# Fila Holdings (081660.KO)

Canonical: https://gigainvestors.com/s/081660.KO

Analysis as of: 2026-10-16T07:42:22.063Z. Financial observations: FY2010–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 37,600.00 per share; close as of 2026-10-15.

Estimated value: low KRW 49,633.81 per share, central KRW 68,411.60 per share, high KRW 79,345.94 per share. Buy at or below the central value KRW 68,411.60 per share. Valuation as of 2026-10-16T07:42:22.063Z; scenarios are not confidence intervals.

Expected annual return: 16.3% at the stated quote. About 16.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.12×

- FY2019: 0.14×

- FY2020: 0.11×

- FY2021: 0.13×

- FY2022: 0.10×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.11×

- LTM to Jun 2026: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 14.8%

- ROIC, second-lowest year: 8.8%

- Typical minus recent gross margin: -3.0 pp

- Typical gross margin (annual median): 49.5%

- Recent gross margin (lower of latest and 3-year median): 52.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 7.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.6%

- FY2017: 10.0%

- FY2018: 16.7%

- FY2019: 20.9%

- FY2020: 15.9%

- FY2021: 25.5%

- FY2022: 19.3%

- FY2023: 8.8%

- FY2024: 9.9%

- FY2025: 13.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 801B

- Net income, five-year total: KRW 930B

- Return on incremental invested capital: 29.6%

- Working capital / revenue, annual change: -3.4 pp

- Working capital / revenue, change between three-year averages: -21.4 pp

- Working capital / revenue, final three-year average: 28.8%

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

- FY2021: 1.11×

- FY2022: 0.84×

- FY2023: 0.31×

- FY2024: 0.81×

- FY2025: 0.75×

### 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 9.9%

- Per-share earnings: 2348.79 to 1417.00 (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: -1.7%

- Market cap gain: KRW 1.52T

- Cumulative retained earnings: KRW 814B

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.0%

- Per-share value change: KRW -931.79

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

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

- Buybacks concentrated in cheaper years (correlation): -0.09

- Average buyback yield: 2.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 1.84T

- Cumulative net income, 10 years: KRW 1.87T

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 5K

- FY2017: KRW 1K

- FY2018: KRW 2K

- FY2019: KRW 4K

- FY2020: KRW 2K

- FY2021: KRW 4K

- FY2022: KRW 6K

- FY2023: KRW 709.00

- FY2024: KRW 1K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 9.7%

- FY2017: 1.1%

- FY2018: -4.0%

- FY2019: -1.4%

- FY2020: -8.1%

- FY2021: -6.7%

- FY2022: 10.0%

- FY2023: -10.7%

- FY2024: -7.4%

- FY2025: -6.2%

## Holders

## Price story

Down 23% since Feb 2026 · sales +5.7%

Story as of 2026-10-16T10:00:12.335Z; price observation 2026-10-15.

Price needs cash profits to shrink 2% a year for ten years

### Sales · FY2025–2026

sales +5.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 2.53T 

- FY2018: KRW 2.95T 

- FY2019: KRW 3.45T 

- FY2020: KRW 3.13T 

- FY2021: KRW 3.79T 

- FY2022: KRW 4.22T 

- FY2023: KRW 4.01T 

- FY2024: KRW 4.27T 

- FY2025: KRW 4.47T 

- FY2026: KRW 4.72T 

### Gross margin · FY2025

gross margin 53.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 43.3% 

- FY2017: 49.0% 

- FY2018: 49.7% 

- FY2019: 50.1% 

- FY2020: 49.4% 

- FY2021: 49.6% 

- FY2022: 48.1% 

- FY2023: 49.2% 

- FY2024: 52.4% 

- FY2025: 53.3% 

## Owner memo

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

### How it makes money

Operates in leisure; annual sales are KRW 4.5 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2025: revenue 4468646269410; grossProfit 2381705820960; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 081660.KO: Misto Holdings Corp., together with its subsidiaries, engages in the sale of textile products, clothing, footwear, leather products, watches, cosmetics, golf equipment, and other products under the FILA brand name in Korea and internationally. The company manufactures and sells golf products, including golf balls, clubs, and gears under the Titleist brand; and licenses FILA branded products. It also exports its products. Misto Holdings Corp. was formerly known as FILA Holdings Corporation and changed its name to Misto Holdings Corp. in April 2025. Misto Holdings Corp. was founded in 1991 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 49.2% to 53.3% during 2023–25; it earns 14.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2023: grossProfit / revenue = 49.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2024: grossProfit / revenue = 52.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2025: grossProfit / revenue = 53.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); 10-year return on capital observations [[2016,0.00594628115976077],[2017,0.10025532135939882],[2018,0.16740346694955127],[2019,0.20902414299135863],[2020,0.15944650113148084],[2021,0.2553595714674951],[2022,0.19331055719908094],[2023,0.0878692753704444],[2024,0.09876379158979162],[2025,0.1373846196422114]]; median 0.1484155603868461. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 48% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); Gross margin observations: [[2021,0.49559054003810216],[2022,0.4806787114174126],[2023,0.49174084261078677]]; range within 2 percentage points.

### Where the cash goes

Reinvests 27.3% of cash earnings; earns 29.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2018: growth capex 0; upkeep 84728170570; owner earnings 189877003880. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2019: growth capex 0; upkeep 46825308850; owner earnings 284075408340. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2020: growth capex 0; upkeep 39291565180; owner earnings 172323390350. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2021: growth capex 0; upkeep 50177931210; owner earnings 261098703610. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2022: growth capex 51911170865.64142; upkeep 156452069564.35858; owner earnings 290074810080.92017. Growth capex / owner earnings = 0.17895787245766054.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2023: growth capex 0; upkeep 201959428390; cash acquisitions 0; owner earnings 13130283551.489704. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2024: growth capex 1855209300; upkeep 150873355000; owner earnings 68534768810.45163. Growth capex / owner earnings = 0.027069607619615674.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2025: growth capex 31555643814.891205; upkeep 224105164765.1088; cash acquisitions 14478592490; owner earnings 168421661269.77292. Growth capex plus acquisitions / owner earnings = 0.27332729031306074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); Incremental return on capital 0.29583712230857795, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); Dividend observations: [[2016,2827003500],[2017,21812217230],[2018,24335808010],[2019,31418645730],[2020,46220553720],[2021,41943460830],[2022,146228248680],[2023,98368365920],[2024,102161500900],[2025,139439761220]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); FY2025: cash repurchases 191352103750 KRW.

### Are managers owners

Insiders own 40.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 081660.KO SharesStats.PercentInsiders = 40.688 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:22.063Z); Ten-year compound average after fade. Initial solved rate -0.04116500846828733. Price 37600; 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 17,440.00 per share

- 2016-11: KRW 13,400.00 per share

- 2016-12: KRW 14,100.00 per share

- 2017-01: KRW 13,760.00 per share

- 2017-02: KRW 14,980.00 per share

- 2017-03: KRW 14,020.00 per share

- 2017-04: KRW 13,880.00 per share

- 2017-05: KRW 15,340.00 per share

- 2017-06: KRW 17,100.00 per share

- 2017-07: KRW 14,800.00 per share

- 2017-08: KRW 14,160.00 per share

- 2017-09: KRW 13,700.00 per share

- 2017-10: KRW 13,540.00 per share

- 2017-11: KRW 15,940.00 per share

- 2017-12: KRW 16,320.00 per share

- 2018-01: KRW 17,280.00 per share

- 2018-02: KRW 19,940.00 per share

- 2018-03: KRW 21,700.00 per share

- 2018-04: KRW 26,100.00 per share

- 2018-05: KRW 29,150.00 per share

- 2018-06: KRW 33,650.00 per share

- 2018-07: KRW 31,700.00 per share

- 2018-08: KRW 41,750.00 per share

- 2018-09: KRW 44,900.00 per share

- 2018-10: KRW 42,050.00 per share

- 2018-11: KRW 50,800.00 per share

- 2018-12: KRW 53,500.00 per share

- 2019-01: KRW 47,600.00 per share

- 2019-02: KRW 55,600.00 per share

- 2019-03: KRW 78,000.00 per share

- 2019-04: KRW 82,400.00 per share

- 2019-05: KRW 78,000.00 per share

- 2019-06: KRW 76,700.00 per share

- 2019-07: KRW 67,500.00 per share

- 2019-08: KRW 57,200.00 per share

- 2019-09: KRW 57,900.00 per share

- 2019-10: KRW 57,600.00 per share

- 2019-11: KRW 51,600.00 per share

- 2019-12: KRW 53,000.00 per share

- 2020-01: KRW 44,200.00 per share

- 2020-02: KRW 38,400.00 per share

- 2020-03: KRW 29,050.00 per share

- 2020-04: KRW 34,800.00 per share

- 2020-05: KRW 38,450.00 per share

- 2020-06: KRW 35,100.00 per share

- 2020-07: KRW 33,400.00 per share

- 2020-08: KRW 34,700.00 per share

- 2020-09: KRW 36,650.00 per share

- 2020-10: KRW 38,300.00 per share

- 2020-11: KRW 41,300.00 per share

- 2020-12: KRW 43,700.00 per share

- 2021-01: KRW 42,700.00 per share

- 2021-02: KRW 40,000.00 per share

- 2021-03: KRW 43,150.00 per share

- 2021-04: KRW 45,600.00 per share

- 2021-05: KRW 54,500.00 per share

- 2021-06: KRW 58,200.00 per share

- 2021-07: KRW 52,200.00 per share

- 2021-08: KRW 44,900.00 per share

- 2021-09: KRW 42,650.00 per share

- 2021-10: KRW 37,100.00 per share

- 2021-11: KRW 34,950.00 per share

- 2021-12: KRW 35,850.00 per share

- 2022-01: KRW 29,150.00 per share

- 2022-02: KRW 35,200.00 per share

- 2022-03: KRW 31,450.00 per share

- 2022-04: KRW 32,600.00 per share

- 2022-05: KRW 31,700.00 per share

- 2022-06: KRW 28,100.00 per share

- 2022-07: KRW 30,400.00 per share

- 2022-08: KRW 31,200.00 per share

- 2022-09: KRW 31,300.00 per share

- 2022-10: KRW 32,700.00 per share

- 2022-11: KRW 33,050.00 per share

- 2022-12: KRW 33,250.00 per share

- 2023-01: KRW 38,700.00 per share

- 2023-02: KRW 39,000.00 per share

- 2023-03: KRW 36,500.00 per share

- 2023-04: KRW 36,650.00 per share

- 2023-05: KRW 36,350.00 per share

- 2023-06: KRW 40,000.00 per share

- 2023-07: KRW 39,700.00 per share

- 2023-08: KRW 37,900.00 per share

- 2023-09: KRW 36,100.00 per share

- 2023-10: KRW 35,750.00 per share

- 2023-11: KRW 38,250.00 per share

- 2023-12: KRW 38,700.00 per share

- 2024-01: KRW 40,550.00 per share

- 2024-02: KRW 38,400.00 per share

- 2024-03: KRW 38,050.00 per share

- 2024-04: KRW 41,000.00 per share

- 2024-05: KRW 39,400.00 per share

- 2024-06: KRW 40,100.00 per share

- 2024-07: KRW 42,800.00 per share

- 2024-08: KRW 42,350.00 per share

- 2024-09: KRW 42,250.00 per share

- 2024-10: KRW 39,900.00 per share

- 2024-11: KRW 40,650.00 per share

- 2024-12: KRW 40,300.00 per share

- 2025-01: KRW 39,250.00 per share

- 2025-02: KRW 37,450.00 per share

- 2025-03: KRW 37,950.00 per share

- 2025-04: KRW 37,050.00 per share

- 2025-05: KRW 36,050.00 per share

- 2025-06: KRW 35,750.00 per share

- 2025-07: KRW 35,950.00 per share

- 2025-08: KRW 41,750.00 per share

- 2025-09: KRW 38,550.00 per share

- 2025-10: KRW 36,800.00 per share

- 2025-11: KRW 42,750.00 per share

- 2025-12: KRW 42,700.00 per share

- 2026-01: KRW 46,950.00 per share

- 2026-02: KRW 49,000.00 per share

- 2026-03: KRW 41,000.00 per share

- 2026-04: KRW 40,600.00 per share

- 2026-05: KRW 37,450.00 per share

- 2026-06: KRW 41,450.00 per share

- 2026-07: KRW 45,150.00 per share

- 2026-08: KRW 41,850.00 per share

- 2026-09: KRW 37,500.00 per share

- 2026-10: KRW 37,900.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 9,616.11 per share, central KRW 10,613.16 per share, high KRW 11,940.46 per share

- FY2017: low KRW 9,065.65 per share, central KRW 10,134.62 per share, high KRW 11,557.63 per share

- FY2018: low KRW 10,911.35 per share, central KRW 12,182.15 per share, high KRW 13,873.85 per share

- FY2019: low KRW 13,757.11 per share, central KRW 15,248.23 per share, high KRW 17,233.24 per share

- FY2020: low KRW 38,276.93 per share, central KRW 42,598.34 per share, high KRW 48,351.05 per share

- FY2021: low KRW 54,860.52 per share, central KRW 60,974.74 per share, high KRW 69,114.07 per share

- FY2022: low KRW 69,667.29 per share, central KRW 97,789.16 per share, high KRW 114,164.57 per share

- FY2023: low KRW 59,819.11 per share, central KRW 77,437.33 per share, high KRW 90,144.07 per share

- FY2024: low KRW 57,393.07 per share, central KRW 78,388.62 per share, high KRW 91,173.89 per share

- FY2025: low KRW 48,185.37 per share, central KRW 65,949.54 per share, high KRW 76,293.64 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 2026-10-15T06:48:09.344Z 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.

Fila Holdings

081660 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 37,600.00
Buy up to: KRW 68,411.60
Expected / yr: 16.3% 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

Margins varied 18.7% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.8%
Worst year: 7.6%
Latest · LTM: 13.1%

Capital return excluding acquisitions: median 14.8% (minimum 15%), and the second-worst year 8.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 14.8%
Worst year: 0.6%
Latest · 2025: 13.7%

Each $1 of profit left $0.86 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.86×
Annual median: 0.81×
Latest · 2025: 0.75×

Per-share value fell from 2348.79 to 1417, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 3K
Worst year: KRW 709.00
Latest · 2025: KRW 4K

Profits were backed by cash: accruals were -6.2% of assets (limit 10%).

Sloan accruals

10y median: -5.1%
Worst year: 10.0%
Latest · 2025: -6.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 9.6%, three-year average owner earnings per share 1,473.65 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 17440.00 · Value 10613.16 · Buy at or below 10613.16; 2016-11 · Price KRW 13400.00 · Value 10613.16 · Buy at or below 10613.16; 2016-12 · Price KRW 14100.00 · Value 10613.16 · Buy at or below 10613.16; 2017-01 · Price KRW 13760.00 · Value 10613.16 · Buy at or below 10613.16; 2017-02 · Price KRW 14980.00 · Value 10134.62 · Buy at or below 10134.62; 2017-03 · Price KRW 14020.00 · Value 10134.62 · Buy at or below 10134.62; 2017-04 · Price KRW 13880.00 · Value 10134.62 · Buy at or below 10134.62; 2017-05 · Price KRW 15340.00 · Value 10134.62 · Buy at or below 10134.62; 2017-06 · Price KRW 17100.00 · Value 10134.62 · Buy at or below 10134.62; 2017-07 · Price KRW 14800.00 · Value 10134.62 · Buy at or below 10134.62; 2017-08 · Price KRW 14160.00 · Value 10134.62 · Buy at or below 10134.62; 2017-09 · Price KRW 13700.00 · Value 10134.62 · Buy at or below 10134.62; 2017-10 · Price KRW 13540.00 · Value 10134.62 · Buy at or below 10134.62; 2017-11 · Price KRW 15940.00 · Value 10134.62 · Buy at or below 10134.62; 2017-12 · Price KRW 16320.00 · Value 10134.62 · Buy at or below 10134.62; 2018-01 · Price KRW 17280.00 · Value 10134.62 · Buy at or below 10134.62; 2018-02 · Price KRW 19940.00 · Value 12182.15 · Buy at or below 12182.15; 2018-03 · Price KRW 21700.00 · Value 12182.15 · Buy at or below 12182.15; 2018-04 · Price KRW 26100.00 · Value 12182.15 · Buy at or below 12182.15; 2018-05 · Price KRW 29150.00 · Value 12182.15 · Buy at or below 12182.15; 2018-06 · Price KRW 33650.00 · Value 12182.15 · Buy at or below 12182.15; 2018-07 · Price KRW 31700.00 · Value 12182.15 · Buy at or below 12182.15; 2018-08 · Price KRW 41750.00 · Value 12182.15 · Buy at or below 12182.15; 2018-09 · Price KRW 44900.00 · Value 12182.15 · Buy at or below 12182.15; 2018-10 · Price KRW 42050.00 · Value 12182.15 · Buy at or below 12182.15; 2018-11 · Price KRW 50800.00 · Value 12182.15 · Buy at or below 12182.15; 2018-12 · Price KRW 53500.00 · Value 12182.15 · Buy at or below 12182.15; 2019-01 · Price KRW 47600.00 · Value 12182.15 · Buy at or below 12182.15; 2019-02 · Price KRW 55600.00 · Value 15248.23 · Buy at or below 15248.23; 2019-03 · Price KRW 78000.00 · Value 15248.23 · Buy at or below 15248.23; 2019-04 · Price KRW 82400.00 · Value 15248.23 · Buy at or below 15248.23; 2019-05 · Price KRW 78000.00 · Value 15248.23 · Buy at or below 15248.23; 2019-06 · Price KRW 76700.00 · Value 15248.23 · Buy at or below 15248.23; 2019-07 · Price KRW 67500.00 · Value 15248.23 · Buy at or below 15248.23; 2019-08 · Price KRW 57200.00 · Value 15248.23 · Buy at or below 15248.23; 2019-09 · Price KRW 57900.00 · Value 15248.23 · Buy at or below 15248.23; 2019-10 · Price KRW 57600.00 · Value 15248.23 · Buy at or below 15248.23; 2019-11 · Price KRW 51600.00 · Value 15248.23 · Buy at or below 15248.23; 2019-12 · Price KRW 53000.00 · Value 15248.23 · Buy at or below 15248.23; 2020-01 · Price KRW 44200.00 · Value 15248.23 · Buy at or below 15248.23; 2020-02 · Price KRW 38400.00 · Value 42598.34 · Buy at or below 42598.34; 2020-03 · Price KRW 29050.00 · Value 42598.34 · Buy at or below 42598.34; 2020-04 · Price KRW 34800.00 · Value 42598.34 · Buy at or below 42598.34; 2020-05 · Price KRW 38450.00 · Value 42598.34 · Buy at or below 42598.34; 2020-06 · Price KRW 35100.00 · Value 42598.34 · Buy at or below 42598.34; 2020-07 · Price KRW 33400.00 · Value 42598.34 · Buy at or below 42598.34; 2020-08 · Price KRW 34700.00 · Value 42598.34 · Buy at or below 42598.34; 2020-09 · Price KRW 36650.00 · Value 42598.34 · Buy at or below 42598.34; 2020-10 · Price KRW 38300.00 · Value 42598.34 · Buy at or below 42598.34; 2020-11 · Price KRW 41300.00 · Value 42598.34 · Buy at or below 42598.34; 2020-12 · Price KRW 43700.00 · Value 42598.34 · Buy at or below 42598.34; 2021-01 · Price KRW 42700.00 · Value 42598.34 · Buy at or below 42598.34; 2021-02 · Price KRW 40000.00 · Value 60974.74 · Buy at or below 60974.74; 2021-03 · Price KRW 43150.00 · Value 60974.74 · Buy at or below 60974.74; 2021-04 · Price KRW 45600.00 · Value 60974.74 · Buy at or below 60974.74; 2021-05 · Price KRW 54500.00 · Value 60974.74 · Buy at or below 60974.74; 2021-06 · Price KRW 58200.00 · Value 60974.74 · Buy at or below 60974.74; 2021-07 · Price KRW 52200.00 · Value 60974.74 · Buy at or below 60974.74; 2021-08 · Price KRW 44900.00 · Value 60974.74 · Buy at or below 60974.74; 2021-09 · Price KRW 42650.00 · Value 60974.74 · Buy at or below 60974.74; 2021-10 · Price KRW 37100.00 · Value 60974.74 · Buy at or below 60974.74; 2021-11 · Price KRW 34950.00 · Value 60974.74 · Buy at or below 60974.74; 2021-12 · Price KRW 35850.00 · Value 60974.74 · Buy at or below 60974.74; 2022-01 · Price KRW 29150.00 · Value 60974.74 · Buy at or below 60974.74; 2022-02 · Price KRW 35200.00 · Value 97789.16 · Buy at or below 97789.16; 2022-03 · Price KRW 31450.00 · Value 97789.16 · Buy at or below 97789.16; 2022-04 · Price KRW 32600.00 · Value 97789.16 · Buy at or below 97789.16; 2022-05 · Price KRW 31700.00 · Value 97789.16 · Buy at or below 97789.16; 2022-06 · Price KRW 28100.00 · Value 97789.16 · Buy at or below 97789.16; 2022-07 · Price KRW 30400.00 · Value 97789.16 · Buy at or below 97789.16; 2022-08 · Price KRW 31200.00 · Value 97789.16 · Buy at or below 97789.16; 2022-09 · Price KRW 31300.00 · Value 97789.16 · Buy at or below 97789.16; 2022-10 · Price KRW 32700.00 · Value 97789.16 · Buy at or below 97789.16; 2022-11 · Price KRW 33050.00 · Value 97789.16 · Buy at or below 97789.16; 2022-12 · Price KRW 33250.00 · Value 97789.16 · Buy at or below 97789.16; 2023-01 · Price KRW 38700.00 · Value 97789.16 · Buy at or below 97789.16; 2023-02 · Price KRW 39000.00 · Value 77437.33 · Buy at or below 77437.33; 2023-03 · Price KRW 36500.00 · Value 77437.33 · Buy at or below 77437.33; 2023-04 · Price KRW 36650.00 · Value 77437.33 · Buy at or below 77437.33; 2023-05 · Price KRW 36350.00 · Value 77437.33 · Buy at or below 77437.33; 2023-06 · Price KRW 40000.00 · Value 77437.33 · Buy at or below 77437.33; 2023-07 · Price KRW 39700.00 · Value 77437.33 · Buy at or below 77437.33; 2023-08 · Price KRW 37900.00 · Value 77437.33 · Buy at or below 77437.33; 2023-09 · Price KRW 36100.00 · Value 77437.33 · Buy at or below 77437.33; 2023-10 · Price KRW 35750.00 · Value 77437.33 · Buy at or below 77437.33; 2023-11 · Price KRW 38250.00 · Value 77437.33 · Buy at or below 77437.33; 2023-12 · Price KRW 38700.00 · Value 77437.33 · Buy at or below 77437.33; 2024-01 · Price KRW 40550.00 · Value 77437.33 · Buy at or below 77437.33; 2024-02 · Price KRW 38400.00 · Value 78388.62 · Buy at or below 78388.62; 2024-03 · Price KRW 38050.00 · Value 78388.62 · Buy at or below 78388.62; 2024-04 · Price KRW 41000.00 · Value 78388.62 · Buy at or below 78388.62; 2024-05 · Price KRW 39400.00 · Value 78388.62 · Buy at or below 78388.62; 2024-06 · Price KRW 40100.00 · Value 78388.62 · Buy at or below 78388.62; 2024-07 · Price KRW 42800.00 · Value 78388.62 · Buy at or below 78388.62; 2024-08 · Price KRW 42350.00 · Value 78388.62 · Buy at or below 78388.62; 2024-09 · Price KRW 42250.00 · Value 78388.62 · Buy at or below 78388.62; 2024-10 · Price KRW 39900.00 · Value 78388.62 · Buy at or below 78388.62; 2024-11 · Price KRW 40650.00 · Value 78388.62 · Buy at or below 78388.62; 2024-12 · Price KRW 40300.00 · Value 78388.62 · Buy at or below 78388.62; 2025-01 · Price KRW 39250.00 · Value 78388.62 · Buy at or below 78388.62; 2025-02 · Price KRW 37450.00 · Value 65949.54 · Buy at or below 65949.54; 2025-03 · Price KRW 37950.00 · Value 65949.54 · Buy at or below 65949.54; 2025-04 · Price KRW 37050.00 · Value 65949.54 · Buy at or below 65949.54; 2025-05 · Price KRW 36050.00 · Value 65949.54 · Buy at or below 65949.54; 2025-06 · Price KRW 35750.00 · Value 65949.54 · Buy at or below 65949.54; 2025-07 · Price KRW 35950.00 · Value 65949.54 · Buy at or below 65949.54; 2025-08 · Price KRW 41750.00 · Value 65949.54 · Buy at or below 65949.54; 2025-09 · Price KRW 38550.00 · Value 65949.54 · Buy at or below 65949.54; 2025-10 · Price KRW 36800.00 · Value 65949.54 · Buy at or below 65949.54; 2025-11 · Price KRW 42750.00 · Value 65949.54 · Buy at or below 65949.54; 2025-12 · Price KRW 42700.00 · Value 65949.54 · Buy at or below 65949.54; 2026-01 · Price KRW 46950.00 · Value 65949.54 · Buy at or below 65949.54; 2026-02 · Price KRW 49000.00 · Value 68411.60 · Buy at or below 68411.60; 2026-03 · Price KRW 41000.00 · Value 68411.60 · Buy at or below 68411.60; 2026-04 · Price KRW 40600.00 · Value 68411.60 · Buy at or below 68411.60; 2026-05 · Price KRW 37450.00 · Value 68411.60 · Buy at or below 68411.60; 2026-06 · Price KRW 41450.00 · Value 68411.60 · Buy at or below 68411.60; 2026-07 · Price KRW 45150.00 · Value 68411.60 · Buy at or below 68411.60; 2026-08 · Price KRW 41850.00 · Value 68411.60 · Buy at or below 68411.60; 2026-09 · Price KRW 37500.00 · Value 68411.60 · Buy at or below 68411.60; 2026-10 · Price KRW 37900.00 · Value 68411.60 · Buy at or below 68411.60; 2026-10 · Price KRW 37600.00 · Value 68411.60 · Buy at or below 68411.60

KRW per share · annual estimates

Price & return math
Value range	KRW 49,633.81 – KRW 79,345.94
Buy at or below	Central value KRW 68,411.60
Discount to value	1 − 37600.00 / 68411.60 = 45.0%
Return / year	About 16.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 3223.21/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash KRW 5814.18/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 4.72T

Revenue

Owner earningsKRW 168B

Owner earnings

Operating margin13.1%

Operating margin

Net cash / debtKRW -995B

Net cash / debt

Diluted shares55M

Diluted shares

Prices 15 Oct 2026 · FY2025