# Kangwon Land (035250.KO)

Canonical: https://gigainvestors.com/s/035250.KO

Analysis as of: 2026-10-16T07:40:40.107Z. Financial observations: FY2009–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 14,380.00 per share; close as of 2026-10-15.

Estimated value: low KRW 31,880.14 per share, central KRW 34,223.74 per share, high KRW 37,343.58 per share. Buy at or below the central value KRW 34,223.74 per share. Valuation as of 2026-10-16T07:40:40.107Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 3.99×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.33×

- FY2018: 0.30×

- FY2019: 0.33×

- FY2020: -0.90×

- FY2021: -0.07×

- FY2022: 0.17×

- FY2023: 0.20×

- FY2024: 0.20×

- FY2025: 0.16×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.7%

- ROIC, second-lowest year: -2.5%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 29.4%

- Recent gross margin (lower of latest and 3-year median): 25.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 15.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 31.7%

- FY2017: 29.4%

- FY2018: 16.5%

- FY2019: 17.5%

- FY2020: -18.4%

- FY2021: -2.5%

- FY2022: 6.5%

- FY2023: 8.8%

- FY2024: 8.4%

- FY2025: 23.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.26T

- Net income, five-year total: KRW 1.22T

- Return on incremental invested capital: -36736.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.5 pp

- Working capital / revenue, final three-year average: 0.5%

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

- FY2021: -1.25×

- FY2022: 1.32×

- FY2023: 1.00×

- FY2024: 0.98×

- FY2025: 0.97×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 29.4% vs 8.8%

- Per-share earnings: 2160.43 to 1681.00 (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: -0.0%

- Market cap gain: KRW -3.41T

- Cumulative retained earnings: KRW 763B

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.5%

- Per-share value change: KRW -479.43

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

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

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.5%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 20B

- Cumulative net income, 10 years: KRW 2.47T

- ROIC, first three-year median: 29.4%

- ROIC, last three-year median: 8.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 2K

- FY2018: KRW 1K

- FY2019: KRW 2K

- FY2020: KRW -1K

- FY2021: KRW -52.12

- FY2022: KRW 570.00

- FY2023: KRW 2K

- FY2024: KRW 2K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: -0.6%

- FY2018: -1.6%

- FY2019: -1.6%

- FY2020: 10.4%

- FY2021: -5.8%

- FY2022: -7.3%

- FY2023: 0.1%

- FY2024: -0.6%

- FY2025: 0.5%

## Holders

## Price story

Down 49% since May 2022 · sales -0.2%

Story as of 2026-10-16T10:00:11.596Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.60T 

- FY2018: KRW 1.44T 

- FY2019: KRW 1.52T 

- FY2020: KRW 479B 

- FY2021: KRW 788B 

- FY2022: KRW 1.27T 

- FY2023: KRW 1.39T 

- FY2024: KRW 1.43T 

- FY2025: KRW 1.48T 

- FY2026: KRW 1.47T 

### Gross margin · FY2025

gross margin 25.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 53.7% 

- FY2017: 50.9% 

- FY2018: 49.3% 

- FY2019: 51.5% 

- FY2021: 7.8% 

- FY2022: 27.5% 

- FY2023: 29.5% 

- FY2024: 29.4% 

- FY2025: 25.9% 

## Owner memo

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

### How it makes money

Operates in resorts & casinos; annual sales are KRW 1.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2025: revenue 1476727048700; grossProfit 382689415530; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 25.9% to 29.5% during 2023–25; it earns 12.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2023: grossProfit / revenue = 29.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2024: grossProfit / revenue = 29.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2025: grossProfit / revenue = 25.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); 10-year return on capital observations [[2016,0.31720034147610787],[2017,0.293714796979542],[2018,0.1653529074550286],[2019,0.17517901293803442],[2020,-0.1843691864774812],[2021,-0.024622863572436683],[2022,0.06489674668912211],[2023,0.08818143713978796],[2024,0.08350696434892185],[2025,0.23674513542504316]]; median 0.12676717229740828. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 12.1% of cash earnings on expansion; paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2016: growth capex 0; upkeep 74619784770; owner earnings 521867065910. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2017: growth capex 0; upkeep 85488262970; owner earnings 426355618760. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2018: growth capex 0; upkeep 103251329200; owner earnings 260160098380. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2019: growth capex 7232691030; upkeep 72328892600; owner earnings 321053075424. Growth capex / owner earnings = 0.022528022883593683.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2021: growth capex 0; upkeep 42936378210; owner earnings 13200889820. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2022: growth capex 0; upkeep 29444119670; owner earnings 152153249680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2023: growth capex 0; upkeep 70961193300; owner earnings 339608476890. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2024: growth capex 40484892330; upkeep 78474881850; owner earnings 447309976430. Growth capex / owner earnings = 0.09050746565751037.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2025: growth capex 37210595540; upkeep 84386553020; owner earnings 308749433710. Growth capex / owner earnings = 0.12052036854892148.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); Dividend observations: [[2016,198684218040],[2017,200711608020],[2018,200711608020],[2019,182507710630],[2020,182465098200],[2021,0],[2022,0],[2023,70958649300],[2024,188547268140],[2025,234474650280]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); FY2025: cash repurchases 7726507470 KRW.

### Are managers owners

Insiders own 41.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 035250.KO SharesStats.PercentInsiders = 41.286 percentage points; cache date 2026-10-16.

### What the price says

The price is 2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:40.107Z); Closing price 14380 KRW; reporting-to-trading FX 1; FY2025 annual sales per share 7295.630749156305; price multiple 1.9710427370057015. FY2025 cash earnings/share 1525.3474664408861. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 37,950.00 per share

- 2016-11: KRW 35,650.00 per share

- 2016-12: KRW 35,750.00 per share

- 2017-01: KRW 32,700.00 per share

- 2017-02: KRW 35,350.00 per share

- 2017-03: KRW 38,200.00 per share

- 2017-04: KRW 36,150.00 per share

- 2017-05: KRW 36,250.00 per share

- 2017-06: KRW 34,850.00 per share

- 2017-07: KRW 37,000.00 per share

- 2017-08: KRW 34,500.00 per share

- 2017-09: KRW 35,000.00 per share

- 2017-10: KRW 34,300.00 per share

- 2017-11: KRW 37,150.00 per share

- 2017-12: KRW 34,800.00 per share

- 2018-01: KRW 32,450.00 per share

- 2018-02: KRW 28,850.00 per share

- 2018-03: KRW 28,200.00 per share

- 2018-04: KRW 28,900.00 per share

- 2018-05: KRW 26,850.00 per share

- 2018-06: KRW 26,150.00 per share

- 2018-07: KRW 26,000.00 per share

- 2018-08: KRW 28,950.00 per share

- 2018-09: KRW 28,700.00 per share

- 2018-10: KRW 28,700.00 per share

- 2018-11: KRW 32,250.00 per share

- 2018-12: KRW 32,000.00 per share

- 2019-01: KRW 34,000.00 per share

- 2019-02: KRW 30,900.00 per share

- 2019-03: KRW 32,000.00 per share

- 2019-04: KRW 34,000.00 per share

- 2019-05: KRW 31,050.00 per share

- 2019-06: KRW 30,250.00 per share

- 2019-07: KRW 30,750.00 per share

- 2019-08: KRW 28,250.00 per share

- 2019-09: KRW 29,550.00 per share

- 2019-10: KRW 31,350.00 per share

- 2019-11: KRW 29,350.00 per share

- 2019-12: KRW 29,600.00 per share

- 2020-01: KRW 27,550.00 per share

- 2020-02: KRW 22,800.00 per share

- 2020-03: KRW 19,750.00 per share

- 2020-04: KRW 25,050.00 per share

- 2020-05: KRW 24,200.00 per share

- 2020-06: KRW 21,500.00 per share

- 2020-07: KRW 22,850.00 per share

- 2020-08: KRW 20,650.00 per share

- 2020-09: KRW 21,500.00 per share

- 2020-10: KRW 21,100.00 per share

- 2020-11: KRW 22,450.00 per share

- 2020-12: KRW 23,500.00 per share

- 2021-01: KRW 23,550.00 per share

- 2021-02: KRW 24,200.00 per share

- 2021-03: KRW 25,300.00 per share

- 2021-04: KRW 25,300.00 per share

- 2021-05: KRW 28,750.00 per share

- 2021-06: KRW 26,900.00 per share

- 2021-07: KRW 25,900.00 per share

- 2021-08: KRW 27,700.00 per share

- 2021-09: KRW 28,650.00 per share

- 2021-10: KRW 27,800.00 per share

- 2021-11: KRW 22,000.00 per share

- 2021-12: KRW 24,050.00 per share

- 2022-01: KRW 24,800.00 per share

- 2022-02: KRW 26,150.00 per share

- 2022-03: KRW 27,850.00 per share

- 2022-04: KRW 26,800.00 per share

- 2022-05: KRW 28,100.00 per share

- 2022-06: KRW 25,400.00 per share

- 2022-07: KRW 25,900.00 per share

- 2022-08: KRW 26,550.00 per share

- 2022-09: KRW 23,550.00 per share

- 2022-10: KRW 23,000.00 per share

- 2022-11: KRW 25,050.00 per share

- 2022-12: KRW 23,200.00 per share

- 2023-01: KRW 23,550.00 per share

- 2023-02: KRW 20,200.00 per share

- 2023-03: KRW 19,900.00 per share

- 2023-04: KRW 18,900.00 per share

- 2023-05: KRW 18,230.00 per share

- 2023-06: KRW 17,380.00 per share

- 2023-07: KRW 15,600.00 per share

- 2023-08: KRW 15,510.00 per share

- 2023-09: KRW 15,100.00 per share

- 2023-10: KRW 14,670.00 per share

- 2023-11: KRW 15,500.00 per share

- 2023-12: KRW 16,000.00 per share

- 2024-01: KRW 15,010.00 per share

- 2024-02: KRW 17,380.00 per share

- 2024-03: KRW 16,290.00 per share

- 2024-04: KRW 15,350.00 per share

- 2024-05: KRW 14,910.00 per share

- 2024-06: KRW 13,880.00 per share

- 2024-07: KRW 14,440.00 per share

- 2024-08: KRW 15,990.00 per share

- 2024-09: KRW 16,970.00 per share

- 2024-10: KRW 17,860.00 per share

- 2024-11: KRW 18,000.00 per share

- 2024-12: KRW 15,970.00 per share

- 2025-01: KRW 16,780.00 per share

- 2025-02: KRW 16,060.00 per share

- 2025-03: KRW 16,660.00 per share

- 2025-04: KRW 16,200.00 per share

- 2025-05: KRW 17,040.00 per share

- 2025-06: KRW 18,300.00 per share

- 2025-07: KRW 18,690.00 per share

- 2025-08: KRW 18,050.00 per share

- 2025-09: KRW 18,360.00 per share

- 2025-10: KRW 16,880.00 per share

- 2025-11: KRW 17,990.00 per share

- 2025-12: KRW 18,950.00 per share

- 2026-01: KRW 17,440.00 per share

- 2026-02: KRW 19,050.00 per share

- 2026-03: KRW 16,890.00 per share

- 2026-04: KRW 17,200.00 per share

- 2026-05: KRW 15,030.00 per share

- 2026-06: KRW 14,300.00 per share

- 2026-07: KRW 14,700.00 per share

- 2026-08: KRW 14,650.00 per share

- 2026-09: KRW 14,260.00 per share

- 2026-10: KRW 14,400.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 34,853.32 per share, central KRW 38,478.70 per share, high KRW 43,304.86 per share

- FY2017: low KRW 35,133.24 per share, central KRW 38,564.93 per share, high KRW 43,133.24 per share

- FY2018: low KRW 30,538.85 per share, central KRW 33,611.89 per share, high KRW 37,702.77 per share

- FY2019: low KRW 30,640.77 per share, central KRW 33,643.35 per share, high KRW 37,640.43 per share

- FY2020: low KRW 12,613.32 per share, central KRW 13,364.69 per share, high KRW 14,364.92 per share

- FY2021: low KRW 15,655.38 per share, central KRW 16,715.65 per share, high KRW 18,127.10 per share

- FY2022: low KRW 13,850.86 per share, central KRW 14,981.33 per share, high KRW 16,486.23 per share

- FY2023: low KRW 15,474.88 per share, central KRW 16,710.49 per share, high KRW 18,355.34 per share

- FY2024: low KRW 14,874.94 per share, central KRW 16,146.88 per share, high KRW 17,840.10 per share

- FY2025: low KRW 32,366.06 per share, central KRW 34,664.82 per share, high KRW 37,724.96 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 2026-10-15T06:46:24.702Z 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.

Kangwon Land

035250 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 14,380.00
Buy up to: KRW 34,223.74
Expected / yr: Excess cash covers price · no finite IRR

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 398.6% around their average (limit 35%).

Operating margin

10y median: 18.6%
Worst year: -90.2%
Latest · LTM: 14.6%

Capital return excluding acquisitions: median 12.7% (minimum 15%), and the second-worst year -2.5% (minimum 10%).

ROIC excluding acquisitions

10y median: 12.7%
Worst year: -18.4%
Latest · 2025: 23.7%

New investment earned -36736% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.03×
Annual median: 0.98×
Latest · 2025: 0.97×

Per-share value fell from 2160.43 to 1681, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW -1K
Latest · 2025: KRW 2K

Profits were backed by cash: accruals were 0.5% of assets (limit 10%).

Sloan accruals

10y median: -1.1%
Worst year: 10.4%
Latest · 2025: 0.5%

Profit record · pass 2 loss years in 10 (at most 2), mean operating margin 10.9%, three-year average owner earnings per share 1,803.21 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 37950.00 · Value 38478.70 · Buy at or below 38478.70; 2016-11 · Price KRW 35650.00 · Value 38478.70 · Buy at or below 38478.70; 2016-12 · Price KRW 35750.00 · Value 38478.70 · Buy at or below 38478.70; 2017-01 · Price KRW 32700.00 · Value 38478.70 · Buy at or below 38478.70; 2017-02 · Price KRW 35350.00 · Value 38564.93 · Buy at or below 38564.93; 2017-03 · Price KRW 38200.00 · Value 38564.93 · Buy at or below 38564.93; 2017-04 · Price KRW 36150.00 · Value 38564.93 · Buy at or below 38564.93; 2017-05 · Price KRW 36250.00 · Value 38564.93 · Buy at or below 38564.93; 2017-06 · Price KRW 34850.00 · Value 38564.93 · Buy at or below 38564.93; 2017-07 · Price KRW 37000.00 · Value 38564.93 · Buy at or below 38564.93; 2017-08 · Price KRW 34500.00 · Value 38564.93 · Buy at or below 38564.93; 2017-09 · Price KRW 35000.00 · Value 38564.93 · Buy at or below 38564.93; 2017-10 · Price KRW 34300.00 · Value 38564.93 · Buy at or below 38564.93; 2017-11 · Price KRW 37150.00 · Value 38564.93 · Buy at or below 38564.93; 2017-12 · Price KRW 34800.00 · Value 38564.93 · Buy at or below 38564.93; 2018-01 · Price KRW 32450.00 · Value 38564.93 · Buy at or below 38564.93; 2018-02 · Price KRW 28850.00 · Value 33611.89 · Buy at or below 33611.89; 2018-03 · Price KRW 28200.00 · Value 33611.89 · Buy at or below 33611.89; 2018-04 · Price KRW 28900.00 · Value 33611.89 · Buy at or below 33611.89; 2018-05 · Price KRW 26850.00 · Value 33611.89 · Buy at or below 33611.89; 2018-06 · Price KRW 26150.00 · Value 33611.89 · Buy at or below 33611.89; 2018-07 · Price KRW 26000.00 · Value 33611.89 · Buy at or below 33611.89; 2018-08 · Price KRW 28950.00 · Value 33611.89 · Buy at or below 33611.89; 2018-09 · Price KRW 28700.00 · Value 33611.89 · Buy at or below 33611.89; 2018-10 · Price KRW 28700.00 · Value 33611.89 · Buy at or below 33611.89; 2018-11 · Price KRW 32250.00 · Value 33611.89 · Buy at or below 33611.89; 2018-12 · Price KRW 32000.00 · Value 33611.89 · Buy at or below 33611.89; 2019-01 · Price KRW 34000.00 · Value 33611.89 · Buy at or below 33611.89; 2019-02 · Price KRW 30900.00 · Value 33643.35 · Buy at or below 33643.35; 2019-03 · Price KRW 32000.00 · Value 33643.35 · Buy at or below 33643.35; 2019-04 · Price KRW 34000.00 · Value 33643.35 · Buy at or below 33643.35; 2019-05 · Price KRW 31050.00 · Value 33643.35 · Buy at or below 33643.35; 2019-06 · Price KRW 30250.00 · Value 33643.35 · Buy at or below 33643.35; 2019-07 · Price KRW 30750.00 · Value 33643.35 · Buy at or below 33643.35; 2019-08 · Price KRW 28250.00 · Value 33643.35 · Buy at or below 33643.35; 2019-09 · Price KRW 29550.00 · Value 33643.35 · Buy at or below 33643.35; 2019-10 · Price KRW 31350.00 · Value 33643.35 · Buy at or below 33643.35; 2019-11 · Price KRW 29350.00 · Value 33643.35 · Buy at or below 33643.35; 2019-12 · Price KRW 29600.00 · Value 33643.35 · Buy at or below 33643.35; 2020-01 · Price KRW 27550.00 · Value 33643.35 · Buy at or below 33643.35; 2020-02 · Price KRW 22800.00 · Value 13364.69 · Buy at or below 13364.69; 2020-03 · Price KRW 19750.00 · Value 13364.69 · Buy at or below 13364.69; 2020-04 · Price KRW 25050.00 · Value 13364.69 · Buy at or below 13364.69; 2020-05 · Price KRW 24200.00 · Value 13364.69 · Buy at or below 13364.69; 2020-06 · Price KRW 21500.00 · Value 13364.69 · Buy at or below 13364.69; 2020-07 · Price KRW 22850.00 · Value 13364.69 · Buy at or below 13364.69; 2020-08 · Price KRW 20650.00 · Value 13364.69 · Buy at or below 13364.69; 2020-09 · Price KRW 21500.00 · Value 13364.69 · Buy at or below 13364.69; 2020-10 · Price KRW 21100.00 · Value 13364.69 · Buy at or below 13364.69; 2020-11 · Price KRW 22450.00 · Value 13364.69 · Buy at or below 13364.69; 2020-12 · Price KRW 23500.00 · Value 13364.69 · Buy at or below 13364.69; 2021-01 · Price KRW 23550.00 · Value 13364.69 · Buy at or below 13364.69; 2021-02 · Price KRW 24200.00 · Value 16715.65 · Buy at or below 16715.65; 2021-03 · Price KRW 25300.00 · Value 16715.65 · Buy at or below 16715.65; 2021-04 · Price KRW 25300.00 · Value 16715.65 · Buy at or below 16715.65; 2021-05 · Price KRW 28750.00 · Value 16715.65 · Buy at or below 16715.65; 2021-06 · Price KRW 26900.00 · Value 16715.65 · Buy at or below 16715.65; 2021-07 · Price KRW 25900.00 · Value 16715.65 · Buy at or below 16715.65; 2021-08 · Price KRW 27700.00 · Value 16715.65 · Buy at or below 16715.65; 2021-09 · Price KRW 28650.00 · Value 16715.65 · Buy at or below 16715.65; 2021-10 · Price KRW 27800.00 · Value 16715.65 · Buy at or below 16715.65; 2021-11 · Price KRW 22000.00 · Value 16715.65 · Buy at or below 16715.65; 2021-12 · Price KRW 24050.00 · Value 16715.65 · Buy at or below 16715.65; 2022-01 · Price KRW 24800.00 · Value 16715.65 · Buy at or below 16715.65; 2022-02 · Price KRW 26150.00 · Value 14981.33 · Buy at or below 14981.33; 2022-03 · Price KRW 27850.00 · Value 14981.33 · Buy at or below 14981.33; 2022-04 · Price KRW 26800.00 · Value 14981.33 · Buy at or below 14981.33; 2022-05 · Price KRW 28100.00 · Value 14981.33 · Buy at or below 14981.33; 2022-06 · Price KRW 25400.00 · Value 14981.33 · Buy at or below 14981.33; 2022-07 · Price KRW 25900.00 · Value 14981.33 · Buy at or below 14981.33; 2022-08 · Price KRW 26550.00 · Value 14981.33 · Buy at or below 14981.33; 2022-09 · Price KRW 23550.00 · Value 14981.33 · Buy at or below 14981.33; 2022-10 · Price KRW 23000.00 · Value 14981.33 · Buy at or below 14981.33; 2022-11 · Price KRW 25050.00 · Value 14981.33 · Buy at or below 14981.33; 2022-12 · Price KRW 23200.00 · Value 14981.33 · Buy at or below 14981.33; 2023-01 · Price KRW 23550.00 · Value 14981.33 · Buy at or below 14981.33; 2023-02 · Price KRW 20200.00 · Value 16710.49 · Buy at or below 16710.49; 2023-03 · Price KRW 19900.00 · Value 16710.49 · Buy at or below 16710.49; 2023-04 · Price KRW 18900.00 · Value 16710.49 · Buy at or below 16710.49; 2023-05 · Price KRW 18230.00 · Value 16710.49 · Buy at or below 16710.49; 2023-06 · Price KRW 17380.00 · Value 16710.49 · Buy at or below 16710.49; 2023-07 · Price KRW 15600.00 · Value 16710.49 · Buy at or below 16710.49; 2023-08 · Price KRW 15510.00 · Value 16710.49 · Buy at or below 16710.49; 2023-09 · Price KRW 15100.00 · Value 16710.49 · Buy at or below 16710.49; 2023-10 · Price KRW 14670.00 · Value 16710.49 · Buy at or below 16710.49; 2023-11 · Price KRW 15500.00 · Value 16710.49 · Buy at or below 16710.49; 2023-12 · Price KRW 16000.00 · Value 16710.49 · Buy at or below 16710.49; 2024-01 · Price KRW 15010.00 · Value 16710.49 · Buy at or below 16710.49; 2024-02 · Price KRW 17380.00 · Value 16146.88 · Buy at or below 16146.88; 2024-03 · Price KRW 16290.00 · Value 16146.88 · Buy at or below 16146.88; 2024-04 · Price KRW 15350.00 · Value 16146.88 · Buy at or below 16146.88; 2024-05 · Price KRW 14910.00 · Value 16146.88 · Buy at or below 16146.88; 2024-06 · Price KRW 13880.00 · Value 16146.88 · Buy at or below 16146.88; 2024-07 · Price KRW 14440.00 · Value 16146.88 · Buy at or below 16146.88; 2024-08 · Price KRW 15990.00 · Value 16146.88 · Buy at or below 16146.88; 2024-09 · Price KRW 16970.00 · Value 16146.88 · Buy at or below 16146.88; 2024-10 · Price KRW 17860.00 · Value 16146.88 · Buy at or below 16146.88; 2024-11 · Price KRW 18000.00 · Value 16146.88 · Buy at or below 16146.88; 2024-12 · Price KRW 15970.00 · Value 16146.88 · Buy at or below 16146.88; 2025-01 · Price KRW 16780.00 · Value 16146.88 · Buy at or below 16146.88; 2025-02 · Price KRW 16060.00 · Value 34664.82 · Buy at or below 34664.82; 2025-03 · Price KRW 16660.00 · Value 34664.82 · Buy at or below 34664.82; 2025-04 · Price KRW 16200.00 · Value 34664.82 · Buy at or below 34664.82; 2025-05 · Price KRW 17040.00 · Value 34664.82 · Buy at or below 34664.82; 2025-06 · Price KRW 18300.00 · Value 34664.82 · Buy at or below 34664.82; 2025-07 · Price KRW 18690.00 · Value 34664.82 · Buy at or below 34664.82; 2025-08 · Price KRW 18050.00 · Value 34664.82 · Buy at or below 34664.82; 2025-09 · Price KRW 18360.00 · Value 34664.82 · Buy at or below 34664.82; 2025-10 · Price KRW 16880.00 · Value 34664.82 · Buy at or below 34664.82; 2025-11 · Price KRW 17990.00 · Value 34664.82 · Buy at or below 34664.82; 2025-12 · Price KRW 18950.00 · Value 34664.82 · Buy at or below 34664.82; 2026-01 · Price KRW 17440.00 · Value 34664.82 · Buy at or below 34664.82; 2026-02 · Price KRW 19050.00 · Value 34223.74 · Buy at or below 34223.74; 2026-03 · Price KRW 16890.00 · Value 34223.74 · Buy at or below 34223.74; 2026-04 · Price KRW 17200.00 · Value 34223.74 · Buy at or below 34223.74; 2026-05 · Price KRW 15030.00 · Value 34223.74 · Buy at or below 34223.74; 2026-06 · Price KRW 14300.00 · Value 34223.74 · Buy at or below 34223.74; 2026-07 · Price KRW 14700.00 · Value 34223.74 · Buy at or below 34223.74; 2026-08 · Price KRW 14650.00 · Value 34223.74 · Buy at or below 34223.74; 2026-09 · Price KRW 14260.00 · Value 34223.74 · Buy at or below 34223.74; 2026-10 · Price KRW 14400.00 · Value 34223.74 · Buy at or below 34223.74; 2026-10 · Price KRW 14380.00 · Value 34223.74 · Buy at or below 34223.74

KRW per share · annual estimates

Price & return math
Value range	KRW 31,880.14 – KRW 37,343.58
Buy at or below	Central value KRW 34,223.74
Discount to value	1 − 14380.00 / 34223.74 = 58.0%
Return / year	Modelled excess cash covers today’s price; no finite annual IRR.
Cash-flow inputs	Owner cash KRW 1555.10/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 14882.51/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 1.47T

Revenue

Owner earningsKRW 309B

Owner earnings

Operating margin14.6%

Operating margin

Net cash / debtKRW 3.20T

Net cash / debt

Diluted shares202M

Diluted shares

Prices 15 Oct 2026 · FY2025