# Ottogi (007310.KO)

Canonical: https://gigainvestors.com/s/007310.KO

Analysis as of: 2026-10-16T07:44:49.783Z. Financial observations: FY2006–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 316,500.00 per share; close as of 2026-10-15.

Estimated value: low KRW 812,957.05 per share, central KRW 927,610.14 per share, high KRW 1,050,307.52 per share. Buy at or below the central value KRW 927,610.14 per share. Valuation as of 2026-10-16T07:44:49.783Z; scenarios are not confidence intervals.

Expected annual return: 42.5% at the stated quote. About 42.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.06×

- FY2020: 0.08×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.5%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 17.4%

- Recent gross margin (lower of latest and 3-year median): 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.1%

- FY2017: 12.6%

- FY2018: 12.0%

- FY2019: 8.3%

- FY2020: 8.7%

- FY2021: 8.4%

- FY2022: 7.9%

- FY2023: 8.6%

- FY2024: 7.3%

- FY2025: 5.1%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 834B

- Net income, five-year total: KRW 770B

- Return on incremental invested capital: 2.1%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 11.0 pp

- Working capital / revenue, final three-year average: 16.4%

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

- FY2021: 1.08×

- FY2022: 1.12×

- FY2023: 1.27×

- FY2024: 0.91×

- FY2025: 0.83×

### 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: 12.6% vs 7.3%

- Per-share earnings: 40839.16 to 40048.00 (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: 0.1%

- Market cap gain: KRW -915B

- Cumulative retained earnings: KRW 1.13T

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.3%

- Per-share value change: KRW -791.16

- Per-share value, starting three-year median: KRW 41K

- Per-share value, ending three-year median: KRW 40K

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 61B

- Cumulative net income, 10 years: KRW 1.40T

- ROIC, first three-year median: 12.6%

- ROIC, last three-year median: 7.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 41K

- FY2017: KRW 39K

- FY2018: KRW 49K

- FY2019: KRW 30K

- FY2020: KRW 31K

- FY2021: KRW 38K

- FY2022: KRW 81K

- FY2023: KRW 47K

- FY2024: KRW 40K

- FY2025: KRW 20K

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.7%

- FY2017: 1.3%

- FY2018: -1.8%

- FY2019: -3.8%

- FY2020: 0.6%

- FY2021: -0.8%

- FY2022: 5.1%

- FY2023: -7.2%

- FY2024: -6.2%

- FY2025: -4.1%

## Holders

## Price story

Down 34% since Oct 2021 · sales +3.8%

Story as of 2026-10-16T10:00:13.205Z; price observation 2026-10-15.

Price needs cash profits to shrink 20.3% a year for ten years

### Sales · FY2024–2025

sales +3.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 2.01T 

- FY2017: KRW 2.13T 

- FY2018: KRW 2.25T 

- FY2019: KRW 2.36T 

- FY2020: KRW 2.60T 

- FY2021: KRW 2.74T 

- FY2022: KRW 3.18T 

- FY2023: KRW 3.45T 

- FY2024: KRW 3.54T 

- FY2025: KRW 3.67T 

### Gross margin · FY2025

gross margin 16.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.2% 

- FY2017: 22.4% 

- FY2018: 17.8% 

- FY2019: 17.3% 

- FY2020: 17.8% 

- FY2021: 16.1% 

- FY2022: 15.7% 

- FY2023: 17.5% 

- FY2024: 17.0% 

- FY2025: 16.1% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are KRW 3.7 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2025: revenue 3674545422000; grossProfit 591641731290; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 16.1% to 17.5% during 2023–25; it earns 8.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2023: grossProfit / revenue = 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2024: grossProfit / revenue = 17%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2025: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); 10-year return on capital observations [[2016,0.13077779212594776],[2017,0.1264758192076735],[2018,0.11994192435872217],[2019,0.08312435406138918],[2020,0.08701026047307835],[2021,0.08360556410794188],[2022,0.0792226544184558],[2023,0.08594567190486672],[2024,0.07339020409600558],[2025,0.05130127857083816]]; median 0.0847756180064043. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 16% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); Gross margin observations: [[2021,0.1612177499164294],[2022,0.15734841402009128],[2023,0.17516473610624458]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 23.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2016: growth capex 0; upkeep 89887099210; owner earnings 58990418790. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2017: growth capex 0; upkeep 77684982370; owner earnings 30906327680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2020: growth capex 0; upkeep 109440310370; owner earnings 99723050680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2021: growth capex 0; upkeep 101971116350; owner earnings 139871666408. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2022: growth capex 0; upkeep 100269028700; owner earnings 307745567944. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2023: growth capex 0; upkeep 129086037440; owner earnings 204079545332. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2024: growth capex 0; upkeep 187685593840; owner earnings 124960369622. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2025: growth capex 0; upkeep 185157693370; owner earnings 57256823450. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); Dividend observations: [[2016,17665484090],[2017,21564179370],[2018,24139169690],[2019,25507482740],[2020,25456263990],[2021,26841606560],[2022,26683419810],[2023,32636468000],[2024,32489043000],[2025,32489043000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); FY2025: cash repurchases 23660000 KRW.

### Are managers owners

Insiders own 49.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 007310.KO SharesStats.PercentInsiders = 49.878 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 20.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:49.783Z); Ten-year compound average after fade. Initial solved rate -0.29098201738422025. Price 316500; 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 658,000.00 per share

- 2016-11: KRW 692,000.00 per share

- 2016-12: KRW 662,000.00 per share

- 2017-01: KRW 650,000.00 per share

- 2017-02: KRW 748,000.00 per share

- 2017-03: KRW 760,000.00 per share

- 2017-04: KRW 737,000.00 per share

- 2017-05: KRW 851,000.00 per share

- 2017-06: KRW 790,000.00 per share

- 2017-07: KRW 783,000.00 per share

- 2017-08: KRW 761,000.00 per share

- 2017-09: KRW 734,000.00 per share

- 2017-10: KRW 759,000.00 per share

- 2017-11: KRW 794,000.00 per share

- 2017-12: KRW 806,000.00 per share

- 2018-01: KRW 770,000.00 per share

- 2018-02: KRW 707,000.00 per share

- 2018-03: KRW 712,000.00 per share

- 2018-04: KRW 794,000.00 per share

- 2018-05: KRW 810,000.00 per share

- 2018-06: KRW 859,000.00 per share

- 2018-07: KRW 882,000.00 per share

- 2018-08: KRW 725,000.00 per share

- 2018-09: KRW 747,000.00 per share

- 2018-10: KRW 659,000.00 per share

- 2018-11: KRW 741,000.00 per share

- 2018-12: KRW 724,000.00 per share

- 2019-01: KRW 779,000.00 per share

- 2019-02: KRW 764,000.00 per share

- 2019-03: KRW 771,000.00 per share

- 2019-04: KRW 726,000.00 per share

- 2019-05: KRW 711,000.00 per share

- 2019-06: KRW 685,000.00 per share

- 2019-07: KRW 645,000.00 per share

- 2019-08: KRW 571,000.00 per share

- 2019-09: KRW 583,000.00 per share

- 2019-10: KRW 565,000.00 per share

- 2019-11: KRW 557,000.00 per share

- 2019-12: KRW 554,000.00 per share

- 2020-01: KRW 507,000.00 per share

- 2020-02: KRW 497,000.00 per share

- 2020-03: KRW 475,500.00 per share

- 2020-04: KRW 545,000.00 per share

- 2020-05: KRW 551,000.00 per share

- 2020-06: KRW 557,000.00 per share

- 2020-07: KRW 558,000.00 per share

- 2020-08: KRW 602,000.00 per share

- 2020-09: KRW 568,000.00 per share

- 2020-10: KRW 532,000.00 per share

- 2020-11: KRW 556,000.00 per share

- 2020-12: KRW 577,000.00 per share

- 2021-01: KRW 561,000.00 per share

- 2021-02: KRW 560,000.00 per share

- 2021-03: KRW 570,000.00 per share

- 2021-04: KRW 555,000.00 per share

- 2021-05: KRW 546,000.00 per share

- 2021-06: KRW 544,000.00 per share

- 2021-07: KRW 539,000.00 per share

- 2021-08: KRW 517,000.00 per share

- 2021-09: KRW 492,000.00 per share

- 2021-10: KRW 481,000.00 per share

- 2021-11: KRW 435,500.00 per share

- 2021-12: KRW 456,000.00 per share

- 2022-01: KRW 437,500.00 per share

- 2022-02: KRW 433,000.00 per share

- 2022-03: KRW 446,500.00 per share

- 2022-04: KRW 470,000.00 per share

- 2022-05: KRW 443,000.00 per share

- 2022-06: KRW 424,000.00 per share

- 2022-07: KRW 449,500.00 per share

- 2022-08: KRW 479,000.00 per share

- 2022-09: KRW 461,000.00 per share

- 2022-10: KRW 441,500.00 per share

- 2022-11: KRW 445,500.00 per share

- 2022-12: KRW 476,000.00 per share

- 2023-01: KRW 476,000.00 per share

- 2023-02: KRW 440,000.00 per share

- 2023-03: KRW 448,000.00 per share

- 2023-04: KRW 462,000.00 per share

- 2023-05: KRW 444,500.00 per share

- 2023-06: KRW 392,500.00 per share

- 2023-07: KRW 356,500.00 per share

- 2023-08: KRW 368,000.00 per share

- 2023-09: KRW 365,000.00 per share

- 2023-10: KRW 374,500.00 per share

- 2023-11: KRW 378,500.00 per share

- 2023-12: KRW 400,000.00 per share

- 2024-01: KRW 400,000.00 per share

- 2024-02: KRW 401,000.00 per share

- 2024-03: KRW 395,500.00 per share

- 2024-04: KRW 417,000.00 per share

- 2024-05: KRW 455,000.00 per share

- 2024-06: KRW 433,000.00 per share

- 2024-07: KRW 436,000.00 per share

- 2024-08: KRW 416,500.00 per share

- 2024-09: KRW 426,500.00 per share

- 2024-10: KRW 421,500.00 per share

- 2024-11: KRW 413,000.00 per share

- 2024-12: KRW 395,500.00 per share

- 2025-01: KRW 384,000.00 per share

- 2025-02: KRW 387,000.00 per share

- 2025-03: KRW 413,500.00 per share

- 2025-04: KRW 400,500.00 per share

- 2025-05: KRW 398,000.00 per share

- 2025-06: KRW 394,000.00 per share

- 2025-07: KRW 398,500.00 per share

- 2025-08: KRW 383,500.00 per share

- 2025-09: KRW 410,500.00 per share

- 2025-10: KRW 388,500.00 per share

- 2025-11: KRW 389,000.00 per share

- 2025-12: KRW 385,000.00 per share

- 2026-01: KRW 386,000.00 per share

- 2026-02: KRW 397,500.00 per share

- 2026-03: KRW 359,500.00 per share

- 2026-04: KRW 365,500.00 per share

- 2026-05: KRW 334,000.00 per share

- 2026-06: KRW 303,000.00 per share

- 2026-07: KRW 323,500.00 per share

- 2026-08: KRW 336,500.00 per share

- 2026-09: KRW 315,000.00 per share

- 2026-10: KRW 313,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 193,338.86 per share, central KRW 207,818.89 per share, high KRW 227,094.89 per share

- FY2017: low KRW 199,290.46 per share, central KRW 214,602.01 per share, high KRW 234,984.93 per share

- FY2018: low KRW 229,969.75 per share, central KRW 245,061.71 per share, high KRW 265,152.31 per share

- FY2019: low KRW 188,207.12 per share, central KRW 204,057.37 per share, high KRW 225,157.40 per share

- FY2020: low KRW 190,809.49 per share, central KRW 207,531.99 per share, high KRW 229,793.19 per share

- FY2021: low KRW 247,665.87 per share, central KRW 265,310.57 per share, high KRW 288,799.41 per share

- FY2022: low KRW 632,395.32 per share, central KRW 841,295.94 per share, high KRW 962,939.14 per share

- FY2023: low KRW 868,183.41 per share, central KRW 1,169,275.46 per share, high KRW 1,344,601.90 per share

- FY2024: low KRW 848,745.19 per share, central KRW 1,074,623.14 per share, high KRW 1,228,491.74 per share

- FY2025: low KRW 796,151.05 per share, central KRW 908,473.81 per share, high KRW 1,028,677.36 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

## 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.

Ottogi

007310 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 316,500.00
Buy up to: KRW 927,610.14
Expected / yr: 42.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
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 12.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 6.5%
Worst year: 4.8%
Latest · 2025: 4.8%

Capital return excluding acquisitions: median 8.5% (minimum 15%), and the second-worst year 7.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 8.5%
Worst year: 5.1%
Latest · 2025: 5.1%

New investment earned 2.1% (minimum 12%), and working capital rose 11% of sales (limit 10%) to 16.4% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 1.08×
Annual median: 1.08×
Latest · 2025: 0.83×

Per-share value fell from 40839.16 to 40048, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 40K
Worst year: KRW 20K
Latest · 2025: KRW 20K

Profits were backed by cash: accruals were -4.1% of assets (limit 10%).

Sloan accruals

10y median: -1.3%
Worst year: 5.1%
Latest · 2025: -4.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 6.5%, three-year average owner earnings per share 37,724.3 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 658000.00 · Value 207818.89 · Buy at or below 207818.89; 2016-11 · Price KRW 692000.00 · Value 207818.89 · Buy at or below 207818.89; 2016-12 · Price KRW 662000.00 · Value 207818.89 · Buy at or below 207818.89; 2017-01 · Price KRW 650000.00 · Value 207818.89 · Buy at or below 207818.89; 2017-02 · Price KRW 748000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-03 · Price KRW 760000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-04 · Price KRW 737000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-05 · Price KRW 851000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-06 · Price KRW 790000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-07 · Price KRW 783000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-08 · Price KRW 761000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-09 · Price KRW 734000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-10 · Price KRW 759000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-11 · Price KRW 794000.00 · Value 214602.01 · Buy at or below 214602.01; 2017-12 · Price KRW 806000.00 · Value 214602.01 · Buy at or below 214602.01; 2018-01 · Price KRW 770000.00 · Value 214602.01 · Buy at or below 214602.01; 2018-02 · Price KRW 707000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-03 · Price KRW 712000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-04 · Price KRW 794000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-05 · Price KRW 810000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-06 · Price KRW 859000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-07 · Price KRW 882000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-08 · Price KRW 725000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-09 · Price KRW 747000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-10 · Price KRW 659000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-11 · Price KRW 741000.00 · Value 245061.71 · Buy at or below 245061.71; 2018-12 · Price KRW 724000.00 · Value 245061.71 · Buy at or below 245061.71; 2019-01 · Price KRW 779000.00 · Value 245061.71 · Buy at or below 245061.71; 2019-02 · Price KRW 764000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-03 · Price KRW 771000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-04 · Price KRW 726000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-05 · Price KRW 711000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-06 · Price KRW 685000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-07 · Price KRW 645000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-08 · Price KRW 571000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-09 · Price KRW 583000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-10 · Price KRW 565000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-11 · Price KRW 557000.00 · Value 204057.37 · Buy at or below 204057.37; 2019-12 · Price KRW 554000.00 · Value 204057.37 · Buy at or below 204057.37; 2020-01 · Price KRW 507000.00 · Value 204057.37 · Buy at or below 204057.37; 2020-02 · Price KRW 497000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-03 · Price KRW 475500.00 · Value 207531.99 · Buy at or below 207531.99; 2020-04 · Price KRW 545000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-05 · Price KRW 551000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-06 · Price KRW 557000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-07 · Price KRW 558000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-08 · Price KRW 602000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-09 · Price KRW 568000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-10 · Price KRW 532000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-11 · Price KRW 556000.00 · Value 207531.99 · Buy at or below 207531.99; 2020-12 · Price KRW 577000.00 · Value 207531.99 · Buy at or below 207531.99; 2021-01 · Price KRW 561000.00 · Value 207531.99 · Buy at or below 207531.99; 2021-02 · Price KRW 560000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-03 · Price KRW 570000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-04 · Price KRW 555000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-05 · Price KRW 546000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-06 · Price KRW 544000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-07 · Price KRW 539000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-08 · Price KRW 517000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-09 · Price KRW 492000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-10 · Price KRW 481000.00 · Value 265310.57 · Buy at or below 265310.57; 2021-11 · Price KRW 435500.00 · Value 265310.57 · Buy at or below 265310.57; 2021-12 · Price KRW 456000.00 · Value 265310.57 · Buy at or below 265310.57; 2022-01 · Price KRW 437500.00 · Value 265310.57 · Buy at or below 265310.57; 2022-02 · Price KRW 433000.00 · Value 841295.94 · Buy at or below 841295.94; 2022-03 · Price KRW 446500.00 · Value 841295.94 · Buy at or below 841295.94; 2022-04 · Price KRW 470000.00 · Value 841295.94 · Buy at or below 841295.94; 2022-05 · Price KRW 443000.00 · Value 841295.94 · Buy at or below 841295.94; 2022-06 · Price KRW 424000.00 · Value 841295.94 · Buy at or below 841295.94; 2022-07 · Price KRW 449500.00 · Value 841295.94 · Buy at or below 841295.94; 2022-08 · Price KRW 479000.00 · Value 841295.94 · Buy at or below 841295.94; 2022-09 · Price KRW 461000.00 · Value 841295.94 · Buy at or below 841295.94; 2022-10 · Price KRW 441500.00 · Value 841295.94 · Buy at or below 841295.94; 2022-11 · Price KRW 445500.00 · Value 841295.94 · Buy at or below 841295.94; 2022-12 · Price KRW 476000.00 · Value 841295.94 · Buy at or below 841295.94; 2023-01 · Price KRW 476000.00 · Value 841295.94 · Buy at or below 841295.94; 2023-02 · Price KRW 440000.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-03 · Price KRW 448000.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-04 · Price KRW 462000.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-05 · Price KRW 444500.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-06 · Price KRW 392500.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-07 · Price KRW 356500.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-08 · Price KRW 368000.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-09 · Price KRW 365000.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-10 · Price KRW 374500.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-11 · Price KRW 378500.00 · Value 1169275.46 · Buy at or below 1169275.46; 2023-12 · Price KRW 400000.00 · Value 1169275.46 · Buy at or below 1169275.46; 2024-01 · Price KRW 400000.00 · Value 1169275.46 · Buy at or below 1169275.46; 2024-02 · Price KRW 401000.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-03 · Price KRW 395500.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-04 · Price KRW 417000.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-05 · Price KRW 455000.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-06 · Price KRW 433000.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-07 · Price KRW 436000.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-08 · Price KRW 416500.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-09 · Price KRW 426500.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-10 · Price KRW 421500.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-11 · Price KRW 413000.00 · Value 1074623.14 · Buy at or below 1074623.14; 2024-12 · Price KRW 395500.00 · Value 1074623.14 · Buy at or below 1074623.14; 2025-01 · Price KRW 384000.00 · Value 1074623.14 · Buy at or below 1074623.14; 2025-02 · Price KRW 387000.00 · Value 908473.81 · Buy at or below 908473.81; 2025-03 · Price KRW 413500.00 · Value 908473.81 · Buy at or below 908473.81; 2025-04 · Price KRW 400500.00 · Value 908473.81 · Buy at or below 908473.81; 2025-05 · Price KRW 398000.00 · Value 908473.81 · Buy at or below 908473.81; 2025-06 · Price KRW 394000.00 · Value 908473.81 · Buy at or below 908473.81; 2025-07 · Price KRW 398500.00 · Value 908473.81 · Buy at or below 908473.81; 2025-08 · Price KRW 383500.00 · Value 908473.81 · Buy at or below 908473.81; 2025-09 · Price KRW 410500.00 · Value 908473.81 · Buy at or below 908473.81; 2025-10 · Price KRW 388500.00 · Value 908473.81 · Buy at or below 908473.81; 2025-11 · Price KRW 389000.00 · Value 908473.81 · Buy at or below 908473.81; 2025-12 · Price KRW 385000.00 · Value 908473.81 · Buy at or below 908473.81; 2026-01 · Price KRW 386000.00 · Value 908473.81 · Buy at or below 908473.81; 2026-02 · Price KRW 397500.00 · Value 927610.14 · Buy at or below 927610.14; 2026-03 · Price KRW 359500.00 · Value 927610.14 · Buy at or below 927610.14; 2026-04 · Price KRW 365500.00 · Value 927610.14 · Buy at or below 927610.14; 2026-05 · Price KRW 334000.00 · Value 927610.14 · Buy at or below 927610.14; 2026-06 · Price KRW 303000.00 · Value 927610.14 · Buy at or below 927610.14; 2026-07 · Price KRW 323500.00 · Value 927610.14 · Buy at or below 927610.14; 2026-08 · Price KRW 336500.00 · Value 927610.14 · Buy at or below 927610.14; 2026-09 · Price KRW 315000.00 · Value 927610.14 · Buy at or below 927610.14; 2026-10 · Price KRW 313000.00 · Value 927610.14 · Buy at or below 927610.14; 2026-10 · Price KRW 316500.00 · Value 927610.14 · Buy at or below 927610.14

KRW per share · annual estimates

Price & return math
Value range	KRW 812,957.05 – KRW 1,050,307.52
Buy at or below	Central value KRW 927,610.14
Discount to value	1 − 316500.00 / 927610.14 = 65.9%
Return / year	About 42.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 56115.24/share; 1.3% growth for 5 years, then fades to 3.0%; excess cash KRW 177812.04/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 3.67T

Revenue

Owner earningsKRW 57B

Owner earnings

Operating margin4.8%

Operating margin

Net cash / debtKRW -123B

Net cash / debt

Diluted shares3.4M

Diluted shares

Prices 15 Oct 2026 · FY2025