# Daewoo Engineering & Construction (047040.KO)

Canonical: https://gigainvestors.com/s/047040.KO

Analysis as of: 2026-10-16T07:37:46.106Z. Financial observations: FY2000–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: KRW 14,670.00 per share; close as of 2026-10-15.

Estimated value: low KRW 11,951.25 per share, central KRW 13,160.39 per share, high KRW 14,770.01 per share. Buy at or below the central value KRW 13,160.39 per share. Valuation as of 2026-10-16T07:37:46.106Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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: 2

- Operating margin variation: 2.77×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.05×

- FY2024: 0.02×

- FY2025: -0.11×

- LTM to Jun 2026: -0.08×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 6.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.3%

- ROIC, second-lowest year: -9.9%

- Typical minus recent gross margin: 6.8 pp

- Typical gross margin (annual median): 9.8%

- Recent gross margin (lower of latest and 3-year median): 3.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -9.9%

- FY2017: 10.0%

- FY2018: 11.6%

- FY2019: 5.5%

- FY2020: 10.3%

- FY2021: 18.3%

- FY2022: 12.2%

- FY2023: 8.5%

- FY2024: 1.9%

- FY2025: -13.8%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 678B

- Net income, five-year total: KRW 822B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2.6 pp

- Working capital / revenue, change between three-year averages: 18.7 pp

- Working capital / revenue, final three-year average: 45.4%

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

- FY2021: 0.94×

- FY2022: 0.89×

- FY2023: 0.99×

- FY2024: 1.06×

- FY2025: 1.07×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 1.9%

- Per-share earnings: 630.19 to 569.00 (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 -518B

- Cumulative retained earnings: KRW 1.64T

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.4%

- Per-share value change: KRW -61.19

- Per-share value, starting three-year median: KRW 630.19

- Per-share value, ending three-year median: KRW 569.00

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 29B

- Cumulative net income, 10 years: KRW 1.14T

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 1.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW -2K

- FY2017: KRW 630.19

- FY2018: KRW 726.03

- FY2019: KRW 507.09

- FY2020: KRW 690.73

- FY2021: KRW 1K

- FY2022: KRW 1K

- FY2023: KRW 1K

- FY2024: KRW 569.00

- FY2025: KRW -2K

### accounting: pass

- Sloan accruals: -10.3%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -0.9%

- FY2018: 1.4%

- FY2019: 5.3%

- FY2020: -1.3%

- FY2021: -12.1%

- FY2022: 8.3%

- FY2023: 11.9%

- FY2024: 12.0%

- FY2025: -10.3%

## Holders

## Price story

Down 58% since Apr 2026 · sales -4.4%

Story as of 2026-10-16T10:00:09.448Z; price observation 2026-10-15.

Price needs cash profits to grow 2.7% a year for ten years

### Sales · FY2025–2026

sales -4.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 11.77T 

- FY2018: KRW 10.61T 

- FY2019: KRW 8.65T 

- FY2020: KRW 8.14T 

- FY2021: KRW 8.69T 

- FY2022: KRW 10.42T 

- FY2023: KRW 11.65T 

- FY2024: KRW 10.50T 

- FY2025: KRW 8.05T 

- FY2026: KRW 7.70T 

### Gross margin · FY2025

gross margin 3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 0.9% 

- FY2017: 7.1% 

- FY2018: 9.7% 

- FY2019: 9.9% 

- FY2020: 12.3% 

- FY2021: 14.3% 

- FY2022: 12.0% 

- FY2023: 10.4% 

- FY2024: 8.8% 

- FY2025: 3.0% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are KRW 8.1 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2025: revenue 8054627137850; grossProfit 238444389830; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 3% to 10.4% during 2023–25; it earns 9.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2023: grossProfit / revenue = 10.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2024: grossProfit / revenue = 8.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2025: grossProfit / revenue = 3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); 10-year return on capital observations [[2016,-0.0990849511488487],[2017,0.10035601438358699],[2018,0.11622497583991373],[2019,0.05469387706677858],[2020,0.10315374281780511],[2021,0.1825494879153765],[2022,0.12211086751425947],[2023,0.08532543307029532],[2024,0.019022537510784178],[2025,-0.1384272761512413]]; median 0.09284072372694116. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back KRW 1.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2016: growth capex 0; upkeep 277643604430; owner earnings 81190462470. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2017: growth capex 0; upkeep 67980708750; owner earnings 269431851840. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2018: growth capex 0; upkeep 26969030630; owner earnings 362849427240. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2019: growth capex 0; upkeep 23528649630; owner earnings 213311015796. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2020: growth capex 0; upkeep 11678951950; owner earnings 304284563096. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2021: growth capex 0; upkeep 52949347140; owner earnings 455178881146. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2022: growth capex 0; upkeep 91689049720; owner earnings 446156414274. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2023: growth capex 0; upkeep 58759685380; owner earnings 507137208518. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2024: growth capex 0; upkeep 43416218670; owner earnings 249265553332. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,69710000],[2020,69710000],[2021,69710000],[2022,69710000],[2023,64720000],[2024,69735000],[2025,2930752560]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); FY2025: cash repurchases 1773684088.75 KRW.

### Are managers owners

Insiders own 51.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 047040.KO SharesStats.PercentInsiders = 51.381 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:46.106Z); Ten-year compound average after fade. Initial solved rate 0.025125845714322526. Price 14670; 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 6,330.00 per share

- 2016-11: KRW 5,170.00 per share

- 2016-12: KRW 5,080.00 per share

- 2017-01: KRW 5,180.00 per share

- 2017-02: KRW 6,130.00 per share

- 2017-03: KRW 7,250.00 per share

- 2017-04: KRW 7,290.00 per share

- 2017-05: KRW 7,550.00 per share

- 2017-06: KRW 7,580.00 per share

- 2017-07: KRW 8,190.00 per share

- 2017-08: KRW 7,030.00 per share

- 2017-09: KRW 7,210.00 per share

- 2017-10: KRW 7,350.00 per share

- 2017-11: KRW 5,610.00 per share

- 2017-12: KRW 5,920.00 per share

- 2018-01: KRW 6,200.00 per share

- 2018-02: KRW 5,220.00 per share

- 2018-03: KRW 5,270.00 per share

- 2018-04: KRW 6,350.00 per share

- 2018-05: KRW 6,450.00 per share

- 2018-06: KRW 5,870.00 per share

- 2018-07: KRW 5,680.00 per share

- 2018-08: KRW 5,240.00 per share

- 2018-09: KRW 5,920.00 per share

- 2018-10: KRW 4,525.00 per share

- 2018-11: KRW 4,970.00 per share

- 2018-12: KRW 5,390.00 per share

- 2019-01: KRW 5,180.00 per share

- 2019-02: KRW 5,050.00 per share

- 2019-03: KRW 5,080.00 per share

- 2019-04: KRW 5,040.00 per share

- 2019-05: KRW 4,805.00 per share

- 2019-06: KRW 4,940.00 per share

- 2019-07: KRW 4,100.00 per share

- 2019-08: KRW 4,180.00 per share

- 2019-09: KRW 4,830.00 per share

- 2019-10: KRW 4,355.00 per share

- 2019-11: KRW 4,460.00 per share

- 2019-12: KRW 4,740.00 per share

- 2020-01: KRW 4,350.00 per share

- 2020-02: KRW 4,050.00 per share

- 2020-03: KRW 2,940.00 per share

- 2020-04: KRW 3,560.00 per share

- 2020-05: KRW 3,830.00 per share

- 2020-06: KRW 3,430.00 per share

- 2020-07: KRW 3,490.00 per share

- 2020-08: KRW 2,945.00 per share

- 2020-09: KRW 2,785.00 per share

- 2020-10: KRW 3,000.00 per share

- 2020-11: KRW 3,500.00 per share

- 2020-12: KRW 4,985.00 per share

- 2021-01: KRW 5,900.00 per share

- 2021-02: KRW 5,870.00 per share

- 2021-03: KRW 6,610.00 per share

- 2021-04: KRW 7,390.00 per share

- 2021-05: KRW 8,320.00 per share

- 2021-06: KRW 7,950.00 per share

- 2021-07: KRW 7,450.00 per share

- 2021-08: KRW 7,350.00 per share

- 2021-09: KRW 6,750.00 per share

- 2021-10: KRW 6,250.00 per share

- 2021-11: KRW 5,370.00 per share

- 2021-12: KRW 5,770.00 per share

- 2022-01: KRW 5,670.00 per share

- 2022-02: KRW 6,130.00 per share

- 2022-03: KRW 7,000.00 per share

- 2022-04: KRW 6,770.00 per share

- 2022-05: KRW 6,550.00 per share

- 2022-06: KRW 5,840.00 per share

- 2022-07: KRW 5,250.00 per share

- 2022-08: KRW 5,200.00 per share

- 2022-09: KRW 4,120.00 per share

- 2022-10: KRW 4,205.00 per share

- 2022-11: KRW 5,090.00 per share

- 2022-12: KRW 4,180.00 per share

- 2023-01: KRW 4,805.00 per share

- 2023-02: KRW 4,305.00 per share

- 2023-03: KRW 4,030.00 per share

- 2023-04: KRW 4,215.00 per share

- 2023-05: KRW 4,295.00 per share

- 2023-06: KRW 4,065.00 per share

- 2023-07: KRW 4,520.00 per share

- 2023-08: KRW 4,600.00 per share

- 2023-09: KRW 4,205.00 per share

- 2023-10: KRW 3,930.00 per share

- 2023-11: KRW 4,640.00 per share

- 2023-12: KRW 4,145.00 per share

- 2024-01: KRW 3,935.00 per share

- 2024-02: KRW 3,980.00 per share

- 2024-03: KRW 3,705.00 per share

- 2024-04: KRW 3,835.00 per share

- 2024-05: KRW 3,655.00 per share

- 2024-06: KRW 3,720.00 per share

- 2024-07: KRW 4,170.00 per share

- 2024-08: KRW 4,030.00 per share

- 2024-09: KRW 3,830.00 per share

- 2024-10: KRW 3,535.00 per share

- 2024-11: KRW 3,690.00 per share

- 2024-12: KRW 3,105.00 per share

- 2025-01: KRW 3,375.00 per share

- 2025-02: KRW 3,390.00 per share

- 2025-03: KRW 3,150.00 per share

- 2025-04: KRW 3,545.00 per share

- 2025-05: KRW 4,215.00 per share

- 2025-06: KRW 4,180.00 per share

- 2025-07: KRW 3,750.00 per share

- 2025-08: KRW 3,720.00 per share

- 2025-09: KRW 3,580.00 per share

- 2025-10: KRW 3,750.00 per share

- 2025-11: KRW 3,520.00 per share

- 2025-12: KRW 3,820.00 per share

- 2026-01: KRW 4,970.00 per share

- 2026-02: KRW 10,140.00 per share

- 2026-03: KRW 15,550.00 per share

- 2026-04: KRW 35,000.00 per share

- 2026-05: KRW 26,200.00 per share

- 2026-06: KRW 18,840.00 per share

- 2026-07: KRW 12,780.00 per share

- 2026-08: KRW 18,190.00 per share

- 2026-09: KRW 17,740.00 per share

- 2026-10: KRW 15,960.00 per share

## Annual estimated value (KRW per share)

- FY2017: low KRW 3,412.91 per share, central KRW 3,728.42 per share, high KRW 4,148.43 per share

- FY2018: low KRW 4,950.92 per share, central KRW 5,372.29 per share, high KRW 5,933.23 per share

- FY2019: low KRW 7,931.05 per share, central KRW 8,656.76 per share, high KRW 9,622.83 per share

- FY2020: low KRW 7,943.08 per share, central KRW 8,678.88 per share, high KRW 9,658.38 per share

- FY2021: low KRW 12,961.46 per share, central KRW 14,051.35 per share, high KRW 15,502.21 per share

- FY2022: low KRW 15,302.99 per share, central KRW 16,730.22 per share, high KRW 18,630.15 per share

- FY2023: low KRW 16,738.14 per share, central KRW 18,565.47 per share, high KRW 20,998.04 per share

- FY2024: low KRW 16,139.01 per share, central KRW 17,786.56 per share, high KRW 19,979.79 per share

- FY2025: low KRW 14,291.41 per share, central KRW 15,556.31 per share, high KRW 17,240.16 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 2026-10-15T06:43:32.124Z 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.

Daewoo Engineering & Construction

047040 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 14,670.00
Buy up to: KRW 13,160.39
Expected / yr: 9.1% 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

Sales fell in 6 years (limit 5), and margins varied 277.4% around their average (limit 35%).

Operating margin

10y median: 4.6%
Worst year: -11.2%
Latest · LTM: -7.6%

Capital return excluding acquisitions: median 9.3% (minimum 15%), and the second-worst year -9.9% (minimum 10%), and gross margin fell 6.8 percentage points (limit 4).

ROIC excluding acquisitions

10y median: 9.3%
Worst year: -13.8%
Latest · 2025: -13.8%

New investment earned 0% (minimum 12%), and working capital rose 18.7% of sales (limit 10%) to 45.4% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.82×
Annual median: 0.99×
Latest · 2025: 1.07×

Per-share value fell from 630.19 to 569, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 660.46
Worst year: KRW -2K
Latest · 2025: KRW -2K

Profits were backed by cash: accruals were -10.3% of assets (limit 10%).

Sloan accruals

10y median: 0.3%
Worst year: 12.0%
Latest · 2025: -10.3%

Profit record · fail 2 loss years in 10 (at most 2), mean operating margin 2.5%, three-year average owner earnings per share -181.57 KRW. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 6330.00; 2016-11 · Price KRW 5170.00; 2016-12 · Price KRW 5080.00; 2017-01 · Price KRW 5180.00 · Value 3728.42 · Buy at or below 3728.42; 2017-02 · Price KRW 6130.00 · Value 3728.42 · Buy at or below 3728.42; 2017-03 · Price KRW 7250.00 · Value 3728.42 · Buy at or below 3728.42; 2017-04 · Price KRW 7290.00 · Value 3728.42 · Buy at or below 3728.42; 2017-05 · Price KRW 7550.00 · Value 3728.42 · Buy at or below 3728.42; 2017-06 · Price KRW 7580.00 · Value 3728.42 · Buy at or below 3728.42; 2017-07 · Price KRW 8190.00 · Value 3728.42 · Buy at or below 3728.42; 2017-08 · Price KRW 7030.00 · Value 3728.42 · Buy at or below 3728.42; 2017-09 · Price KRW 7210.00 · Value 3728.42 · Buy at or below 3728.42; 2017-10 · Price KRW 7350.00 · Value 3728.42 · Buy at or below 3728.42; 2017-11 · Price KRW 5610.00 · Value 3728.42 · Buy at or below 3728.42; 2017-12 · Price KRW 5920.00 · Value 3728.42 · Buy at or below 3728.42; 2018-01 · Price KRW 6200.00 · Value 3728.42 · Buy at or below 3728.42; 2018-02 · Price KRW 5220.00 · Value 5372.29 · Buy at or below 5372.29; 2018-03 · Price KRW 5270.00 · Value 5372.29 · Buy at or below 5372.29; 2018-04 · Price KRW 6350.00 · Value 5372.29 · Buy at or below 5372.29; 2018-05 · Price KRW 6450.00 · Value 5372.29 · Buy at or below 5372.29; 2018-06 · Price KRW 5870.00 · Value 5372.29 · Buy at or below 5372.29; 2018-07 · Price KRW 5680.00 · Value 5372.29 · Buy at or below 5372.29; 2018-08 · Price KRW 5240.00 · Value 5372.29 · Buy at or below 5372.29; 2018-09 · Price KRW 5920.00 · Value 5372.29 · Buy at or below 5372.29; 2018-10 · Price KRW 4525.00 · Value 5372.29 · Buy at or below 5372.29; 2018-11 · Price KRW 4970.00 · Value 5372.29 · Buy at or below 5372.29; 2018-12 · Price KRW 5390.00 · Value 5372.29 · Buy at or below 5372.29; 2019-01 · Price KRW 5180.00 · Value 5372.29 · Buy at or below 5372.29; 2019-02 · Price KRW 5050.00 · Value 8656.76 · Buy at or below 8656.76; 2019-03 · Price KRW 5080.00 · Value 8656.76 · Buy at or below 8656.76; 2019-04 · Price KRW 5040.00 · Value 8656.76 · Buy at or below 8656.76; 2019-05 · Price KRW 4805.00 · Value 8656.76 · Buy at or below 8656.76; 2019-06 · Price KRW 4940.00 · Value 8656.76 · Buy at or below 8656.76; 2019-07 · Price KRW 4100.00 · Value 8656.76 · Buy at or below 8656.76; 2019-08 · Price KRW 4180.00 · Value 8656.76 · Buy at or below 8656.76; 2019-09 · Price KRW 4830.00 · Value 8656.76 · Buy at or below 8656.76; 2019-10 · Price KRW 4355.00 · Value 8656.76 · Buy at or below 8656.76; 2019-11 · Price KRW 4460.00 · Value 8656.76 · Buy at or below 8656.76; 2019-12 · Price KRW 4740.00 · Value 8656.76 · Buy at or below 8656.76; 2020-01 · Price KRW 4350.00 · Value 8656.76 · Buy at or below 8656.76; 2020-02 · Price KRW 4050.00 · Value 8678.88 · Buy at or below 8678.88; 2020-03 · Price KRW 2940.00 · Value 8678.88 · Buy at or below 8678.88; 2020-04 · Price KRW 3560.00 · Value 8678.88 · Buy at or below 8678.88; 2020-05 · Price KRW 3830.00 · Value 8678.88 · Buy at or below 8678.88; 2020-06 · Price KRW 3430.00 · Value 8678.88 · Buy at or below 8678.88; 2020-07 · Price KRW 3490.00 · Value 8678.88 · Buy at or below 8678.88; 2020-08 · Price KRW 2945.00 · Value 8678.88 · Buy at or below 8678.88; 2020-09 · Price KRW 2785.00 · Value 8678.88 · Buy at or below 8678.88; 2020-10 · Price KRW 3000.00 · Value 8678.88 · Buy at or below 8678.88; 2020-11 · Price KRW 3500.00 · Value 8678.88 · Buy at or below 8678.88; 2020-12 · Price KRW 4985.00 · Value 8678.88 · Buy at or below 8678.88; 2021-01 · Price KRW 5900.00 · Value 8678.88 · Buy at or below 8678.88; 2021-02 · Price KRW 5870.00 · Value 14051.35 · Buy at or below 14051.35; 2021-03 · Price KRW 6610.00 · Value 14051.35 · Buy at or below 14051.35; 2021-04 · Price KRW 7390.00 · Value 14051.35 · Buy at or below 14051.35; 2021-05 · Price KRW 8320.00 · Value 14051.35 · Buy at or below 14051.35; 2021-06 · Price KRW 7950.00 · Value 14051.35 · Buy at or below 14051.35; 2021-07 · Price KRW 7450.00 · Value 14051.35 · Buy at or below 14051.35; 2021-08 · Price KRW 7350.00 · Value 14051.35 · Buy at or below 14051.35; 2021-09 · Price KRW 6750.00 · Value 14051.35 · Buy at or below 14051.35; 2021-10 · Price KRW 6250.00 · Value 14051.35 · Buy at or below 14051.35; 2021-11 · Price KRW 5370.00 · Value 14051.35 · Buy at or below 14051.35; 2021-12 · Price KRW 5770.00 · Value 14051.35 · Buy at or below 14051.35; 2022-01 · Price KRW 5670.00 · Value 14051.35 · Buy at or below 14051.35; 2022-02 · Price KRW 6130.00 · Value 16730.22 · Buy at or below 16730.22; 2022-03 · Price KRW 7000.00 · Value 16730.22 · Buy at or below 16730.22; 2022-04 · Price KRW 6770.00 · Value 16730.22 · Buy at or below 16730.22; 2022-05 · Price KRW 6550.00 · Value 16730.22 · Buy at or below 16730.22; 2022-06 · Price KRW 5840.00 · Value 16730.22 · Buy at or below 16730.22; 2022-07 · Price KRW 5250.00 · Value 16730.22 · Buy at or below 16730.22; 2022-08 · Price KRW 5200.00 · Value 16730.22 · Buy at or below 16730.22; 2022-09 · Price KRW 4120.00 · Value 16730.22 · Buy at or below 16730.22; 2022-10 · Price KRW 4205.00 · Value 16730.22 · Buy at or below 16730.22; 2022-11 · Price KRW 5090.00 · Value 16730.22 · Buy at or below 16730.22; 2022-12 · Price KRW 4180.00 · Value 16730.22 · Buy at or below 16730.22; 2023-01 · Price KRW 4805.00 · Value 16730.22 · Buy at or below 16730.22; 2023-02 · Price KRW 4305.00 · Value 18565.47 · Buy at or below 18565.47; 2023-03 · Price KRW 4030.00 · Value 18565.47 · Buy at or below 18565.47; 2023-04 · Price KRW 4215.00 · Value 18565.47 · Buy at or below 18565.47; 2023-05 · Price KRW 4295.00 · Value 18565.47 · Buy at or below 18565.47; 2023-06 · Price KRW 4065.00 · Value 18565.47 · Buy at or below 18565.47; 2023-07 · Price KRW 4520.00 · Value 18565.47 · Buy at or below 18565.47; 2023-08 · Price KRW 4600.00 · Value 18565.47 · Buy at or below 18565.47; 2023-09 · Price KRW 4205.00 · Value 18565.47 · Buy at or below 18565.47; 2023-10 · Price KRW 3930.00 · Value 18565.47 · Buy at or below 18565.47; 2023-11 · Price KRW 4640.00 · Value 18565.47 · Buy at or below 18565.47; 2023-12 · Price KRW 4145.00 · Value 18565.47 · Buy at or below 18565.47; 2024-01 · Price KRW 3935.00 · Value 18565.47 · Buy at or below 18565.47; 2024-02 · Price KRW 3980.00 · Value 17786.56 · Buy at or below 17786.56; 2024-03 · Price KRW 3705.00 · Value 17786.56 · Buy at or below 17786.56; 2024-04 · Price KRW 3835.00 · Value 17786.56 · Buy at or below 17786.56; 2024-05 · Price KRW 3655.00 · Value 17786.56 · Buy at or below 17786.56; 2024-06 · Price KRW 3720.00 · Value 17786.56 · Buy at or below 17786.56; 2024-07 · Price KRW 4170.00 · Value 17786.56 · Buy at or below 17786.56; 2024-08 · Price KRW 4030.00 · Value 17786.56 · Buy at or below 17786.56; 2024-09 · Price KRW 3830.00 · Value 17786.56 · Buy at or below 17786.56; 2024-10 · Price KRW 3535.00 · Value 17786.56 · Buy at or below 17786.56; 2024-11 · Price KRW 3690.00 · Value 17786.56 · Buy at or below 17786.56; 2024-12 · Price KRW 3105.00 · Value 17786.56 · Buy at or below 17786.56; 2025-01 · Price KRW 3375.00 · Value 17786.56 · Buy at or below 17786.56; 2025-02 · Price KRW 3390.00 · Value 15556.31 · Buy at or below 15556.31; 2025-03 · Price KRW 3150.00 · Value 15556.31 · Buy at or below 15556.31; 2025-04 · Price KRW 3545.00 · Value 15556.31 · Buy at or below 15556.31; 2025-05 · Price KRW 4215.00 · Value 15556.31 · Buy at or below 15556.31; 2025-06 · Price KRW 4180.00 · Value 15556.31 · Buy at or below 15556.31; 2025-07 · Price KRW 3750.00 · Value 15556.31 · Buy at or below 15556.31; 2025-08 · Price KRW 3720.00 · Value 15556.31 · Buy at or below 15556.31; 2025-09 · Price KRW 3580.00 · Value 15556.31 · Buy at or below 15556.31; 2025-10 · Price KRW 3750.00 · Value 15556.31 · Buy at or below 15556.31; 2025-11 · Price KRW 3520.00 · Value 15556.31 · Buy at or below 15556.31; 2025-12 · Price KRW 3820.00 · Value 15556.31 · Buy at or below 15556.31; 2026-01 · Price KRW 4970.00 · Value 15556.31 · Buy at or below 15556.31; 2026-02 · Price KRW 10140.00 · Value 13160.39 · Buy at or below 13160.39; 2026-03 · Price KRW 15550.00 · Value 13160.39 · Buy at or below 13160.39; 2026-04 · Price KRW 35000.00 · Value 13160.39 · Buy at or below 13160.39; 2026-05 · Price KRW 26200.00 · Value 13160.39 · Buy at or below 13160.39; 2026-06 · Price KRW 18840.00 · Value 13160.39 · Buy at or below 13160.39; 2026-07 · Price KRW 12780.00 · Value 13160.39 · Buy at or below 13160.39; 2026-08 · Price KRW 18190.00 · Value 13160.39 · Buy at or below 13160.39; 2026-09 · Price KRW 17740.00 · Value 13160.39 · Buy at or below 13160.39; 2026-10 · Price KRW 15960.00 · Value 13160.39 · Buy at or below 13160.39; 2026-10 · Price KRW 14670.00 · Value 13160.39 · Buy at or below 13160.39

KRW per share · annual estimates

Price & return math
Value range	KRW 11,951.25 – KRW 14,770.01
Buy at or below	Central value KRW 13,160.39
Discount to value	1 − 14670.00 / 13160.39 = -11.5%
Return / year	About 9.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 802.32/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 3181.65/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 7.70T

Revenue

Owner earningsKRW -979B

Owner earnings

Operating margin-7.6%

Operating margin

Net cash / debtKRW -1.47T

Net cash / debt

Diluted shares411M

Diluted shares

Prices 15 Oct 2026 · FY2025