# Posco International (047050.KO)

Canonical: https://gigainvestors.com/s/047050.KO

Analysis as of: 2026-10-16T07:36:41.093Z. Financial observations: FY2000–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 55,100.00 per share; close as of 2026-10-15.

Estimated value: low KRW 29,239.73 per share, central KRW 32,875.41 per share, high KRW 37,715.28 per share. Buy at or below the central value KRW 32,875.41 per share. Valuation as of 2026-10-16T07:36:41.093Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.02×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.6%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 5.1%

- Recent gross margin (lower of latest and 3-year median): 6.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.9%

- FY2017: 4.1%

- FY2018: 4.5%

- FY2019: 6.5%

- FY2020: 6.2%

- FY2021: 6.6%

- FY2022: 9.9%

- FY2023: 7.9%

- FY2024: 7.3%

- FY2025: 8.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.48×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 1.32T

- Net income, five-year total: KRW 2.75T

- Return on incremental invested capital: 85.1%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 11.6%

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

- FY2021: 1.34×

- FY2022: 1.13×

- FY2023: 0.59×

- FY2024: -0.34×

- FY2025: -0.08×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.1% vs 7.9%

- Per-share earnings: 1257.75 to 3603.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.7%

- Market cap gain: KRW 5.38T

- Cumulative retained earnings: KRW 2.31T

- Diluted shares, 5-year annual growth: 6.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.2%

- Per-share value change: KRW 2K

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

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

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 2.05T

- Cumulative net income, 10 years: KRW 3.64T

- ROIC, first three-year median: 4.1%

- ROIC, last three-year median: 7.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 976.97

- FY2017: KRW 1K

- FY2018: KRW 1K

- FY2019: KRW 2K

- FY2020: KRW 2K

- FY2021: KRW 3K

- FY2022: KRW 5K

- FY2023: KRW 4K

- FY2024: KRW 3K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.47×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.2%

- FY2017: -2.3%

- FY2018: 3.0%

- FY2019: -15.6%

- FY2020: -10.6%

- FY2021: 8.1%

- FY2022: -5.1%

- FY2023: -2.4%

- FY2024: -2.1%

- FY2025: -7.1%

## Holders

## Price story

Down 39% since Jul 2023 · sales +0.3%

Story as of 2026-10-16T10:00:07.900Z; price observation 2026-10-15.

Price needs cash profits to grow 7.9% a year for ten years

### Sales · FY2024–2025

sales +0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 16.49T 

- FY2017: KRW 22.57T 

- FY2018: KRW 25.17T 

- FY2019: KRW 24.42T 

- FY2020: KRW 21.47T 

- FY2021: KRW 33.95T 

- FY2022: KRW 37.99T 

- FY2023: KRW 33.13T 

- FY2024: KRW 32.26T 

- FY2025: KRW 32.37T 

### Gross margin · FY2025

gross margin 6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 6.9% 

- FY2017: 5.8% 

- FY2018: 3.9% 

- FY2019: 4.6% 

- FY2020: 4.3% 

- FY2021: 3.3% 

- FY2022: 4.1% 

- FY2023: 5.6% 

- FY2024: 6.0% 

- FY2025: 6.0% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are KRW 32.4 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2025: revenue 32373603908000; grossProfit 1935738880000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 047050.KO: Posco International Corporation operates as a trading company in South Korea and internationally. It engages in the development of oil and gas resources; LNG terminal and connected business; power generation project development, investment, financial procurement, execution, and operation; wind power, solar power, sewage heat energy business, CCS, and hydrogen business. The company also offers GIGA STEEL, an automotive steel sheets for automakers and parts companies; construction steel materials for structural, interior, and exterior use; hot rolled steel, steel plate, wire rod, cold rolled steel, galvanized steel, electrical galvanized steel, electrical steel, and stainless steel products; and iron ore, raw coal, and power generation coal. In addition, it is involved in vehicle parts business; production of electric vehicle batteries and secondary batteries for energy storage systems; trading staple grains such as corn, wheat, rice, and soybeans; production of palm oil; and cotton business. Posco International Corporation has a strategic alliance with International ESG Association. The company was formerly known as Posco Daewoo Corporation and changed its name to Posco International Corporation in March 2019. The company was founded in 1967 and is headquartered in Seoul, South Korea. Posco International Corporation operates as a subsidiary of POSCO Holdings Inc.

### Why customers stay

Margins ranged from 5.6% to 6% during 2023–25; it earns 6.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2023: grossProfit / revenue = 5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2024: grossProfit / revenue = 6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2025: grossProfit / revenue = 6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); 10-year return on capital observations [[2016,0.03857618519940678],[2017,0.040955750766896316],[2018,0.04478061658969946],[2019,0.06489931251148189],[2020,0.06240702970972905],[2021,0.0662231338764566],[2022,0.0993612447747102],[2023,0.07914090610539483],[2024,0.07340817751946604],[2025,0.08179121966472237]]; median 0.06556122319396925. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back KRW 87.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2016: growth capex 0; upkeep 159780710000; owner earnings 117867809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2017: growth capex 0; upkeep 72773139000; owner earnings 309466981000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2019: growth capex 0; upkeep 84297327000; owner earnings 355615904000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2020: growth capex 0; upkeep 73248454000; owner earnings 444906552000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2021: growth capex 0; upkeep 182876685000; owner earnings 484694439000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2022: growth capex 0; upkeep 262749926000; owner earnings 666016223600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2023: growth capex 0; upkeep 728159261000; owner earnings 399401099200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); Dividend observations: [[2016,56938146000],[2017,57151620000],[2018,62943756000],[2019,74244926000],[2020,86362424000],[2021,86362424000],[2022,101765265000],[2023,140314204000],[2024,176609497000],[2025,423099249000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); FY2025: cash repurchases 87626500 KRW.

### Are managers owners

Insiders own 50.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 047050.KO SharesStats.PercentInsiders = 50.111000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:41.093Z); Ten-year compound average after fade. Initial solved rate 0.09977338707379327. Price 55100; 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 24,950.00 per share

- 2016-11: KRW 26,650.00 per share

- 2016-12: KRW 27,000.00 per share

- 2017-01: KRW 25,450.00 per share

- 2017-02: KRW 24,550.00 per share

- 2017-03: KRW 23,850.00 per share

- 2017-04: KRW 24,000.00 per share

- 2017-05: KRW 24,150.00 per share

- 2017-06: KRW 22,300.00 per share

- 2017-07: KRW 23,500.00 per share

- 2017-08: KRW 21,150.00 per share

- 2017-09: KRW 19,300.00 per share

- 2017-10: KRW 19,400.00 per share

- 2017-11: KRW 18,550.00 per share

- 2017-12: KRW 18,150.00 per share

- 2018-01: KRW 24,100.00 per share

- 2018-02: KRW 20,200.00 per share

- 2018-03: KRW 22,900.00 per share

- 2018-04: KRW 22,550.00 per share

- 2018-05: KRW 22,900.00 per share

- 2018-06: KRW 21,400.00 per share

- 2018-07: KRW 19,150.00 per share

- 2018-08: KRW 18,250.00 per share

- 2018-09: KRW 20,950.00 per share

- 2018-10: KRW 17,800.00 per share

- 2018-11: KRW 19,300.00 per share

- 2018-12: KRW 18,200.00 per share

- 2019-01: KRW 20,000.00 per share

- 2019-02: KRW 18,950.00 per share

- 2019-03: KRW 17,750.00 per share

- 2019-04: KRW 18,300.00 per share

- 2019-05: KRW 17,200.00 per share

- 2019-06: KRW 18,350.00 per share

- 2019-07: KRW 18,750.00 per share

- 2019-08: KRW 18,350.00 per share

- 2019-09: KRW 19,100.00 per share

- 2019-10: KRW 18,250.00 per share

- 2019-11: KRW 18,250.00 per share

- 2019-12: KRW 18,650.00 per share

- 2020-01: KRW 16,850.00 per share

- 2020-02: KRW 14,950.00 per share

- 2020-03: KRW 11,350.00 per share

- 2020-04: KRW 14,200.00 per share

- 2020-05: KRW 16,000.00 per share

- 2020-06: KRW 13,950.00 per share

- 2020-07: KRW 13,850.00 per share

- 2020-08: KRW 13,600.00 per share

- 2020-09: KRW 13,400.00 per share

- 2020-10: KRW 13,300.00 per share

- 2020-11: KRW 13,300.00 per share

- 2020-12: KRW 14,550.00 per share

- 2021-01: KRW 16,500.00 per share

- 2021-02: KRW 22,350.00 per share

- 2021-03: KRW 20,150.00 per share

- 2021-04: KRW 21,000.00 per share

- 2021-05: KRW 20,700.00 per share

- 2021-06: KRW 23,300.00 per share

- 2021-07: KRW 25,850.00 per share

- 2021-08: KRW 22,750.00 per share

- 2021-09: KRW 23,900.00 per share

- 2021-10: KRW 21,700.00 per share

- 2021-11: KRW 18,700.00 per share

- 2021-12: KRW 22,450.00 per share

- 2022-01: KRW 20,100.00 per share

- 2022-02: KRW 20,150.00 per share

- 2022-03: KRW 21,500.00 per share

- 2022-04: KRW 24,700.00 per share

- 2022-05: KRW 23,650.00 per share

- 2022-06: KRW 19,250.00 per share

- 2022-07: KRW 20,550.00 per share

- 2022-08: KRW 26,850.00 per share

- 2022-09: KRW 20,900.00 per share

- 2022-10: KRW 20,650.00 per share

- 2022-11: KRW 24,000.00 per share

- 2022-12: KRW 22,600.00 per share

- 2023-01: KRW 23,350.00 per share

- 2023-02: KRW 22,600.00 per share

- 2023-03: KRW 22,300.00 per share

- 2023-04: KRW 26,800.00 per share

- 2023-05: KRW 30,100.00 per share

- 2023-06: KRW 39,850.00 per share

- 2023-07: KRW 90,100.00 per share

- 2023-08: KRW 79,200.00 per share

- 2023-09: KRW 71,400.00 per share

- 2023-10: KRW 50,100.00 per share

- 2023-11: KRW 57,200.00 per share

- 2023-12: KRW 62,400.00 per share

- 2024-01: KRW 52,600.00 per share

- 2024-02: KRW 56,100.00 per share

- 2024-03: KRW 52,900.00 per share

- 2024-04: KRW 46,300.00 per share

- 2024-05: KRW 43,050.00 per share

- 2024-06: KRW 65,400.00 per share

- 2024-07: KRW 53,000.00 per share

- 2024-08: KRW 56,400.00 per share

- 2024-09: KRW 57,100.00 per share

- 2024-10: KRW 52,300.00 per share

- 2024-11: KRW 47,200.00 per share

- 2024-12: KRW 39,650.00 per share

- 2025-01: KRW 42,050.00 per share

- 2025-02: KRW 51,900.00 per share

- 2025-03: KRW 49,250.00 per share

- 2025-04: KRW 49,350.00 per share

- 2025-05: KRW 49,050.00 per share

- 2025-06: KRW 49,700.00 per share

- 2025-07: KRW 48,800.00 per share

- 2025-08: KRW 48,000.00 per share

- 2025-09: KRW 48,450.00 per share

- 2025-10: KRW 55,000.00 per share

- 2025-11: KRW 53,600.00 per share

- 2025-12: KRW 49,600.00 per share

- 2026-01: KRW 62,400.00 per share

- 2026-02: KRW 72,200.00 per share

- 2026-03: KRW 71,500.00 per share

- 2026-04: KRW 87,300.00 per share

- 2026-05: KRW 63,800.00 per share

- 2026-06: KRW 49,150.00 per share

- 2026-07: KRW 52,200.00 per share

- 2026-08: KRW 53,700.00 per share

- 2026-09: KRW 56,900.00 per share

- 2026-10: KRW 56,600.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 11,313.37 per share, central KRW 12,873.23 per share, high KRW 14,949.75 per share

- FY2017: low KRW 14,290.00 per share, central KRW 16,260.28 per share, high KRW 18,883.14 per share

- FY2018: low KRW 15,939.46 per share, central KRW 18,137.16 per share, high KRW 21,062.77 per share

- FY2019: low KRW 24,367.94 per share, central KRW 27,727.75 per share, high KRW 32,200.37 per share

- FY2020: low KRW 28,658.12 per share, central KRW 32,254.20 per share, high KRW 37,041.35 per share

- FY2021: low KRW 42,940.91 per share, central KRW 48,861.53 per share, high KRW 56,743.12 per share

- FY2022: low KRW 55,216.37 per share, central KRW 61,973.15 per share, high KRW 70,967.86 per share

- FY2023: low KRW 35,017.08 per share, central KRW 39,266.93 per share, high KRW 44,924.38 per share

- FY2024: low KRW 32,353.66 per share, central KRW 36,426.31 per share, high KRW 41,847.87 per share

- FY2025: low KRW 27,830.05 per share, central KRW 31,280.71 per share, high KRW 35,874.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## 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.

## Reported holder observations