# Shinsegae (004170.KO)

Canonical: https://gigainvestors.com/s/004170.KO

Analysis as of: 2026-10-16T07:41:36.261Z. 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 265,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 70,956.00 per share, central KRW 77,767.60 per share, high KRW 86,835.27 per share. Buy at or below the central value KRW 77,767.60 per share. Valuation as of 2026-10-16T07:41:36.261Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.02×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 3.6%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 60.1%

- Recent gross margin (lower of latest and 3-year median): 60.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.8%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.6%

- FY2017: 4.6%

- FY2018: 5.3%

- FY2019: 4.3%

- FY2020: 0.9%

- FY2021: 5.2%

- FY2022: 9.0%

- FY2023: 5.7%

- FY2024: 5.5%

- FY2025: 3.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.41×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 432B

- Net income, five-year total: KRW 1.06T

- Return on incremental invested capital: 9.1%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 17.0%

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

- FY2021: 0.17×

- FY2022: 1.04×

- FY2023: 0.16×

- FY2024: -0.53×

- FY2025: -1.39×

### 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: 4.6% vs 5.5%

- Per-share earnings: 23025.83 to 11776.00 (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: -2.3%

- Market cap gain: KRW 434B

- Cumulative retained earnings: KRW 1.56T

- Diluted shares, 5-year annual growth: -2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -9.1%

- Per-share value change: KRW -11K

- Per-share value, starting three-year median: KRW 23K

- Per-share value, ending three-year median: KRW 12K

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 5.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 510B

- Cumulative net income, 10 years: KRW 2.13T

- ROIC, first three-year median: 4.6%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 23K

- FY2017: KRW 10K

- FY2018: KRW 23K

- FY2019: KRW 54K

- FY2020: KRW -11K

- FY2021: KRW 31K

- FY2022: KRW 41K

- FY2023: KRW 24K

- FY2024: KRW 12K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 71.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: -2.0%

- FY2018: -0.8%

- FY2019: -2.0%

- FY2020: -5.1%

- FY2021: -5.8%

- FY2022: -3.5%

- FY2023: -3.8%

- FY2024: -4.4%

- FY2025: -6.2%

## Holders

## Price story

Down 65% since Jun 2026 · sales +3.9%

Story as of 2026-10-16T10:00:12.002Z; price observation 2026-10-15.

Price needs cash profits to grow 19.6% a year for ten years

### Sales · FY2025–2026

sales +3.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 3.87T 

- FY2018: KRW 5.19T 

- FY2019: KRW 6.39T 

- FY2020: KRW 4.77T 

- FY2021: KRW 6.32T 

- FY2022: KRW 7.81T 

- FY2023: KRW 6.36T 

- FY2024: KRW 6.57T 

- FY2025: KRW 6.93T 

- FY2026: KRW 7.20T 

### Gross margin · FY2025

gross margin 60.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 64.1% 

- FY2017: 59.7% 

- FY2018: 55.8% 

- FY2019: 51.1% 

- FY2020: 50.3% 

- FY2021: 58.7% 

- FY2022: 65.1% 

- FY2023: 60.6% 

- FY2024: 61.7% 

- FY2025: 60.5% 

## Owner memo

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

### How it makes money

Operates in department stores; annual sales are KRW 6.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2025: revenue 6929498818330; grossProfit 4193128608630; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 004170.KO: SHINSEGAE Inc. operates department stores in South Korea. The company operates through Department Store, Wholesale and Retail Industry, Real Estate Industry, Terminal industry, Hospitality, Duty-Free Store, and Others segments. It also manufactures and retails clothing and furniture; manufactures, retails, and distributes cosmetics; develops and leases real estate properties and vehicle terminal; offers advisory and online retail services; and operates duty-free stores. In addition, the company engages in the information and communication, trading, broadcast program production and supply; financial investment, and hotel businesses. SHINSEGAE Inc. was founded in 1955 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 60.5% to 61.7% during 2023–25; it earns 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2023: grossProfit / revenue = 60.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2024: grossProfit / revenue = 61.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2025: grossProfit / revenue = 60.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); 10-year return on capital observations [[2016,0.03593077976368821],[2017,0.04614659020497391],[2018,0.05280703249769964],[2019,0.04339783000090311],[2020,0.00906249319070267],[2021,0.052272763466703676],[2022,0.09022967150113939],[2023,0.057343278631619934],[2024,0.0547522048969877],[2025,0.03784536861623885]]; median 0.049209676835838795. 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 146 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2019: growth capex 0; upkeep 321365114000; owner earnings 494235760712. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2021: growth capex 21582258860; upkeep 651617000000; owner earnings 52452460554. Growth capex / owner earnings = 0.4114632303623008.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2022: growth capex 0; upkeep 384673707710; owner earnings 420563303421.4157. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2023: growth capex 0; upkeep 616711979590; owner earnings 34993057434.422485. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); Dividend observations: [[2016,8979469000],[2017,35656247670],[2018,33616903890],[2019,37323979630],[2020,35184687110],[2021,22114426130],[2022,54031518630],[2023,78850316250],[2024,82110989970],[2025,86090671270]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); FY2025: cash repurchases 145997600 KRW.

### Are managers owners

Insiders own 29.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 004170.KO SharesStats.PercentInsiders = 29.805999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:36.261Z); Ten-year compound average after fade. Initial solved rate 0.27169218366740255. Price 265000; 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 186,000.00 per share

- 2016-11: KRW 180,500.00 per share

- 2016-12: KRW 176,000.00 per share

- 2017-01: KRW 176,000.00 per share

- 2017-02: KRW 199,500.00 per share

- 2017-03: KRW 191,000.00 per share

- 2017-04: KRW 204,500.00 per share

- 2017-05: KRW 243,500.00 per share

- 2017-06: KRW 229,500.00 per share

- 2017-07: KRW 238,000.00 per share

- 2017-08: KRW 193,000.00 per share

- 2017-09: KRW 195,000.00 per share

- 2017-10: KRW 229,000.00 per share

- 2017-11: KRW 287,000.00 per share

- 2017-12: KRW 300,000.00 per share

- 2018-01: KRW 343,000.00 per share

- 2018-02: KRW 343,000.00 per share

- 2018-03: KRW 357,500.00 per share

- 2018-04: KRW 417,500.00 per share

- 2018-05: KRW 439,000.00 per share

- 2018-06: KRW 401,500.00 per share

- 2018-07: KRW 332,000.00 per share

- 2018-08: KRW 324,500.00 per share

- 2018-09: KRW 362,500.00 per share

- 2018-10: KRW 258,500.00 per share

- 2018-11: KRW 291,000.00 per share

- 2018-12: KRW 256,000.00 per share

- 2019-01: KRW 264,500.00 per share

- 2019-02: KRW 285,500.00 per share

- 2019-03: KRW 337,500.00 per share

- 2019-04: KRW 340,000.00 per share

- 2019-05: KRW 298,000.00 per share

- 2019-06: KRW 301,000.00 per share

- 2019-07: KRW 253,500.00 per share

- 2019-08: KRW 231,000.00 per share

- 2019-09: KRW 262,500.00 per share

- 2019-10: KRW 236,000.00 per share

- 2019-11: KRW 281,500.00 per share

- 2019-12: KRW 289,000.00 per share

- 2020-01: KRW 267,000.00 per share

- 2020-02: KRW 236,000.00 per share

- 2020-03: KRW 217,500.00 per share

- 2020-04: KRW 265,000.00 per share

- 2020-05: KRW 245,000.00 per share

- 2020-06: KRW 220,500.00 per share

- 2020-07: KRW 209,000.00 per share

- 2020-08: KRW 203,000.00 per share

- 2020-09: KRW 212,500.00 per share

- 2020-10: KRW 207,500.00 per share

- 2020-11: KRW 230,500.00 per share

- 2020-12: KRW 239,500.00 per share

- 2021-01: KRW 233,500.00 per share

- 2021-02: KRW 267,000.00 per share

- 2021-03: KRW 281,000.00 per share

- 2021-04: KRW 304,500.00 per share

- 2021-05: KRW 321,500.00 per share

- 2021-06: KRW 285,500.00 per share

- 2021-07: KRW 266,000.00 per share

- 2021-08: KRW 269,000.00 per share

- 2021-09: KRW 263,500.00 per share

- 2021-10: KRW 248,000.00 per share

- 2021-11: KRW 217,500.00 per share

- 2021-12: KRW 254,000.00 per share

- 2022-01: KRW 232,000.00 per share

- 2022-02: KRW 261,500.00 per share

- 2022-03: KRW 256,500.00 per share

- 2022-04: KRW 248,500.00 per share

- 2022-05: KRW 253,500.00 per share

- 2022-06: KRW 218,000.00 per share

- 2022-07: KRW 218,500.00 per share

- 2022-08: KRW 223,500.00 per share

- 2022-09: KRW 231,000.00 per share

- 2022-10: KRW 212,500.00 per share

- 2022-11: KRW 210,500.00 per share

- 2022-12: KRW 220,000.00 per share

- 2023-01: KRW 231,500.00 per share

- 2023-02: KRW 204,000.00 per share

- 2023-03: KRW 215,500.00 per share

- 2023-04: KRW 206,000.00 per share

- 2023-05: KRW 197,700.00 per share

- 2023-06: KRW 178,100.00 per share

- 2023-07: KRW 191,200.00 per share

- 2023-08: KRW 203,000.00 per share

- 2023-09: KRW 190,100.00 per share

- 2023-10: KRW 168,800.00 per share

- 2023-11: KRW 170,100.00 per share

- 2023-12: KRW 175,200.00 per share

- 2024-01: KRW 172,400.00 per share

- 2024-02: KRW 174,800.00 per share

- 2024-03: KRW 167,300.00 per share

- 2024-04: KRW 166,300.00 per share

- 2024-05: KRW 163,200.00 per share

- 2024-06: KRW 156,900.00 per share

- 2024-07: KRW 151,800.00 per share

- 2024-08: KRW 150,600.00 per share

- 2024-09: KRW 159,100.00 per share

- 2024-10: KRW 153,800.00 per share

- 2024-11: KRW 134,400.00 per share

- 2024-12: KRW 133,000.00 per share

- 2025-01: KRW 132,700.00 per share

- 2025-02: KRW 142,300.00 per share

- 2025-03: KRW 137,100.00 per share

- 2025-04: KRW 158,100.00 per share

- 2025-05: KRW 177,900.00 per share

- 2025-06: KRW 188,400.00 per share

- 2025-07: KRW 171,800.00 per share

- 2025-08: KRW 165,300.00 per share

- 2025-09: KRW 187,100.00 per share

- 2025-10: KRW 173,700.00 per share

- 2025-11: KRW 217,500.00 per share

- 2025-12: KRW 247,000.00 per share

- 2026-01: KRW 319,500.00 per share

- 2026-02: KRW 368,500.00 per share

- 2026-03: KRW 300,500.00 per share

- 2026-04: KRW 407,000.00 per share

- 2026-05: KRW 515,000.00 per share

- 2026-06: KRW 755,000.00 per share

- 2026-07: KRW 423,000.00 per share

- 2026-08: KRW 414,000.00 per share

- 2026-09: KRW 336,500.00 per share

- 2026-10: KRW 295,000.00 per share

## Annual estimated value (KRW per share)

- FY2022: low KRW 161,348.98 per share, central KRW 199,774.36 per share, high KRW 222,149.54 per share

- FY2023: low KRW 137,157.97 per share, central KRW 165,931.10 per share, high KRW 183,622.31 per share

- FY2024: low KRW 84,693.75 per share, central KRW 106,811.50 per share, high KRW 119,937.86 per share

- FY2025: low KRW 72,886.20 per share, central KRW 79,444.29 per share, high KRW 88,174.49 per share

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

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

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

Prior published observations retained from 2026-10-15T06:46:58.725Z 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.