# Cheil Worldwide (030000.KO)

Canonical: https://gigainvestors.com/s/030000.KO

Analysis as of: 2026-10-16T07:42:18.508Z. Financial observations: FY2001–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 19,390.00 per share; close as of 2026-10-15.

Estimated value: low KRW 37,294.96 per share, central KRW 50,052.31 per share, high KRW 57,480.94 per share. Buy at or below the central value KRW 50,052.31 per share. Valuation as of 2026-10-16T07:42:18.508Z; scenarios are not confidence intervals.

Expected annual return: 26.2% at the stated quote. About 26.2% 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: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.07×

- FY2025: 0.07×

- LTM to Jun 2026: 0.07×

### moat: pass

- ROIC, median of available years: 30.3%

- ROIC, second-lowest year: 25.5%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 37.3%

- Recent gross margin (lower of latest and 3-year median): 39.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 20.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 40.2%

- FY2017: 30.5%

- FY2018: 35.2%

- FY2019: 27.3%

- FY2020: 32.0%

- FY2021: 28.8%

- FY2022: 30.1%

- FY2023: 23.5%

- FY2024: 33.0%

- FY2025: 25.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.01T

- Net income, five-year total: KRW 962B

- Return on incremental invested capital: 33.2%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 5.3 pp

- Working capital / revenue, final three-year average: 23.9%

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

- FY2021: 1.11×

- FY2022: 1.09×

- FY2023: 1.08×

- FY2024: 1.04×

- FY2025: 0.94×

### management: pass

- 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: 35.2% vs 25.5%

- Per-share earnings: 1251.78 to 2049.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: KRW 532B

- Cumulative retained earnings: KRW 694B

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.3%

- Per-share value change: KRW 797.22

- Per-share value, starting three-year median: KRW 1K

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

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 95B

- Cumulative net income, 10 years: KRW 1.60T

- ROIC, first three-year median: 35.2%

- ROIC, last three-year median: 25.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 871.49

- FY2017: KRW 1K

- FY2018: KRW 1K

- FY2019: KRW 1K

- FY2020: KRW 2K

- FY2021: KRW 2K

- FY2022: KRW 2K

- FY2023: KRW 2K

- FY2024: KRW 2K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -0.1%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: 3.9%

- FY2018: -4.3%

- FY2019: -2.8%

- FY2020: -2.8%

- FY2021: -3.3%

- FY2022: 0.3%

- FY2023: -2.7%

- FY2024: -4.2%

- FY2025: -0.1%

## Holders

## Price story

Down 25% since May 2022 · sales -1.5%

Story as of 2026-10-16T10:00:12.315Z; price observation 2026-10-15.

Price needs cash profits to shrink 9.6% 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 3.37T 

- FY2018: KRW 3.48T 

- FY2019: KRW 3.42T 

- FY2020: KRW 2.75T 

- FY2021: KRW 3.33T 

- FY2022: KRW 4.25T 

- FY2023: KRW 4.14T 

- FY2024: KRW 4.34T 

- FY2025: KRW 4.55T 

- FY2026: KRW 4.48T 

### Gross margin · FY2025

gross margin 40.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.9% 

- FY2017: 30.0% 

- FY2018: 31.1% 

- FY2019: 34.0% 

- FY2020: 40.2% 

- FY2021: 38.5% 

- FY2022: 36.2% 

- FY2023: 39.1% 

- FY2024: 39.8% 

- FY2025: 40.9% 

## Owner memo

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

### How it makes money

Operates in advertising agencies; annual sales are KRW 4.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2025: revenue 4546894943220; grossProfit 1859921025500; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 39.1% to 40.9% during 2023–25; it earns 30.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2023: grossProfit / revenue = 39.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2024: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2025: grossProfit / revenue = 40.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); 10-year return on capital observations [[2016,0.4016269260433316],[2017,0.3049153749594781],[2018,0.35170424205920725],[2019,0.27252008873976447],[2020,0.31965060776978077],[2021,0.2876773294804157],[2022,0.300526512962045],[2023,0.23534020773383166],[2024,0.3302207060973423],[2025,0.2549988711491284]]; median 0.30272094396076155. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2016: growth capex 0; upkeep 27096975870; owner earnings 72706625290. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2017: growth capex 0; upkeep 20743857910; owner earnings 18346340080. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2018: growth capex 0; upkeep 20280265840; owner earnings 203733750240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2019: growth capex 0; upkeep 23432505140; owner earnings 115443179278. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2020: growth capex 0; upkeep 12462944890; owner earnings 143817900672. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2021: growth capex 0; upkeep 13910544140; owner earnings 183899260094. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2022: growth capex 0; upkeep 18715369240; owner earnings 212041121422. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2023: growth capex 0; upkeep 26189269850; owner earnings 201553752752. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2024: growth capex 0; upkeep 39019625960; owner earnings 215025591296. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); FY2025: growth capex 0; upkeep 40637095420; owner earnings 194637377886. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); Dividend observations: [[2016,31180958560],[2017,34184630820],[2018,78071642890],[2019,78490672370],[2020,83860269850],[2021,89324926200],[2022,100459336040],[2023,117410332820],[2024,112748949810],[2025,124564318070]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 030000.KO SharesStats.PercentInsiders = 28.296 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 9.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:18.508Z); Ten-year compound average after fade. Initial solved rate -0.14718031399629844. Price 19390; 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 16,950.00 per share

- 2016-11: KRW 14,950.00 per share

- 2016-12: KRW 15,750.00 per share

- 2017-01: KRW 18,550.00 per share

- 2017-02: KRW 18,950.00 per share

- 2017-03: KRW 19,000.00 per share

- 2017-04: KRW 18,450.00 per share

- 2017-05: KRW 19,200.00 per share

- 2017-06: KRW 18,400.00 per share

- 2017-07: KRW 20,350.00 per share

- 2017-08: KRW 19,000.00 per share

- 2017-09: KRW 18,200.00 per share

- 2017-10: KRW 20,800.00 per share

- 2017-11: KRW 20,100.00 per share

- 2017-12: KRW 21,200.00 per share

- 2018-01: KRW 21,250.00 per share

- 2018-02: KRW 18,600.00 per share

- 2018-03: KRW 18,000.00 per share

- 2018-04: KRW 19,100.00 per share

- 2018-05: KRW 19,800.00 per share

- 2018-06: KRW 20,650.00 per share

- 2018-07: KRW 20,200.00 per share

- 2018-08: KRW 19,300.00 per share

- 2018-09: KRW 21,650.00 per share

- 2018-10: KRW 22,700.00 per share

- 2018-11: KRW 23,450.00 per share

- 2018-12: KRW 22,500.00 per share

- 2019-01: KRW 23,500.00 per share

- 2019-02: KRW 25,050.00 per share

- 2019-03: KRW 24,200.00 per share

- 2019-04: KRW 25,450.00 per share

- 2019-05: KRW 26,400.00 per share

- 2019-06: KRW 29,400.00 per share

- 2019-07: KRW 27,000.00 per share

- 2019-08: KRW 26,400.00 per share

- 2019-09: KRW 24,800.00 per share

- 2019-10: KRW 24,750.00 per share

- 2019-11: KRW 23,650.00 per share

- 2019-12: KRW 24,050.00 per share

- 2020-01: KRW 21,150.00 per share

- 2020-02: KRW 19,350.00 per share

- 2020-03: KRW 15,850.00 per share

- 2020-04: KRW 17,700.00 per share

- 2020-05: KRW 16,600.00 per share

- 2020-06: KRW 16,400.00 per share

- 2020-07: KRW 19,200.00 per share

- 2020-08: KRW 18,250.00 per share

- 2020-09: KRW 20,950.00 per share

- 2020-10: KRW 20,850.00 per share

- 2020-11: KRW 20,750.00 per share

- 2020-12: KRW 20,600.00 per share

- 2021-01: KRW 19,300.00 per share

- 2021-02: KRW 19,450.00 per share

- 2021-03: KRW 21,250.00 per share

- 2021-04: KRW 21,950.00 per share

- 2021-05: KRW 25,900.00 per share

- 2021-06: KRW 25,150.00 per share

- 2021-07: KRW 24,200.00 per share

- 2021-08: KRW 23,100.00 per share

- 2021-09: KRW 22,800.00 per share

- 2021-10: KRW 23,850.00 per share

- 2021-11: KRW 21,700.00 per share

- 2021-12: KRW 22,850.00 per share

- 2022-01: KRW 21,950.00 per share

- 2022-02: KRW 22,500.00 per share

- 2022-03: KRW 23,550.00 per share

- 2022-04: KRW 25,300.00 per share

- 2022-05: KRW 26,000.00 per share

- 2022-06: KRW 23,750.00 per share

- 2022-07: KRW 22,800.00 per share

- 2022-08: KRW 21,900.00 per share

- 2022-09: KRW 22,700.00 per share

- 2022-10: KRW 24,450.00 per share

- 2022-11: KRW 24,250.00 per share

- 2022-12: KRW 23,050.00 per share

- 2023-01: KRW 21,950.00 per share

- 2023-02: KRW 20,000.00 per share

- 2023-03: KRW 18,620.00 per share

- 2023-04: KRW 18,490.00 per share

- 2023-05: KRW 18,330.00 per share

- 2023-06: KRW 18,130.00 per share

- 2023-07: KRW 18,150.00 per share

- 2023-08: KRW 18,850.00 per share

- 2023-09: KRW 20,050.00 per share

- 2023-10: KRW 19,860.00 per share

- 2023-11: KRW 19,570.00 per share

- 2023-12: KRW 19,030.00 per share

- 2024-01: KRW 18,370.00 per share

- 2024-02: KRW 18,500.00 per share

- 2024-03: KRW 18,780.00 per share

- 2024-04: KRW 18,920.00 per share

- 2024-05: KRW 18,690.00 per share

- 2024-06: KRW 18,400.00 per share

- 2024-07: KRW 17,750.00 per share

- 2024-08: KRW 18,160.00 per share

- 2024-09: KRW 18,390.00 per share

- 2024-10: KRW 18,440.00 per share

- 2024-11: KRW 18,170.00 per share

- 2024-12: KRW 16,950.00 per share

- 2025-01: KRW 17,180.00 per share

- 2025-02: KRW 17,870.00 per share

- 2025-03: KRW 18,020.00 per share

- 2025-04: KRW 18,550.00 per share

- 2025-05: KRW 18,360.00 per share

- 2025-06: KRW 20,050.00 per share

- 2025-07: KRW 19,880.00 per share

- 2025-08: KRW 19,800.00 per share

- 2025-09: KRW 20,300.00 per share

- 2025-10: KRW 20,350.00 per share

- 2025-11: KRW 22,650.00 per share

- 2025-12: KRW 21,000.00 per share

- 2026-01: KRW 21,950.00 per share

- 2026-02: KRW 21,950.00 per share

- 2026-03: KRW 18,970.00 per share

- 2026-04: KRW 20,050.00 per share

- 2026-05: KRW 18,460.00 per share

- 2026-06: KRW 18,200.00 per share

- 2026-07: KRW 18,930.00 per share

- 2026-08: KRW 19,190.00 per share

- 2026-09: KRW 18,740.00 per share

- 2026-10: KRW 19,440.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 11,447.34 per share, central KRW 12,529.23 per share, high KRW 13,969.44 per share

- FY2017: low KRW 11,194.63 per share, central KRW 12,320.85 per share, high KRW 13,820.08 per share

- FY2018: low KRW 15,157.18 per share, central KRW 16,718.66 per share, high KRW 18,797.32 per share

- FY2019: low KRW 15,637.77 per share, central KRW 17,174.02 per share, high KRW 19,219.08 per share

- FY2020: low KRW 15,044.54 per share, central KRW 16,424.10 per share, high KRW 18,260.59 per share

- FY2021: low KRW 24,622.82 per share, central KRW 27,212.83 per share, high KRW 30,660.67 per share

- FY2022: low KRW 35,286.94 per share, central KRW 48,092.88 per share, high KRW 55,549.79 per share

- FY2023: low KRW 33,552.54 per share, central KRW 45,154.96 per share, high KRW 51,982.91 per share

- FY2024: low KRW 36,563.12 per share, central KRW 48,946.71 per share, high KRW 56,178.08 per share

- FY2025: low KRW 37,594.38 per share, central KRW 50,538.51 per share, high KRW 58,075.90 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 2026-10-15T06:48:12.688Z 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.

Cheil Worldwide

030000 · KO

KOSPI 200

A wonderful business at a fair price

Passes the quality tests.

Share price: KRW 19,390.00
Buy up to: KRW 50,052.31
Expected / yr: 26.2% 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 14.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 7.4%
Worst year: 4.6%
Latest · LTM: 7.0%

Capital return excluding acquisitions: median 30.3% (minimum 15%), and the second-worst year 25.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 30.3%
Worst year: 23.5%
Latest · 2025: 25.5%

Each $1 of profit left $1.05 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.05×
Annual median: 1.08×
Latest · 2025: 0.94×

Per-share value rose from 1251.78 to 2049, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW 871.49
Latest · 2025: KRW 2K

Profits were backed by cash: accruals were -0.1% of assets (limit 10%).

Sloan accruals

10y median: -2.7%
Worst year: 3.9%
Latest · 2025: -0.1%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 6.5%, three-year average owner earnings per share 2,011.47 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 16950.00 · Value 12529.23 · Buy at or below 12529.23; 2016-11 · Price KRW 14950.00 · Value 12529.23 · Buy at or below 12529.23; 2016-12 · Price KRW 15750.00 · Value 12529.23 · Buy at or below 12529.23; 2017-01 · Price KRW 18550.00 · Value 12529.23 · Buy at or below 12529.23; 2017-02 · Price KRW 18950.00 · Value 12320.85 · Buy at or below 12320.85; 2017-03 · Price KRW 19000.00 · Value 12320.85 · Buy at or below 12320.85; 2017-04 · Price KRW 18450.00 · Value 12320.85 · Buy at or below 12320.85; 2017-05 · Price KRW 19200.00 · Value 12320.85 · Buy at or below 12320.85; 2017-06 · Price KRW 18400.00 · Value 12320.85 · Buy at or below 12320.85; 2017-07 · Price KRW 20350.00 · Value 12320.85 · Buy at or below 12320.85; 2017-08 · Price KRW 19000.00 · Value 12320.85 · Buy at or below 12320.85; 2017-09 · Price KRW 18200.00 · Value 12320.85 · Buy at or below 12320.85; 2017-10 · Price KRW 20800.00 · Value 12320.85 · Buy at or below 12320.85; 2017-11 · Price KRW 20100.00 · Value 12320.85 · Buy at or below 12320.85; 2017-12 · Price KRW 21200.00 · Value 12320.85 · Buy at or below 12320.85; 2018-01 · Price KRW 21250.00 · Value 12320.85 · Buy at or below 12320.85; 2018-02 · Price KRW 18600.00 · Value 16718.66 · Buy at or below 16718.66; 2018-03 · Price KRW 18000.00 · Value 16718.66 · Buy at or below 16718.66; 2018-04 · Price KRW 19100.00 · Value 16718.66 · Buy at or below 16718.66; 2018-05 · Price KRW 19800.00 · Value 16718.66 · Buy at or below 16718.66; 2018-06 · Price KRW 20650.00 · Value 16718.66 · Buy at or below 16718.66; 2018-07 · Price KRW 20200.00 · Value 16718.66 · Buy at or below 16718.66; 2018-08 · Price KRW 19300.00 · Value 16718.66 · Buy at or below 16718.66; 2018-09 · Price KRW 21650.00 · Value 16718.66 · Buy at or below 16718.66; 2018-10 · Price KRW 22700.00 · Value 16718.66 · Buy at or below 16718.66; 2018-11 · Price KRW 23450.00 · Value 16718.66 · Buy at or below 16718.66; 2018-12 · Price KRW 22500.00 · Value 16718.66 · Buy at or below 16718.66; 2019-01 · Price KRW 23500.00 · Value 16718.66 · Buy at or below 16718.66; 2019-02 · Price KRW 25050.00 · Value 17174.02 · Buy at or below 17174.02; 2019-03 · Price KRW 24200.00 · Value 17174.02 · Buy at or below 17174.02; 2019-04 · Price KRW 25450.00 · Value 17174.02 · Buy at or below 17174.02; 2019-05 · Price KRW 26400.00 · Value 17174.02 · Buy at or below 17174.02; 2019-06 · Price KRW 29400.00 · Value 17174.02 · Buy at or below 17174.02; 2019-07 · Price KRW 27000.00 · Value 17174.02 · Buy at or below 17174.02; 2019-08 · Price KRW 26400.00 · Value 17174.02 · Buy at or below 17174.02; 2019-09 · Price KRW 24800.00 · Value 17174.02 · Buy at or below 17174.02; 2019-10 · Price KRW 24750.00 · Value 17174.02 · Buy at or below 17174.02; 2019-11 · Price KRW 23650.00 · Value 17174.02 · Buy at or below 17174.02; 2019-12 · Price KRW 24050.00 · Value 17174.02 · Buy at or below 17174.02; 2020-01 · Price KRW 21150.00 · Value 17174.02 · Buy at or below 17174.02; 2020-02 · Price KRW 19350.00 · Value 16424.10 · Buy at or below 16424.10; 2020-03 · Price KRW 15850.00 · Value 16424.10 · Buy at or below 16424.10; 2020-04 · Price KRW 17700.00 · Value 16424.10 · Buy at or below 16424.10; 2020-05 · Price KRW 16600.00 · Value 16424.10 · Buy at or below 16424.10; 2020-06 · Price KRW 16400.00 · Value 16424.10 · Buy at or below 16424.10; 2020-07 · Price KRW 19200.00 · Value 16424.10 · Buy at or below 16424.10; 2020-08 · Price KRW 18250.00 · Value 16424.10 · Buy at or below 16424.10; 2020-09 · Price KRW 20950.00 · Value 16424.10 · Buy at or below 16424.10; 2020-10 · Price KRW 20850.00 · Value 16424.10 · Buy at or below 16424.10; 2020-11 · Price KRW 20750.00 · Value 16424.10 · Buy at or below 16424.10; 2020-12 · Price KRW 20600.00 · Value 16424.10 · Buy at or below 16424.10; 2021-01 · Price KRW 19300.00 · Value 16424.10 · Buy at or below 16424.10; 2021-02 · Price KRW 19450.00 · Value 27212.83 · Buy at or below 27212.83; 2021-03 · Price KRW 21250.00 · Value 27212.83 · Buy at or below 27212.83; 2021-04 · Price KRW 21950.00 · Value 27212.83 · Buy at or below 27212.83; 2021-05 · Price KRW 25900.00 · Value 27212.83 · Buy at or below 27212.83; 2021-06 · Price KRW 25150.00 · Value 27212.83 · Buy at or below 27212.83; 2021-07 · Price KRW 24200.00 · Value 27212.83 · Buy at or below 27212.83; 2021-08 · Price KRW 23100.00 · Value 27212.83 · Buy at or below 27212.83; 2021-09 · Price KRW 22800.00 · Value 27212.83 · Buy at or below 27212.83; 2021-10 · Price KRW 23850.00 · Value 27212.83 · Buy at or below 27212.83; 2021-11 · Price KRW 21700.00 · Value 27212.83 · Buy at or below 27212.83; 2021-12 · Price KRW 22850.00 · Value 27212.83 · Buy at or below 27212.83; 2022-01 · Price KRW 21950.00 · Value 27212.83 · Buy at or below 27212.83; 2022-02 · Price KRW 22500.00 · Value 48092.88 · Buy at or below 48092.88; 2022-03 · Price KRW 23550.00 · Value 48092.88 · Buy at or below 48092.88; 2022-04 · Price KRW 25300.00 · Value 48092.88 · Buy at or below 48092.88; 2022-05 · Price KRW 26000.00 · Value 48092.88 · Buy at or below 48092.88; 2022-06 · Price KRW 23750.00 · Value 48092.88 · Buy at or below 48092.88; 2022-07 · Price KRW 22800.00 · Value 48092.88 · Buy at or below 48092.88; 2022-08 · Price KRW 21900.00 · Value 48092.88 · Buy at or below 48092.88; 2022-09 · Price KRW 22700.00 · Value 48092.88 · Buy at or below 48092.88; 2022-10 · Price KRW 24450.00 · Value 48092.88 · Buy at or below 48092.88; 2022-11 · Price KRW 24250.00 · Value 48092.88 · Buy at or below 48092.88; 2022-12 · Price KRW 23050.00 · Value 48092.88 · Buy at or below 48092.88; 2023-01 · Price KRW 21950.00 · Value 48092.88 · Buy at or below 48092.88; 2023-02 · Price KRW 20000.00 · Value 45154.96 · Buy at or below 45154.96; 2023-03 · Price KRW 18620.00 · Value 45154.96 · Buy at or below 45154.96; 2023-04 · Price KRW 18490.00 · Value 45154.96 · Buy at or below 45154.96; 2023-05 · Price KRW 18330.00 · Value 45154.96 · Buy at or below 45154.96; 2023-06 · Price KRW 18130.00 · Value 45154.96 · Buy at or below 45154.96; 2023-07 · Price KRW 18150.00 · Value 45154.96 · Buy at or below 45154.96; 2023-08 · Price KRW 18850.00 · Value 45154.96 · Buy at or below 45154.96; 2023-09 · Price KRW 20050.00 · Value 45154.96 · Buy at or below 45154.96; 2023-10 · Price KRW 19860.00 · Value 45154.96 · Buy at or below 45154.96; 2023-11 · Price KRW 19570.00 · Value 45154.96 · Buy at or below 45154.96; 2023-12 · Price KRW 19030.00 · Value 45154.96 · Buy at or below 45154.96; 2024-01 · Price KRW 18370.00 · Value 45154.96 · Buy at or below 45154.96; 2024-02 · Price KRW 18500.00 · Value 48946.71 · Buy at or below 48946.71; 2024-03 · Price KRW 18780.00 · Value 48946.71 · Buy at or below 48946.71; 2024-04 · Price KRW 18920.00 · Value 48946.71 · Buy at or below 48946.71; 2024-05 · Price KRW 18690.00 · Value 48946.71 · Buy at or below 48946.71; 2024-06 · Price KRW 18400.00 · Value 48946.71 · Buy at or below 48946.71; 2024-07 · Price KRW 17750.00 · Value 48946.71 · Buy at or below 48946.71; 2024-08 · Price KRW 18160.00 · Value 48946.71 · Buy at or below 48946.71; 2024-09 · Price KRW 18390.00 · Value 48946.71 · Buy at or below 48946.71; 2024-10 · Price KRW 18440.00 · Value 48946.71 · Buy at or below 48946.71; 2024-11 · Price KRW 18170.00 · Value 48946.71 · Buy at or below 48946.71; 2024-12 · Price KRW 16950.00 · Value 48946.71 · Buy at or below 48946.71; 2025-01 · Price KRW 17180.00 · Value 48946.71 · Buy at or below 48946.71; 2025-02 · Price KRW 17870.00 · Value 50538.51 · Buy at or below 50538.51; 2025-03 · Price KRW 18020.00 · Value 50538.51 · Buy at or below 50538.51; 2025-04 · Price KRW 18550.00 · Value 50538.51 · Buy at or below 50538.51; 2025-05 · Price KRW 18360.00 · Value 50538.51 · Buy at or below 50538.51; 2025-06 · Price KRW 20050.00 · Value 50538.51 · Buy at or below 50538.51; 2025-07 · Price KRW 19880.00 · Value 50538.51 · Buy at or below 50538.51; 2025-08 · Price KRW 19800.00 · Value 50538.51 · Buy at or below 50538.51; 2025-09 · Price KRW 20300.00 · Value 50538.51 · Buy at or below 50538.51; 2025-10 · Price KRW 20350.00 · Value 50538.51 · Buy at or below 50538.51; 2025-11 · Price KRW 22650.00 · Value 50538.51 · Buy at or below 50538.51; 2025-12 · Price KRW 21000.00 · Value 50538.51 · Buy at or below 50538.51; 2026-01 · Price KRW 21950.00 · Value 50538.51 · Buy at or below 50538.51; 2026-02 · Price KRW 21950.00 · Value 50052.31 · Buy at or below 50052.31; 2026-03 · Price KRW 18970.00 · Value 50052.31 · Buy at or below 50052.31; 2026-04 · Price KRW 20050.00 · Value 50052.31 · Buy at or below 50052.31; 2026-05 · Price KRW 18460.00 · Value 50052.31 · Buy at or below 50052.31; 2026-06 · Price KRW 18200.00 · Value 50052.31 · Buy at or below 50052.31; 2026-07 · Price KRW 18930.00 · Value 50052.31 · Buy at or below 50052.31; 2026-08 · Price KRW 19190.00 · Value 50052.31 · Buy at or below 50052.31; 2026-09 · Price KRW 18740.00 · Value 50052.31 · Buy at or below 50052.31; 2026-10 · Price KRW 19440.00 · Value 50052.31 · Buy at or below 50052.31; 2026-10 · Price KRW 19390.00 · Value 50052.31 · Buy at or below 50052.31

KRW per share · annual estimates

Price & return math
Value range	KRW 37,294.96 – KRW 57,480.94
Buy at or below	Central value KRW 50,052.31
Discount to value	1 − 19390.00 / 50052.31 = 61.3%
Return / year	About 26.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 2189.80/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 7524.56/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 4.48T

Revenue

Owner earningsKRW 195B

Owner earnings

Operating margin7.0%

Operating margin

Net cash / debtKRW 832B

Net cash / debt

Diluted shares101M

Diluted shares

Prices 15 Oct 2026 · FY2025