# Amore Group (002790.KO)

Canonical: https://gigainvestors.com/s/002790.KO

Analysis as of: 2026-10-16T07:42:11.811Z. Financial observations: FY2000–FY2025.

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 24,850.00 per share; close as of 2026-10-15.

Estimated value: low KRW 33,038.27 per share, central KRW 36,375.79 per share, high KRW 40,818.75 per share. Buy at or below the central value KRW 36,375.79 per share. Valuation as of 2026-10-16T07:42:11.811Z; scenarios are not confidence intervals.

Expected annual return: 15.3% at the stated quote. About 15.3% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.03×

- FY2021: 0.07×

- FY2022: 0.06×

- FY2023: 0.04×

- FY2024: 0.06×

- FY2025: 0.08×

### moat: fail

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

- ROIC, median of available years: 21.7%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 72.9%

- Recent gross margin (lower of latest and 3-year median): 71.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 12.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 39.8%

- FY2018: 31.3%

- FY2019: 17.7%

- FY2020: 7.0%

- FY2021: 19.7%

- FY2022: 12.1%

- FY2023: 3.8%

- FY2024: 23.6%

- FY2025: 39.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.64×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.21T

- Net income, five-year total: KRW 738B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 7.3 pp

- Working capital / revenue, final three-year average: 19.0%

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

- FY2021: 2.50×

- FY2022: 2.19×

- FY2023: 1.12×

- FY2024: 1.19×

- FY2025: 1.53×

### management: fail

- 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: 39.8% vs 23.6%

- Per-share earnings: 2432.62 to 1361.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: KRW -8.63T

- Cumulative retained earnings: KRW 826B

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -8.0%

- Per-share value change: KRW -1K

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

- Per-share value, ending three-year median: KRW 1K

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 1.88T

- Cumulative net income, 10 years: KRW 1.57T

- ROIC, first three-year median: 39.8%

- ROIC, last three-year median: 23.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 2K

- FY2018: KRW 2K

- FY2019: KRW 3K

- FY2020: KRW 136.15

- FY2021: KRW 2K

- FY2022: KRW 657.00

- FY2023: KRW 1K

- FY2024: KRW 3K

- FY2025: KRW 1K

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.5%

- FY2017: -5.3%

- FY2018: -8.0%

- FY2019: -8.4%

- FY2020: -8.4%

- FY2021: -7.2%

- FY2022: -1.6%

- FY2023: -3.5%

- FY2024: -1.6%

- FY2025: -5.8%

## Holders

## Price story

Down 50% since Apr 2022 · sales +8.5%

Story as of 2026-10-16T10:00:12.243Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.9% a year for ten years

### Sales · FY2024–2025

sales +8.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 6.70T 

- FY2017: KRW 6.03T 

- FY2018: KRW 6.08T 

- FY2019: KRW 6.28T 

- FY2020: KRW 4.93T 

- FY2021: KRW 5.33T 

- FY2022: KRW 4.49T 

- FY2023: KRW 4.02T 

- FY2024: KRW 4.26T 

- FY2025: KRW 4.62T 

### Gross margin · FY2025

gross margin 73.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 75.5% 

- FY2017: 73.2% 

- FY2018: 73.4% 

- FY2019: 73.9% 

- FY2020: 72.2% 

- FY2021: 72.6% 

- FY2022: 70.0% 

- FY2023: 71.0% 

- FY2024: 71.8% 

- FY2025: 73.6% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are KRW 4.6 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2025: revenue 4623175217440; grossProfit 3402411234750; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002790.KO: AMOREPACIFIC Holdings Corp., through its subsidiaries, engages in manufacturing, marketing, and trading of cosmetics, household goods, and health functional foods in Korea, Asia, North America, and internationally. The company offers perfumes, medical and inner beauty products, beauty devices, haircare, body care, and dental care products. It also provides tea culture products. The company was formerly known as AMOREPACIFIC Group and changed its name to AMOREPACIFIC Holdings Corp. in April 2025. AMOREPACIFIC Holdings Corp. was incorporated in 1945 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 71% to 73.6% during 2023–25; it earns 21.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2023: grossProfit / revenue = 71%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2024: grossProfit / revenue = 71.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2025: grossProfit / revenue = 73.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); 10-year return on capital observations [[2016,1.1401560081787472],[2017,0.3980656004296533],[2018,0.3125180928673159],[2019,0.17738533485774494],[2020,0.07028842244612804],[2021,0.1966863772505687],[2022,0.12130798562435763],[2023,0.03843728657654819],[2024,0.23645456530480957],[2025,0.3944163306273843]]; median 0.21657047127768914. 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 2026-10-16T07:42:11.811Z); FY2016: growth capex 0; upkeep 648326686600; owner earnings 228393740840. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2018: growth capex 0; upkeep 436897962430; owner earnings 293753341890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2019: growth capex 0; upkeep 276949185820; owner earnings 313316440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2020: growth capex 0; upkeep 194996470210; owner earnings 282207317790. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2021: growth capex 0; upkeep 99392240110; owner earnings 450842092300. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2022: growth capex 0; upkeep 120227261220; owner earnings 136149940496.63464. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2023: growth capex 0; upkeep 231603895760; owner earnings 133212785099.6353. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2024: growth capex 0; upkeep 117490228130; owner earnings 300266411185.98236. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); FY2025: growth capex 0; upkeep 106945744280; owner earnings 189847981722.12918. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); Dividend observations: [[2016,99745540200],[2017,117422602460],[2018,92202965300],[2019,101098576860],[2020,78333153350],[2021,60922174410],[2022,105256235870],[2023,53805435710],[2024,67144116060],[2025,98015852150]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 66.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002790.KO SharesStats.PercentInsiders = 66.306 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:11.811Z); Ten-year compound average after fade. Initial solved rate -0.09596568418908252. Price 24850; 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 148,000.00 per share

- 2016-11: KRW 129,000.00 per share

- 2016-12: KRW 133,000.00 per share

- 2017-01: KRW 135,500.00 per share

- 2017-02: KRW 130,000.00 per share

- 2017-03: KRW 119,500.00 per share

- 2017-04: KRW 131,500.00 per share

- 2017-05: KRW 150,500.00 per share

- 2017-06: KRW 130,000.00 per share

- 2017-07: KRW 121,500.00 per share

- 2017-08: KRW 134,000.00 per share

- 2017-09: KRW 123,500.00 per share

- 2017-10: KRW 143,500.00 per share

- 2017-11: KRW 147,500.00 per share

- 2017-12: KRW 141,000.00 per share

- 2018-01: KRW 142,000.00 per share

- 2018-02: KRW 126,000.00 per share

- 2018-03: KRW 142,000.00 per share

- 2018-04: KRW 143,000.00 per share

- 2018-05: KRW 126,000.00 per share

- 2018-06: KRW 123,500.00 per share

- 2018-07: KRW 95,800.00 per share

- 2018-08: KRW 96,400.00 per share

- 2018-09: KRW 93,300.00 per share

- 2018-10: KRW 62,100.00 per share

- 2018-11: KRW 64,900.00 per share

- 2018-12: KRW 72,700.00 per share

- 2019-01: KRW 68,500.00 per share

- 2019-02: KRW 73,300.00 per share

- 2019-03: KRW 69,600.00 per share

- 2019-04: KRW 75,200.00 per share

- 2019-05: KRW 64,800.00 per share

- 2019-06: KRW 62,300.00 per share

- 2019-07: KRW 57,500.00 per share

- 2019-08: KRW 59,000.00 per share

- 2019-09: KRW 65,400.00 per share

- 2019-10: KRW 84,600.00 per share

- 2019-11: KRW 81,200.00 per share

- 2019-12: KRW 82,700.00 per share

- 2020-01: KRW 72,200.00 per share

- 2020-02: KRW 62,000.00 per share

- 2020-03: KRW 55,400.00 per share

- 2020-04: KRW 58,100.00 per share

- 2020-05: KRW 57,800.00 per share

- 2020-06: KRW 51,600.00 per share

- 2020-07: KRW 53,300.00 per share

- 2020-08: KRW 51,000.00 per share

- 2020-09: KRW 48,900.00 per share

- 2020-10: KRW 43,550.00 per share

- 2020-11: KRW 52,600.00 per share

- 2020-12: KRW 54,900.00 per share

- 2021-01: KRW 58,900.00 per share

- 2021-02: KRW 64,700.00 per share

- 2021-03: KRW 64,900.00 per share

- 2021-04: KRW 73,500.00 per share

- 2021-05: KRW 77,700.00 per share

- 2021-06: KRW 64,000.00 per share

- 2021-07: KRW 57,600.00 per share

- 2021-08: KRW 57,800.00 per share

- 2021-09: KRW 49,050.00 per share

- 2021-10: KRW 49,600.00 per share

- 2021-11: KRW 41,250.00 per share

- 2021-12: KRW 44,350.00 per share

- 2022-01: KRW 40,800.00 per share

- 2022-02: KRW 48,800.00 per share

- 2022-03: KRW 43,900.00 per share

- 2022-04: KRW 50,000.00 per share

- 2022-05: KRW 46,050.00 per share

- 2022-06: KRW 37,300.00 per share

- 2022-07: KRW 36,900.00 per share

- 2022-08: KRW 34,900.00 per share

- 2022-09: KRW 26,850.00 per share

- 2022-10: KRW 24,700.00 per share

- 2022-11: KRW 31,650.00 per share

- 2022-12: KRW 34,900.00 per share

- 2023-01: KRW 41,050.00 per share

- 2023-02: KRW 40,000.00 per share

- 2023-03: KRW 38,500.00 per share

- 2023-04: KRW 36,600.00 per share

- 2023-05: KRW 29,100.00 per share

- 2023-06: KRW 26,350.00 per share

- 2023-07: KRW 27,400.00 per share

- 2023-08: KRW 33,650.00 per share

- 2023-09: KRW 30,450.00 per share

- 2023-10: KRW 28,600.00 per share

- 2023-11: KRW 27,700.00 per share

- 2023-12: KRW 29,250.00 per share

- 2024-01: KRW 24,600.00 per share

- 2024-02: KRW 26,650.00 per share

- 2024-03: KRW 26,600.00 per share

- 2024-04: KRW 33,650.00 per share

- 2024-05: KRW 38,250.00 per share

- 2024-06: KRW 32,350.00 per share

- 2024-07: KRW 31,100.00 per share

- 2024-08: KRW 24,900.00 per share

- 2024-09: KRW 27,850.00 per share

- 2024-10: KRW 22,350.00 per share

- 2024-11: KRW 22,100.00 per share

- 2024-12: KRW 20,800.00 per share

- 2025-01: KRW 24,150.00 per share

- 2025-02: KRW 21,200.00 per share

- 2025-03: KRW 20,000.00 per share

- 2025-04: KRW 22,950.00 per share

- 2025-05: KRW 26,200.00 per share

- 2025-06: KRW 31,750.00 per share

- 2025-07: KRW 31,050.00 per share

- 2025-08: KRW 27,200.00 per share

- 2025-09: KRW 26,650.00 per share

- 2025-10: KRW 25,400.00 per share

- 2025-11: KRW 28,450.00 per share

- 2025-12: KRW 26,850.00 per share

- 2026-01: KRW 28,700.00 per share

- 2026-02: KRW 31,350.00 per share

- 2026-03: KRW 27,650.00 per share

- 2026-04: KRW 27,850.00 per share

- 2026-05: KRW 22,900.00 per share

- 2026-06: KRW 21,800.00 per share

- 2026-07: KRW 25,500.00 per share

- 2026-08: KRW 27,250.00 per share

- 2026-09: KRW 25,850.00 per share

- 2026-10: KRW 25,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 54,962.88 per share, central KRW 59,768.05 per share, high KRW 66,164.75 per share

- FY2017: low KRW 46,801.27 per share, central KRW 51,126.80 per share, high KRW 56,884.99 per share

- FY2018: low KRW 55,972.80 per share, central KRW 61,287.97 per share, high KRW 68,363.57 per share

- FY2019: low KRW 97,260.65 per share, central KRW 106,131.80 per share, high KRW 117,941.19 per share

- FY2020: low KRW 56,775.32 per share, central KRW 61,484.58 per share, high KRW 67,753.62 per share

- FY2021: low KRW 63,570.30 per share, central KRW 68,818.70 per share, high KRW 75,805.43 per share

- FY2022: low KRW 32,813.87 per share, central KRW 36,379.18 per share, high KRW 41,125.36 per share

- FY2023: low KRW 25,476.03 per share, central KRW 28,758.38 per share, high KRW 33,127.88 per share

- FY2024: low KRW 35,488.39 per share, central KRW 39,544.76 per share, high KRW 44,944.64 per share

- FY2025: low KRW 30,995.18 per share, central KRW 34,134.49 per share, high KRW 38,313.58 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 2026-10-15T06:47:58.809Z 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.

Amore Group

002790 · KO

KOSPI 200

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: KRW 24,850.00
Buy up to: KRW 36,375.79
Expected / yr: 15.3% 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 47.1% around their average (limit 35%).

Operating margin

10y median: 7.3%
Worst year: 3.1%
Latest · 2025: 8.0%

The second-worst year 7% (minimum 10%).

ROIC excluding acquisitions

10y median: 21.7%
Worst year: 3.8%
Latest · 2025: 39.4%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.64×
Annual median: 1.53×
Latest · 2025: 1.53×

Per-share value fell from 2432.62 to 1361, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW 136.15
Latest · 2025: KRW 1K

Profits were backed by cash: accruals were -5.8% of assets (limit 10%).

Sloan accruals

10y median: -6.5%
Worst year: -1.6%
Latest · 2025: -5.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 7.9%, three-year average owner earnings per share 2,281.54 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 148000.00 · Value 59768.05 · Buy at or below 59768.05; 2016-11 · Price KRW 129000.00 · Value 59768.05 · Buy at or below 59768.05; 2016-12 · Price KRW 133000.00 · Value 59768.05 · Buy at or below 59768.05; 2017-01 · Price KRW 135500.00 · Value 59768.05 · Buy at or below 59768.05; 2017-02 · Price KRW 130000.00 · Value 51126.80 · Buy at or below 51126.80; 2017-03 · Price KRW 119500.00 · Value 51126.80 · Buy at or below 51126.80; 2017-04 · Price KRW 131500.00 · Value 51126.80 · Buy at or below 51126.80; 2017-05 · Price KRW 150500.00 · Value 51126.80 · Buy at or below 51126.80; 2017-06 · Price KRW 130000.00 · Value 51126.80 · Buy at or below 51126.80; 2017-07 · Price KRW 121500.00 · Value 51126.80 · Buy at or below 51126.80; 2017-08 · Price KRW 134000.00 · Value 51126.80 · Buy at or below 51126.80; 2017-09 · Price KRW 123500.00 · Value 51126.80 · Buy at or below 51126.80; 2017-10 · Price KRW 143500.00 · Value 51126.80 · Buy at or below 51126.80; 2017-11 · Price KRW 147500.00 · Value 51126.80 · Buy at or below 51126.80; 2017-12 · Price KRW 141000.00 · Value 51126.80 · Buy at or below 51126.80; 2018-01 · Price KRW 142000.00 · Value 51126.80 · Buy at or below 51126.80; 2018-02 · Price KRW 126000.00 · Value 61287.97 · Buy at or below 61287.97; 2018-03 · Price KRW 142000.00 · Value 61287.97 · Buy at or below 61287.97; 2018-04 · Price KRW 143000.00 · Value 61287.97 · Buy at or below 61287.97; 2018-05 · Price KRW 126000.00 · Value 61287.97 · Buy at or below 61287.97; 2018-06 · Price KRW 123500.00 · Value 61287.97 · Buy at or below 61287.97; 2018-07 · Price KRW 95800.00 · Value 61287.97 · Buy at or below 61287.97; 2018-08 · Price KRW 96400.00 · Value 61287.97 · Buy at or below 61287.97; 2018-09 · Price KRW 93300.00 · Value 61287.97 · Buy at or below 61287.97; 2018-10 · Price KRW 62100.00 · Value 61287.97 · Buy at or below 61287.97; 2018-11 · Price KRW 64900.00 · Value 61287.97 · Buy at or below 61287.97; 2018-12 · Price KRW 72700.00 · Value 61287.97 · Buy at or below 61287.97; 2019-01 · Price KRW 68500.00 · Value 61287.97 · Buy at or below 61287.97; 2019-02 · Price KRW 73300.00 · Value 106131.80 · Buy at or below 106131.80; 2019-03 · Price KRW 69600.00 · Value 106131.80 · Buy at or below 106131.80; 2019-04 · Price KRW 75200.00 · Value 106131.80 · Buy at or below 106131.80; 2019-05 · Price KRW 64800.00 · Value 106131.80 · Buy at or below 106131.80; 2019-06 · Price KRW 62300.00 · Value 106131.80 · Buy at or below 106131.80; 2019-07 · Price KRW 57500.00 · Value 106131.80 · Buy at or below 106131.80; 2019-08 · Price KRW 59000.00 · Value 106131.80 · Buy at or below 106131.80; 2019-09 · Price KRW 65400.00 · Value 106131.80 · Buy at or below 106131.80; 2019-10 · Price KRW 84600.00 · Value 106131.80 · Buy at or below 106131.80; 2019-11 · Price KRW 81200.00 · Value 106131.80 · Buy at or below 106131.80; 2019-12 · Price KRW 82700.00 · Value 106131.80 · Buy at or below 106131.80; 2020-01 · Price KRW 72200.00 · Value 106131.80 · Buy at or below 106131.80; 2020-02 · Price KRW 62000.00 · Value 61484.58 · Buy at or below 61484.58; 2020-03 · Price KRW 55400.00 · Value 61484.58 · Buy at or below 61484.58; 2020-04 · Price KRW 58100.00 · Value 61484.58 · Buy at or below 61484.58; 2020-05 · Price KRW 57800.00 · Value 61484.58 · Buy at or below 61484.58; 2020-06 · Price KRW 51600.00 · Value 61484.58 · Buy at or below 61484.58; 2020-07 · Price KRW 53300.00 · Value 61484.58 · Buy at or below 61484.58; 2020-08 · Price KRW 51000.00 · Value 61484.58 · Buy at or below 61484.58; 2020-09 · Price KRW 48900.00 · Value 61484.58 · Buy at or below 61484.58; 2020-10 · Price KRW 43550.00 · Value 61484.58 · Buy at or below 61484.58; 2020-11 · Price KRW 52600.00 · Value 61484.58 · Buy at or below 61484.58; 2020-12 · Price KRW 54900.00 · Value 61484.58 · Buy at or below 61484.58; 2021-01 · Price KRW 58900.00 · Value 61484.58 · Buy at or below 61484.58; 2021-02 · Price KRW 64700.00 · Value 68818.70 · Buy at or below 68818.70; 2021-03 · Price KRW 64900.00 · Value 68818.70 · Buy at or below 68818.70; 2021-04 · Price KRW 73500.00 · Value 68818.70 · Buy at or below 68818.70; 2021-05 · Price KRW 77700.00 · Value 68818.70 · Buy at or below 68818.70; 2021-06 · Price KRW 64000.00 · Value 68818.70 · Buy at or below 68818.70; 2021-07 · Price KRW 57600.00 · Value 68818.70 · Buy at or below 68818.70; 2021-08 · Price KRW 57800.00 · Value 68818.70 · Buy at or below 68818.70; 2021-09 · Price KRW 49050.00 · Value 68818.70 · Buy at or below 68818.70; 2021-10 · Price KRW 49600.00 · Value 68818.70 · Buy at or below 68818.70; 2021-11 · Price KRW 41250.00 · Value 68818.70 · Buy at or below 68818.70; 2021-12 · Price KRW 44350.00 · Value 68818.70 · Buy at or below 68818.70; 2022-01 · Price KRW 40800.00 · Value 68818.70 · Buy at or below 68818.70; 2022-02 · Price KRW 48800.00 · Value 36379.18 · Buy at or below 36379.18; 2022-03 · Price KRW 43900.00 · Value 36379.18 · Buy at or below 36379.18; 2022-04 · Price KRW 50000.00 · Value 36379.18 · Buy at or below 36379.18; 2022-05 · Price KRW 46050.00 · Value 36379.18 · Buy at or below 36379.18; 2022-06 · Price KRW 37300.00 · Value 36379.18 · Buy at or below 36379.18; 2022-07 · Price KRW 36900.00 · Value 36379.18 · Buy at or below 36379.18; 2022-08 · Price KRW 34900.00 · Value 36379.18 · Buy at or below 36379.18; 2022-09 · Price KRW 26850.00 · Value 36379.18 · Buy at or below 36379.18; 2022-10 · Price KRW 24700.00 · Value 36379.18 · Buy at or below 36379.18; 2022-11 · Price KRW 31650.00 · Value 36379.18 · Buy at or below 36379.18; 2022-12 · Price KRW 34900.00 · Value 36379.18 · Buy at or below 36379.18; 2023-01 · Price KRW 41050.00 · Value 36379.18 · Buy at or below 36379.18; 2023-02 · Price KRW 40000.00 · Value 28758.38 · Buy at or below 28758.38; 2023-03 · Price KRW 38500.00 · Value 28758.38 · Buy at or below 28758.38; 2023-04 · Price KRW 36600.00 · Value 28758.38 · Buy at or below 28758.38; 2023-05 · Price KRW 29100.00 · Value 28758.38 · Buy at or below 28758.38; 2023-06 · Price KRW 26350.00 · Value 28758.38 · Buy at or below 28758.38; 2023-07 · Price KRW 27400.00 · Value 28758.38 · Buy at or below 28758.38; 2023-08 · Price KRW 33650.00 · Value 28758.38 · Buy at or below 28758.38; 2023-09 · Price KRW 30450.00 · Value 28758.38 · Buy at or below 28758.38; 2023-10 · Price KRW 28600.00 · Value 28758.38 · Buy at or below 28758.38; 2023-11 · Price KRW 27700.00 · Value 28758.38 · Buy at or below 28758.38; 2023-12 · Price KRW 29250.00 · Value 28758.38 · Buy at or below 28758.38; 2024-01 · Price KRW 24600.00 · Value 28758.38 · Buy at or below 28758.38; 2024-02 · Price KRW 26650.00 · Value 39544.76 · Buy at or below 39544.76; 2024-03 · Price KRW 26600.00 · Value 39544.76 · Buy at or below 39544.76; 2024-04 · Price KRW 33650.00 · Value 39544.76 · Buy at or below 39544.76; 2024-05 · Price KRW 38250.00 · Value 39544.76 · Buy at or below 39544.76; 2024-06 · Price KRW 32350.00 · Value 39544.76 · Buy at or below 39544.76; 2024-07 · Price KRW 31100.00 · Value 39544.76 · Buy at or below 39544.76; 2024-08 · Price KRW 24900.00 · Value 39544.76 · Buy at or below 39544.76; 2024-09 · Price KRW 27850.00 · Value 39544.76 · Buy at or below 39544.76; 2024-10 · Price KRW 22350.00 · Value 39544.76 · Buy at or below 39544.76; 2024-11 · Price KRW 22100.00 · Value 39544.76 · Buy at or below 39544.76; 2024-12 · Price KRW 20800.00 · Value 39544.76 · Buy at or below 39544.76; 2025-01 · Price KRW 24150.00 · Value 39544.76 · Buy at or below 39544.76; 2025-02 · Price KRW 21200.00 · Value 34134.49 · Buy at or below 34134.49; 2025-03 · Price KRW 20000.00 · Value 34134.49 · Buy at or below 34134.49; 2025-04 · Price KRW 22950.00 · Value 34134.49 · Buy at or below 34134.49; 2025-05 · Price KRW 26200.00 · Value 34134.49 · Buy at or below 34134.49; 2025-06 · Price KRW 31750.00 · Value 34134.49 · Buy at or below 34134.49; 2025-07 · Price KRW 31050.00 · Value 34134.49 · Buy at or below 34134.49; 2025-08 · Price KRW 27200.00 · Value 34134.49 · Buy at or below 34134.49; 2025-09 · Price KRW 26650.00 · Value 34134.49 · Buy at or below 34134.49; 2025-10 · Price KRW 25400.00 · Value 34134.49 · Buy at or below 34134.49; 2025-11 · Price KRW 28450.00 · Value 34134.49 · Buy at or below 34134.49; 2025-12 · Price KRW 26850.00 · Value 34134.49 · Buy at or below 34134.49; 2026-01 · Price KRW 28700.00 · Value 34134.49 · Buy at or below 34134.49; 2026-02 · Price KRW 31350.00 · Value 36375.79 · Buy at or below 36375.79; 2026-03 · Price KRW 27650.00 · Value 36375.79 · Buy at or below 36375.79; 2026-04 · Price KRW 27850.00 · Value 36375.79 · Buy at or below 36375.79; 2026-05 · Price KRW 22900.00 · Value 36375.79 · Buy at or below 36375.79; 2026-06 · Price KRW 21800.00 · Value 36375.79 · Buy at or below 36375.79; 2026-07 · Price KRW 25500.00 · Value 36375.79 · Buy at or below 36375.79; 2026-08 · Price KRW 27250.00 · Value 36375.79 · Buy at or below 36375.79; 2026-09 · Price KRW 25850.00 · Value 36375.79 · Buy at or below 36375.79; 2026-10 · Price KRW 25000.00 · Value 36375.79 · Buy at or below 36375.79; 2026-10 · Price KRW 24850.00 · Value 36375.79 · Buy at or below 36375.79

KRW per share · annual estimates

Price & return math
Value range	KRW 33,038.27 – KRW 40,818.75
Buy at or below	Central value KRW 36,375.79
Discount to value	1 − 24850.00 / 36375.79 = 31.7%
Return / year	About 15.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 2214.62/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 8831.93/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 4.62T

Revenue

Owner earningsKRW 190B

Owner earnings

Operating margin8.0%

Operating margin

Net cash / debtKRW 1.60T

Net cash / debt

Diluted shares91M

Diluted shares

Prices 15 Oct 2026 · FY2025