# Daewoong (003090.KO)

Canonical: https://gigainvestors.com/s/003090.KO

Analysis as of: 2026-10-16T07:47:03.828Z. Financial observations: FY2000–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

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

Share price: KRW 15,520.00 per share; close as of 2026-10-15.

Estimated value: low KRW 24,432.48 per share, central KRW 32,871.70 per share, high KRW 37,785.87 per share. Buy at or below the central value KRW 32,871.70 per share. Valuation as of 2026-10-16T07:47:03.828Z; scenarios are not confidence intervals.

Expected annual return: 20.3% at the stated quote. About 20.3% 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: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.11×

- FY2024: 0.15×

- FY2025: 0.13×

- LTM to Jun 2026: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.8%

- ROIC, second-lowest year: 8.4%

- Typical minus recent gross margin: -4.9 pp

- Typical gross margin (annual median): 48.4%

- Recent gross margin (lower of latest and 3-year median): 53.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 14.0%

- FY2018: 8.4%

- FY2019: 13.6%

- FY2020: 11.6%

- FY2021: 22.2%

- FY2022: 19.5%

- FY2023: 17.5%

- FY2024: 13.5%

- FY2025: 14.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.17×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 99B

- Net income, five-year total: KRW 567B

- Return on incremental invested capital: 16.3%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -8.8 pp

- Working capital / revenue, final three-year average: 24.6%

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

- FY2021: 0.99×

- FY2022: 1.00×

- FY2023: 0.33×

- FY2024: -2.29×

- FY2025: 0.01×

### 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: 8.4% vs 14.4%

- Per-share earnings: 691.53 to 3692.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: KRW 521B

- Cumulative retained earnings: KRW 773B

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.0%

- Per-share value change: KRW 3K

- Per-share value, starting three-year median: KRW 691.53

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

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 0.5%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 286B

- Cumulative net income, 10 years: KRW 844B

- ROIC, first three-year median: 8.4%

- ROIC, last three-year median: 14.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 459.22

- FY2017: KRW 2K

- FY2018: KRW 691.53

- FY2019: KRW 1K

- FY2020: KRW 2K

- FY2021: KRW 2K

- FY2022: KRW 2K

- FY2023: KRW 4K

- FY2024: KRW 1K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.1%

- FY2017: -5.3%

- FY2018: -1.0%

- FY2019: -4.6%

- FY2020: -2.6%

- FY2021: -2.8%

- FY2022: -2.2%

- FY2023: -2.2%

- FY2024: -3.8%

- FY2025: -2.6%

## Holders

## Price story

Down 51% since Oct 2021 · sales +2.6%

Story as of 2026-10-16T10:00:13.632Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.6% a year for ten years

### Sales · FY2025–2026

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.12T 

- FY2018: KRW 1.23T 

- FY2019: KRW 1.37T 

- FY2020: KRW 1.36T 

- FY2021: KRW 1.51T 

- FY2022: KRW 1.70T 

- FY2023: KRW 1.81T 

- FY2024: KRW 1.94T 

- FY2025: KRW 2.07T 

- FY2026: KRW 2.12T 

### Gross margin · FY2025

gross margin 53.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.4% 

- FY2017: 45.8% 

- FY2018: 44.5% 

- FY2019: 46.4% 

- FY2020: 46.2% 

- FY2021: 50.5% 

- FY2022: 53.0% 

- FY2023: 51.3% 

- FY2024: 54.2% 

- FY2025: 53.3% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are KRW 2.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2025: revenue 2068370455240; grossProfit 1103267547240; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003090.KO: Daewoong Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of pharmaceuticals in South Korea. It is also involved in the real estate rental business; provision of lifestyle-related disease prevention research, business management, public affairs, and facility management services; and processing and sale of food products. The company was formerly known as Daewoong Pharmaceutical Co., Ltd. and changed its name to Daewoong Co., Ltd. in 2002. Daewoong Co., Ltd. was founded in 1945 and is headquartered in Seongnam-si, South Korea.

### Why customers stay

Margins ranged from 51.3% to 54.2% during 2023–25; it earns 13.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2023: grossProfit / revenue = 51.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2024: grossProfit / revenue = 54.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2025: grossProfit / revenue = 53.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); 10-year return on capital observations [[2016,0.07005475156096938],[2017,0.1404450241351906],[2018,0.08382053512519975],[2019,0.13601988094981948],[2020,0.11571141798027207],[2021,0.22193417540353294],[2022,0.19521289837339917],[2023,0.1754753041642631],[2024,0.13548339214012578],[2025,0.14360495607768864]]; median 0.13823245254250505. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 16.3% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2017: growth capex 0; upkeep 74633943420; owner earnings 73140335670. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2019: growth capex 3983568080; upkeep 49881307000; owner earnings 61460897608. Growth capex / owner earnings = 0.0648146746148641.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2020: growth capex 0; upkeep 31953037900; owner earnings 116413439812. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2021: growth capex 17990862140; upkeep 50557806000; owner earnings 77760294930. Growth capex / owner earnings = 0.2313630903302954.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2022: growth capex 19734280500; upkeep 48279479000; owner earnings 102128763547.12265. Growth capex / owner earnings = 0.19322940780434023.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2023: growth capex 47587580642.9501; upkeep 181369093187.0499; owner earnings 50645821009.16577. Growth capex / owner earnings = 0.9396151487866651.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); FY2025: growth capex 59035138590.17224; upkeep 288917358559.82776; owner earnings 933525127.5266724. Growth capex / owner earnings = 63.23893899522861.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); Incremental return on capital 0.16347499352886513, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); Dividend observations: [[2016,8181623090],[2017,7678456900],[2018,7679456900],[2019,7679456900],[2020,7643150300],[2021,7479545400],[2022,8905462000],[2023,8119145300],[2024,8194805000],[2025,12618334000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 003090.KO SharesStats.PercentInsiders = 38.275 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:03.828Z); Ten-year compound average after fade. Initial solved rate -0.09091462022984104. Price 15520; 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)

- 2016-11: KRW 9,320.00 per share

- 2016-12: KRW 8,810.00 per share

- 2017-01: KRW 8,250.00 per share

- 2017-02: KRW 10,220.00 per share

- 2017-03: KRW 10,460.00 per share

- 2017-04: KRW 12,860.00 per share

- 2017-05: KRW 14,150.00 per share

- 2017-06: KRW 13,100.00 per share

- 2017-07: KRW 15,150.00 per share

- 2017-08: KRW 14,950.00 per share

- 2017-09: KRW 14,400.00 per share

- 2017-10: KRW 15,550.00 per share

- 2017-11: KRW 17,300.00 per share

- 2017-12: KRW 19,350.00 per share

- 2018-01: KRW 19,300.00 per share

- 2018-02: KRW 18,550.00 per share

- 2018-03: KRW 21,100.00 per share

- 2018-04: KRW 18,600.00 per share

- 2018-05: KRW 20,250.00 per share

- 2018-06: KRW 17,800.00 per share

- 2018-07: KRW 14,700.00 per share

- 2018-08: KRW 18,550.00 per share

- 2018-09: KRW 18,000.00 per share

- 2018-10: KRW 13,900.00 per share

- 2018-11: KRW 16,650.00 per share

- 2018-12: KRW 17,800.00 per share

- 2019-01: KRW 18,300.00 per share

- 2019-02: KRW 20,000.00 per share

- 2019-03: KRW 19,850.00 per share

- 2019-04: KRW 21,650.00 per share

- 2019-05: KRW 18,050.00 per share

- 2019-06: KRW 17,050.00 per share

- 2019-07: KRW 15,550.00 per share

- 2019-08: KRW 16,500.00 per share

- 2019-09: KRW 14,750.00 per share

- 2019-10: KRW 14,250.00 per share

- 2019-11: KRW 12,600.00 per share

- 2019-12: KRW 12,950.00 per share

- 2020-01: KRW 11,450.00 per share

- 2020-02: KRW 10,150.00 per share

- 2020-03: KRW 11,200.00 per share

- 2020-04: KRW 17,400.00 per share

- 2020-05: KRW 17,250.00 per share

- 2020-06: KRW 27,200.00 per share

- 2020-07: KRW 25,600.00 per share

- 2020-08: KRW 35,750.00 per share

- 2020-09: KRW 30,800.00 per share

- 2020-10: KRW 23,500.00 per share

- 2020-11: KRW 25,650.00 per share

- 2020-12: KRW 50,300.00 per share

- 2021-01: KRW 46,750.00 per share

- 2021-02: KRW 36,550.00 per share

- 2021-03: KRW 32,700.00 per share

- 2021-04: KRW 36,300.00 per share

- 2021-05: KRW 36,800.00 per share

- 2021-06: KRW 46,750.00 per share

- 2021-07: KRW 37,050.00 per share

- 2021-08: KRW 36,300.00 per share

- 2021-09: KRW 33,250.00 per share

- 2021-10: KRW 31,600.00 per share

- 2021-11: KRW 30,900.00 per share

- 2021-12: KRW 31,050.00 per share

- 2022-01: KRW 24,450.00 per share

- 2022-02: KRW 29,600.00 per share

- 2022-03: KRW 31,250.00 per share

- 2022-04: KRW 30,050.00 per share

- 2022-05: KRW 28,900.00 per share

- 2022-06: KRW 27,250.00 per share

- 2022-07: KRW 28,250.00 per share

- 2022-08: KRW 24,250.00 per share

- 2022-09: KRW 20,950.00 per share

- 2022-10: KRW 20,650.00 per share

- 2022-11: KRW 20,300.00 per share

- 2022-12: KRW 20,350.00 per share

- 2023-01: KRW 22,150.00 per share

- 2023-02: KRW 17,130.00 per share

- 2023-03: KRW 15,190.00 per share

- 2023-04: KRW 14,930.00 per share

- 2023-05: KRW 14,660.00 per share

- 2023-06: KRW 12,520.00 per share

- 2023-07: KRW 13,000.00 per share

- 2023-08: KRW 14,250.00 per share

- 2023-09: KRW 15,640.00 per share

- 2023-10: KRW 14,900.00 per share

- 2023-11: KRW 16,700.00 per share

- 2023-12: KRW 20,650.00 per share

- 2024-01: KRW 23,200.00 per share

- 2024-02: KRW 22,000.00 per share

- 2024-03: KRW 20,200.00 per share

- 2024-04: KRW 18,820.00 per share

- 2024-05: KRW 16,420.00 per share

- 2024-06: KRW 15,400.00 per share

- 2024-07: KRW 21,500.00 per share

- 2024-08: KRW 25,650.00 per share

- 2024-09: KRW 23,500.00 per share

- 2024-10: KRW 25,950.00 per share

- 2024-11: KRW 21,150.00 per share

- 2024-12: KRW 21,600.00 per share

- 2025-01: KRW 20,600.00 per share

- 2025-02: KRW 20,100.00 per share

- 2025-03: KRW 18,740.00 per share

- 2025-04: KRW 20,300.00 per share

- 2025-05: KRW 25,350.00 per share

- 2025-06: KRW 23,050.00 per share

- 2025-07: KRW 23,350.00 per share

- 2025-08: KRW 24,700.00 per share

- 2025-09: KRW 21,950.00 per share

- 2025-10: KRW 21,650.00 per share

- 2025-11: KRW 23,900.00 per share

- 2025-12: KRW 22,050.00 per share

- 2026-01: KRW 24,000.00 per share

- 2026-02: KRW 26,950.00 per share

- 2026-03: KRW 23,300.00 per share

- 2026-04: KRW 22,550.00 per share

- 2026-05: KRW 18,840.00 per share

- 2026-06: KRW 16,900.00 per share

- 2026-07: KRW 16,330.00 per share

- 2026-08: KRW 18,040.00 per share

- 2026-09: KRW 15,070.00 per share

- 2026-10: KRW 15,610.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 24,396.00 per share, central KRW 26,608.28 per share, high KRW 29,553.30 per share

- FY2021: low KRW 29,053.52 per share, central KRW 31,873.02 per share, high KRW 35,626.36 per share

- FY2022: low KRW 35,792.96 per share, central KRW 48,030.03 per share, high KRW 55,155.70 per share

- FY2023: low KRW 35,135.00 per share, central KRW 48,283.09 per share, high KRW 55,939.25 per share

- FY2024: low KRW 37,776.32 per share, central KRW 51,978.20 per share, high KRW 60,247.98 per share

- FY2025: low KRW 23,785.86 per share, central KRW 32,011.65 per share, high KRW 36,801.54 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 2026-10-15T06:52:52.241Z 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.

Daewoong

003090 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 15,520.00
Buy up to: KRW 32,871.70
Expected / yr: 20.3% 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 24.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 11.0%
Worst year: 7.0%
Latest · LTM: 11.3%

Capital return excluding acquisitions: median 13.8% (minimum 15%), and the second-worst year 8.4% (minimum 10%).

ROIC excluding acquisitions

10y median: 13.8%
Worst year: 7.0%
Latest · 2025: 14.4%

Each $1 of profit left $0.17 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.17×
Annual median: 0.33×
Latest · 2025: 0.01×

Per-share value rose from 691.53 to 3692, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW 459.22
Latest · 2025: KRW 4K

Profits were backed by cash: accruals were -2.6% of assets (limit 10%).

Sloan accruals

10y median: -2.6%
Worst year: 0.1%
Latest · 2025: -2.6%

Profit record · fail 0 loss years in 10 (at most 2), mean operating margin 9.8%, three-year average owner earnings per share -664.97 KRW. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price KRW 9320.00; 2016-12 · Price KRW 8810.00; 2017-01 · Price KRW 8250.00; 2017-02 · Price KRW 10220.00; 2017-03 · Price KRW 10460.00; 2017-04 · Price KRW 12860.00; 2017-05 · Price KRW 14150.00; 2017-06 · Price KRW 13100.00; 2017-07 · Price KRW 15150.00; 2017-08 · Price KRW 14950.00; 2017-09 · Price KRW 14400.00; 2017-10 · Price KRW 15550.00; 2017-11 · Price KRW 17300.00; 2017-12 · Price KRW 19350.00; 2018-01 · Price KRW 19300.00; 2018-02 · Price KRW 18550.00; 2018-03 · Price KRW 21100.00; 2018-04 · Price KRW 18600.00; 2018-05 · Price KRW 20250.00; 2018-06 · Price KRW 17800.00; 2018-07 · Price KRW 14700.00; 2018-08 · Price KRW 18550.00; 2018-09 · Price KRW 18000.00; 2018-10 · Price KRW 13900.00; 2018-11 · Price KRW 16650.00; 2018-12 · Price KRW 17800.00; 2019-01 · Price KRW 18300.00; 2019-02 · Price KRW 20000.00; 2019-03 · Price KRW 19850.00; 2019-04 · Price KRW 21650.00; 2019-05 · Price KRW 18050.00; 2019-06 · Price KRW 17050.00; 2019-07 · Price KRW 15550.00; 2019-08 · Price KRW 16500.00; 2019-09 · Price KRW 14750.00; 2019-10 · Price KRW 14250.00; 2019-11 · Price KRW 12600.00; 2019-12 · Price KRW 12950.00; 2020-01 · Price KRW 11450.00 · Value 26608.28 · Buy at or below 26608.28; 2020-02 · Price KRW 10150.00 · Value 26608.28 · Buy at or below 26608.28; 2020-03 · Price KRW 11200.00 · Value 26608.28 · Buy at or below 26608.28; 2020-04 · Price KRW 17400.00 · Value 26608.28 · Buy at or below 26608.28; 2020-05 · Price KRW 17250.00 · Value 26608.28 · Buy at or below 26608.28; 2020-06 · Price KRW 27200.00 · Value 26608.28 · Buy at or below 26608.28; 2020-07 · Price KRW 25600.00 · Value 26608.28 · Buy at or below 26608.28; 2020-08 · Price KRW 35750.00 · Value 26608.28 · Buy at or below 26608.28; 2020-09 · Price KRW 30800.00 · Value 26608.28 · Buy at or below 26608.28; 2020-10 · Price KRW 23500.00 · Value 26608.28 · Buy at or below 26608.28; 2020-11 · Price KRW 25650.00 · Value 26608.28 · Buy at or below 26608.28; 2020-12 · Price KRW 50300.00 · Value 26608.28 · Buy at or below 26608.28; 2021-01 · Price KRW 46750.00 · Value 26608.28 · Buy at or below 26608.28; 2021-02 · Price KRW 36550.00 · Value 31873.02 · Buy at or below 31873.02; 2021-03 · Price KRW 32700.00 · Value 31873.02 · Buy at or below 31873.02; 2021-04 · Price KRW 36300.00 · Value 31873.02 · Buy at or below 31873.02; 2021-05 · Price KRW 36800.00 · Value 31873.02 · Buy at or below 31873.02; 2021-06 · Price KRW 46750.00 · Value 31873.02 · Buy at or below 31873.02; 2021-07 · Price KRW 37050.00 · Value 31873.02 · Buy at or below 31873.02; 2021-08 · Price KRW 36300.00 · Value 31873.02 · Buy at or below 31873.02; 2021-09 · Price KRW 33250.00 · Value 31873.02 · Buy at or below 31873.02; 2021-10 · Price KRW 31600.00 · Value 31873.02 · Buy at or below 31873.02; 2021-11 · Price KRW 30900.00 · Value 31873.02 · Buy at or below 31873.02; 2021-12 · Price KRW 31050.00 · Value 31873.02 · Buy at or below 31873.02; 2022-01 · Price KRW 24450.00 · Value 31873.02 · Buy at or below 31873.02; 2022-02 · Price KRW 29600.00 · Value 48030.03 · Buy at or below 48030.03; 2022-03 · Price KRW 31250.00 · Value 48030.03 · Buy at or below 48030.03; 2022-04 · Price KRW 30050.00 · Value 48030.03 · Buy at or below 48030.03; 2022-05 · Price KRW 28900.00 · Value 48030.03 · Buy at or below 48030.03; 2022-06 · Price KRW 27250.00 · Value 48030.03 · Buy at or below 48030.03; 2022-07 · Price KRW 28250.00 · Value 48030.03 · Buy at or below 48030.03; 2022-08 · Price KRW 24250.00 · Value 48030.03 · Buy at or below 48030.03; 2022-09 · Price KRW 20950.00 · Value 48030.03 · Buy at or below 48030.03; 2022-10 · Price KRW 20650.00 · Value 48030.03 · Buy at or below 48030.03; 2022-11 · Price KRW 20300.00 · Value 48030.03 · Buy at or below 48030.03; 2022-12 · Price KRW 20350.00 · Value 48030.03 · Buy at or below 48030.03; 2023-01 · Price KRW 22150.00 · Value 48030.03 · Buy at or below 48030.03; 2023-02 · Price KRW 17130.00 · Value 48283.09 · Buy at or below 48283.09; 2023-03 · Price KRW 15190.00 · Value 48283.09 · Buy at or below 48283.09; 2023-04 · Price KRW 14930.00 · Value 48283.09 · Buy at or below 48283.09; 2023-05 · Price KRW 14660.00 · Value 48283.09 · Buy at or below 48283.09; 2023-06 · Price KRW 12520.00 · Value 48283.09 · Buy at or below 48283.09; 2023-07 · Price KRW 13000.00 · Value 48283.09 · Buy at or below 48283.09; 2023-08 · Price KRW 14250.00 · Value 48283.09 · Buy at or below 48283.09; 2023-09 · Price KRW 15640.00 · Value 48283.09 · Buy at or below 48283.09; 2023-10 · Price KRW 14900.00 · Value 48283.09 · Buy at or below 48283.09; 2023-11 · Price KRW 16700.00 · Value 48283.09 · Buy at or below 48283.09; 2023-12 · Price KRW 20650.00 · Value 48283.09 · Buy at or below 48283.09; 2024-01 · Price KRW 23200.00 · Value 48283.09 · Buy at or below 48283.09; 2024-02 · Price KRW 22000.00 · Value 51978.20 · Buy at or below 51978.20; 2024-03 · Price KRW 20200.00 · Value 51978.20 · Buy at or below 51978.20; 2024-04 · Price KRW 18820.00 · Value 51978.20 · Buy at or below 51978.20; 2024-05 · Price KRW 16420.00 · Value 51978.20 · Buy at or below 51978.20; 2024-06 · Price KRW 15400.00 · Value 51978.20 · Buy at or below 51978.20; 2024-07 · Price KRW 21500.00 · Value 51978.20 · Buy at or below 51978.20; 2024-08 · Price KRW 25650.00 · Value 51978.20 · Buy at or below 51978.20; 2024-09 · Price KRW 23500.00 · Value 51978.20 · Buy at or below 51978.20; 2024-10 · Price KRW 25950.00 · Value 51978.20 · Buy at or below 51978.20; 2024-11 · Price KRW 21150.00 · Value 51978.20 · Buy at or below 51978.20; 2024-12 · Price KRW 21600.00 · Value 51978.20 · Buy at or below 51978.20; 2025-01 · Price KRW 20600.00 · Value 51978.20 · Buy at or below 51978.20; 2025-02 · Price KRW 20100.00 · Value 32011.65 · Buy at or below 32011.65; 2025-03 · Price KRW 18740.00 · Value 32011.65 · Buy at or below 32011.65; 2025-04 · Price KRW 20300.00 · Value 32011.65 · Buy at or below 32011.65; 2025-05 · Price KRW 25350.00 · Value 32011.65 · Buy at or below 32011.65; 2025-06 · Price KRW 23050.00 · Value 32011.65 · Buy at or below 32011.65; 2025-07 · Price KRW 23350.00 · Value 32011.65 · Buy at or below 32011.65; 2025-08 · Price KRW 24700.00 · Value 32011.65 · Buy at or below 32011.65; 2025-09 · Price KRW 21950.00 · Value 32011.65 · Buy at or below 32011.65; 2025-10 · Price KRW 21650.00 · Value 32011.65 · Buy at or below 32011.65; 2025-11 · Price KRW 23900.00 · Value 32011.65 · Buy at or below 32011.65; 2025-12 · Price KRW 22050.00 · Value 32011.65 · Buy at or below 32011.65; 2026-01 · Price KRW 24000.00 · Value 32011.65 · Buy at or below 32011.65; 2026-02 · Price KRW 26950.00 · Value 32871.70 · Buy at or below 32871.70; 2026-03 · Price KRW 23300.00 · Value 32871.70 · Buy at or below 32871.70; 2026-04 · Price KRW 22550.00 · Value 32871.70 · Buy at or below 32871.70; 2026-05 · Price KRW 18840.00 · Value 32871.70 · Buy at or below 32871.70; 2026-06 · Price KRW 16900.00 · Value 32871.70 · Buy at or below 32871.70; 2026-07 · Price KRW 16330.00 · Value 32871.70 · Buy at or below 32871.70; 2026-08 · Price KRW 18040.00 · Value 32871.70 · Buy at or below 32871.70; 2026-09 · Price KRW 15070.00 · Value 32871.70 · Buy at or below 32871.70; 2026-10 · Price KRW 15610.00 · Value 32871.70 · Buy at or below 32871.70; 2026-10 · Price KRW 15520.00 · Value 32871.70 · Buy at or below 32871.70

KRW per share · annual estimates

Price & return math
Value range	KRW 24,432.48 – KRW 37,785.87
Buy at or below	Central value KRW 32,871.70
Discount to value	1 − 15520.00 / 32871.70 = 52.8%
Return / year	About 20.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 1448.59/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 4738.83/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 2.12T

Revenue

Owner earningsKRW 934M

Owner earnings

Operating margin11.3%

Operating margin

Net cash / debtKRW -589B

Net cash / debt

Diluted shares41M

Diluted shares

Prices 15 Oct 2026 · FY2025