# LG Uplus (032640.KO)

Canonical: https://gigainvestors.com/s/032640.KO

Analysis as of: 2026-10-16T07:37:49.147Z. Financial observations: FY2010–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 15,070.00 per share; close as of 2026-10-15.

Estimated value: low KRW 20,010.83 per share, central KRW 22,460.88 per share, high KRW 25,722.41 per share. Buy at or below the central value KRW 22,460.88 per share. Valuation as of 2026-10-16T07:37:49.147Z; scenarios are not confidence intervals.

Expected annual return: 14.2% at the stated quote. About 14.2% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.06×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 79.7%

- Recent gross margin (lower of latest and 3-year median): 78.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.3%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.8%

- FY2017: 8.4%

- FY2018: 5.8%

- FY2019: 4.5%

- FY2020: 4.6%

- FY2021: 5.8%

- FY2022: 6.0%

- FY2023: 5.5%

- FY2024: 4.2%

- FY2025: 4.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 3.18T

- Net income, five-year total: KRW 2.90T

- Return on incremental invested capital: >100%

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

- Working capital / revenue, change between three-year averages: -4.2 pp

- Working capital / revenue, final three-year average: 12.1%

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

- FY2021: 0.99×

- FY2022: 0.94×

- FY2023: 0.64×

- FY2024: 1.22×

- FY2025: 1.92×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.8% vs 4.5%

- Per-share earnings: 1103.12 to 1221.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: KRW 665B

- Cumulative retained earnings: KRW 3.65T

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.7%

- Per-share value change: KRW 117.88

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

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

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.3%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 2.29T

- Cumulative net income, 10 years: KRW 5.32T

- ROIC, first three-year median: 6.8%

- ROIC, last three-year median: 4.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 1K

- FY2018: KRW 1K

- FY2019: KRW 1K

- FY2020: KRW 1K

- FY2021: KRW 2K

- FY2022: KRW 2K

- FY2023: KRW 1K

- FY2024: KRW 871.00

- FY2025: KRW 1K

### accounting: pass

- Sloan accruals: -12.4%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.66×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.4%

- FY2017: -14.5%

- FY2018: -11.4%

- FY2019: -10.1%

- FY2020: -11.3%

- FY2021: -13.9%

- FY2022: -14.4%

- FY2023: -11.7%

- FY2024: -15.0%

- FY2025: -12.4%

## Holders

## Price story

Price needs cash profits to shrink 4.8% a year for ten years · sales +5.7%

Story as of 2026-10-16T10:00:09.485Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.8% a year for ten years

### Sales · FY2024–2025

sales +5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 11.45T 

- FY2017: KRW 12.28T 

- FY2018: KRW 12.13T 

- FY2019: KRW 12.38T 

- FY2020: KRW 13.42T 

- FY2021: KRW 13.85T 

- FY2022: KRW 13.91T 

- FY2023: KRW 14.37T 

- FY2024: KRW 14.63T 

- FY2025: KRW 15.45T 

### Gross margin · FY2025

gross margin 78.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 75.2% 

- FY2019: 72.2% 

- FY2020: 77.8% 

- FY2021: 79.4% 

- FY2022: 80.9% 

- FY2023: 80.0% 

- FY2024: 80.0% 

- FY2025: 78.6% 

## Owner memo

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

### How it makes money

Operates in telecom services; annual sales are KRW 15.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2025: revenue 15451745000000; grossProfit 12146813000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 78.6% to 80% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2023: grossProfit / revenue = 80%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2024: grossProfit / revenue = 80%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2025: grossProfit / revenue = 78.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); 10-year return on capital observations [[2016,0.06790153937681909],[2017,0.08413992684168173],[2018,0.057920590310459555],[2019,0.04487332301436855],[2020,0.04594006333578455],[2021,0.05785138945899153],[2022,0.05972113923376274],[2023,0.054747848852301606],[2024,0.041727855383919696],[2025,0.0454379959312921]]; median 0.05629961915564657. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 81% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); Gross margin observations: [[2021,0.793850395653497],[2022,0.8093472668972148],[2023,0.8001565615079667]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 60.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2016: growth capex 0; upkeep 1487834000000; owner earnings 736934000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2017: growth capex 0; upkeep 1182574000000; owner earnings 1096857000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2018: growth capex 0; upkeep 1220984000000; owner earnings 932526000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2019: growth capex 183861206382.92676; upkeep 2142652793617.0732; owner earnings 246686806382.92676. Growth capex / owner earnings = 0.7453224154092897.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2020: growth capex 332966000000; upkeep 2370477000000; owner earnings 257062200000. Growth capex / owner earnings = 1.2952740620752488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2021: growth capex 0; upkeep 2251202000000; owner earnings 701993200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2022: growth capex 0; upkeep 2288358000000; owner earnings 624772800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2023: growth capex 347519557232.63135; upkeep 2592779442767.3687; owner earnings 395528757232.63135. Growth capex / owner earnings = 0.8786202036587614.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2024: growth capex 0; upkeep 2405133000000; owner earnings 457851600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2025: growth capex 0; upkeep 1983828000000; owner earnings 1003789000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); Dividend observations: [[2016,109153000000],[2017,152814000000],[2018,174645000000],[2019,174645000000],[2020,177549000000],[2021,286505000000],[2022,262157000000],[2023,284035000000],[2024,284044000000],[2025,279388000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); FY2025: cash repurchases 60527000000 KRW.

### Are managers owners

Insiders own 38.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 032640.KO SharesStats.PercentInsiders = 38.746 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:49.147Z); Ten-year compound average after fade. Initial solved rate -0.08057034165682447. Price 15070; 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 11,800.00 per share

- 2016-11: KRW 11,450.00 per share

- 2016-12: KRW 11,450.00 per share

- 2017-01: KRW 11,400.00 per share

- 2017-02: KRW 12,800.00 per share

- 2017-03: KRW 14,300.00 per share

- 2017-04: KRW 14,450.00 per share

- 2017-05: KRW 16,200.00 per share

- 2017-06: KRW 15,600.00 per share

- 2017-07: KRW 16,650.00 per share

- 2017-08: KRW 13,800.00 per share

- 2017-09: KRW 13,350.00 per share

- 2017-10: KRW 12,850.00 per share

- 2017-11: KRW 13,850.00 per share

- 2017-12: KRW 14,000.00 per share

- 2018-01: KRW 14,300.00 per share

- 2018-02: KRW 12,550.00 per share

- 2018-03: KRW 12,250.00 per share

- 2018-04: KRW 12,300.00 per share

- 2018-05: KRW 11,700.00 per share

- 2018-06: KRW 14,000.00 per share

- 2018-07: KRW 15,400.00 per share

- 2018-08: KRW 15,700.00 per share

- 2018-09: KRW 18,300.00 per share

- 2018-10: KRW 16,150.00 per share

- 2018-11: KRW 17,700.00 per share

- 2018-12: KRW 17,650.00 per share

- 2019-01: KRW 15,100.00 per share

- 2019-02: KRW 15,000.00 per share

- 2019-03: KRW 15,450.00 per share

- 2019-04: KRW 14,300.00 per share

- 2019-05: KRW 13,950.00 per share

- 2019-06: KRW 14,500.00 per share

- 2019-07: KRW 13,000.00 per share

- 2019-08: KRW 13,200.00 per share

- 2019-09: KRW 13,650.00 per share

- 2019-10: KRW 13,450.00 per share

- 2019-11: KRW 13,400.00 per share

- 2019-12: KRW 14,200.00 per share

- 2020-01: KRW 13,250.00 per share

- 2020-02: KRW 13,200.00 per share

- 2020-03: KRW 10,800.00 per share

- 2020-04: KRW 13,350.00 per share

- 2020-05: KRW 13,150.00 per share

- 2020-06: KRW 12,200.00 per share

- 2020-07: KRW 11,450.00 per share

- 2020-08: KRW 11,950.00 per share

- 2020-09: KRW 11,500.00 per share

- 2020-10: KRW 11,050.00 per share

- 2020-11: KRW 11,950.00 per share

- 2020-12: KRW 11,750.00 per share

- 2021-01: KRW 11,950.00 per share

- 2021-02: KRW 11,800.00 per share

- 2021-03: KRW 12,250.00 per share

- 2021-04: KRW 13,200.00 per share

- 2021-05: KRW 15,100.00 per share

- 2021-06: KRW 15,350.00 per share

- 2021-07: KRW 14,550.00 per share

- 2021-08: KRW 14,050.00 per share

- 2021-09: KRW 15,000.00 per share

- 2021-10: KRW 14,350.00 per share

- 2021-11: KRW 13,550.00 per share

- 2021-12: KRW 13,600.00 per share

- 2022-01: KRW 12,700.00 per share

- 2022-02: KRW 13,150.00 per share

- 2022-03: KRW 14,000.00 per share

- 2022-04: KRW 14,000.00 per share

- 2022-05: KRW 13,850.00 per share

- 2022-06: KRW 12,750.00 per share

- 2022-07: KRW 12,500.00 per share

- 2022-08: KRW 11,500.00 per share

- 2022-09: KRW 10,750.00 per share

- 2022-10: KRW 11,450.00 per share

- 2022-11: KRW 12,100.00 per share

- 2022-12: KRW 11,050.00 per share

- 2023-01: KRW 11,190.00 per share

- 2023-02: KRW 11,070.00 per share

- 2023-03: KRW 10,830.00 per share

- 2023-04: KRW 11,020.00 per share

- 2023-05: KRW 11,240.00 per share

- 2023-06: KRW 10,730.00 per share

- 2023-07: KRW 10,010.00 per share

- 2023-08: KRW 10,450.00 per share

- 2023-09: KRW 10,360.00 per share

- 2023-10: KRW 10,110.00 per share

- 2023-11: KRW 10,500.00 per share

- 2023-12: KRW 10,230.00 per share

- 2024-01: KRW 10,230.00 per share

- 2024-02: KRW 10,320.00 per share

- 2024-03: KRW 9,970.00 per share

- 2024-04: KRW 9,850.00 per share

- 2024-05: KRW 9,650.00 per share

- 2024-06: KRW 9,820.00 per share

- 2024-07: KRW 10,030.00 per share

- 2024-08: KRW 9,750.00 per share

- 2024-09: KRW 9,810.00 per share

- 2024-10: KRW 10,010.00 per share

- 2024-11: KRW 11,590.00 per share

- 2024-12: KRW 10,330.00 per share

- 2025-01: KRW 10,040.00 per share

- 2025-02: KRW 10,580.00 per share

- 2025-03: KRW 10,300.00 per share

- 2025-04: KRW 12,020.00 per share

- 2025-05: KRW 12,800.00 per share

- 2025-06: KRW 14,300.00 per share

- 2025-07: KRW 14,630.00 per share

- 2025-08: KRW 14,850.00 per share

- 2025-09: KRW 15,350.00 per share

- 2025-10: KRW 15,240.00 per share

- 2025-11: KRW 15,060.00 per share

- 2025-12: KRW 14,720.00 per share

- 2026-01: KRW 16,000.00 per share

- 2026-02: KRW 16,540.00 per share

- 2026-03: KRW 15,530.00 per share

- 2026-04: KRW 15,840.00 per share

- 2026-05: KRW 16,130.00 per share

- 2026-06: KRW 14,000.00 per share

- 2026-07: KRW 14,780.00 per share

- 2026-08: KRW 14,990.00 per share

- 2026-09: KRW 14,530.00 per share

- 2026-10: KRW 14,780.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 18,688.86 per share, central KRW 21,173.29 per share, high KRW 24,480.60 per share

- FY2018: low KRW 20,004.93 per share, central KRW 22,698.31 per share, high KRW 26,283.77 per share

- FY2019: low KRW 20,691.10 per share, central KRW 23,441.55 per share, high KRW 27,102.98 per share

- FY2020: low KRW 22,873.32 per share, central KRW 25,853.82 per share, high KRW 29,821.50 per share

- FY2021: low KRW 19,125.08 per share, central KRW 21,583.16 per share, high KRW 24,855.37 per share

- FY2022: low KRW 21,145.58 per share, central KRW 29,615.79 per share, high KRW 34,548.00 per share

- FY2023: low KRW 12,571.31 per share, central KRW 16,612.71 per share, high KRW 19,323.50 per share

- FY2024: low KRW 13,205.24 per share, central KRW 14,810.17 per share, high KRW 16,946.69 per share

- FY2025: low KRW 19,040.68 per share, central KRW 21,479.15 per share, high KRW 24,725.28 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 2026-10-15T06:43:33.852Z 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.

LG Uplus

032640 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 15,070.00
Buy up to: KRW 22,460.88
Expected / yr: 14.2% 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 10% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 6.6%
Worst year: 5.5%
Latest · 2025: 5.8%

Capital return excluding acquisitions: median 5.6% (minimum 15%), and the second-worst year 4.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 5.6%
Worst year: 4.2%
Latest · 2025: 4.5%

Each $1 of profit left $1.10 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.10×
Annual median: 0.99×
Latest · 2025: 1.92×

Per-share value rose from 1103.12 to 1221, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: KRW 1K
Worst year: KRW 871.00
Latest · 2025: KRW 1K

Profits were backed by cash: accruals were -12.4% of assets (limit 10%).

Sloan accruals

10y median: -13.1%
Worst year: -10.1%
Latest · 2025: -12.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 6.5%, three-year average owner earnings per share 1,441.6 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 11800.00; 2016-11 · Price KRW 11450.00; 2016-12 · Price KRW 11450.00; 2017-01 · Price KRW 11400.00 · Value 21173.29 · Buy at or below 21173.29; 2017-02 · Price KRW 12800.00 · Value 21173.29 · Buy at or below 21173.29; 2017-03 · Price KRW 14300.00 · Value 21173.29 · Buy at or below 21173.29; 2017-04 · Price KRW 14450.00 · Value 21173.29 · Buy at or below 21173.29; 2017-05 · Price KRW 16200.00 · Value 21173.29 · Buy at or below 21173.29; 2017-06 · Price KRW 15600.00 · Value 21173.29 · Buy at or below 21173.29; 2017-07 · Price KRW 16650.00 · Value 21173.29 · Buy at or below 21173.29; 2017-08 · Price KRW 13800.00 · Value 21173.29 · Buy at or below 21173.29; 2017-09 · Price KRW 13350.00 · Value 21173.29 · Buy at or below 21173.29; 2017-10 · Price KRW 12850.00 · Value 21173.29 · Buy at or below 21173.29; 2017-11 · Price KRW 13850.00 · Value 21173.29 · Buy at or below 21173.29; 2017-12 · Price KRW 14000.00 · Value 21173.29 · Buy at or below 21173.29; 2018-01 · Price KRW 14300.00 · Value 21173.29 · Buy at or below 21173.29; 2018-02 · Price KRW 12550.00 · Value 22698.31 · Buy at or below 22698.31; 2018-03 · Price KRW 12250.00 · Value 22698.31 · Buy at or below 22698.31; 2018-04 · Price KRW 12300.00 · Value 22698.31 · Buy at or below 22698.31; 2018-05 · Price KRW 11700.00 · Value 22698.31 · Buy at or below 22698.31; 2018-06 · Price KRW 14000.00 · Value 22698.31 · Buy at or below 22698.31; 2018-07 · Price KRW 15400.00 · Value 22698.31 · Buy at or below 22698.31; 2018-08 · Price KRW 15700.00 · Value 22698.31 · Buy at or below 22698.31; 2018-09 · Price KRW 18300.00 · Value 22698.31 · Buy at or below 22698.31; 2018-10 · Price KRW 16150.00 · Value 22698.31 · Buy at or below 22698.31; 2018-11 · Price KRW 17700.00 · Value 22698.31 · Buy at or below 22698.31; 2018-12 · Price KRW 17650.00 · Value 22698.31 · Buy at or below 22698.31; 2019-01 · Price KRW 15100.00 · Value 22698.31 · Buy at or below 22698.31; 2019-02 · Price KRW 15000.00 · Value 23441.55 · Buy at or below 23441.55; 2019-03 · Price KRW 15450.00 · Value 23441.55 · Buy at or below 23441.55; 2019-04 · Price KRW 14300.00 · Value 23441.55 · Buy at or below 23441.55; 2019-05 · Price KRW 13950.00 · Value 23441.55 · Buy at or below 23441.55; 2019-06 · Price KRW 14500.00 · Value 23441.55 · Buy at or below 23441.55; 2019-07 · Price KRW 13000.00 · Value 23441.55 · Buy at or below 23441.55; 2019-08 · Price KRW 13200.00 · Value 23441.55 · Buy at or below 23441.55; 2019-09 · Price KRW 13650.00 · Value 23441.55 · Buy at or below 23441.55; 2019-10 · Price KRW 13450.00 · Value 23441.55 · Buy at or below 23441.55; 2019-11 · Price KRW 13400.00 · Value 23441.55 · Buy at or below 23441.55; 2019-12 · Price KRW 14200.00 · Value 23441.55 · Buy at or below 23441.55; 2020-01 · Price KRW 13250.00 · Value 23441.55 · Buy at or below 23441.55; 2020-02 · Price KRW 13200.00 · Value 25853.82 · Buy at or below 25853.82; 2020-03 · Price KRW 10800.00 · Value 25853.82 · Buy at or below 25853.82; 2020-04 · Price KRW 13350.00 · Value 25853.82 · Buy at or below 25853.82; 2020-05 · Price KRW 13150.00 · Value 25853.82 · Buy at or below 25853.82; 2020-06 · Price KRW 12200.00 · Value 25853.82 · Buy at or below 25853.82; 2020-07 · Price KRW 11450.00 · Value 25853.82 · Buy at or below 25853.82; 2020-08 · Price KRW 11950.00 · Value 25853.82 · Buy at or below 25853.82; 2020-09 · Price KRW 11500.00 · Value 25853.82 · Buy at or below 25853.82; 2020-10 · Price KRW 11050.00 · Value 25853.82 · Buy at or below 25853.82; 2020-11 · Price KRW 11950.00 · Value 25853.82 · Buy at or below 25853.82; 2020-12 · Price KRW 11750.00 · Value 25853.82 · Buy at or below 25853.82; 2021-01 · Price KRW 11950.00 · Value 25853.82 · Buy at or below 25853.82; 2021-02 · Price KRW 11800.00 · Value 21583.16 · Buy at or below 21583.16; 2021-03 · Price KRW 12250.00 · Value 21583.16 · Buy at or below 21583.16; 2021-04 · Price KRW 13200.00 · Value 21583.16 · Buy at or below 21583.16; 2021-05 · Price KRW 15100.00 · Value 21583.16 · Buy at or below 21583.16; 2021-06 · Price KRW 15350.00 · Value 21583.16 · Buy at or below 21583.16; 2021-07 · Price KRW 14550.00 · Value 21583.16 · Buy at or below 21583.16; 2021-08 · Price KRW 14050.00 · Value 21583.16 · Buy at or below 21583.16; 2021-09 · Price KRW 15000.00 · Value 21583.16 · Buy at or below 21583.16; 2021-10 · Price KRW 14350.00 · Value 21583.16 · Buy at or below 21583.16; 2021-11 · Price KRW 13550.00 · Value 21583.16 · Buy at or below 21583.16; 2021-12 · Price KRW 13600.00 · Value 21583.16 · Buy at or below 21583.16; 2022-01 · Price KRW 12700.00 · Value 21583.16 · Buy at or below 21583.16; 2022-02 · Price KRW 13150.00 · Value 29615.79 · Buy at or below 29615.79; 2022-03 · Price KRW 14000.00 · Value 29615.79 · Buy at or below 29615.79; 2022-04 · Price KRW 14000.00 · Value 29615.79 · Buy at or below 29615.79; 2022-05 · Price KRW 13850.00 · Value 29615.79 · Buy at or below 29615.79; 2022-06 · Price KRW 12750.00 · Value 29615.79 · Buy at or below 29615.79; 2022-07 · Price KRW 12500.00 · Value 29615.79 · Buy at or below 29615.79; 2022-08 · Price KRW 11500.00 · Value 29615.79 · Buy at or below 29615.79; 2022-09 · Price KRW 10750.00 · Value 29615.79 · Buy at or below 29615.79; 2022-10 · Price KRW 11450.00 · Value 29615.79 · Buy at or below 29615.79; 2022-11 · Price KRW 12100.00 · Value 29615.79 · Buy at or below 29615.79; 2022-12 · Price KRW 11050.00 · Value 29615.79 · Buy at or below 29615.79; 2023-01 · Price KRW 11190.00 · Value 29615.79 · Buy at or below 29615.79; 2023-02 · Price KRW 11070.00 · Value 16612.71 · Buy at or below 16612.71; 2023-03 · Price KRW 10830.00 · Value 16612.71 · Buy at or below 16612.71; 2023-04 · Price KRW 11020.00 · Value 16612.71 · Buy at or below 16612.71; 2023-05 · Price KRW 11240.00 · Value 16612.71 · Buy at or below 16612.71; 2023-06 · Price KRW 10730.00 · Value 16612.71 · Buy at or below 16612.71; 2023-07 · Price KRW 10010.00 · Value 16612.71 · Buy at or below 16612.71; 2023-08 · Price KRW 10450.00 · Value 16612.71 · Buy at or below 16612.71; 2023-09 · Price KRW 10360.00 · Value 16612.71 · Buy at or below 16612.71; 2023-10 · Price KRW 10110.00 · Value 16612.71 · Buy at or below 16612.71; 2023-11 · Price KRW 10500.00 · Value 16612.71 · Buy at or below 16612.71; 2023-12 · Price KRW 10230.00 · Value 16612.71 · Buy at or below 16612.71; 2024-01 · Price KRW 10230.00 · Value 16612.71 · Buy at or below 16612.71; 2024-02 · Price KRW 10320.00 · Value 14810.17 · Buy at or below 14810.17; 2024-03 · Price KRW 9970.00 · Value 14810.17 · Buy at or below 14810.17; 2024-04 · Price KRW 9850.00 · Value 14810.17 · Buy at or below 14810.17; 2024-05 · Price KRW 9650.00 · Value 14810.17 · Buy at or below 14810.17; 2024-06 · Price KRW 9820.00 · Value 14810.17 · Buy at or below 14810.17; 2024-07 · Price KRW 10030.00 · Value 14810.17 · Buy at or below 14810.17; 2024-08 · Price KRW 9750.00 · Value 14810.17 · Buy at or below 14810.17; 2024-09 · Price KRW 9810.00 · Value 14810.17 · Buy at or below 14810.17; 2024-10 · Price KRW 10010.00 · Value 14810.17 · Buy at or below 14810.17; 2024-11 · Price KRW 11590.00 · Value 14810.17 · Buy at or below 14810.17; 2024-12 · Price KRW 10330.00 · Value 14810.17 · Buy at or below 14810.17; 2025-01 · Price KRW 10040.00 · Value 14810.17 · Buy at or below 14810.17; 2025-02 · Price KRW 10580.00 · Value 21479.15 · Buy at or below 21479.15; 2025-03 · Price KRW 10300.00 · Value 21479.15 · Buy at or below 21479.15; 2025-04 · Price KRW 12020.00 · Value 21479.15 · Buy at or below 21479.15; 2025-05 · Price KRW 12800.00 · Value 21479.15 · Buy at or below 21479.15; 2025-06 · Price KRW 14300.00 · Value 21479.15 · Buy at or below 21479.15; 2025-07 · Price KRW 14630.00 · Value 21479.15 · Buy at or below 21479.15; 2025-08 · Price KRW 14850.00 · Value 21479.15 · Buy at or below 21479.15; 2025-09 · Price KRW 15350.00 · Value 21479.15 · Buy at or below 21479.15; 2025-10 · Price KRW 15240.00 · Value 21479.15 · Buy at or below 21479.15; 2025-11 · Price KRW 15060.00 · Value 21479.15 · Buy at or below 21479.15; 2025-12 · Price KRW 14720.00 · Value 21479.15 · Buy at or below 21479.15; 2026-01 · Price KRW 16000.00 · Value 21479.15 · Buy at or below 21479.15; 2026-02 · Price KRW 16540.00 · Value 22460.88 · Buy at or below 22460.88; 2026-03 · Price KRW 15530.00 · Value 22460.88 · Buy at or below 22460.88; 2026-04 · Price KRW 15840.00 · Value 22460.88 · Buy at or below 22460.88; 2026-05 · Price KRW 16130.00 · Value 22460.88 · Buy at or below 22460.88; 2026-06 · Price KRW 14000.00 · Value 22460.88 · Buy at or below 22460.88; 2026-07 · Price KRW 14780.00 · Value 22460.88 · Buy at or below 22460.88; 2026-08 · Price KRW 14990.00 · Value 22460.88 · Buy at or below 22460.88; 2026-09 · Price KRW 14530.00 · Value 22460.88 · Buy at or below 22460.88; 2026-10 · Price KRW 14780.00 · Value 22460.88 · Buy at or below 22460.88; 2026-10 · Price KRW 15070.00 · Value 22460.88 · Buy at or below 22460.88

KRW per share · annual estimates

Price & return math
Value range	KRW 20,010.83 – KRW 25,722.41
Buy at or below	Central value KRW 22,460.88
Discount to value	1 − 15070.00 / 22460.88 = 32.9%
Return / year	About 14.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 1625.73/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 2241.16/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 15.45T

Revenue

Owner earningsKRW 1.00T

Owner earnings

Operating margin5.8%

Operating margin

Net cash / debtKRW -4.98T

Net cash / debt

Diluted shares429M

Diluted shares

Prices 15 Oct 2026 · FY2025