# Hyundai Elevator (017800.KO)

Canonical: https://gigainvestors.com/s/017800.KO

Analysis as of: 2026-10-16T07:41:16.065Z. Financial observations: FY2000–FY2026.

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 69,200.00 per share; close as of 2026-10-15.

Estimated value: low KRW 76,353.51 per share, central KRW 96,084.10 per share, high KRW 109,068.27 per share. Buy at or below the central value KRW 96,084.10 per share. Valuation as of 2026-10-16T07:41:16.065Z; scenarios are not confidence intervals.

Expected annual return: 13.7% at the stated quote. About 13.7% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.07×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.08×

- FY2025: 0.09×

- 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: 10.7%

- ROIC, second-lowest year: 4.3%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 20.0%

- Recent gross margin (lower of latest and 3-year median): 20.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.9%

- FY2017: 10.3%

- FY2018: 11.1%

- FY2019: 10.0%

- FY2020: 13.6%

- FY2021: 7.9%

- FY2022: 2.2%

- FY2023: 4.3%

- FY2024: 12.0%

- FY2025: 16.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 822B

- Net income, five-year total: KRW 956B

- Return on incremental invested capital: 17.0%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.5 pp

- Working capital / revenue, final three-year average: 6.8%

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

- FY2021: -0.05×

- FY2022: 0.98×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 0.96×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.1% vs 12.0%

- Per-share earnings: 2297.49 to 7258.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -2.4%

- Market cap gain: KRW 1.69T

- Cumulative retained earnings: KRW 785B

- Diluted shares, 5-year annual growth: -2.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.9%

- Per-share value change: KRW 5K

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

- Per-share value, ending three-year median: KRW 7K

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 3.8%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 329B

- Cumulative net income, 10 years: KRW 1.33T

- ROIC, first three-year median: 11.1%

- ROIC, last three-year median: 12.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 3K

- FY2017: KRW 2K

- FY2018: KRW 194.93

- FY2019: KRW 1K

- FY2020: KRW 2K

- FY2021: KRW 3K

- FY2022: KRW 2K

- FY2023: KRW 9K

- FY2024: KRW 5K

- FY2025: KRW 7K

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.4%

- FY2017: 0.0%

- FY2018: -6.8%

- FY2019: -2.1%

- FY2020: -2.3%

- FY2021: -0.7%

- FY2022: 3.0%

- FY2023: 7.6%

- FY2024: -2.0%

- FY2025: 0.2%

## Holders

## Price story

Down 30% since Feb 2026 · sales +0.3%

Story as of 2026-10-16T10:00:11.849Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.4% a year for ten years

### Sales · FY2025–2026

sales +0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.99T 

- FY2018: KRW 1.88T 

- FY2019: KRW 1.87T 

- FY2020: KRW 1.82T 

- FY2021: KRW 1.97T 

- FY2022: KRW 2.13T 

- FY2023: KRW 2.60T 

- FY2024: KRW 2.89T 

- FY2025: KRW 2.47T 

- FY2026: KRW 2.47T 

### Gross margin · FY2025

gross margin 24.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.5% 

- FY2017: 19.0% 

- FY2018: 19.9% 

- FY2019: 20.1% 

- FY2020: 21.9% 

- FY2021: 18.8% 

- FY2022: 14.8% 

- FY2023: 16.9% 

- FY2024: 20.4% 

- FY2025: 24.5% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are KRW 2.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2025: revenue 2467378018760; grossProfit 605625920580; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 017800.KO: Hyundai Elevator Co., Ltd. designs, manufactures, installs, maintains, and modernizes elevators in South Korea and internationally. The company offers ultra-high speed elevators under THE EL name; high-speed elevators under the i-XEL name; and low and mid-speed elevators under the LUXEN, YZER, and N:EX names, as well as observation, freight, automobile, and marine elevators. It also provides escalators and moving walks, parking systems, and advanced remote maintenance systems. The company was incorporated in 1984 and is headquartered in Chungju-si, South Korea.

### Why customers stay

Margins ranged from 16.9% to 24.5% during 2023–25; it earns 10.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2023: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2024: grossProfit / revenue = 20.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2025: grossProfit / revenue = 24.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); 10-year return on capital observations [[2016,0.3489570701879771],[2017,0.10297553255150117],[2018,0.11073307072522083],[2019,0.09971897328974867],[2020,0.13560974650761717],[2021,0.07917036912380698],[2022,0.02203743784614357],[2023,0.043492123175999424],[2024,0.12001911224305371],[2025,0.16125256929391535]]; median 0.106854301638361. 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 45.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2016: growth capex 0; upkeep 29002154610; owner earnings 129621307630. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2019: growth capex 0; upkeep 41135113190; owner earnings 32115239720. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2020: growth capex 0; upkeep 110209243510; owner earnings 10919181830. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2022: growth capex 67285780210; upkeep 41449335000; owner earnings 76792256370. Growth capex / owner earnings = 0.8762052762950999.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2023: growth capex 11671734190; upkeep 48624269000; owner earnings 315932715730. Growth capex / owner earnings = 0.03694373393091334.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2024: growth capex 0; upkeep 62897223420; owner earnings 182432846560. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2025: growth capex 0; upkeep 48293668190; owner earnings 252778253550. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); Dividend observations: [[2016,12586906000],[2017,12586906000],[2018,12642295530],[2019,24804124530],[2020,24746760150],[2021,32832151270],[2022,32956976300],[2023,22705570860],[2024,200844477040],[2025,219841138260]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); FY2025: cash repurchases 45438033.333333336 KRW.

### Are managers owners

Insiders own 27.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 017800.KO SharesStats.PercentInsiders = 27.175 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:16.065Z); Ten-year compound average after fade. Initial solved rate -0.01787016098745725. Price 69200; 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 37,333.35 per share

- 2016-11: KRW 38,533.35 per share

- 2016-12: KRW 38,266.68 per share

- 2017-01: KRW 39,200.02 per share

- 2017-02: KRW 37,800.02 per share

- 2017-03: KRW 42,133.35 per share

- 2017-04: KRW 41,533.35 per share

- 2017-05: KRW 41,600.02 per share

- 2017-06: KRW 40,866.69 per share

- 2017-07: KRW 35,800.02 per share

- 2017-08: KRW 34,666.68 per share

- 2017-09: KRW 33,300.02 per share

- 2017-10: KRW 36,533.35 per share

- 2017-11: KRW 35,133.35 per share

- 2017-12: KRW 36,266.68 per share

- 2018-01: KRW 40,133.35 per share

- 2018-02: KRW 39,133.35 per share

- 2018-03: KRW 53,133.36 per share

- 2018-04: KRW 69,333.37 per share

- 2018-05: KRW 89,000.04 per share

- 2018-06: KRW 59,733.36 per share

- 2018-07: KRW 60,666.70 per share

- 2018-08: KRW 60,866.70 per share

- 2018-09: KRW 74,333.37 per share

- 2018-10: KRW 53,133.36 per share

- 2018-11: KRW 62,466.70 per share

- 2018-12: KRW 71,333.37 per share

- 2019-01: KRW 74,000.04 per share

- 2019-02: KRW 63,533.36 per share

- 2019-03: KRW 59,600.03 per share

- 2019-04: KRW 57,333.36 per share

- 2019-05: KRW 53,400.03 per share

- 2019-06: KRW 60,466.70 per share

- 2019-07: KRW 53,466.69 per share

- 2019-08: KRW 52,466.69 per share

- 2019-09: KRW 59,533.36 per share

- 2019-10: KRW 49,133.36 per share

- 2019-11: KRW 47,333.36 per share

- 2019-12: KRW 45,533.36 per share

- 2020-01: KRW 40,533.35 per share

- 2020-02: KRW 35,866.68 per share

- 2020-03: KRW 38,066.68 per share

- 2020-04: KRW 41,266.69 per share

- 2020-05: KRW 42,200.02 per share

- 2020-06: KRW 46,133.36 per share

- 2020-07: KRW 46,300.00 per share

- 2020-08: KRW 41,050.00 per share

- 2020-09: KRW 40,750.00 per share

- 2020-10: KRW 37,200.00 per share

- 2020-11: KRW 39,950.00 per share

- 2020-12: KRW 39,700.00 per share

- 2021-01: KRW 42,450.00 per share

- 2021-02: KRW 43,100.00 per share

- 2021-03: KRW 45,800.00 per share

- 2021-04: KRW 45,300.00 per share

- 2021-05: KRW 54,200.00 per share

- 2021-06: KRW 53,100.00 per share

- 2021-07: KRW 54,000.00 per share

- 2021-08: KRW 50,200.00 per share

- 2021-09: KRW 49,150.00 per share

- 2021-10: KRW 48,250.00 per share

- 2021-11: KRW 39,350.00 per share

- 2021-12: KRW 41,200.00 per share

- 2022-01: KRW 36,150.00 per share

- 2022-02: KRW 37,750.00 per share

- 2022-03: KRW 38,200.00 per share

- 2022-04: KRW 35,650.00 per share

- 2022-05: KRW 34,450.00 per share

- 2022-06: KRW 26,900.00 per share

- 2022-07: KRW 28,150.00 per share

- 2022-08: KRW 29,300.00 per share

- 2022-09: KRW 22,450.00 per share

- 2022-10: KRW 25,200.00 per share

- 2022-11: KRW 29,800.00 per share

- 2022-12: KRW 28,300.00 per share

- 2023-01: KRW 29,800.00 per share

- 2023-02: KRW 27,750.00 per share

- 2023-03: KRW 31,700.00 per share

- 2023-04: KRW 33,500.00 per share

- 2023-05: KRW 41,850.00 per share

- 2023-06: KRW 40,250.00 per share

- 2023-07: KRW 41,800.00 per share

- 2023-08: KRW 45,000.00 per share

- 2023-09: KRW 43,800.00 per share

- 2023-10: KRW 43,200.00 per share

- 2023-11: KRW 44,300.00 per share

- 2023-12: KRW 44,350.00 per share

- 2024-01: KRW 40,600.00 per share

- 2024-02: KRW 39,900.00 per share

- 2024-03: KRW 41,050.00 per share

- 2024-04: KRW 40,500.00 per share

- 2024-05: KRW 40,150.00 per share

- 2024-06: KRW 44,250.00 per share

- 2024-07: KRW 42,650.00 per share

- 2024-08: KRW 42,000.00 per share

- 2024-09: KRW 45,500.00 per share

- 2024-10: KRW 47,300.00 per share

- 2024-11: KRW 53,400.00 per share

- 2024-12: KRW 52,400.00 per share

- 2025-01: KRW 53,000.00 per share

- 2025-02: KRW 55,000.00 per share

- 2025-03: KRW 54,100.00 per share

- 2025-04: KRW 73,900.00 per share

- 2025-05: KRW 75,900.00 per share

- 2025-06: KRW 86,000.00 per share

- 2025-07: KRW 85,300.00 per share

- 2025-08: KRW 78,400.00 per share

- 2025-09: KRW 80,000.00 per share

- 2025-10: KRW 75,700.00 per share

- 2025-11: KRW 86,800.00 per share

- 2025-12: KRW 88,300.00 per share

- 2026-01: KRW 94,400.00 per share

- 2026-02: KRW 98,700.00 per share

- 2026-03: KRW 83,300.00 per share

- 2026-04: KRW 98,700.00 per share

- 2026-05: KRW 78,800.00 per share

- 2026-06: KRW 71,100.00 per share

- 2026-07: KRW 67,900.00 per share

- 2026-08: KRW 74,200.00 per share

- 2026-09: KRW 73,000.00 per share

- 2026-10: KRW 70,600.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 56,033.32 per share, central KRW 62,057.23 per share, high KRW 70,076.34 per share

- FY2017: low KRW 48,073.35 per share, central KRW 53,507.67 per share, high KRW 60,741.90 per share

- FY2018: low KRW 45,641.18 per share, central KRW 50,759.28 per share, high KRW 57,572.55 per share

- FY2019: low KRW 19,679.86 per share, central KRW 20,866.14 per share, high KRW 22,445.33 per share

- FY2020: low KRW 19,132.86 per share, central KRW 19,536.03 per share, high KRW 20,072.75 per share

- FY2022: low KRW 12,756.57 per share, central KRW 13,228.99 per share, high KRW 13,857.88 per share

- FY2023: low KRW 27,555.43 per share, central KRW 29,355.89 per share, high KRW 31,752.68 per share

- FY2024: low KRW 56,371.00 per share, central KRW 72,017.88 per share, high KRW 81,441.56 per share

- FY2025: low KRW 88,850.01 per share, central KRW 108,526.61 per share, high KRW 121,475.24 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 2026-10-15T06:46:54.387Z 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 Elevator

017800 · KO

KOSPI 200

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: KRW 69,200.00
Buy up to: KRW 96,084.10
Expected / yr: 13.7% 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 33.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 7.4%
Worst year: 2.0%
Latest · LTM: 9.3%

Capital return excluding acquisitions: median 10.7% (minimum 15%), and the second-worst year 4.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 10.7%
Worst year: 2.2%
Latest · 2025: 16.1%

Each $1 of profit left $0.86 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.86×
Annual median: 0.98×
Latest · 2025: 0.96×

Per-share value rose from 2297.49 to 7258, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 3K
Worst year: KRW 194.93
Latest · 2025: KRW 7K

Profits were backed by cash: accruals were 0.2% of assets (limit 10%).

Sloan accruals

10y median: -1.1%
Worst year: 7.6%
Latest · 2025: 0.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 6.9%, three-year average owner earnings per share 6,837.23 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 37333.35 · Value 62057.23 · Buy at or below 62057.23; 2016-11 · Price KRW 38533.35 · Value 62057.23 · Buy at or below 62057.23; 2016-12 · Price KRW 38266.68 · Value 62057.23 · Buy at or below 62057.23; 2017-01 · Price KRW 39200.02 · Value 62057.23 · Buy at or below 62057.23; 2017-02 · Price KRW 37800.02 · Value 53507.67 · Buy at or below 53507.67; 2017-03 · Price KRW 42133.35 · Value 53507.67 · Buy at or below 53507.67; 2017-04 · Price KRW 41533.35 · Value 53507.67 · Buy at or below 53507.67; 2017-05 · Price KRW 41600.02 · Value 53507.67 · Buy at or below 53507.67; 2017-06 · Price KRW 40866.69 · Value 53507.67 · Buy at or below 53507.67; 2017-07 · Price KRW 35800.02 · Value 53507.67 · Buy at or below 53507.67; 2017-08 · Price KRW 34666.68 · Value 53507.67 · Buy at or below 53507.67; 2017-09 · Price KRW 33300.02 · Value 53507.67 · Buy at or below 53507.67; 2017-10 · Price KRW 36533.35 · Value 53507.67 · Buy at or below 53507.67; 2017-11 · Price KRW 35133.35 · Value 53507.67 · Buy at or below 53507.67; 2017-12 · Price KRW 36266.68 · Value 53507.67 · Buy at or below 53507.67; 2018-01 · Price KRW 40133.35 · Value 53507.67 · Buy at or below 53507.67; 2018-02 · Price KRW 39133.35 · Value 50759.28 · Buy at or below 50759.28; 2018-03 · Price KRW 53133.36 · Value 50759.28 · Buy at or below 50759.28; 2018-04 · Price KRW 69333.37 · Value 50759.28 · Buy at or below 50759.28; 2018-05 · Price KRW 89000.04 · Value 50759.28 · Buy at or below 50759.28; 2018-06 · Price KRW 59733.36 · Value 50759.28 · Buy at or below 50759.28; 2018-07 · Price KRW 60666.70 · Value 50759.28 · Buy at or below 50759.28; 2018-08 · Price KRW 60866.70 · Value 50759.28 · Buy at or below 50759.28; 2018-09 · Price KRW 74333.37 · Value 50759.28 · Buy at or below 50759.28; 2018-10 · Price KRW 53133.36 · Value 50759.28 · Buy at or below 50759.28; 2018-11 · Price KRW 62466.70 · Value 50759.28 · Buy at or below 50759.28; 2018-12 · Price KRW 71333.37 · Value 50759.28 · Buy at or below 50759.28; 2019-01 · Price KRW 74000.04 · Value 50759.28 · Buy at or below 50759.28; 2019-02 · Price KRW 63533.36 · Value 20866.14 · Buy at or below 20866.14; 2019-03 · Price KRW 59600.03 · Value 20866.14 · Buy at or below 20866.14; 2019-04 · Price KRW 57333.36 · Value 20866.14 · Buy at or below 20866.14; 2019-05 · Price KRW 53400.03 · Value 20866.14 · Buy at or below 20866.14; 2019-06 · Price KRW 60466.70 · Value 20866.14 · Buy at or below 20866.14; 2019-07 · Price KRW 53466.69 · Value 20866.14 · Buy at or below 20866.14; 2019-08 · Price KRW 52466.69 · Value 20866.14 · Buy at or below 20866.14; 2019-09 · Price KRW 59533.36 · Value 20866.14 · Buy at or below 20866.14; 2019-10 · Price KRW 49133.36 · Value 20866.14 · Buy at or below 20866.14; 2019-11 · Price KRW 47333.36 · Value 20866.14 · Buy at or below 20866.14; 2019-12 · Price KRW 45533.36 · Value 20866.14 · Buy at or below 20866.14; 2020-01 · Price KRW 40533.35 · Value 20866.14 · Buy at or below 20866.14; 2020-02 · Price KRW 35866.68 · Value 19536.03 · Buy at or below 19536.03; 2020-03 · Price KRW 38066.68 · Value 19536.03 · Buy at or below 19536.03; 2020-04 · Price KRW 41266.69 · Value 19536.03 · Buy at or below 19536.03; 2020-05 · Price KRW 42200.02 · Value 19536.03 · Buy at or below 19536.03; 2020-06 · Price KRW 46133.36 · Value 19536.03 · Buy at or below 19536.03; 2020-07 · Price KRW 46300.00 · Value 19536.03 · Buy at or below 19536.03; 2020-08 · Price KRW 41050.00 · Value 19536.03 · Buy at or below 19536.03; 2020-09 · Price KRW 40750.00 · Value 19536.03 · Buy at or below 19536.03; 2020-10 · Price KRW 37200.00 · Value 19536.03 · Buy at or below 19536.03; 2020-11 · Price KRW 39950.00 · Value 19536.03 · Buy at or below 19536.03; 2020-12 · Price KRW 39700.00 · Value 19536.03 · Buy at or below 19536.03; 2021-01 · Price KRW 42450.00 · Value 19536.03 · Buy at or below 19536.03; 2021-02 · Price KRW 43100.00; 2021-03 · Price KRW 45800.00; 2021-04 · Price KRW 45300.00; 2021-05 · Price KRW 54200.00; 2021-06 · Price KRW 53100.00; 2021-07 · Price KRW 54000.00; 2021-08 · Price KRW 50200.00; 2021-09 · Price KRW 49150.00; 2021-10 · Price KRW 48250.00; 2021-11 · Price KRW 39350.00; 2021-12 · Price KRW 41200.00; 2022-01 · Price KRW 36150.00 · Value 13228.99 · Buy at or below 13228.99; 2022-02 · Price KRW 37750.00 · Value 13228.99 · Buy at or below 13228.99; 2022-03 · Price KRW 38200.00 · Value 13228.99 · Buy at or below 13228.99; 2022-04 · Price KRW 35650.00 · Value 13228.99 · Buy at or below 13228.99; 2022-05 · Price KRW 34450.00 · Value 13228.99 · Buy at or below 13228.99; 2022-06 · Price KRW 26900.00 · Value 13228.99 · Buy at or below 13228.99; 2022-07 · Price KRW 28150.00 · Value 13228.99 · Buy at or below 13228.99; 2022-08 · Price KRW 29300.00 · Value 13228.99 · Buy at or below 13228.99; 2022-09 · Price KRW 22450.00 · Value 13228.99 · Buy at or below 13228.99; 2022-10 · Price KRW 25200.00 · Value 13228.99 · Buy at or below 13228.99; 2022-11 · Price KRW 29800.00 · Value 13228.99 · Buy at or below 13228.99; 2022-12 · Price KRW 28300.00 · Value 13228.99 · Buy at or below 13228.99; 2023-01 · Price KRW 29800.00 · Value 13228.99 · Buy at or below 13228.99; 2023-02 · Price KRW 27750.00 · Value 29355.89 · Buy at or below 29355.89; 2023-03 · Price KRW 31700.00 · Value 29355.89 · Buy at or below 29355.89; 2023-04 · Price KRW 33500.00 · Value 29355.89 · Buy at or below 29355.89; 2023-05 · Price KRW 41850.00 · Value 29355.89 · Buy at or below 29355.89; 2023-06 · Price KRW 40250.00 · Value 29355.89 · Buy at or below 29355.89; 2023-07 · Price KRW 41800.00 · Value 29355.89 · Buy at or below 29355.89; 2023-08 · Price KRW 45000.00 · Value 29355.89 · Buy at or below 29355.89; 2023-09 · Price KRW 43800.00 · Value 29355.89 · Buy at or below 29355.89; 2023-10 · Price KRW 43200.00 · Value 29355.89 · Buy at or below 29355.89; 2023-11 · Price KRW 44300.00 · Value 29355.89 · Buy at or below 29355.89; 2023-12 · Price KRW 44350.00 · Value 29355.89 · Buy at or below 29355.89; 2024-01 · Price KRW 40600.00 · Value 29355.89 · Buy at or below 29355.89; 2024-02 · Price KRW 39900.00 · Value 72017.88 · Buy at or below 72017.88; 2024-03 · Price KRW 41050.00 · Value 72017.88 · Buy at or below 72017.88; 2024-04 · Price KRW 40500.00 · Value 72017.88 · Buy at or below 72017.88; 2024-05 · Price KRW 40150.00 · Value 72017.88 · Buy at or below 72017.88; 2024-06 · Price KRW 44250.00 · Value 72017.88 · Buy at or below 72017.88; 2024-07 · Price KRW 42650.00 · Value 72017.88 · Buy at or below 72017.88; 2024-08 · Price KRW 42000.00 · Value 72017.88 · Buy at or below 72017.88; 2024-09 · Price KRW 45500.00 · Value 72017.88 · Buy at or below 72017.88; 2024-10 · Price KRW 47300.00 · Value 72017.88 · Buy at or below 72017.88; 2024-11 · Price KRW 53400.00 · Value 72017.88 · Buy at or below 72017.88; 2024-12 · Price KRW 52400.00 · Value 72017.88 · Buy at or below 72017.88; 2025-01 · Price KRW 53000.00 · Value 72017.88 · Buy at or below 72017.88; 2025-02 · Price KRW 55000.00 · Value 108526.61 · Buy at or below 108526.61; 2025-03 · Price KRW 54100.00 · Value 108526.61 · Buy at or below 108526.61; 2025-04 · Price KRW 73900.00 · Value 108526.61 · Buy at or below 108526.61; 2025-05 · Price KRW 75900.00 · Value 108526.61 · Buy at or below 108526.61; 2025-06 · Price KRW 86000.00 · Value 108526.61 · Buy at or below 108526.61; 2025-07 · Price KRW 85300.00 · Value 108526.61 · Buy at or below 108526.61; 2025-08 · Price KRW 78400.00 · Value 108526.61 · Buy at or below 108526.61; 2025-09 · Price KRW 80000.00 · Value 108526.61 · Buy at or below 108526.61; 2025-10 · Price KRW 75700.00 · Value 108526.61 · Buy at or below 108526.61; 2025-11 · Price KRW 86800.00 · Value 108526.61 · Buy at or below 108526.61; 2025-12 · Price KRW 88300.00 · Value 108526.61 · Buy at or below 108526.61; 2026-01 · Price KRW 94400.00 · Value 108526.61 · Buy at or below 108526.61; 2026-02 · Price KRW 98700.00 · Value 96084.10 · Buy at or below 96084.10; 2026-03 · Price KRW 83300.00 · Value 96084.10 · Buy at or below 96084.10; 2026-04 · Price KRW 98700.00 · Value 96084.10 · Buy at or below 96084.10; 2026-05 · Price KRW 78800.00 · Value 96084.10 · Buy at or below 96084.10; 2026-06 · Price KRW 71100.00 · Value 96084.10 · Buy at or below 96084.10; 2026-07 · Price KRW 67900.00 · Value 96084.10 · Buy at or below 96084.10; 2026-08 · Price KRW 74200.00 · Value 96084.10 · Buy at or below 96084.10; 2026-09 · Price KRW 73000.00 · Value 96084.10 · Buy at or below 96084.10; 2026-10 · Price KRW 70600.00 · Value 96084.10 · Buy at or below 96084.10; 2026-10 · Price KRW 69200.00 · Value 96084.10 · Buy at or below 96084.10

KRW per share · annual estimates

Price & return math
Value range	KRW 76,353.51 – KRW 109,068.27
Buy at or below	Central value KRW 96,084.10
Discount to value	1 − 69200.00 / 96084.10 = 28.0%
Return / year	About 13.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 4332.87/share; 6.1% growth for 5 years, then fades to 3.0%; excess cash KRW 20467.43/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 2.47T

Revenue

Owner earningsKRW 253B

Owner earnings

Operating margin9.3%

Operating margin

Net cash / debtKRW 306B

Net cash / debt

Diluted shares36M

Diluted shares

Prices 15 Oct 2026 · FY2025