# Naver (035420.KO)

Canonical: https://gigainvestors.com/s/035420.KO

Analysis as of: 2026-10-16T07:34:47.220Z. Financial observations: FY2004–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 173,600.00 per share; close as of 2026-10-15.

Estimated value: low KRW 184,162.12 per share, central KRW 201,516.87 per share, high KRW 224,619.73 per share. Buy at or below the central value KRW 201,516.87 per share. Valuation as of 2026-10-16T07:34:47.220Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% 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: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.27×

- FY2017: 0.25×

- FY2018: 0.17×

- FY2019: 0.11×

- FY2020: 0.23×

- FY2021: 0.19×

- FY2022: 0.16×

- FY2023: 0.15×

- FY2024: 0.18×

- FY2025: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.1%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 57.1%

- FY2018: 28.8%

- FY2019: 12.9%

- FY2020: 15.8%

- FY2021: 4.0%

- FY2022: 4.0%

- FY2023: 5.0%

- FY2024: 8.6%

- FY2025: 8.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 21.39T

- Net income, five-year total: KRW 22.14T

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.5 pp

- Working capital / revenue, change between three-year averages: -18.8 pp

- Working capital / revenue, final three-year average: -36.2%

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

- FY2021: 1.00×

- FY2022: 0.79×

- FY2023: 0.85×

- FY2024: 0.99×

- FY2025: 0.82×

### 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: 57.1% vs 8.1%

- Per-share earnings: 4438.36 to 12553.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: KRW -91.30T

- Cumulative retained earnings: KRW 23.07T

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.9%

- Per-share value change: KRW 8K

- Per-share value, starting three-year median: KRW 4K

- Per-share value, ending three-year median: KRW 13K

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 0.7%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 3.82T

- Cumulative net income, 10 years: KRW 25.90T

- ROIC, first three-year median: 57.1%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 5K

- FY2018: KRW 4K

- FY2019: KRW 4K

- FY2020: KRW 7K

- FY2021: KRW 110K

- FY2022: KRW 5K

- FY2023: KRW 7K

- FY2024: KRW 13K

- FY2025: KRW 13K

### accounting: pass

- Sloan accruals: -2.8%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -2.1%

- FY2018: -3.3%

- FY2019: -6.3%

- FY2020: -2.6%

- FY2021: 44.8%

- FY2022: -2.0%

- FY2023: -2.8%

- FY2024: -1.7%

- FY2025: -2.8%

## Holders

## Price story

Down 57% since Oct 2021 · sales +12.1%

Story as of 2026-10-16T10:00:02.484Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.8% a year for ten years

### Sales · FY2024–2025

sales +12.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 4.02T 

- FY2017: KRW 4.68T 

- FY2018: KRW 5.59T 

- FY2019: KRW 6.59T 

- FY2020: KRW 5.30T 

- FY2021: KRW 6.82T 

- FY2022: KRW 8.22T 

- FY2023: KRW 9.67T 

- FY2024: KRW 10.74T 

- FY2025: KRW 12.04T 

## Owner memo

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

### How it makes money

Operates in internet content & information; annual sales are KRW 12 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2025: revenue 12035007218970; grossProfit 12035007218970; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 035420.KO: NAVER Corporation, together with its subsidiaries, provides online search portal and information services in South Korea and internationally. It is involved in the electronic financial; film and audio content production and distribution; Webtoon service development and operation; language learning application development; monitoring and advertisement operation; mobile service operation; trading platform operation; clothes, accessories, and news distribution; web novel platform support; and e-commerce businesses. In addition, the company engages in the provision of cloud service management, business support, workforce supply, and employee dispatch; camera and communication application development service; groupware service operation and distribution; exhibition and performance planning; new technology development and research; global business support; software consulting, development, and distribution; IT investment and research; online live broadcast service and local marketing; contents production and reinforcement; IT infrastructure operation; commerce platform; and customer center operation businesses. NAVER Corporation was formerly known as NHN Corporation. The company was founded in 1999 and is based in Seongnam-si, South Korea.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); 10-year return on capital observations [[2016,1.4109941000617308],[2017,0.5707886747446522],[2018,0.28785687401570226],[2019,0.12940760614278965],[2020,0.15752069753562514],[2021,0.04016349790558526],[2022,0.03979842168201925],[2023,0.05018934705564203],[2024,0.08610252029225665],[2025,0.08092582472508444]]; median 0.10775506321752315. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 28.7% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2016: growth capex 0; upkeep 174609926910; owner earnings 989414330990. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2017: growth capex 0; upkeep 472167146970; owner earnings 467814850720. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2018: growth capex 0; upkeep 535035089110; owner earnings 438471279040. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2019: growth capex 0; upkeep 435908502080; owner earnings 500310219680. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2020: growth capex 0; upkeep 759403180960; owner earnings 708858496320. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2021: growth capex 320497818870; upkeep 433444788000; owner earnings 16427594229620. Growth capex / owner earnings = 0.019509723358769233.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2022: growth capex 139824977910; upkeep 560908568000; owner earnings 603734819858. Growth capex / owner earnings = 0.2315999894504796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2023: growth capex 109921776230; upkeep 582339362000; owner earnings 861594173652. Growth capex / owner earnings = 0.1275795259432635.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2024: growth capex 0; upkeep 580105233020; owner earnings 1897421189628. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2025: growth capex 460052069588.95776; upkeep 859331719921.0422; owner earnings 1601620998832.9578. Growth capex / owner earnings = 0.28724153212537845.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); Dividend observations: [[2016,32130689800],[2017,32581184100],[2018,42469708300],[2019,46861536940],[2020,54949639640],[2021,59784555520],[2022,213363927390],[2023,62397685220],[2024,118984856180],[2025,168436666610]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); FY2025: cash repurchases 428681484583.3334 KRW.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 035420.KO SharesStats.PercentInsiders = 0.089 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.220Z); Ten-year compound average after fade. Initial solved rate -0.038466145725782164. Price 173600; 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 857,000.01 per share

- 2016-11: KRW 798,000.01 per share

- 2016-12: KRW 775,000.01 per share

- 2017-01: KRW 758,000.01 per share

- 2017-02: KRW 776,000.01 per share

- 2017-03: KRW 855,000.01 per share

- 2017-04: KRW 800,000.01 per share

- 2017-05: KRW 845,000.01 per share

- 2017-06: KRW 838,000.01 per share

- 2017-07: KRW 803,000.01 per share

- 2017-08: KRW 755,000.01 per share

- 2017-09: KRW 745,000.01 per share

- 2017-10: KRW 894,000.01 per share

- 2017-11: KRW 800,000.01 per share

- 2017-12: KRW 870,000.01 per share

- 2018-01: KRW 910,000.01 per share

- 2018-02: KRW 803,000.01 per share

- 2018-03: KRW 792,000.01 per share

- 2018-04: KRW 716,000.01 per share

- 2018-05: KRW 669,000.01 per share

- 2018-06: KRW 763,000.01 per share

- 2018-07: KRW 716,000.01 per share

- 2018-08: KRW 752,000.01 per share

- 2018-09: KRW 716,000.01 per share

- 2018-10: KRW 114,500.00 per share

- 2018-11: KRW 126,500.00 per share

- 2018-12: KRW 122,000.00 per share

- 2019-01: KRW 136,000.00 per share

- 2019-02: KRW 133,000.00 per share

- 2019-03: KRW 124,000.00 per share

- 2019-04: KRW 119,500.00 per share

- 2019-05: KRW 111,500.00 per share

- 2019-06: KRW 114,000.00 per share

- 2019-07: KRW 138,000.00 per share

- 2019-08: KRW 146,500.00 per share

- 2019-09: KRW 157,000.00 per share

- 2019-10: KRW 164,000.00 per share

- 2019-11: KRW 172,000.00 per share

- 2019-12: KRW 186,500.00 per share

- 2020-01: KRW 179,500.00 per share

- 2020-02: KRW 174,000.00 per share

- 2020-03: KRW 170,000.00 per share

- 2020-04: KRW 197,500.00 per share

- 2020-05: KRW 226,000.00 per share

- 2020-06: KRW 267,000.00 per share

- 2020-07: KRW 301,000.00 per share

- 2020-08: KRW 322,500.00 per share

- 2020-09: KRW 296,500.00 per share

- 2020-10: KRW 290,000.00 per share

- 2020-11: KRW 277,500.00 per share

- 2020-12: KRW 292,500.00 per share

- 2021-01: KRW 343,000.00 per share

- 2021-02: KRW 375,000.00 per share

- 2021-03: KRW 377,000.00 per share

- 2021-04: KRW 359,500.00 per share

- 2021-05: KRW 362,500.00 per share

- 2021-06: KRW 417,500.00 per share

- 2021-07: KRW 433,500.00 per share

- 2021-08: KRW 439,000.00 per share

- 2021-09: KRW 388,000.00 per share

- 2021-10: KRW 407,000.00 per share

- 2021-11: KRW 381,000.00 per share

- 2021-12: KRW 378,500.00 per share

- 2022-01: KRW 310,000.00 per share

- 2022-02: KRW 318,000.00 per share

- 2022-03: KRW 340,500.00 per share

- 2022-04: KRW 286,500.00 per share

- 2022-05: KRW 288,000.00 per share

- 2022-06: KRW 240,000.00 per share

- 2022-07: KRW 259,000.00 per share

- 2022-08: KRW 240,000.00 per share

- 2022-09: KRW 193,500.00 per share

- 2022-10: KRW 169,500.00 per share

- 2022-11: KRW 187,000.00 per share

- 2022-12: KRW 177,500.00 per share

- 2023-01: KRW 202,500.00 per share

- 2023-02: KRW 208,500.00 per share

- 2023-03: KRW 202,000.00 per share

- 2023-04: KRW 192,300.00 per share

- 2023-05: KRW 199,500.00 per share

- 2023-06: KRW 182,800.00 per share

- 2023-07: KRW 227,000.00 per share

- 2023-08: KRW 214,500.00 per share

- 2023-09: KRW 201,500.00 per share

- 2023-10: KRW 187,400.00 per share

- 2023-11: KRW 208,000.00 per share

- 2023-12: KRW 224,000.00 per share

- 2024-01: KRW 200,500.00 per share

- 2024-02: KRW 195,000.00 per share

- 2024-03: KRW 187,400.00 per share

- 2024-04: KRW 184,400.00 per share

- 2024-05: KRW 170,200.00 per share

- 2024-06: KRW 166,900.00 per share

- 2024-07: KRW 174,000.00 per share

- 2024-08: KRW 169,100.00 per share

- 2024-09: KRW 169,400.00 per share

- 2024-10: KRW 170,000.00 per share

- 2024-11: KRW 206,500.00 per share

- 2024-12: KRW 198,900.00 per share

- 2025-01: KRW 216,500.00 per share

- 2025-02: KRW 207,000.00 per share

- 2025-03: KRW 191,000.00 per share

- 2025-04: KRW 200,500.00 per share

- 2025-05: KRW 187,500.00 per share

- 2025-06: KRW 262,500.00 per share

- 2025-07: KRW 235,000.00 per share

- 2025-08: KRW 214,500.00 per share

- 2025-09: KRW 268,500.00 per share

- 2025-10: KRW 267,500.00 per share

- 2025-11: KRW 244,000.00 per share

- 2025-12: KRW 242,500.00 per share

- 2026-01: KRW 275,000.00 per share

- 2026-02: KRW 254,500.00 per share

- 2026-03: KRW 201,500.00 per share

- 2026-04: KRW 211,000.00 per share

- 2026-05: KRW 234,000.00 per share

- 2026-06: KRW 199,000.00 per share

- 2026-07: KRW 208,000.00 per share

- 2026-08: KRW 217,000.00 per share

- 2026-09: KRW 193,700.00 per share

- 2026-10: KRW 178,000.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 101,854.89 per share, central KRW 112,614.86 per share, high KRW 126,938.68 per share

- FY2018: low KRW 104,032.83 per share, central KRW 114,644.40 per share, high KRW 128,770.66 per share

- FY2019: low KRW 76,914.16 per share, central KRW 83,745.38 per share, high KRW 92,839.17 per share

- FY2020: low KRW 57,692.76 per share, central KRW 63,113.26 per share, high KRW 70,329.11 per share

- FY2021: low KRW 75,347.89 per share, central KRW 82,225.08 per share, high KRW 91,380.08 per share

- FY2022: low KRW 75,875.65 per share, central KRW 82,250.56 per share, high KRW 90,736.91 per share

- FY2023: low KRW 92,934.28 per share, central KRW 101,369.01 per share, high KRW 112,597.44 per share

- FY2024: low KRW 149,718.33 per share, central KRW 163,833.82 per share, high KRW 182,624.55 per share

- FY2025: low KRW 173,207.18 per share, central KRW 189,157.18 per share, high KRW 210,390.00 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 2026-10-15T06:40:30.992Z 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.

Naver

035420 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 173,600.00
Buy up to: KRW 201,516.87
Expected / yr: 11.8% 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 24.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 18.4%
Worst year: 10.8%
Latest · 2025: 18.3%

Capital return excluding acquisitions: median 10.8% (minimum 15%), and the second-worst year 4% (minimum 10%).

ROIC excluding acquisitions

10y median: 10.8%
Worst year: 4.0%
Latest · 2025: 8.1%

Each $1 of profit left $0.97 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 0.85×
Latest · 2025: 0.82×

Per-share value rose from 4438.36 to 12553, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: KRW 7K
Worst year: KRW 4K
Latest · 2025: KRW 13K

Profits were backed by cash: accruals were -2.8% of assets (limit 10%).

Sloan accruals

10y median: -2.7%
Worst year: 44.8%
Latest · 2025: -2.8%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 19.1%, three-year average owner earnings per share 9,521.67 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 857000.01; 2016-11 · Price KRW 798000.01; 2016-12 · Price KRW 775000.01; 2017-01 · Price KRW 758000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-02 · Price KRW 776000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-03 · Price KRW 855000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-04 · Price KRW 800000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-05 · Price KRW 845000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-06 · Price KRW 838000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-07 · Price KRW 803000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-08 · Price KRW 755000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-09 · Price KRW 745000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-10 · Price KRW 894000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-11 · Price KRW 800000.01 · Value 112614.86 · Buy at or below 112614.86; 2017-12 · Price KRW 870000.01 · Value 112614.86 · Buy at or below 112614.86; 2018-01 · Price KRW 910000.01 · Value 112614.86 · Buy at or below 112614.86; 2018-02 · Price KRW 803000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-03 · Price KRW 792000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-04 · Price KRW 716000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-05 · Price KRW 669000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-06 · Price KRW 763000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-07 · Price KRW 716000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-08 · Price KRW 752000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-09 · Price KRW 716000.01 · Value 114644.40 · Buy at or below 114644.40; 2018-10 · Price KRW 114500.00 · Value 114644.40 · Buy at or below 114644.40; 2018-11 · Price KRW 126500.00 · Value 114644.40 · Buy at or below 114644.40; 2018-12 · Price KRW 122000.00 · Value 114644.40 · Buy at or below 114644.40; 2019-01 · Price KRW 136000.00 · Value 114644.40 · Buy at or below 114644.40; 2019-02 · Price KRW 133000.00 · Value 83745.38 · Buy at or below 83745.38; 2019-03 · Price KRW 124000.00 · Value 83745.38 · Buy at or below 83745.38; 2019-04 · Price KRW 119500.00 · Value 83745.38 · Buy at or below 83745.38; 2019-05 · Price KRW 111500.00 · Value 83745.38 · Buy at or below 83745.38; 2019-06 · Price KRW 114000.00 · Value 83745.38 · Buy at or below 83745.38; 2019-07 · Price KRW 138000.00 · Value 83745.38 · Buy at or below 83745.38; 2019-08 · Price KRW 146500.00 · Value 83745.38 · Buy at or below 83745.38; 2019-09 · Price KRW 157000.00 · Value 83745.38 · Buy at or below 83745.38; 2019-10 · Price KRW 164000.00 · Value 83745.38 · Buy at or below 83745.38; 2019-11 · Price KRW 172000.00 · Value 83745.38 · Buy at or below 83745.38; 2019-12 · Price KRW 186500.00 · Value 83745.38 · Buy at or below 83745.38; 2020-01 · Price KRW 179500.00 · Value 83745.38 · Buy at or below 83745.38; 2020-02 · Price KRW 174000.00 · Value 63113.26 · Buy at or below 63113.26; 2020-03 · Price KRW 170000.00 · Value 63113.26 · Buy at or below 63113.26; 2020-04 · Price KRW 197500.00 · Value 63113.26 · Buy at or below 63113.26; 2020-05 · Price KRW 226000.00 · Value 63113.26 · Buy at or below 63113.26; 2020-06 · Price KRW 267000.00 · Value 63113.26 · Buy at or below 63113.26; 2020-07 · Price KRW 301000.00 · Value 63113.26 · Buy at or below 63113.26; 2020-08 · Price KRW 322500.00 · Value 63113.26 · Buy at or below 63113.26; 2020-09 · Price KRW 296500.00 · Value 63113.26 · Buy at or below 63113.26; 2020-10 · Price KRW 290000.00 · Value 63113.26 · Buy at or below 63113.26; 2020-11 · Price KRW 277500.00 · Value 63113.26 · Buy at or below 63113.26; 2020-12 · Price KRW 292500.00 · Value 63113.26 · Buy at or below 63113.26; 2021-01 · Price KRW 343000.00 · Value 63113.26 · Buy at or below 63113.26; 2021-02 · Price KRW 375000.00 · Value 82225.08 · Buy at or below 82225.08; 2021-03 · Price KRW 377000.00 · Value 82225.08 · Buy at or below 82225.08; 2021-04 · Price KRW 359500.00 · Value 82225.08 · Buy at or below 82225.08; 2021-05 · Price KRW 362500.00 · Value 82225.08 · Buy at or below 82225.08; 2021-06 · Price KRW 417500.00 · Value 82225.08 · Buy at or below 82225.08; 2021-07 · Price KRW 433500.00 · Value 82225.08 · Buy at or below 82225.08; 2021-08 · Price KRW 439000.00 · Value 82225.08 · Buy at or below 82225.08; 2021-09 · Price KRW 388000.00 · Value 82225.08 · Buy at or below 82225.08; 2021-10 · Price KRW 407000.00 · Value 82225.08 · Buy at or below 82225.08; 2021-11 · Price KRW 381000.00 · Value 82225.08 · Buy at or below 82225.08; 2021-12 · Price KRW 378500.00 · Value 82225.08 · Buy at or below 82225.08; 2022-01 · Price KRW 310000.00 · Value 82225.08 · Buy at or below 82225.08; 2022-02 · Price KRW 318000.00 · Value 82250.56 · Buy at or below 82250.56; 2022-03 · Price KRW 340500.00 · Value 82250.56 · Buy at or below 82250.56; 2022-04 · Price KRW 286500.00 · Value 82250.56 · Buy at or below 82250.56; 2022-05 · Price KRW 288000.00 · Value 82250.56 · Buy at or below 82250.56; 2022-06 · Price KRW 240000.00 · Value 82250.56 · Buy at or below 82250.56; 2022-07 · Price KRW 259000.00 · Value 82250.56 · Buy at or below 82250.56; 2022-08 · Price KRW 240000.00 · Value 82250.56 · Buy at or below 82250.56; 2022-09 · Price KRW 193500.00 · Value 82250.56 · Buy at or below 82250.56; 2022-10 · Price KRW 169500.00 · Value 82250.56 · Buy at or below 82250.56; 2022-11 · Price KRW 187000.00 · Value 82250.56 · Buy at or below 82250.56; 2022-12 · Price KRW 177500.00 · Value 82250.56 · Buy at or below 82250.56; 2023-01 · Price KRW 202500.00 · Value 82250.56 · Buy at or below 82250.56; 2023-02 · Price KRW 208500.00 · Value 101369.01 · Buy at or below 101369.01; 2023-03 · Price KRW 202000.00 · Value 101369.01 · Buy at or below 101369.01; 2023-04 · Price KRW 192300.00 · Value 101369.01 · Buy at or below 101369.01; 2023-05 · Price KRW 199500.00 · Value 101369.01 · Buy at or below 101369.01; 2023-06 · Price KRW 182800.00 · Value 101369.01 · Buy at or below 101369.01; 2023-07 · Price KRW 227000.00 · Value 101369.01 · Buy at or below 101369.01; 2023-08 · Price KRW 214500.00 · Value 101369.01 · Buy at or below 101369.01; 2023-09 · Price KRW 201500.00 · Value 101369.01 · Buy at or below 101369.01; 2023-10 · Price KRW 187400.00 · Value 101369.01 · Buy at or below 101369.01; 2023-11 · Price KRW 208000.00 · Value 101369.01 · Buy at or below 101369.01; 2023-12 · Price KRW 224000.00 · Value 101369.01 · Buy at or below 101369.01; 2024-01 · Price KRW 200500.00 · Value 101369.01 · Buy at or below 101369.01; 2024-02 · Price KRW 195000.00 · Value 163833.82 · Buy at or below 163833.82; 2024-03 · Price KRW 187400.00 · Value 163833.82 · Buy at or below 163833.82; 2024-04 · Price KRW 184400.00 · Value 163833.82 · Buy at or below 163833.82; 2024-05 · Price KRW 170200.00 · Value 163833.82 · Buy at or below 163833.82; 2024-06 · Price KRW 166900.00 · Value 163833.82 · Buy at or below 163833.82; 2024-07 · Price KRW 174000.00 · Value 163833.82 · Buy at or below 163833.82; 2024-08 · Price KRW 169100.00 · Value 163833.82 · Buy at or below 163833.82; 2024-09 · Price KRW 169400.00 · Value 163833.82 · Buy at or below 163833.82; 2024-10 · Price KRW 170000.00 · Value 163833.82 · Buy at or below 163833.82; 2024-11 · Price KRW 206500.00 · Value 163833.82 · Buy at or below 163833.82; 2024-12 · Price KRW 198900.00 · Value 163833.82 · Buy at or below 163833.82; 2025-01 · Price KRW 216500.00 · Value 163833.82 · Buy at or below 163833.82; 2025-02 · Price KRW 207000.00 · Value 189157.18 · Buy at or below 189157.18; 2025-03 · Price KRW 191000.00 · Value 189157.18 · Buy at or below 189157.18; 2025-04 · Price KRW 200500.00 · Value 189157.18 · Buy at or below 189157.18; 2025-05 · Price KRW 187500.00 · Value 189157.18 · Buy at or below 189157.18; 2025-06 · Price KRW 262500.00 · Value 189157.18 · Buy at or below 189157.18; 2025-07 · Price KRW 235000.00 · Value 189157.18 · Buy at or below 189157.18; 2025-08 · Price KRW 214500.00 · Value 189157.18 · Buy at or below 189157.18; 2025-09 · Price KRW 268500.00 · Value 189157.18 · Buy at or below 189157.18; 2025-10 · Price KRW 267500.00 · Value 189157.18 · Buy at or below 189157.18; 2025-11 · Price KRW 244000.00 · Value 189157.18 · Buy at or below 189157.18; 2025-12 · Price KRW 242500.00 · Value 189157.18 · Buy at or below 189157.18; 2026-01 · Price KRW 275000.00 · Value 189157.18 · Buy at or below 189157.18; 2026-02 · Price KRW 254500.00 · Value 201516.87 · Buy at or below 201516.87; 2026-03 · Price KRW 201500.00 · Value 201516.87 · Buy at or below 201516.87; 2026-04 · Price KRW 211000.00 · Value 201516.87 · Buy at or below 201516.87; 2026-05 · Price KRW 234000.00 · Value 201516.87 · Buy at or below 201516.87; 2026-06 · Price KRW 199000.00 · Value 201516.87 · Buy at or below 201516.87; 2026-07 · Price KRW 208000.00 · Value 201516.87 · Buy at or below 201516.87; 2026-08 · Price KRW 217000.00 · Value 201516.87 · Buy at or below 201516.87; 2026-09 · Price KRW 193700.00 · Value 201516.87 · Buy at or below 201516.87; 2026-10 · Price KRW 178000.00 · Value 201516.87 · Buy at or below 201516.87; 2026-10 · Price KRW 173600.00 · Value 201516.87 · Buy at or below 201516.87

KRW per share · annual estimates

Price & return math
Value range	KRW 184,162.12 – KRW 224,619.73
Buy at or below	Central value KRW 201,516.87
Discount to value	1 − 173600.00 / 201516.87 = 13.9%
Return / year	About 11.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 11515.77/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 58291.88/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 12.04T

Revenue

Owner earningsKRW 1.60T

Owner earnings

Operating margin18.3%

Operating margin

Net cash / debtKRW 5.96T

Net cash / debt

Diluted shares151M

Diluted shares

Prices 15 Oct 2026 · FY2025