- FY2022: 31.2% 

- FY2023: 32.9% 

- FY2024: 38.2% 

- FY2025: 37.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are KRW 1.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2025: revenue 1457551700260; grossProfit 540922368360; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000240.KO: Hankook & Company Co., Ltd. manufactures and sells smart energy solutions. The company offers batteries for automotives, commercial vehicles, leisure, and industrial sectors. The company was formerly known as Hankook Technology Group Co., Ltd. and changed its name to Hankook & Company Co., Ltd. in December 2020. Hankook & Company Co., Ltd. was founded in 1941 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 32.9% to 38.2% during 2023–25; it earns 6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2023: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2024: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2025: grossProfit / revenue = 37.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); 10-year return on capital observations [[2016,0.1013743655419769],[2017,0.06370729965890463],[2018,0.07210179479368652],[2019,0.04787408190050811],[2020,0.042821802008567555],[2021,0.056505060402607325],[2022,0.041786853891163996],[2023,0.05697294140005403],[2024,0.08232072858769636],[2025,0.07784108326228577]]; median 0.06034012052947933. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2016: growth capex 0; upkeep 12129079060; owner earnings 267720402670. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2017: growth capex 167759880; upkeep 25126676000; owner earnings 169543617720. Growth capex / owner earnings = 0.0009894791809683698.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2018: growth capex 0; upkeep 23593070050; owner earnings 210242270210. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2019: growth capex 0; upkeep 102092934000; owner earnings 86989163000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2020: growth capex 0; upkeep 33026463000; owner earnings 124546231800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2021: growth capex 0; upkeep 19241441000; owner earnings 203848973600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2022: growth capex 13035943000; upkeep 31745054000; owner earnings 161552386400. Growth capex / owner earnings = 0.08069173901104316.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2023: growth capex 0; upkeep 33440439000; owner earnings 183527092800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2024: growth capex 0; upkeep 23430412000; owner earnings 359218683600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); FY2025: growth capex 0; upkeep 29139214170; owner earnings 350495400330. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); Dividend observations: [[2016,31919446000],[2017,27795087600],[2018,27508524900],[2019,27508525000],[2020,32093279000],[2021,46233034000],[2022,56959814000],[2023,61563646000],[2024,86192494000],[2025,103237310860]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 77.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000240.KO SharesStats.PercentInsiders = 77.622 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.7% yearly over ten years; actual growth was 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:11.211Z); Ten-year compound average after fade. Initial solved rate -0.07953216384961986. Price 26750; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1898.0366424116423 → FY2025 3700.4831672894366. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 21,650.00 per share

- 2016-11: KRW 20,650.00 per share

- 2016-12: KRW 20,750.00 per share

- 2017-01: KRW 20,250.00 per share

- 2017-02: KRW 20,500.00 per share

- 2017-03: KRW 19,450.00 per share

- 2017-04: KRW 20,000.00 per share

- 2017-05: KRW 20,850.00 per share

- 2017-06: KRW 21,800.00 per share

- 2017-07: KRW 21,200.00 per share

- 2017-08: KRW 21,300.00 per share

- 2017-09: KRW 21,850.00 per share

- 2017-10: KRW 20,100.00 per share

- 2017-11: KRW 18,950.00 per share

- 2017-12: KRW 18,900.00 per share

- 2018-01: KRW 19,800.00 per share

- 2018-02: KRW 19,900.00 per share

- 2018-03: KRW 18,650.00 per share

- 2018-04: KRW 18,300.00 per share

- 2018-05: KRW 17,950.00 per share

- 2018-06: KRW 17,500.00 per share

- 2018-07: KRW 18,500.00 per share

- 2018-08: KRW 18,200.00 per share

- 2018-09: KRW 18,000.00 per share

- 2018-10: KRW 16,900.00 per share

- 2018-11: KRW 16,900.00 per share

- 2018-12: KRW 16,600.00 per share

- 2019-01: KRW 16,100.00 per share

- 2019-02: KRW 16,300.00 per share

- 2019-03: KRW 15,550.00 per share

- 2019-04: KRW 17,050.00 per share

- 2019-05: KRW 16,150.00 per share

- 2019-06: KRW 17,150.00 per share

- 2019-07: KRW 15,500.00 per share

- 2019-08: KRW 14,750.00 per share

- 2019-09: KRW 14,300.00 per share

- 2019-10: KRW 13,300.00 per share

- 2019-11: KRW 14,350.00 per share

- 2019-12: KRW 14,400.00 per share

- 2020-01: KRW 13,250.00 per share

- 2020-02: KRW 12,250.00 per share

- 2020-03: KRW 8,550.00 per share

- 2020-04: KRW 10,100.00 per share

- 2020-05: KRW 10,100.00 per share

- 2020-06: KRW 12,950.00 per share

- 2020-07: KRW 14,300.00 per share

- 2020-08: KRW 15,400.00 per share

- 2020-09: KRW 16,750.00 per share

- 2020-10: KRW 14,900.00 per share

- 2020-11: KRW 16,200.00 per share

- 2020-12: KRW 14,650.00 per share

- 2021-01: KRW 15,850.00 per share

- 2021-02: KRW 17,250.00 per share

- 2021-03: KRW 18,500.00 per share

- 2021-04: KRW 18,600.00 per share

- 2021-05: KRW 20,350.00 per share

- 2021-06: KRW 20,350.00 per share

- 2021-07: KRW 17,950.00 per share

- 2021-08: KRW 17,250.00 per share

- 2021-09: KRW 15,900.00 per share

- 2021-10: KRW 16,700.00 per share

- 2021-11: KRW 15,150.00 per share

- 2021-12: KRW 15,700.00 per share

- 2022-01: KRW 12,950.00 per share

- 2022-02: KRW 13,400.00 per share

- 2022-03: KRW 14,650.00 per share

- 2022-04: KRW 14,550.00 per share

- 2022-05: KRW 14,250.00 per share

- 2022-06: KRW 12,850.00 per share

- 2022-07: KRW 12,300.00 per share

- 2022-08: KRW 13,100.00 per share

- 2022-09: KRW 12,450.00 per share

- 2022-10: KRW 12,850.00 per share

- 2022-11: KRW 14,350.00 per share

- 2022-12: KRW 13,950.00 per share

- 2023-01: KRW 13,440.00 per share

- 2023-02: KRW 13,360.00 per share

- 2023-03: KRW 11,950.00 per share

- 2023-04: KRW 12,610.00 per share

- 2023-05: KRW 12,010.00 per share

- 2023-06: KRW 11,900.00 per share

- 2023-07: KRW 11,480.00 per share

- 2023-08: KRW 10,900.00 per share

- 2023-09: KRW 11,080.00 per share

- 2023-10: KRW 12,280.00 per share

- 2023-11: KRW 14,610.00 per share

- 2023-12: KRW 15,600.00 per share

- 2024-01: KRW 16,560.00 per share

- 2024-02: KRW 17,020.00 per share

- 2024-03: KRW 15,990.00 per share

- 2024-04: KRW 16,200.00 per share

- 2024-05: KRW 15,130.00 per share

- 2024-06: KRW 15,210.00 per share

- 2024-07: KRW 15,740.00 per share

- 2024-08: KRW 17,050.00 per share

- 2024-09: KRW 17,090.00 per share

- 2024-10: KRW 16,750.00 per share

- 2024-11: KRW 17,230.00 per share

- 2024-12: KRW 16,920.00 per share

- 2025-01: KRW 17,100.00 per share

- 2025-02: KRW 15,860.00 per share

- 2025-03: KRW 15,150.00 per share

- 2025-04: KRW 15,040.00 per share

- 2025-05: KRW 20,300.00 per share

- 2025-06: KRW 19,200.00 per share

- 2025-07: KRW 24,150.00 per share

- 2025-08: KRW 24,400.00 per share

- 2025-09: KRW 23,000.00 per share

- 2025-10: KRW 23,550.00 per share

- 2025-11: KRW 29,850.00 per share

- 2025-12: KRW 26,150.00 per share

- 2026-01: KRW 26,950.00 per share

- 2026-02: KRW 31,300.00 per share

- 2026-03: KRW 24,000.00 per share

- 2026-04: KRW 24,950.00 per share

- 2026-05: KRW 24,300.00 per share

- 2026-06: KRW 23,700.00 per share

- 2026-07: KRW 24,950.00 per share

- 2026-08: KRW 24,650.00 per share

- 2026-09: KRW 25,100.00 per share

- 2026-10: KRW 26,650.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 155,851.77 per share, central KRW 184,190.18 per share, high KRW 213,479.94 per share

- FY2017: low KRW 207,515.38 per share, central KRW 235,711.31 per share, high KRW 273,246.08 per share

- FY2018: low KRW 57,967.86 per share, central KRW 65,468.84 per share, high KRW 75,454.25 per share

- FY2019: low KRW 27,852.10 per share, central KRW 31,306.10 per share, high KRW 35,904.09 per share

- FY2020: low KRW 27,159.29 per share, central KRW 30,390.84 per share, high KRW 34,692.72 per share

- FY2021: low KRW 23,465.21 per share, central KRW 26,319.99 per share, high KRW 30,120.32 per share

- FY2022: low KRW 20,514.36 per share, central KRW 23,153.85 per share, high KRW 26,667.57 per share

- FY2023: low KRW 21,859.46 per share, central KRW 24,944.94 per share, high KRW 28,597.95 per share

- FY2024: low KRW 34,329.81 per share, central KRW 46,298.89 per share, high KRW 53,932.50 per share

- FY2025: low KRW 43,885.55 per share, central KRW 60,444.85 per share, high KRW 70,744.72 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:51.337Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Hankook Tire Worldwide

000240 · KO

KOSPI 200

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: KRW 26,750.00
Buy up to: KRW 60,097.86
Expected / yr: 18.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 15% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 24.3%
Worst year: 19.2%
Latest · LTM: 30.1%

Capital return excluding acquisitions: median 6% (minimum 15%), and the second-worst year 4.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 6.0%
Worst year: 4.2%
Latest · 2025: 7.8%

Each $1 of profit left $1.01 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.01×
Annual median: 1.01×
Latest · 2025: 1.01×

Per-share value rose from 1881.81 to 3666, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW 1K
Latest · 2025: KRW 4K

Profits were backed by cash: accruals were 2.1% of assets (limit 10%).

Sloan accruals

10y median: 3.1%
Worst year: 5.7%
Latest · 2025: 2.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 27.3%, three-year average owner earnings per share 3,143.06 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 21650.00 · Value 184190.18 · Buy at or below 184190.18; 2016-11 · Price KRW 20650.00 · Value 184190.18 · Buy at or below 184190.18; 2016-12 · Price KRW 20750.00 · Value 184190.18 · Buy at or below 184190.18; 2017-01 · Price KRW 20250.00 · Value 184190.18 · Buy at or below 184190.18; 2017-02 · Price KRW 20500.00 · Value 235711.31 · Buy at or below 235711.31; 2017-03 · Price KRW 19450.00 · Value 235711.31 · Buy at or below 235711.31; 2017-04 · Price KRW 20000.00 · Value 235711.31 · Buy at or below 235711.31; 2017-05 · Price KRW 20850.00 · Value 235711.31 · Buy at or below 235711.31; 2017-06 · Price KRW 21800.00 · Value 235711.31 · Buy at or below 235711.31; 2017-07 · Price KRW 21200.00 · Value 235711.31 · Buy at or below 235711.31; 2017-08 · Price KRW 21300.00 · Value 235711.31 · Buy at or below 235711.31; 2017-09 · Price KRW 21850.00 · Value 235711.31 · Buy at or below 235711.31; 2017-10 · Price KRW 20100.00 · Value 235711.31 · Buy at or below 235711.31; 2017-11 · Price KRW 18950.00 · Value 235711.31 · Buy at or below 235711.31; 2017-12 · Price KRW 18900.00 · Value 235711.31 · Buy at or below 235711.31; 2018-01 · Price KRW 19800.00 · Value 235711.31 · Buy at or below 235711.31; 2018-02 · Price KRW 19900.00 · Value 65468.84 · Buy at or below 65468.84; 2018-03 · Price KRW 18650.00 · Value 65468.84 · Buy at or below 65468.84; 2018-04 · Price KRW 18300.00 · Value 65468.84 · Buy at or below 65468.84; 2018-05 · Price KRW 17950.00 · Value 65468.84 · Buy at or below 65468.84; 2018-06 · Price KRW 17500.00 · Value 65468.84 · Buy at or below 65468.84; 2018-07 · Price KRW 18500.00 · Value 65468.84 · Buy at or below 65468.84; 2018-08 · Price KRW 18200.00 · Value 65468.84 · Buy at or below 65468.84; 2018-09 · Price KRW 18000.00 · Value 65468.84 · Buy at or below 65468.84; 2018-10 · Price KRW 16900.00 · Value 65468.84 · Buy at or below 65468.84; 2018-11 · Price KRW 16900.00 · Value 65468.84 · Buy at or below 65468.84; 2018-12 · Price KRW 16600.00 · Value 65468.84 · Buy at or below 65468.84; 2019-01 · Price KRW 16100.00 · Value 65468.84 · Buy at or below 65468.84; 2019-02 · Price KRW 16300.00 · Value 31306.10 · Buy at or below 31306.10; 2019-03 · Price KRW 15550.00 · Value 31306.10 · Buy at or below 31306.10; 2019-04 · Price KRW 17050.00 · Value 31306.10 · Buy at or below 31306.10; 2019-05 · Price KRW 16150.00 · Value 31306.10 · Buy at or below 31306.10; 2019-06 · Price KRW 17150.00 · Value 31306.10 · Buy at or below 31306.10; 2019-07 · Price KRW 15500.00 · Value 31306.10 · Buy at or below 31306.10; 2019-08 · Price KRW 14750.00 · Value 31306.10 · Buy at or below 31306.10; 2019-09 · Price KRW 14300.00 · Value 31306.10 · Buy at or below 31306.10; 2019-10 · Price KRW 13300.00 · Value 31306.10 · Buy at or below 31306.10; 2019-11 · Price KRW 14350.00 · Value 31306.10 · Buy at or below 31306.10; 2019-12 · Price KRW 14400.00 · Value 31306.10 · Buy at or below 31306.10; 2020-01 · Price KRW 13250.00 · Value 31306.10 · Buy at or below 31306.10; 2020-02 · Price KRW 12250.00 · Value 30390.84 · Buy at or below 30390.84; 2020-03 · Price KRW 8550.00 · Value 30390.84 · Buy at or below 30390.84; 2020-04 · Price KRW 10100.00 · Value 30390.84 · Buy at or below 30390.84; 2020-05 · Price KRW 10100.00 · Value 30390.84 · Buy at or below 30390.84; 2020-06 · Price KRW 12950.00 · Value 30390.84 · Buy at or below 30390.84; 2020-07 · Price KRW 14300.00 · Value 30390.84 · Buy at or below 30390.84; 2020-08 · Price KRW 15400.00 · Value 30390.84 · Buy at or below 30390.84; 2020-09 · Price KRW 16750.00 · Value 30390.84 · Buy at or below 30390.84; 2020-10 · Price KRW 14900.00 · Value 30390.84 · Buy at or below 30390.84; 2020-11 · Price KRW 16200.00 · Value 30390.84 · Buy at or below 30390.84; 2020-12 · Price KRW 14650.00 · Value 30390.84 · Buy at or below 30390.84; 2021-01 · Price KRW 15850.00 · Value 30390.84 · Buy at or below 30390.84; 2021-02 · Price KRW 17250.00 · Value 26319.99 · Buy at or below 26319.99; 2021-03 · Price KRW 18500.00 · Value 26319.99 · Buy at or below 26319.99; 2021-04 · Price KRW 18600.00 · Value 26319.99 · Buy at or below 26319.99; 2021-05 · Price KRW 20350.00 · Value 26319.99 · Buy at or below 26319.99; 2021-06 · Price KRW 20350.00 · Value 26319.99 · Buy at or below 26319.99; 2021-07 · Price KRW 17950.00 · Value 26319.99 · Buy at or below 26319.99; 2021-08 · Price KRW 17250.00 · Value 26319.99 · Buy at or below 26319.99; 2021-09 · Price KRW 15900.00 · Value 26319.99 · Buy at or below 26319.99; 2021-10 · Price KRW 16700.00 · Value 26319.99 · Buy at or below 26319.99; 2021-11 · Price KRW 15150.00 · Value 26319.99 · Buy at or below 26319.99; 2021-12 · Price KRW 15700.00 · Value 26319.99 · Buy at or below 26319.99; 2022-01 · Price KRW 12950.00 · Value 26319.99 · Buy at or below 26319.99; 2022-02 · Price KRW 13400.00 · Value 23153.85 · Buy at or below 23153.85; 2022-03 · Price KRW 14650.00 · Value 23153.85 · Buy at or below 23153.85; 2022-04 · Price KRW 14550.00 · Value 23153.85 · Buy at or below 23153.85; 2022-05 · Price KRW 14250.00 · Value 23153.85 · Buy at or below 23153.85; 2022-06 · Price KRW 12850.00 · Value 23153.85 · Buy at or below 23153.85; 2022-07 · Price KRW 12300.00 · Value 23153.85 · Buy at or below 23153.85; 2022-08 · Price KRW 13100.00 · Value 23153.85 · Buy at or below 23153.85; 2022-09 · Price KRW 12450.00 · Value 23153.85 · Buy at or below 23153.85; 2022-10 · Price KRW 12850.00 · Value 23153.85 · Buy at or below 23153.85; 2022-11 · Price KRW 14350.00 · Value 23153.85 · Buy at or below 23153.85; 2022-12 · Price KRW 13950.00 · Value 23153.85 · Buy at or below 23153.85; 2023-01 · Price KRW 13440.00 · Value 23153.85 · Buy at or below 23153.85; 2023-02 · Price KRW 13360.00 · Value 24944.94 · Buy at or below 24944.94; 2023-03 · Price KRW 11950.00 · Value 24944.94 · Buy at or below 24944.94; 2023-04 · Price KRW 12610.00 · Value 24944.94 · Buy at or below 24944.94; 2023-05 · Price KRW 12010.00 · Value 24944.94 · Buy at or below 24944.94; 2023-06 · Price KRW 11900.00 · Value 24944.94 · Buy at or below 24944.94; 2023-07 · Price KRW 11480.00 · Value 24944.94 · Buy at or below 24944.94; 2023-08 · Price KRW 10900.00 · Value 24944.94 · Buy at or below 24944.94; 2023-09 · Price KRW 11080.00 · Value 24944.94 · Buy at or below 24944.94; 2023-10 · Price KRW 12280.00 · Value 24944.94 · Buy at or below 24944.94; 2023-11 · Price KRW 14610.00 · Value 24944.94 · Buy at or below 24944.94; 2023-12 · Price KRW 15600.00 · Value 24944.94 · Buy at or below 24944.94; 2024-01 · Price KRW 16560.00 · Value 24944.94 · Buy at or below 24944.94; 2024-02 · Price KRW 17020.00 · Value 46298.89 · Buy at or below 46298.89; 2024-03 · Price KRW 15990.00 · Value 46298.89 · Buy at or below 46298.89; 2024-04 · Price KRW 16200.00 · Value 46298.89 · Buy at or below 46298.89; 2024-05 · Price KRW 15130.00 · Value 46298.89 · Buy at or below 46298.89; 2024-06 · Price KRW 15210.00 · Value 46298.89 · Buy at or below 46298.89; 2024-07 · Price KRW 15740.00 · Value 46298.89 · Buy at or below 46298.89; 2024-08 · Price KRW 17050.00 · Value 46298.89 · Buy at or below 46298.89; 2024-09 · Price KRW 17090.00 · Value 46298.89 · Buy at or below 46298.89; 2024-10 · Price KRW 16750.00 · Value 46298.89 · Buy at or below 46298.89; 2024-11 · Price KRW 17230.00 · Value 46298.89 · Buy at or below 46298.89; 2024-12 · Price KRW 16920.00 · Value 46298.89 · Buy at or below 46298.89; 2025-01 · Price KRW 17100.00 · Value 46298.89 · Buy at or below 46298.89; 2025-02 · Price KRW 15860.00 · Value 60444.85 · Buy at or below 60444.85; 2025-03 · Price KRW 15150.00 · Value 60444.85 · Buy at or below 60444.85; 2025-04 · Price KRW 15040.00 · Value 60444.85 · Buy at or below 60444.85; 2025-05 · Price KRW 20300.00 · Value 60444.85 · Buy at or below 60444.85; 2025-06 · Price KRW 19200.00 · Value 60444.85 · Buy at or below 60444.85; 2025-07 · Price KRW 24150.00 · Value 60444.85 · Buy at or below 60444.85; 2025-08 · Price KRW 24400.00 · Value 60444.85 · Buy at or below 60444.85; 2025-09 · Price KRW 23000.00 · Value 60444.85 · Buy at or below 60444.85; 2025-10 · Price KRW 23550.00 · Value 60444.85 · Buy at or below 60444.85; 2025-11 · Price KRW 29850.00 · Value 60444.85 · Buy at or below 60444.85; 2025-12 · Price KRW 26150.00 · Value 60444.85 · Buy at or below 60444.85; 2026-01 · Price KRW 26950.00 · Value 60444.85 · Buy at or below 60444.85; 2026-02 · Price KRW 31300.00 · Value 60097.86 · Buy at or below 60097.86; 2026-03 · Price KRW 24000.00 · Value 60097.86 · Buy at or below 60097.86; 2026-04 · Price KRW 24950.00 · Value 60097.86 · Buy at or below 60097.86; 2026-05 · Price KRW 24300.00 · Value 60097.86 · Buy at or below 60097.86; 2026-06 · Price KRW 23700.00 · Value 60097.86 · Buy at or below 60097.86; 2026-07 · Price KRW 24950.00 · Value 60097.86 · Buy at or below 60097.86; 2026-08 · Price KRW 24650.00 · Value 60097.86 · Buy at or below 60097.86; 2026-09 · Price KRW 25100.00 · Value 60097.86 · Buy at or below 60097.86; 2026-10 · Price KRW 26650.00 · Value 60097.86 · Buy at or below 60097.86; 2026-10 · Price KRW 26750.00 · Value 60097.86 · Buy at or below 60097.86

KRW per share · annual estimates

Price & return math
Value range	KRW 43,703.18 – KRW 70,295.34
Buy at or below	Central value KRW 60,097.86
Discount to value	1 − 26750.00 / 60097.86 = 55.5%
Return / year	About 18.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 3224.10/share; 6.9% growth for 5 years, then fades to 3.0%; excess cash KRW 1158.40/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 1.44T

Revenue

Owner earningsKRW 350B

Owner earnings

Operating margin30.1%

Operating margin

Net cash / debtKRW 34B

Net cash / debt

Diluted shares95M

Diluted shares

Prices 15 Oct 2026 · FY2025