# Hyundai Steel (004020.KO)

Canonical: https://gigainvestors.com/s/004020.KO

Analysis as of: 2026-10-16T07:39:43.661Z. 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 27,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 100,799.17 per share, central KRW 112,317.20 per share, high KRW 127,650.14 per share. Buy at or below the central value KRW 112,317.20 per share. Valuation as of 2026-10-16T07:39:43.661Z; scenarios are not confidence intervals.

Expected annual return: 76.3% at the stated quote. About 76.3% 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

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 4

- Operating margin variation: 0.90×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.05×

- FY2019: 0.02×

- FY2020: 0.00×

- FY2021: 0.11×

- FY2022: 0.06×

- FY2023: 0.03×

- FY2024: 0.01×

- FY2025: 0.01×

- LTM to Jun 2026: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.7%

- ROIC, second-lowest year: 0.5%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 9.1%

- Recent gross margin (lower of latest and 3-year median): 6.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.0%

- FY2017: 3.5%

- FY2018: 2.8%

- FY2019: 0.8%

- FY2020: 0.2%

- FY2021: 6.3%

- FY2022: 4.6%

- FY2023: 2.5%

- FY2024: 0.5%

- FY2025: 0.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.54×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 4.50T

- Net income, five-year total: KRW 2.92T

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.4 pp

- Working capital / revenue, final three-year average: 30.3%

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

- FY2021: 1.36×

- FY2022: 1.40×

- FY2023: 2.43×

- FY2024: 11.59×

- FY2025: -15.37×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.5% vs 0.7%

- Per-share earnings: 5455.07 to -53.00 (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: -0.2%

- Market cap gain: KRW -3.42T

- Cumulative retained earnings: KRW 2.65T

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: KRW -6K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW -53.00

- Average buyback yield: 1.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 161B

- Cumulative net income, 10 years: KRW 4.44T

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 0.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 6K

- FY2017: KRW 5K

- FY2018: KRW 3K

- FY2019: KRW 130.30

- FY2020: KRW -3K

- FY2021: KRW 11K

- FY2022: KRW 8K

- FY2023: KRW 4K

- FY2024: KRW -88.00

- FY2025: KRW -53.00

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -3.0%

- FY2018: -3.5%

- FY2019: -1.8%

- FY2020: -7.0%

- FY2021: -1.5%

- FY2022: -3.2%

- FY2023: -4.2%

- FY2024: -5.1%

- FY2025: -6.0%

## Holders

## Price story

Down 41% since Feb 2026 · sales +1.5%

Story as of 2026-10-16T10:00:10.999Z; price observation 2026-10-15.

Price needs cash profits to shrink 30.1% a year for ten years

### Sales · FY2025–2026

sales +1.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 19.17T 

- FY2018: KRW 20.78T 

- FY2019: KRW 20.51T 

- FY2020: KRW 18.02T 

- FY2021: KRW 22.85T 

- FY2022: KRW 27.34T 

- FY2023: KRW 25.91T 

- FY2024: KRW 23.23T 

- FY2025: KRW 22.73T 

- FY2026: KRW 23.07T 

### Gross margin · FY2025

gross margin 6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.7% 

- FY2017: 12.7% 

- FY2018: 10.0% 

- FY2019: 6.8% 

- FY2020: 6.1% 

- FY2021: 15.4% 

- FY2022: 10.4% 

- FY2023: 8.2% 

- FY2024: 6.0% 

- FY2025: 6.6% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are KRW 22.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2025: revenue 22733237259720; grossProfit 1504318890740; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 004020.KO: Hyundai Steel Company, together with its subsidiaries, engages in the manufacture and sale of steel and other industrial metal products in Korea, rest of Asia, the United States, and Europe. The company offers hot and cold rolled steel sheets, steel and heavy plates, ERW and steel pipes, reinforcing bars, special steel bars, heavy machinery, wire rods, and automotive parts, as well as tailor welded blanks, hydroforming, and hot stamping products; and H-sections, angles, I beams, steel sheet piles, and railway rails. It serves automobile, shipbuilding, and construction industries. The company was formerly known as INI Steel Company and changed its name to Hyundai Steel Company in March 2006. Hyundai Steel Company was founded in 1953 and is headquartered in Incheon, South Korea.

### Why customers stay

Margins ranged from 6% to 8.2% during 2023–25; it earns 2.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2023: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2024: grossProfit / revenue = 6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2025: grossProfit / revenue = 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); 10-year return on capital observations [[2016,0.03992304334947059],[2017,0.03476034695608029],[2018,0.02817103132496068],[2019,0.007963829380963123],[2020,0.002159978093586645],[2021,0.06252950171220685],[2022,0.04604771557604713],[2023,0.025316633916466692],[2024,0.004795130354395309],[2025,0.006643985997350588]]; median 0.026743832620713684. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 45.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2016: growth capex 0; upkeep 2020643499210; owner earnings 895924641100. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2017: growth capex 0; upkeep 1201063205490; owner earnings 518705793250. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2018: growth capex 0; upkeep 1197973221890; owner earnings 377306188100. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2019: growth capex 0; upkeep 1157154786140; owner earnings 395830945910. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2021: growth capex 0; upkeep 904496020990; owner earnings 1982466972230. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2022: growth capex 0; upkeep 1021065356790; owner earnings 1422052216766. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2023: growth capex 0; upkeep 829596098540; owner earnings 1120306505752. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2025: growth capex 0; upkeep 1519509587600; owner earnings 106326643690. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); Dividend observations: [[2016,97771861500],[2017,99357087200],[2018,99357087200],[2019,99357087200],[2020,99354929660],[2021,66674815400],[2022,132447684900],[2023,132447684910],[2024,131545739000],[2025,99563407700]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); FY2025: cash repurchases 45907908158.33333 KRW.

### Are managers owners

Insiders own 36% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 004020.KO SharesStats.PercentInsiders = 35.963 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 30.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:43.661Z); Ten-year compound average after fade. Initial solved rate -0.41830947034845034. Price 27300; 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 49,400.00 per share

- 2016-11: KRW 49,900.00 per share

- 2016-12: KRW 57,000.00 per share

- 2017-01: KRW 58,200.00 per share

- 2017-02: KRW 62,500.00 per share

- 2017-03: KRW 58,500.00 per share

- 2017-04: KRW 54,900.00 per share

- 2017-05: KRW 59,200.00 per share

- 2017-06: KRW 62,200.00 per share

- 2017-07: KRW 62,700.00 per share

- 2017-08: KRW 57,700.00 per share

- 2017-09: KRW 52,800.00 per share

- 2017-10: KRW 57,500.00 per share

- 2017-11: KRW 60,000.00 per share

- 2017-12: KRW 58,600.00 per share

- 2018-01: KRW 57,000.00 per share

- 2018-02: KRW 53,600.00 per share

- 2018-03: KRW 51,000.00 per share

- 2018-04: KRW 60,600.00 per share

- 2018-05: KRW 61,800.00 per share

- 2018-06: KRW 52,600.00 per share

- 2018-07: KRW 53,700.00 per share

- 2018-08: KRW 53,300.00 per share

- 2018-09: KRW 56,500.00 per share

- 2018-10: KRW 41,750.00 per share

- 2018-11: KRW 43,100.00 per share

- 2018-12: KRW 45,250.00 per share

- 2019-01: KRW 51,200.00 per share

- 2019-02: KRW 49,850.00 per share

- 2019-03: KRW 44,900.00 per share

- 2019-04: KRW 46,300.00 per share

- 2019-05: KRW 40,800.00 per share

- 2019-06: KRW 41,800.00 per share

- 2019-07: KRW 38,800.00 per share

- 2019-08: KRW 37,300.00 per share

- 2019-09: KRW 38,900.00 per share

- 2019-10: KRW 31,800.00 per share

- 2019-11: KRW 31,750.00 per share

- 2019-12: KRW 31,450.00 per share

- 2020-01: KRW 28,300.00 per share

- 2020-02: KRW 23,850.00 per share

- 2020-03: KRW 17,950.00 per share

- 2020-04: KRW 21,600.00 per share

- 2020-05: KRW 21,850.00 per share

- 2020-06: KRW 20,500.00 per share

- 2020-07: KRW 24,800.00 per share

- 2020-08: KRW 25,100.00 per share

- 2020-09: KRW 24,600.00 per share

- 2020-10: KRW 28,900.00 per share

- 2020-11: KRW 31,800.00 per share

- 2020-12: KRW 39,600.00 per share

- 2021-01: KRW 38,800.00 per share

- 2021-02: KRW 39,950.00 per share

- 2021-03: KRW 48,050.00 per share

- 2021-04: KRW 55,500.00 per share

- 2021-05: KRW 53,400.00 per share

- 2021-06: KRW 53,700.00 per share

- 2021-07: KRW 54,000.00 per share

- 2021-08: KRW 51,000.00 per share

- 2021-09: KRW 47,350.00 per share

- 2021-10: KRW 44,450.00 per share

- 2021-11: KRW 37,100.00 per share

- 2021-12: KRW 41,000.00 per share

- 2022-01: KRW 38,900.00 per share

- 2022-02: KRW 39,700.00 per share

- 2022-03: KRW 41,550.00 per share

- 2022-04: KRW 43,500.00 per share

- 2022-05: KRW 41,250.00 per share

- 2022-06: KRW 32,100.00 per share

- 2022-07: KRW 34,100.00 per share

- 2022-08: KRW 32,900.00 per share

- 2022-09: KRW 28,100.00 per share

- 2022-10: KRW 28,100.00 per share

- 2022-11: KRW 33,900.00 per share

- 2022-12: KRW 30,600.00 per share

- 2023-01: KRW 34,200.00 per share

- 2023-02: KRW 35,000.00 per share

- 2023-03: KRW 34,700.00 per share

- 2023-04: KRW 36,450.00 per share

- 2023-05: KRW 32,600.00 per share

- 2023-06: KRW 33,750.00 per share

- 2023-07: KRW 36,150.00 per share

- 2023-08: KRW 36,200.00 per share

- 2023-09: KRW 38,050.00 per share

- 2023-10: KRW 32,750.00 per share

- 2023-11: KRW 35,200.00 per share

- 2023-12: KRW 36,500.00 per share

- 2024-01: KRW 33,500.00 per share

- 2024-02: KRW 35,950.00 per share

- 2024-03: KRW 31,800.00 per share

- 2024-04: KRW 32,350.00 per share

- 2024-05: KRW 29,650.00 per share

- 2024-06: KRW 29,050.00 per share

- 2024-07: KRW 27,650.00 per share

- 2024-08: KRW 25,400.00 per share

- 2024-09: KRW 27,900.00 per share

- 2024-10: KRW 25,350.00 per share

- 2024-11: KRW 20,950.00 per share

- 2024-12: KRW 21,050.00 per share

- 2025-01: KRW 23,150.00 per share

- 2025-02: KRW 26,650.00 per share

- 2025-03: KRW 25,000.00 per share

- 2025-04: KRW 24,500.00 per share

- 2025-05: KRW 28,200.00 per share

- 2025-06: KRW 29,400.00 per share

- 2025-07: KRW 35,700.00 per share

- 2025-08: KRW 32,100.00 per share

- 2025-09: KRW 33,950.00 per share

- 2025-10: KRW 33,000.00 per share

- 2025-11: KRW 30,200.00 per share

- 2025-12: KRW 31,050.00 per share

- 2026-01: KRW 31,250.00 per share

- 2026-02: KRW 46,500.00 per share

- 2026-03: KRW 33,650.00 per share

- 2026-04: KRW 42,550.00 per share

- 2026-05: KRW 40,150.00 per share

- 2026-06: KRW 28,100.00 per share

- 2026-07: KRW 26,350.00 per share

- 2026-08: KRW 30,400.00 per share

- 2026-09: KRW 30,000.00 per share

- 2026-10: KRW 27,700.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 47,418.49 per share, central KRW 53,373.45 per share, high KRW 61,300.77 per share

- FY2018: low KRW 51,681.67 per share, central KRW 58,138.23 per share, high KRW 66,733.29 per share

- FY2019: low KRW 39,157.89 per share, central KRW 43,702.20 per share, high KRW 49,751.64 per share

- FY2020: low KRW 44,662.70 per share, central KRW 48,647.20 per share, high KRW 53,951.43 per share

- FY2021: low KRW 53,136.32 per share, central KRW 58,187.84 per share, high KRW 64,912.50 per share

- FY2022: low KRW 71,064.38 per share, central KRW 88,251.38 per share, high KRW 99,931.34 per share

- FY2023: low KRW 107,666.81 per share, central KRW 120,501.63 per share, high KRW 137,587.50 per share

- FY2024: low KRW 96,424.38 per share, central KRW 107,882.69 per share, high KRW 123,136.13 per share

- FY2025: low KRW 96,945.92 per share, central KRW 108,295.22 per share, high KRW 123,403.55 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 2026-10-15T06:45:20.840Z 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.

Hyundai Steel

004020 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 27,300.00
Buy up to: KRW 112,317.20
Expected / yr: 76.3% 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

4 loss years were recorded (limit 2), and margins varied 90.1% around their average (limit 35%).

Operating margin

10y median: 2.3%
Worst year: 0.4%
Latest · LTM: 0.9%

Capital return excluding acquisitions: median 2.7% (minimum 15%), and the second-worst year 0.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 2.7%
Worst year: 0.2%
Latest · 2025: 0.7%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.54×
Annual median: 1.40×
Latest · 2025: -15.37×

Per-share value fell from 5455.07 to -53, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 3K
Worst year: KRW -3K
Latest · 2025: KRW -53.00

Profits were backed by cash: accruals were -6% of assets (limit 10%).

Sloan accruals

10y median: -3.9%
Worst year: -1.5%
Latest · 2025: -6.0%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 4.4%, three-year average owner earnings per share 2,770.42 KRW. 3 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 49400.00; 2016-11 · Price KRW 49900.00; 2016-12 · Price KRW 57000.00; 2017-01 · Price KRW 58200.00 · Value 53373.45 · Buy at or below 53373.45; 2017-02 · Price KRW 62500.00 · Value 53373.45 · Buy at or below 53373.45; 2017-03 · Price KRW 58500.00 · Value 53373.45 · Buy at or below 53373.45; 2017-04 · Price KRW 54900.00 · Value 53373.45 · Buy at or below 53373.45; 2017-05 · Price KRW 59200.00 · Value 53373.45 · Buy at or below 53373.45; 2017-06 · Price KRW 62200.00 · Value 53373.45 · Buy at or below 53373.45; 2017-07 · Price KRW 62700.00 · Value 53373.45 · Buy at or below 53373.45; 2017-08 · Price KRW 57700.00 · Value 53373.45 · Buy at or below 53373.45; 2017-09 · Price KRW 52800.00 · Value 53373.45 · Buy at or below 53373.45; 2017-10 · Price KRW 57500.00 · Value 53373.45 · Buy at or below 53373.45; 2017-11 · Price KRW 60000.00 · Value 53373.45 · Buy at or below 53373.45; 2017-12 · Price KRW 58600.00 · Value 53373.45 · Buy at or below 53373.45; 2018-01 · Price KRW 57000.00 · Value 53373.45 · Buy at or below 53373.45; 2018-02 · Price KRW 53600.00 · Value 58138.23 · Buy at or below 58138.23; 2018-03 · Price KRW 51000.00 · Value 58138.23 · Buy at or below 58138.23; 2018-04 · Price KRW 60600.00 · Value 58138.23 · Buy at or below 58138.23; 2018-05 · Price KRW 61800.00 · Value 58138.23 · Buy at or below 58138.23; 2018-06 · Price KRW 52600.00 · Value 58138.23 · Buy at or below 58138.23; 2018-07 · Price KRW 53700.00 · Value 58138.23 · Buy at or below 58138.23; 2018-08 · Price KRW 53300.00 · Value 58138.23 · Buy at or below 58138.23; 2018-09 · Price KRW 56500.00 · Value 58138.23 · Buy at or below 58138.23; 2018-10 · Price KRW 41750.00 · Value 58138.23 · Buy at or below 58138.23; 2018-11 · Price KRW 43100.00 · Value 58138.23 · Buy at or below 58138.23; 2018-12 · Price KRW 45250.00 · Value 58138.23 · Buy at or below 58138.23; 2019-01 · Price KRW 51200.00 · Value 58138.23 · Buy at or below 58138.23; 2019-02 · Price KRW 49850.00 · Value 43702.20 · Buy at or below 43702.20; 2019-03 · Price KRW 44900.00 · Value 43702.20 · Buy at or below 43702.20; 2019-04 · Price KRW 46300.00 · Value 43702.20 · Buy at or below 43702.20; 2019-05 · Price KRW 40800.00 · Value 43702.20 · Buy at or below 43702.20; 2019-06 · Price KRW 41800.00 · Value 43702.20 · Buy at or below 43702.20; 2019-07 · Price KRW 38800.00 · Value 43702.20 · Buy at or below 43702.20; 2019-08 · Price KRW 37300.00 · Value 43702.20 · Buy at or below 43702.20; 2019-09 · Price KRW 38900.00 · Value 43702.20 · Buy at or below 43702.20; 2019-10 · Price KRW 31800.00 · Value 43702.20 · Buy at or below 43702.20; 2019-11 · Price KRW 31750.00 · Value 43702.20 · Buy at or below 43702.20; 2019-12 · Price KRW 31450.00 · Value 43702.20 · Buy at or below 43702.20; 2020-01 · Price KRW 28300.00 · Value 43702.20 · Buy at or below 43702.20; 2020-02 · Price KRW 23850.00 · Value 48647.20 · Buy at or below 48647.20; 2020-03 · Price KRW 17950.00 · Value 48647.20 · Buy at or below 48647.20; 2020-04 · Price KRW 21600.00 · Value 48647.20 · Buy at or below 48647.20; 2020-05 · Price KRW 21850.00 · Value 48647.20 · Buy at or below 48647.20; 2020-06 · Price KRW 20500.00 · Value 48647.20 · Buy at or below 48647.20; 2020-07 · Price KRW 24800.00 · Value 48647.20 · Buy at or below 48647.20; 2020-08 · Price KRW 25100.00 · Value 48647.20 · Buy at or below 48647.20; 2020-09 · Price KRW 24600.00 · Value 48647.20 · Buy at or below 48647.20; 2020-10 · Price KRW 28900.00 · Value 48647.20 · Buy at or below 48647.20; 2020-11 · Price KRW 31800.00 · Value 48647.20 · Buy at or below 48647.20; 2020-12 · Price KRW 39600.00 · Value 48647.20 · Buy at or below 48647.20; 2021-01 · Price KRW 38800.00 · Value 48647.20 · Buy at or below 48647.20; 2021-02 · Price KRW 39950.00 · Value 58187.84 · Buy at or below 58187.84; 2021-03 · Price KRW 48050.00 · Value 58187.84 · Buy at or below 58187.84; 2021-04 · Price KRW 55500.00 · Value 58187.84 · Buy at or below 58187.84; 2021-05 · Price KRW 53400.00 · Value 58187.84 · Buy at or below 58187.84; 2021-06 · Price KRW 53700.00 · Value 58187.84 · Buy at or below 58187.84; 2021-07 · Price KRW 54000.00 · Value 58187.84 · Buy at or below 58187.84; 2021-08 · Price KRW 51000.00 · Value 58187.84 · Buy at or below 58187.84; 2021-09 · Price KRW 47350.00 · Value 58187.84 · Buy at or below 58187.84; 2021-10 · Price KRW 44450.00 · Value 58187.84 · Buy at or below 58187.84; 2021-11 · Price KRW 37100.00 · Value 58187.84 · Buy at or below 58187.84; 2021-12 · Price KRW 41000.00 · Value 58187.84 · Buy at or below 58187.84; 2022-01 · Price KRW 38900.00 · Value 58187.84 · Buy at or below 58187.84; 2022-02 · Price KRW 39700.00 · Value 88251.38 · Buy at or below 88251.38; 2022-03 · Price KRW 41550.00 · Value 88251.38 · Buy at or below 88251.38; 2022-04 · Price KRW 43500.00 · Value 88251.38 · Buy at or below 88251.38; 2022-05 · Price KRW 41250.00 · Value 88251.38 · Buy at or below 88251.38; 2022-06 · Price KRW 32100.00 · Value 88251.38 · Buy at or below 88251.38; 2022-07 · Price KRW 34100.00 · Value 88251.38 · Buy at or below 88251.38; 2022-08 · Price KRW 32900.00 · Value 88251.38 · Buy at or below 88251.38; 2022-09 · Price KRW 28100.00 · Value 88251.38 · Buy at or below 88251.38; 2022-10 · Price KRW 28100.00 · Value 88251.38 · Buy at or below 88251.38; 2022-11 · Price KRW 33900.00 · Value 88251.38 · Buy at or below 88251.38; 2022-12 · Price KRW 30600.00 · Value 88251.38 · Buy at or below 88251.38; 2023-01 · Price KRW 34200.00 · Value 88251.38 · Buy at or below 88251.38; 2023-02 · Price KRW 35000.00 · Value 120501.63 · Buy at or below 120501.63; 2023-03 · Price KRW 34700.00 · Value 120501.63 · Buy at or below 120501.63; 2023-04 · Price KRW 36450.00 · Value 120501.63 · Buy at or below 120501.63; 2023-05 · Price KRW 32600.00 · Value 120501.63 · Buy at or below 120501.63; 2023-06 · Price KRW 33750.00 · Value 120501.63 · Buy at or below 120501.63; 2023-07 · Price KRW 36150.00 · Value 120501.63 · Buy at or below 120501.63; 2023-08 · Price KRW 36200.00 · Value 120501.63 · Buy at or below 120501.63; 2023-09 · Price KRW 38050.00 · Value 120501.63 · Buy at or below 120501.63; 2023-10 · Price KRW 32750.00 · Value 120501.63 · Buy at or below 120501.63; 2023-11 · Price KRW 35200.00 · Value 120501.63 · Buy at or below 120501.63; 2023-12 · Price KRW 36500.00 · Value 120501.63 · Buy at or below 120501.63; 2024-01 · Price KRW 33500.00 · Value 120501.63 · Buy at or below 120501.63; 2024-02 · Price KRW 35950.00 · Value 107882.69 · Buy at or below 107882.69; 2024-03 · Price KRW 31800.00 · Value 107882.69 · Buy at or below 107882.69; 2024-04 · Price KRW 32350.00 · Value 107882.69 · Buy at or below 107882.69; 2024-05 · Price KRW 29650.00 · Value 107882.69 · Buy at or below 107882.69; 2024-06 · Price KRW 29050.00 · Value 107882.69 · Buy at or below 107882.69; 2024-07 · Price KRW 27650.00 · Value 107882.69 · Buy at or below 107882.69; 2024-08 · Price KRW 25400.00 · Value 107882.69 · Buy at or below 107882.69; 2024-09 · Price KRW 27900.00 · Value 107882.69 · Buy at or below 107882.69; 2024-10 · Price KRW 25350.00 · Value 107882.69 · Buy at or below 107882.69; 2024-11 · Price KRW 20950.00 · Value 107882.69 · Buy at or below 107882.69; 2024-12 · Price KRW 21050.00 · Value 107882.69 · Buy at or below 107882.69; 2025-01 · Price KRW 23150.00 · Value 107882.69 · Buy at or below 107882.69; 2025-02 · Price KRW 26650.00 · Value 108295.22 · Buy at or below 108295.22; 2025-03 · Price KRW 25000.00 · Value 108295.22 · Buy at or below 108295.22; 2025-04 · Price KRW 24500.00 · Value 108295.22 · Buy at or below 108295.22; 2025-05 · Price KRW 28200.00 · Value 108295.22 · Buy at or below 108295.22; 2025-06 · Price KRW 29400.00 · Value 108295.22 · Buy at or below 108295.22; 2025-07 · Price KRW 35700.00 · Value 108295.22 · Buy at or below 108295.22; 2025-08 · Price KRW 32100.00 · Value 108295.22 · Buy at or below 108295.22; 2025-09 · Price KRW 33950.00 · Value 108295.22 · Buy at or below 108295.22; 2025-10 · Price KRW 33000.00 · Value 108295.22 · Buy at or below 108295.22; 2025-11 · Price KRW 30200.00 · Value 108295.22 · Buy at or below 108295.22; 2025-12 · Price KRW 31050.00 · Value 108295.22 · Buy at or below 108295.22; 2026-01 · Price KRW 31250.00 · Value 108295.22 · Buy at or below 108295.22; 2026-02 · Price KRW 46500.00 · Value 112317.20 · Buy at or below 112317.20; 2026-03 · Price KRW 33650.00 · Value 112317.20 · Buy at or below 112317.20; 2026-04 · Price KRW 42550.00 · Value 112317.20 · Buy at or below 112317.20; 2026-05 · Price KRW 40150.00 · Value 112317.20 · Buy at or below 112317.20; 2026-06 · Price KRW 28100.00 · Value 112317.20 · Buy at or below 112317.20; 2026-07 · Price KRW 26350.00 · Value 112317.20 · Buy at or below 112317.20; 2026-08 · Price KRW 30400.00 · Value 112317.20 · Buy at or below 112317.20; 2026-09 · Price KRW 30000.00 · Value 112317.20 · Buy at or below 112317.20; 2026-10 · Price KRW 27700.00 · Value 112317.20 · Buy at or below 112317.20; 2026-10 · Price KRW 27300.00 · Value 112317.20 · Buy at or below 112317.20

KRW per share · annual estimates

Price & return math
Value range	KRW 100,799.17 – KRW 127,650.14
Buy at or below	Central value KRW 112,317.20
Discount to value	1 − 27300.00 / 112317.20 = 75.7%
Return / year	About 76.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 7642.80/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 17261.44/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 23.07T

Revenue

Owner earningsKRW 106B

Owner earnings

Operating margin0.9%

Operating margin

Net cash / debtKRW -6.90T

Net cash / debt

Diluted shares130M

Diluted shares

Prices 15 Oct 2026 · FY2025