# Kia (000270.KO)

Canonical: https://gigainvestors.com/s/000270.KO

Analysis as of: 2026-10-16T07:34:18.963Z. 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 105,900.00 per share; close as of 2026-10-15.

Estimated value: low KRW 389,433.85 per share, central KRW 532,982.98 per share, high KRW 616,571.90 per share. Buy at or below the central value KRW 532,982.98 per share. Valuation as of 2026-10-16T07:34:18.963Z; scenarios are not confidence intervals.

Expected annual return: 59.2% at the stated quote. About 59.2% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.01×

- FY2018: 0.02×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.08×

- LTM to Jun 2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 3.6%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 19.1%

- Recent gross margin (lower of latest and 3-year median): 19.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.6%

- FY2017: 2.2%

- FY2018: 3.6%

- FY2019: 5.5%

- FY2020: 6.6%

- FY2021: 14.1%

- FY2022: 18.9%

- FY2023: 26.8%

- FY2024: 24.6%

- FY2025: 16.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 36.11T

- Net income, five-year total: KRW 36.28T

- Return on incremental invested capital: 78.3%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.6 pp

- Working capital / revenue, final three-year average: 5.0%

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

- FY2021: 1.18×

- FY2022: 1.16×

- FY2023: 0.99×

- FY2024: 0.93×

- FY2025: 0.85×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 24.6%

- Per-share earnings: 2883.14 to 22168.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: KRW 31.78T

- Cumulative retained earnings: KRW 31.05T

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 33.8%

- Per-share value change: KRW 19K

- Per-share value, starting three-year median: KRW 3K

- Per-share value, ending three-year median: KRW 22K

- Buybacks concentrated in cheaper years (correlation): 0.26

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 4.57T

- Cumulative net income, 10 years: KRW 44.47T

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 24.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 7K

- FY2017: KRW 2K

- FY2018: KRW 3K

- FY2019: KRW 5K

- FY2020: KRW 4K

- FY2021: KRW 12K

- FY2022: KRW 13K

- FY2023: KRW 22K

- FY2024: KRW 25K

- FY2025: KRW 19K

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.0%

- FY2017: -3.1%

- FY2018: -6.4%

- FY2019: -3.2%

- FY2020: -6.5%

- FY2021: -3.9%

- FY2022: -5.3%

- FY2023: -3.1%

- FY2024: -3.0%

- FY2025: -1.5%

## Holders

## Price story

Down 48% since Feb 2026 · sales +4.5%

Story as of 2026-10-16T10:00:00.065Z; price observation 2026-10-15.

Price needs cash profits to shrink 22.7% a year for ten years

### Sales · FY2025–2026

sales +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 53.54T 

- FY2018: KRW 54.17T 

- FY2019: KRW 58.15T 

- FY2020: KRW 59.17T 

- FY2021: KRW 69.86T 

- FY2022: KRW 86.56T 

- FY2023: KRW 99.81T 

- FY2024: KRW 107.45T 

- FY2025: KRW 114.14T 

- FY2026: KRW 119.31T 

### Gross margin · FY2025

gross margin 19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.8% 

- FY2017: 16.7% 

- FY2018: 14.8% 

- FY2019: 16.1% 

- FY2020: 16.8% 

- FY2021: 18.5% 

- FY2022: 20.8% 

- FY2023: 22.7% 

- FY2024: 23.1% 

- FY2025: 19.7% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are KRW 114.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2025: revenue 114140919000000; grossProfit 22508077000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000270.KO: Kia Corporation manufactures and sells vehicles in South Korea, North America, and Europe. The company offers cars, SUVs and MPV, commercial, electric, and hybrid vehicles. It sells its products through a network of dealers. The company was formerly known as Kia Motors Corporation and changed its name to Kia Corporation in January 2021. Kia Corporation was founded in 1944 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 19.7% to 23.1% during 2023–25; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2023: grossProfit / revenue = 22.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2024: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2025: grossProfit / revenue = 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); 10-year return on capital observations [[2016,0.07571330063123595],[2017,0.02166149976479567],[2018,0.03589788033770587],[2019,0.054696817011340236],[2020,0.06564075835370314],[2021,0.14055590869730947],[2022,0.18942333079624338],[2023,0.2681443179219491],[2024,0.24570694869322707],[2025,0.16032676514062869]]; median 0.10813460466427272. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 19% of cash earnings on expansion; earns 78.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2016: growth capex 0; upkeep 2373107000000; owner earnings 902775000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2017: growth capex 0; upkeep 1689481000000; owner earnings 904709000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2018: growth capex 0; upkeep 2376265000000; owner earnings 2094499000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2019: growth capex 0; upkeep 1736486000000; owner earnings 2172749800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2020: growth capex 0; upkeep 1661898000000; owner earnings 1993095600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2021: growth capex 0; upkeep 1319523000000; owner earnings 5607472800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2022: growth capex 0; upkeep 1494602000000; owner earnings 6282852800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2023: growth capex 776721000000; upkeep 2353435000000; owner earnings 8711411600000. Growth capex / owner earnings = 0.08916132489939978.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2024: growth capex 1521300344103.5244; upkeep 3161299655896.4756; owner earnings 9088476944103.523. Growth capex / owner earnings = 0.16738782014411366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2025: growth capex 1218170188426.1025; upkeep 3774898811573.8975; owner earnings 6423000388426.103. Growth capex / owner earnings = 0.1896574987946722.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); Incremental return on capital 0.7834880320354161, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); Dividend observations: [[2016,441025000000],[2017,441024000000],[2018,320745000000],[2019,360838000000],[2020,461071000000],[2021,400931000000],[2022,1202793000000],[2023,1403256000000],[2024,2194277000000],[2025,2559045000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); FY2025: cash repurchases 700045000000 KRW.

### Are managers owners

Insiders own 39.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000270.KO SharesStats.PercentInsiders = 39.674 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 22.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.963Z); Ten-year compound average after fade. Initial solved rate -0.32357544136754346. Price 105900; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: KRW 40,700.00 per share

- 2016-11: KRW 37,400.00 per share

- 2016-12: KRW 39,250.00 per share

- 2017-01: KRW 36,400.00 per share

- 2017-02: KRW 38,250.00 per share

- 2017-03: KRW 37,050.00 per share

- 2017-04: KRW 34,850.00 per share

- 2017-05: KRW 39,050.00 per share

- 2017-06: KRW 38,200.00 per share

- 2017-07: KRW 36,600.00 per share

- 2017-08: KRW 35,450.00 per share

- 2017-09: KRW 31,650.00 per share

- 2017-10: KRW 35,400.00 per share

- 2017-11: KRW 33,650.00 per share

- 2017-12: KRW 33,500.00 per share

- 2018-01: KRW 34,650.00 per share

- 2018-02: KRW 34,350.00 per share

- 2018-03: KRW 31,000.00 per share

- 2018-04: KRW 33,100.00 per share

- 2018-05: KRW 31,150.00 per share

- 2018-06: KRW 30,850.00 per share

- 2018-07: KRW 31,700.00 per share

- 2018-08: KRW 32,050.00 per share

- 2018-09: KRW 35,100.00 per share

- 2018-10: KRW 28,400.00 per share

- 2018-11: KRW 30,500.00 per share

- 2018-12: KRW 33,700.00 per share

- 2019-01: KRW 36,350.00 per share

- 2019-02: KRW 36,550.00 per share

- 2019-03: KRW 35,350.00 per share

- 2019-04: KRW 45,250.00 per share

- 2019-05: KRW 39,350.00 per share

- 2019-06: KRW 44,000.00 per share

- 2019-07: KRW 43,750.00 per share

- 2019-08: KRW 43,700.00 per share

- 2019-09: KRW 45,600.00 per share

- 2019-10: KRW 42,550.00 per share

- 2019-11: KRW 43,250.00 per share

- 2019-12: KRW 44,300.00 per share

- 2020-01: KRW 40,900.00 per share

- 2020-02: KRW 36,250.00 per share

- 2020-03: KRW 26,000.00 per share

- 2020-04: KRW 29,650.00 per share

- 2020-05: KRW 34,250.00 per share

- 2020-06: KRW 32,050.00 per share

- 2020-07: KRW 40,400.00 per share

- 2020-08: KRW 42,450.00 per share

- 2020-09: KRW 46,900.00 per share

- 2020-10: KRW 50,500.00 per share

- 2020-11: KRW 57,800.00 per share

- 2020-12: KRW 62,400.00 per share

- 2021-01: KRW 82,500.00 per share

- 2021-02: KRW 79,400.00 per share

- 2021-03: KRW 82,900.00 per share

- 2021-04: KRW 77,000.00 per share

- 2021-05: KRW 85,600.00 per share

- 2021-06: KRW 89,600.00 per share

- 2021-07: KRW 83,600.00 per share

- 2021-08: KRW 85,100.00 per share

- 2021-09: KRW 81,200.00 per share

- 2021-10: KRW 85,100.00 per share

- 2021-11: KRW 77,800.00 per share

- 2021-12: KRW 82,200.00 per share

- 2022-01: KRW 82,000.00 per share

- 2022-02: KRW 73,800.00 per share

- 2022-03: KRW 74,000.00 per share

- 2022-04: KRW 83,800.00 per share

- 2022-05: KRW 85,700.00 per share

- 2022-06: KRW 77,300.00 per share

- 2022-07: KRW 81,200.00 per share

- 2022-08: KRW 80,800.00 per share

- 2022-09: KRW 71,900.00 per share

- 2022-10: KRW 66,300.00 per share

- 2022-11: KRW 68,600.00 per share

- 2022-12: KRW 59,300.00 per share

- 2023-01: KRW 66,800.00 per share

- 2023-02: KRW 75,300.00 per share

- 2023-03: KRW 81,000.00 per share

- 2023-04: KRW 84,500.00 per share

- 2023-05: KRW 85,900.00 per share

- 2023-06: KRW 88,500.00 per share

- 2023-07: KRW 82,700.00 per share

- 2023-08: KRW 80,200.00 per share

- 2023-09: KRW 81,400.00 per share

- 2023-10: KRW 76,900.00 per share

- 2023-11: KRW 85,900.00 per share

- 2023-12: KRW 100,000.00 per share

- 2024-01: KRW 102,900.00 per share

- 2024-02: KRW 124,500.00 per share

- 2024-03: KRW 110,200.00 per share

- 2024-04: KRW 118,000.00 per share

- 2024-05: KRW 117,700.00 per share

- 2024-06: KRW 129,300.00 per share

- 2024-07: KRW 112,100.00 per share

- 2024-08: KRW 106,100.00 per share

- 2024-09: KRW 99,900.00 per share

- 2024-10: KRW 91,900.00 per share

- 2024-11: KRW 92,900.00 per share

- 2024-12: KRW 100,700.00 per share

- 2025-01: KRW 102,000.00 per share

- 2025-02: KRW 93,200.00 per share

- 2025-03: KRW 92,300.00 per share

- 2025-04: KRW 90,400.00 per share

- 2025-05: KRW 89,400.00 per share

- 2025-06: KRW 96,900.00 per share

- 2025-07: KRW 102,300.00 per share

- 2025-08: KRW 105,800.00 per share

- 2025-09: KRW 100,700.00 per share

- 2025-10: KRW 119,900.00 per share

- 2025-11: KRW 114,100.00 per share

- 2025-12: KRW 121,800.00 per share

- 2026-01: KRW 152,600.00 per share

- 2026-02: KRW 205,500.00 per share

- 2026-03: KRW 145,200.00 per share

- 2026-04: KRW 151,800.00 per share

- 2026-05: KRW 169,200.00 per share

- 2026-06: KRW 138,000.00 per share

- 2026-07: KRW 131,900.00 per share

- 2026-08: KRW 131,000.00 per share

- 2026-09: KRW 112,800.00 per share

- 2026-10: KRW 108,300.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 95,224.25 per share, central KRW 105,761.09 per share, high KRW 119,787.86 per share

- FY2017: low KRW 46,243.07 per share, central KRW 49,683.98 per share, high KRW 54,264.56 per share

- FY2018: low KRW 43,819.78 per share, central KRW 47,306.97 per share, high KRW 51,949.15 per share

- FY2019: low KRW 47,001.90 per share, central KRW 50,745.05 per share, high KRW 55,727.98 per share

- FY2020: low KRW 88,386.92 per share, central KRW 95,878.68 per share, high KRW 105,851.80 per share

- FY2021: low KRW 111,717.16 per share, central KRW 121,529.87 per share, high KRW 134,592.67 per share

- FY2022: low KRW 157,871.21 per share, central KRW 206,513.28 per share, high KRW 234,837.65 per share

- FY2023: low KRW 295,899.10 per share, central KRW 402,497.09 per share, high KRW 464,569.29 per share

- FY2024: low KRW 349,365.40 per share, central KRW 477,342.40 per share, high KRW 551,863.64 per share

- FY2025: low KRW 370,107.74 per share, central KRW 506,925.03 per share, high KRW 586,593.98 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 2026-10-15T06:40:04.532Z 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.

Kia

000270 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 105,900.00
Buy up to: KRW 532,982.98
Expected / yr: 59.2% 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 55.2% around their average (limit 35%).

Operating margin

10y median: 7.0%
Worst year: 1.2%
Latest · LTM: 6.8%

Capital return excluding acquisitions: median 10.8% (minimum 15%), and the second-worst year 3.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 10.8%
Worst year: 2.2%
Latest · 2025: 16.0%

Each $1 of profit left $1.00 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.00×
Annual median: 0.99×
Latest · 2025: 0.85×

Per-share value rose from 2883.14 to 22168, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 9K
Worst year: KRW 2K
Latest · 2025: KRW 19K

Profits were backed by cash: accruals were -1.5% of assets (limit 10%).

Sloan accruals

10y median: -3.2%
Worst year: -1.0%
Latest · 2025: -1.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 6.2%, three-year average owner earnings per share 20,538.94 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 40700.00 · Value 105761.09 · Buy at or below 105761.09; 2016-11 · Price KRW 37400.00 · Value 105761.09 · Buy at or below 105761.09; 2016-12 · Price KRW 39250.00 · Value 105761.09 · Buy at or below 105761.09; 2017-01 · Price KRW 36400.00 · Value 105761.09 · Buy at or below 105761.09; 2017-02 · Price KRW 38250.00 · Value 49683.98 · Buy at or below 49683.98; 2017-03 · Price KRW 37050.00 · Value 49683.98 · Buy at or below 49683.98; 2017-04 · Price KRW 34850.00 · Value 49683.98 · Buy at or below 49683.98; 2017-05 · Price KRW 39050.00 · Value 49683.98 · Buy at or below 49683.98; 2017-06 · Price KRW 38200.00 · Value 49683.98 · Buy at or below 49683.98; 2017-07 · Price KRW 36600.00 · Value 49683.98 · Buy at or below 49683.98; 2017-08 · Price KRW 35450.00 · Value 49683.98 · Buy at or below 49683.98; 2017-09 · Price KRW 31650.00 · Value 49683.98 · Buy at or below 49683.98; 2017-10 · Price KRW 35400.00 · Value 49683.98 · Buy at or below 49683.98; 2017-11 · Price KRW 33650.00 · Value 49683.98 · Buy at or below 49683.98; 2017-12 · Price KRW 33500.00 · Value 49683.98 · Buy at or below 49683.98; 2018-01 · Price KRW 34650.00 · Value 49683.98 · Buy at or below 49683.98; 2018-02 · Price KRW 34350.00 · Value 47306.97 · Buy at or below 47306.97; 2018-03 · Price KRW 31000.00 · Value 47306.97 · Buy at or below 47306.97; 2018-04 · Price KRW 33100.00 · Value 47306.97 · Buy at or below 47306.97; 2018-05 · Price KRW 31150.00 · Value 47306.97 · Buy at or below 47306.97; 2018-06 · Price KRW 30850.00 · Value 47306.97 · Buy at or below 47306.97; 2018-07 · Price KRW 31700.00 · Value 47306.97 · Buy at or below 47306.97; 2018-08 · Price KRW 32050.00 · Value 47306.97 · Buy at or below 47306.97; 2018-09 · Price KRW 35100.00 · Value 47306.97 · Buy at or below 47306.97; 2018-10 · Price KRW 28400.00 · Value 47306.97 · Buy at or below 47306.97; 2018-11 · Price KRW 30500.00 · Value 47306.97 · Buy at or below 47306.97; 2018-12 · Price KRW 33700.00 · Value 47306.97 · Buy at or below 47306.97; 2019-01 · Price KRW 36350.00 · Value 47306.97 · Buy at or below 47306.97; 2019-02 · Price KRW 36550.00 · Value 50745.05 · Buy at or below 50745.05; 2019-03 · Price KRW 35350.00 · Value 50745.05 · Buy at or below 50745.05; 2019-04 · Price KRW 45250.00 · Value 50745.05 · Buy at or below 50745.05; 2019-05 · Price KRW 39350.00 · Value 50745.05 · Buy at or below 50745.05; 2019-06 · Price KRW 44000.00 · Value 50745.05 · Buy at or below 50745.05; 2019-07 · Price KRW 43750.00 · Value 50745.05 · Buy at or below 50745.05; 2019-08 · Price KRW 43700.00 · Value 50745.05 · Buy at or below 50745.05; 2019-09 · Price KRW 45600.00 · Value 50745.05 · Buy at or below 50745.05; 2019-10 · Price KRW 42550.00 · Value 50745.05 · Buy at or below 50745.05; 2019-11 · Price KRW 43250.00 · Value 50745.05 · Buy at or below 50745.05; 2019-12 · Price KRW 44300.00 · Value 50745.05 · Buy at or below 50745.05; 2020-01 · Price KRW 40900.00 · Value 50745.05 · Buy at or below 50745.05; 2020-02 · Price KRW 36250.00 · Value 95878.68 · Buy at or below 95878.68; 2020-03 · Price KRW 26000.00 · Value 95878.68 · Buy at or below 95878.68; 2020-04 · Price KRW 29650.00 · Value 95878.68 · Buy at or below 95878.68; 2020-05 · Price KRW 34250.00 · Value 95878.68 · Buy at or below 95878.68; 2020-06 · Price KRW 32050.00 · Value 95878.68 · Buy at or below 95878.68; 2020-07 · Price KRW 40400.00 · Value 95878.68 · Buy at or below 95878.68; 2020-08 · Price KRW 42450.00 · Value 95878.68 · Buy at or below 95878.68; 2020-09 · Price KRW 46900.00 · Value 95878.68 · Buy at or below 95878.68; 2020-10 · Price KRW 50500.00 · Value 95878.68 · Buy at or below 95878.68; 2020-11 · Price KRW 57800.00 · Value 95878.68 · Buy at or below 95878.68; 2020-12 · Price KRW 62400.00 · Value 95878.68 · Buy at or below 95878.68; 2021-01 · Price KRW 82500.00 · Value 95878.68 · Buy at or below 95878.68; 2021-02 · Price KRW 79400.00 · Value 121529.87 · Buy at or below 121529.87; 2021-03 · Price KRW 82900.00 · Value 121529.87 · Buy at or below 121529.87; 2021-04 · Price KRW 77000.00 · Value 121529.87 · Buy at or below 121529.87; 2021-05 · Price KRW 85600.00 · Value 121529.87 · Buy at or below 121529.87; 2021-06 · Price KRW 89600.00 · Value 121529.87 · Buy at or below 121529.87; 2021-07 · Price KRW 83600.00 · Value 121529.87 · Buy at or below 121529.87; 2021-08 · Price KRW 85100.00 · Value 121529.87 · Buy at or below 121529.87; 2021-09 · Price KRW 81200.00 · Value 121529.87 · Buy at or below 121529.87; 2021-10 · Price KRW 85100.00 · Value 121529.87 · Buy at or below 121529.87; 2021-11 · Price KRW 77800.00 · Value 121529.87 · Buy at or below 121529.87; 2021-12 · Price KRW 82200.00 · Value 121529.87 · Buy at or below 121529.87; 2022-01 · Price KRW 82000.00 · Value 121529.87 · Buy at or below 121529.87; 2022-02 · Price KRW 73800.00 · Value 206513.28 · Buy at or below 206513.28; 2022-03 · Price KRW 74000.00 · Value 206513.28 · Buy at or below 206513.28; 2022-04 · Price KRW 83800.00 · Value 206513.28 · Buy at or below 206513.28; 2022-05 · Price KRW 85700.00 · Value 206513.28 · Buy at or below 206513.28; 2022-06 · Price KRW 77300.00 · Value 206513.28 · Buy at or below 206513.28; 2022-07 · Price KRW 81200.00 · Value 206513.28 · Buy at or below 206513.28; 2022-08 · Price KRW 80800.00 · Value 206513.28 · Buy at or below 206513.28; 2022-09 · Price KRW 71900.00 · Value 206513.28 · Buy at or below 206513.28; 2022-10 · Price KRW 66300.00 · Value 206513.28 · Buy at or below 206513.28; 2022-11 · Price KRW 68600.00 · Value 206513.28 · Buy at or below 206513.28; 2022-12 · Price KRW 59300.00 · Value 206513.28 · Buy at or below 206513.28; 2023-01 · Price KRW 66800.00 · Value 206513.28 · Buy at or below 206513.28; 2023-02 · Price KRW 75300.00 · Value 402497.09 · Buy at or below 402497.09; 2023-03 · Price KRW 81000.00 · Value 402497.09 · Buy at or below 402497.09; 2023-04 · Price KRW 84500.00 · Value 402497.09 · Buy at or below 402497.09; 2023-05 · Price KRW 85900.00 · Value 402497.09 · Buy at or below 402497.09; 2023-06 · Price KRW 88500.00 · Value 402497.09 · Buy at or below 402497.09; 2023-07 · Price KRW 82700.00 · Value 402497.09 · Buy at or below 402497.09; 2023-08 · Price KRW 80200.00 · Value 402497.09 · Buy at or below 402497.09; 2023-09 · Price KRW 81400.00 · Value 402497.09 · Buy at or below 402497.09; 2023-10 · Price KRW 76900.00 · Value 402497.09 · Buy at or below 402497.09; 2023-11 · Price KRW 85900.00 · Value 402497.09 · Buy at or below 402497.09; 2023-12 · Price KRW 100000.00 · Value 402497.09 · Buy at or below 402497.09; 2024-01 · Price KRW 102900.00 · Value 402497.09 · Buy at or below 402497.09; 2024-02 · Price KRW 124500.00 · Value 477342.40 · Buy at or below 477342.40; 2024-03 · Price KRW 110200.00 · Value 477342.40 · Buy at or below 477342.40; 2024-04 · Price KRW 118000.00 · Value 477342.40 · Buy at or below 477342.40; 2024-05 · Price KRW 117700.00 · Value 477342.40 · Buy at or below 477342.40; 2024-06 · Price KRW 129300.00 · Value 477342.40 · Buy at or below 477342.40; 2024-07 · Price KRW 112100.00 · Value 477342.40 · Buy at or below 477342.40; 2024-08 · Price KRW 106100.00 · Value 477342.40 · Buy at or below 477342.40; 2024-09 · Price KRW 99900.00 · Value 477342.40 · Buy at or below 477342.40; 2024-10 · Price KRW 91900.00 · Value 477342.40 · Buy at or below 477342.40; 2024-11 · Price KRW 92900.00 · Value 477342.40 · Buy at or below 477342.40; 2024-12 · Price KRW 100700.00 · Value 477342.40 · Buy at or below 477342.40; 2025-01 · Price KRW 102000.00 · Value 477342.40 · Buy at or below 477342.40; 2025-02 · Price KRW 93200.00 · Value 506925.03 · Buy at or below 506925.03; 2025-03 · Price KRW 92300.00 · Value 506925.03 · Buy at or below 506925.03; 2025-04 · Price KRW 90400.00 · Value 506925.03 · Buy at or below 506925.03; 2025-05 · Price KRW 89400.00 · Value 506925.03 · Buy at or below 506925.03; 2025-06 · Price KRW 96900.00 · Value 506925.03 · Buy at or below 506925.03; 2025-07 · Price KRW 102300.00 · Value 506925.03 · Buy at or below 506925.03; 2025-08 · Price KRW 105800.00 · Value 506925.03 · Buy at or below 506925.03; 2025-09 · Price KRW 100700.00 · Value 506925.03 · Buy at or below 506925.03; 2025-10 · Price KRW 119900.00 · Value 506925.03 · Buy at or below 506925.03; 2025-11 · Price KRW 114100.00 · Value 506925.03 · Buy at or below 506925.03; 2025-12 · Price KRW 121800.00 · Value 506925.03 · Buy at or below 506925.03; 2026-01 · Price KRW 152600.00 · Value 506925.03 · Buy at or below 506925.03; 2026-02 · Price KRW 205500.00 · Value 532982.98 · Buy at or below 532982.98; 2026-03 · Price KRW 145200.00 · Value 532982.98 · Buy at or below 532982.98; 2026-04 · Price KRW 151800.00 · Value 532982.98 · Buy at or below 532982.98; 2026-05 · Price KRW 169200.00 · Value 532982.98 · Buy at or below 532982.98; 2026-06 · Price KRW 138000.00 · Value 532982.98 · Buy at or below 532982.98; 2026-07 · Price KRW 131900.00 · Value 532982.98 · Buy at or below 532982.98; 2026-08 · Price KRW 131000.00 · Value 532982.98 · Buy at or below 532982.98; 2026-09 · Price KRW 112800.00 · Value 532982.98 · Buy at or below 532982.98; 2026-10 · Price KRW 108300.00 · Value 532982.98 · Buy at or below 532982.98; 2026-10 · Price KRW 105900.00 · Value 532982.98 · Buy at or below 532982.98

KRW per share · annual estimates

Price & return math
Value range	KRW 389,433.85 – KRW 616,571.90
Buy at or below	Central value KRW 532,982.98
Discount to value	1 − 105900.00 / 532982.98 = 80.1%
Return / year	About 59.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 24640.25/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 54449.26/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 119.31T

Revenue

Owner earningsKRW 6.42T

Owner earnings

Operating margin6.8%

Operating margin

Net cash / debtKRW 19.77T

Net cash / debt

Diluted shares390M

Diluted shares

Prices 15 Oct 2026 · FY2025