# NCsoft (036570.KO)

Canonical: https://gigainvestors.com/s/036570.KO

Analysis as of: 2026-10-16T07:39:10.261Z. Financial observations: FY2002–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 201,000.00 per share; close as of 2026-10-15.

Estimated value: low KRW 174,884.92 per share, central KRW 186,129.21 per share, high KRW 201,097.75 per share. Buy at or below the central value KRW 186,129.21 per share. Valuation as of 2026-10-16T07:39:10.261Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% 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: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.75×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.33×

- FY2018: 0.36×

- FY2019: 0.28×

- FY2020: 0.34×

- FY2021: 0.16×

- FY2022: 0.22×

- FY2023: 0.08×

- FY2024: -0.07×

- FY2025: 0.01×

- LTM to Jun 2026: 0.14×

### moat: fail

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

- ROIC, median of available years: 25.6%

- ROIC, second-lowest year: 0.7%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 99.8%

- Recent gross margin (lower of latest and 3-year median): 99.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 19.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.0%

- FY2017: 29.4%

- FY2018: 36.2%

- FY2019: 32.7%

- FY2020: 45.1%

- FY2021: 16.5%

- FY2022: 29.3%

- FY2023: 8.0%

- FY2024: -4.3%

- FY2025: 0.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.60×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 885B

- Net income, five-year total: KRW 1.49T

- Return on incremental invested capital: -139.2%

- Working capital / revenue, annual change: -3.3 pp

- Working capital / revenue, change between three-year averages: -21.2 pp

- Working capital / revenue, final three-year average: -8.5%

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

- FY2021: 0.40×

- FY2022: 0.72×

- FY2023: 0.25×

- FY2024: 0.70×

- FY2025: 0.84×

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 29.4% vs 0.7%

- Per-share earnings: 20307.76 to 10446.00 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: KRW -1.36T

- Cumulative retained earnings: KRW 2.13T

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -9.1%

- Per-share value change: KRW -10K

- Per-share value, starting three-year median: KRW 20K

- Per-share value, ending three-year median: KRW 10K

- Buybacks concentrated in cheaper years (correlation): -0.71

- Average buyback yield: 2.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 70B

- Cumulative net income, 10 years: KRW 3.56T

- ROIC, first three-year median: 29.4%

- ROIC, last three-year median: 0.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 13K

- FY2017: KRW 21K

- FY2018: KRW 20K

- FY2019: KRW 17K

- FY2020: KRW 29K

- FY2021: KRW 19K

- FY2022: KRW 21K

- FY2023: KRW 10K

- FY2024: KRW 5K

- FY2025: KRW 18K

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 4.3%

- Receivables to sales index (DSRI): 1.51×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.47×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.8%

- FY2017: -4.4%

- FY2018: 2.2%

- FY2019: -1.0%

- FY2020: -2.9%

- FY2021: 0.1%

- FY2022: -6.8%

- FY2023: 0.3%

- FY2024: -0.3%

- FY2025: 4.3%

## Holders

## Price story

Down 70% since Nov 2021 · sales +38.8%

Story as of 2026-10-16T10:00:10.541Z; price observation 2026-10-15.

Price needs cash profits to grow 2.8% a year for ten years

### Sales · FY2025–2026

sales +38.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.76T 

- FY2018: KRW 1.72T 

- FY2019: KRW 1.70T 

- FY2020: KRW 2.42T 

- FY2021: KRW 2.31T 

- FY2022: KRW 2.57T 

- FY2023: KRW 1.78T 

- FY2024: KRW 1.58T 

- FY2025: KRW 1.51T 

- FY2026: KRW 2.09T 

### Gross margin · FY2025

gross margin 99.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 80.9% 

- FY2017: 88.0% 

- FY2018: 99.8% 

- FY2019: 99.8% 

- FY2020: 99.8% 

- FY2021: 99.9% 

- FY2022: 99.8% 

- FY2023: 99.8% 

- FY2024: 99.7% 

- FY2025: 99.7% 

## Owner memo

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

### How it makes money

Operates in electronic gaming & multimedia; annual sales are KRW 1.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2025: revenue 1506925065850; grossProfit 1501672368850; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 036570.KO: NC Corporation, together with its subsidiaries, develops and publishes online games in Korea, Japan, Taiwan, the United States of America, Europe, and Canada. It also engages in software development, call center management, professional baseball team, creation of 3D resources, and mutual fund activities. The company was formerly known as NCSOFT Corporation and change its name to NC Corporation in April 2026. NC Corporation was incorporated in 1997 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 99.7% to 99.8% during 2023–25; it earns 25.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2023: grossProfit / revenue = 99.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2024: grossProfit / revenue = 99.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2025: grossProfit / revenue = 99.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); 10-year return on capital observations [[2016,0.22035478289729904],[2017,0.2941985816321564],[2018,0.3621563657131988],[2019,0.3268334121970941],[2020,0.45067141261514976],[2021,0.16475875430124134],[2022,0.2926303310148272],[2023,0.07992735228305067],[2024,-0.04278065692807558],[2025,0.00702022785391457]]; median 0.2564925569560631. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 100% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); Gross margin observations: [[2021,0.9991920673359298],[2022,0.9980581110553358],[2023,0.9984153052363657]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 987.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2016: growth capex 0; upkeep 19526735250; owner earnings 92495773580. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2017: growth capex 0; upkeep 29855319400; owner earnings 565317891000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2018: growth capex 0; upkeep 26740325040; owner earnings 419355465230. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2019: growth capex 0; upkeep 51028274090; owner earnings 340201721756. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2020: growth capex 0; upkeep 64436265400; owner earnings 572238474238. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2021: growth capex 0; upkeep 286560829370; owner earnings 160337859990. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2022: growth capex 68625349377.13806; upkeep 184281856362.86194; owner earnings 315000382909.13806. Growth capex / owner earnings = 0.21785798716610785.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2023: growth capex 0; upkeep 223638211930; owner earnings 53858151250. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2024: growth capex 0; upkeep 95411415380; owner earnings 66050667042. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2025: growth capex 0; upkeep 115055136070; owner earnings 289781234962. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); Dividend observations: [[2016,60064360930],[2017,81138476980],[2018,154703195920],[2019,124584255950],[2020,107570831580],[2021,176193603450],[2022,119001592540],[2023,135653692520],[2024,63567362810],[2025,28314463280]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); FY2025: cash repurchases 987647330 KRW.

### Are managers owners

Insiders own 21.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 036570.KO SharesStats.PercentInsiders = 21.418 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.261Z); Ten-year compound average after fade. Initial solved rate 0.02651367113816938. Price 201000; 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 264,500.00 per share

- 2016-11: KRW 272,000.00 per share

- 2016-12: KRW 247,500.00 per share

- 2017-01: KRW 304,000.00 per share

- 2017-02: KRW 274,000.00 per share

- 2017-03: KRW 305,000.00 per share

- 2017-04: KRW 360,000.00 per share

- 2017-05: KRW 378,500.00 per share

- 2017-06: KRW 379,500.00 per share

- 2017-07: KRW 361,000.00 per share

- 2017-08: KRW 384,500.00 per share

- 2017-09: KRW 464,500.00 per share

- 2017-10: KRW 426,500.00 per share

- 2017-11: KRW 436,500.00 per share

- 2017-12: KRW 447,500.00 per share

- 2018-01: KRW 442,000.00 per share

- 2018-02: KRW 375,000.00 per share

- 2018-03: KRW 420,000.00 per share

- 2018-04: KRW 360,000.00 per share

- 2018-05: KRW 353,000.00 per share

- 2018-06: KRW 371,000.00 per share

- 2018-07: KRW 385,500.00 per share

- 2018-08: KRW 387,500.00 per share

- 2018-09: KRW 442,500.00 per share

- 2018-10: KRW 429,500.00 per share

- 2018-11: KRW 512,000.00 per share

- 2018-12: KRW 466,500.00 per share

- 2019-01: KRW 468,500.00 per share

- 2019-02: KRW 461,000.00 per share

- 2019-03: KRW 496,000.00 per share

- 2019-04: KRW 526,000.00 per share

- 2019-05: KRW 477,000.00 per share

- 2019-06: KRW 477,000.00 per share

- 2019-07: KRW 481,500.00 per share

- 2019-08: KRW 537,000.00 per share

- 2019-09: KRW 521,000.00 per share

- 2019-10: KRW 516,000.00 per share

- 2019-11: KRW 493,000.00 per share

- 2019-12: KRW 541,000.00 per share

- 2020-01: KRW 636,000.00 per share

- 2020-02: KRW 649,000.00 per share

- 2020-03: KRW 652,000.00 per share

- 2020-04: KRW 643,000.00 per share

- 2020-05: KRW 790,000.00 per share

- 2020-06: KRW 891,000.00 per share

- 2020-07: KRW 811,000.00 per share

- 2020-08: KRW 825,000.00 per share

- 2020-09: KRW 806,000.00 per share

- 2020-10: KRW 776,000.00 per share

- 2020-11: KRW 810,000.00 per share

- 2020-12: KRW 931,000.00 per share

- 2021-01: KRW 953,000.00 per share

- 2021-02: KRW 936,000.00 per share

- 2021-03: KRW 873,000.00 per share

- 2021-04: KRW 830,000.00 per share

- 2021-05: KRW 868,000.00 per share

- 2021-06: KRW 820,000.00 per share

- 2021-07: KRW 824,000.00 per share

- 2021-08: KRW 660,000.00 per share

- 2021-09: KRW 603,000.00 per share

- 2021-10: KRW 627,000.00 per share

- 2021-11: KRW 681,000.00 per share

- 2021-12: KRW 643,000.00 per share

- 2022-01: KRW 536,000.00 per share

- 2022-02: KRW 444,000.00 per share

- 2022-03: KRW 467,500.00 per share

- 2022-04: KRW 421,500.00 per share

- 2022-05: KRW 455,000.00 per share

- 2022-06: KRW 349,500.00 per share

- 2022-07: KRW 372,500.00 per share

- 2022-08: KRW 378,500.00 per share

- 2022-09: KRW 346,000.00 per share

- 2022-10: KRW 390,000.00 per share

- 2022-11: KRW 470,500.00 per share

- 2022-12: KRW 448,000.00 per share

- 2023-01: KRW 454,000.00 per share

- 2023-02: KRW 434,500.00 per share

- 2023-03: KRW 371,500.00 per share

- 2023-04: KRW 377,000.00 per share

- 2023-05: KRW 321,000.00 per share

- 2023-06: KRW 295,000.00 per share

- 2023-07: KRW 276,500.00 per share

- 2023-08: KRW 251,500.00 per share

- 2023-09: KRW 222,500.00 per share

- 2023-10: KRW 232,500.00 per share

- 2023-11: KRW 262,000.00 per share

- 2023-12: KRW 240,500.00 per share

- 2024-01: KRW 198,100.00 per share

- 2024-02: KRW 194,000.00 per share

- 2024-03: KRW 198,800.00 per share

- 2024-04: KRW 176,100.00 per share

- 2024-05: KRW 190,300.00 per share

- 2024-06: KRW 179,900.00 per share

- 2024-07: KRW 175,300.00 per share

- 2024-08: KRW 187,600.00 per share

- 2024-09: KRW 191,000.00 per share

- 2024-10: KRW 217,500.00 per share

- 2024-11: KRW 237,500.00 per share

- 2024-12: KRW 183,100.00 per share

- 2025-01: KRW 172,700.00 per share

- 2025-02: KRW 170,100.00 per share

- 2025-03: KRW 149,400.00 per share

- 2025-04: KRW 146,300.00 per share

- 2025-05: KRW 152,500.00 per share

- 2025-06: KRW 206,500.00 per share

- 2025-07: KRW 193,700.00 per share

- 2025-08: KRW 203,000.00 per share

- 2025-09: KRW 216,000.00 per share

- 2025-10: KRW 220,500.00 per share

- 2025-11: KRW 210,000.00 per share

- 2025-12: KRW 201,500.00 per share

- 2026-01: KRW 234,500.00 per share

- 2026-02: KRW 231,000.00 per share

- 2026-03: KRW 224,000.00 per share

- 2026-04: KRW 270,500.00 per share

- 2026-05: KRW 289,500.00 per share

- 2026-06: KRW 257,500.00 per share

- 2026-07: KRW 234,500.00 per share

- 2026-08: KRW 224,500.00 per share

- 2026-09: KRW 209,000.00 per share

- 2026-10: KRW 207,000.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 135,208.06 per share, central KRW 147,599.51 per share, high KRW 164,095.17 per share

- FY2017: low KRW 267,777.08 per share, central KRW 294,920.42 per share, high KRW 331,053.96 per share

- FY2018: low KRW 287,465.22 per share, central KRW 318,155.49 per share, high KRW 359,010.76 per share

- FY2019: low KRW 280,994.91 per share, central KRW 308,108.35 per share, high KRW 344,202.08 per share

- FY2020: low KRW 403,985.91 per share, central KRW 445,834.27 per share, high KRW 501,543.32 per share

- FY2021: low KRW 389,300.68 per share, central KRW 429,441.45 per share, high KRW 482,877.32 per share

- FY2022: low KRW 461,369.91 per share, central KRW 608,914.34 per share, high KRW 694,829.73 per share

- FY2023: low KRW 219,874.87 per share, central KRW 236,052.29 per share, high KRW 257,587.87 per share

- FY2024: low KRW 132,729.32 per share, central KRW 141,017.67 per share, high KRW 152,051.23 per share

- FY2025: low KRW 160,413.45 per share, central KRW 168,545.82 per share, high KRW 179,371.73 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 2026-10-15T06:45:03.448Z 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.

NCsoft

036570 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 201,000.00
Buy up to: KRW 186,129.21
Expected / yr: 9.0% 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

Sales fell in 6 years (limit 5), and margins varied 75.5% around their average (limit 35%).

Operating margin

10y median: 19.0%
Worst year: -6.8%
Latest · LTM: 13.5%

The second-worst year 0.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 25.6%
Worst year: -4.3%
Latest · 2025: 0.7%

Each $1 of profit left $0.60 for owners over five years (minimum $0.80), and new investment earned -139.2% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.60×
Annual median: 0.70×
Latest · 2025: 0.84×

Per-share value fell from 20307.76 to 10446, comparing three-year medians at each end (must rise and stay positive), and buybacks favoured expensive years across 6 years (limit five), with price discipline -0.71 (minimum -0.5) and spending 2.1% of value (limit 1%).

Earnings per share

10y median: KRW 19K
Worst year: KRW 5K
Latest · 2025: KRW 18K

Profits were backed by cash: accruals were 4.3% of assets (limit 10%).

Sloan accruals

10y median: -0.1%
Worst year: 6.8%
Latest · 2025: 4.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 20.5%, three-year average owner earnings per share 6,969.73 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 264500.00 · Value 147599.51 · Buy at or below 147599.51; 2016-11 · Price KRW 272000.00 · Value 147599.51 · Buy at or below 147599.51; 2016-12 · Price KRW 247500.00 · Value 147599.51 · Buy at or below 147599.51; 2017-01 · Price KRW 304000.00 · Value 147599.51 · Buy at or below 147599.51; 2017-02 · Price KRW 274000.00 · Value 294920.42 · Buy at or below 294920.42; 2017-03 · Price KRW 305000.00 · Value 294920.42 · Buy at or below 294920.42; 2017-04 · Price KRW 360000.00 · Value 294920.42 · Buy at or below 294920.42; 2017-05 · Price KRW 378500.00 · Value 294920.42 · Buy at or below 294920.42; 2017-06 · Price KRW 379500.00 · Value 294920.42 · Buy at or below 294920.42; 2017-07 · Price KRW 361000.00 · Value 294920.42 · Buy at or below 294920.42; 2017-08 · Price KRW 384500.00 · Value 294920.42 · Buy at or below 294920.42; 2017-09 · Price KRW 464500.00 · Value 294920.42 · Buy at or below 294920.42; 2017-10 · Price KRW 426500.00 · Value 294920.42 · Buy at or below 294920.42; 2017-11 · Price KRW 436500.00 · Value 294920.42 · Buy at or below 294920.42; 2017-12 · Price KRW 447500.00 · Value 294920.42 · Buy at or below 294920.42; 2018-01 · Price KRW 442000.00 · Value 294920.42 · Buy at or below 294920.42; 2018-02 · Price KRW 375000.00 · Value 318155.49 · Buy at or below 318155.49; 2018-03 · Price KRW 420000.00 · Value 318155.49 · Buy at or below 318155.49; 2018-04 · Price KRW 360000.00 · Value 318155.49 · Buy at or below 318155.49; 2018-05 · Price KRW 353000.00 · Value 318155.49 · Buy at or below 318155.49; 2018-06 · Price KRW 371000.00 · Value 318155.49 · Buy at or below 318155.49; 2018-07 · Price KRW 385500.00 · Value 318155.49 · Buy at or below 318155.49; 2018-08 · Price KRW 387500.00 · Value 318155.49 · Buy at or below 318155.49; 2018-09 · Price KRW 442500.00 · Value 318155.49 · Buy at or below 318155.49; 2018-10 · Price KRW 429500.00 · Value 318155.49 · Buy at or below 318155.49; 2018-11 · Price KRW 512000.00 · Value 318155.49 · Buy at or below 318155.49; 2018-12 · Price KRW 466500.00 · Value 318155.49 · Buy at or below 318155.49; 2019-01 · Price KRW 468500.00 · Value 318155.49 · Buy at or below 318155.49; 2019-02 · Price KRW 461000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-03 · Price KRW 496000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-04 · Price KRW 526000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-05 · Price KRW 477000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-06 · Price KRW 477000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-07 · Price KRW 481500.00 · Value 308108.35 · Buy at or below 308108.35; 2019-08 · Price KRW 537000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-09 · Price KRW 521000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-10 · Price KRW 516000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-11 · Price KRW 493000.00 · Value 308108.35 · Buy at or below 308108.35; 2019-12 · Price KRW 541000.00 · Value 308108.35 · Buy at or below 308108.35; 2020-01 · Price KRW 636000.00 · Value 308108.35 · Buy at or below 308108.35; 2020-02 · Price KRW 649000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-03 · Price KRW 652000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-04 · Price KRW 643000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-05 · Price KRW 790000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-06 · Price KRW 891000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-07 · Price KRW 811000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-08 · Price KRW 825000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-09 · Price KRW 806000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-10 · Price KRW 776000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-11 · Price KRW 810000.00 · Value 445834.27 · Buy at or below 445834.27; 2020-12 · Price KRW 931000.00 · Value 445834.27 · Buy at or below 445834.27; 2021-01 · Price KRW 953000.00 · Value 445834.27 · Buy at or below 445834.27; 2021-02 · Price KRW 936000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-03 · Price KRW 873000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-04 · Price KRW 830000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-05 · Price KRW 868000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-06 · Price KRW 820000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-07 · Price KRW 824000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-08 · Price KRW 660000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-09 · Price KRW 603000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-10 · Price KRW 627000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-11 · Price KRW 681000.00 · Value 429441.45 · Buy at or below 429441.45; 2021-12 · Price KRW 643000.00 · Value 429441.45 · Buy at or below 429441.45; 2022-01 · Price KRW 536000.00 · Value 429441.45 · Buy at or below 429441.45; 2022-02 · Price KRW 444000.00 · Value 608914.34 · Buy at or below 608914.34; 2022-03 · Price KRW 467500.00 · Value 608914.34 · Buy at or below 608914.34; 2022-04 · Price KRW 421500.00 · Value 608914.34 · Buy at or below 608914.34; 2022-05 · Price KRW 455000.00 · Value 608914.34 · Buy at or below 608914.34; 2022-06 · Price KRW 349500.00 · Value 608914.34 · Buy at or below 608914.34; 2022-07 · Price KRW 372500.00 · Value 608914.34 · Buy at or below 608914.34; 2022-08 · Price KRW 378500.00 · Value 608914.34 · Buy at or below 608914.34; 2022-09 · Price KRW 346000.00 · Value 608914.34 · Buy at or below 608914.34; 2022-10 · Price KRW 390000.00 · Value 608914.34 · Buy at or below 608914.34; 2022-11 · Price KRW 470500.00 · Value 608914.34 · Buy at or below 608914.34; 2022-12 · Price KRW 448000.00 · Value 608914.34 · Buy at or below 608914.34; 2023-01 · Price KRW 454000.00 · Value 608914.34 · Buy at or below 608914.34; 2023-02 · Price KRW 434500.00 · Value 236052.29 · Buy at or below 236052.29; 2023-03 · Price KRW 371500.00 · Value 236052.29 · Buy at or below 236052.29; 2023-04 · Price KRW 377000.00 · Value 236052.29 · Buy at or below 236052.29; 2023-05 · Price KRW 321000.00 · Value 236052.29 · Buy at or below 236052.29; 2023-06 · Price KRW 295000.00 · Value 236052.29 · Buy at or below 236052.29; 2023-07 · Price KRW 276500.00 · Value 236052.29 · Buy at or below 236052.29; 2023-08 · Price KRW 251500.00 · Value 236052.29 · Buy at or below 236052.29; 2023-09 · Price KRW 222500.00 · Value 236052.29 · Buy at or below 236052.29; 2023-10 · Price KRW 232500.00 · Value 236052.29 · Buy at or below 236052.29; 2023-11 · Price KRW 262000.00 · Value 236052.29 · Buy at or below 236052.29; 2023-12 · Price KRW 240500.00 · Value 236052.29 · Buy at or below 236052.29; 2024-01 · Price KRW 198100.00 · Value 236052.29 · Buy at or below 236052.29; 2024-02 · Price KRW 194000.00 · Value 141017.67 · Buy at or below 141017.67; 2024-03 · Price KRW 198800.00 · Value 141017.67 · Buy at or below 141017.67; 2024-04 · Price KRW 176100.00 · Value 141017.67 · Buy at or below 141017.67; 2024-05 · Price KRW 190300.00 · Value 141017.67 · Buy at or below 141017.67; 2024-06 · Price KRW 179900.00 · Value 141017.67 · Buy at or below 141017.67; 2024-07 · Price KRW 175300.00 · Value 141017.67 · Buy at or below 141017.67; 2024-08 · Price KRW 187600.00 · Value 141017.67 · Buy at or below 141017.67; 2024-09 · Price KRW 191000.00 · Value 141017.67 · Buy at or below 141017.67; 2024-10 · Price KRW 217500.00 · Value 141017.67 · Buy at or below 141017.67; 2024-11 · Price KRW 237500.00 · Value 141017.67 · Buy at or below 141017.67; 2024-12 · Price KRW 183100.00 · Value 141017.67 · Buy at or below 141017.67; 2025-01 · Price KRW 172700.00 · Value 141017.67 · Buy at or below 141017.67; 2025-02 · Price KRW 170100.00 · Value 168545.82 · Buy at or below 168545.82; 2025-03 · Price KRW 149400.00 · Value 168545.82 · Buy at or below 168545.82; 2025-04 · Price KRW 146300.00 · Value 168545.82 · Buy at or below 168545.82; 2025-05 · Price KRW 152500.00 · Value 168545.82 · Buy at or below 168545.82; 2025-06 · Price KRW 206500.00 · Value 168545.82 · Buy at or below 168545.82; 2025-07 · Price KRW 193700.00 · Value 168545.82 · Buy at or below 168545.82; 2025-08 · Price KRW 203000.00 · Value 168545.82 · Buy at or below 168545.82; 2025-09 · Price KRW 216000.00 · Value 168545.82 · Buy at or below 168545.82; 2025-10 · Price KRW 220500.00 · Value 168545.82 · Buy at or below 168545.82; 2025-11 · Price KRW 210000.00 · Value 168545.82 · Buy at or below 168545.82; 2025-12 · Price KRW 201500.00 · Value 168545.82 · Buy at or below 168545.82; 2026-01 · Price KRW 234500.00 · Value 168545.82 · Buy at or below 168545.82; 2026-02 · Price KRW 231000.00 · Value 186129.21 · Buy at or below 186129.21; 2026-03 · Price KRW 224000.00 · Value 186129.21 · Buy at or below 186129.21; 2026-04 · Price KRW 270500.00 · Value 186129.21 · Buy at or below 186129.21; 2026-05 · Price KRW 289500.00 · Value 186129.21 · Buy at or below 186129.21; 2026-06 · Price KRW 257500.00 · Value 186129.21 · Buy at or below 186129.21; 2026-07 · Price KRW 234500.00 · Value 186129.21 · Buy at or below 186129.21; 2026-08 · Price KRW 224500.00 · Value 186129.21 · Buy at or below 186129.21; 2026-09 · Price KRW 209000.00 · Value 186129.21 · Buy at or below 186129.21; 2026-10 · Price KRW 207000.00 · Value 186129.21 · Buy at or below 186129.21; 2026-10 · Price KRW 201000.00 · Value 186129.21 · Buy at or below 186129.21

KRW per share · annual estimates

Price & return math
Value range	KRW 174,884.92 – KRW 201,097.75
Buy at or below	Central value KRW 186,129.21
Discount to value	1 − 201000.00 / 186129.21 = -8.0%
Return / year	About 9.0% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 7461.16/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 93332.55/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 2.09T

Revenue

Owner earningsKRW 290B

Owner earnings

Operating margin13.5%

Operating margin

Net cash / debtKRW 1.83T

Net cash / debt

Diluted shares19M

Diluted shares

Prices 15 Oct 2026 · FY2025