# LF (093050.KO)

Canonical: https://gigainvestors.com/s/093050.KO

Analysis as of: 2026-10-16T07:47:30.846Z. Financial observations: FY2010–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 22,450.00 per share; close as of 2026-10-15.

Estimated value: low KRW 19,122.38 per share, central KRW 19,484.83 per share, high KRW 19,967.33 per share. Buy at or below the central value KRW 19,484.83 per share. Valuation as of 2026-10-16T07:47:30.846Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.30×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.09×

- FY2022: 0.09×

- FY2023: 0.03×

- FY2024: 0.06×

- FY2025: 0.09×

- LTM to Jun 2026: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: 3.8%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 57.8%

- Recent gross margin (lower of latest and 3-year median): 57.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.5%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 8.4%

- FY2018: 8.8%

- FY2019: 4.1%

- FY2020: 3.8%

- FY2021: 8.7%

- FY2022: 10.9%

- FY2023: 3.5%

- FY2024: 5.8%

- FY2025: 5.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.27×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 143B

- Net income, five-year total: KRW 528B

- Return on incremental invested capital: 13.5%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.0 pp

- Working capital / revenue, final three-year average: 25.0%

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

- FY2021: 0.90×

- FY2022: 0.73×

- FY2023: -0.84×

- FY2024: 0.09×

- FY2025: -0.12×

### 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: 8.4% vs 5.8%

- Per-share earnings: 2519.90 to 2899.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.0%

- Market cap gain: KRW -135B

- Cumulative retained earnings: KRW 612B

- Diluted shares, 5-year annual growth: -1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.0%

- Per-share value change: KRW 379.10

- Per-share value, starting three-year median: KRW 3K

- Per-share value, ending three-year median: KRW 3K

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 2.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: KRW 168B

- Cumulative net income, 10 years: KRW 821B

- ROIC, first three-year median: 8.4%

- ROIC, last three-year median: 5.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 2K

- FY2017: KRW 3K

- FY2018: KRW 3K

- FY2019: KRW 2K

- FY2020: KRW 608.21

- FY2021: KRW 4K

- FY2022: KRW 5K

- FY2023: KRW 3K

- FY2024: KRW 3K

- FY2025: KRW 4K

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -2.9%

- FY2018: -2.5%

- FY2019: -3.5%

- FY2020: -11.6%

- FY2021: -7.6%

- FY2022: -0.3%

- FY2023: -0.4%

- FY2024: -2.8%

- FY2025: -5.7%

## Holders

## Price story

Price needs cash profits to grow 9.6% a year for ten years · sales +2.2%

Story as of 2026-10-16T10:00:13.733Z; price observation 2026-10-15.

Price needs cash profits to grow 9.6% a year for ten years

### Sales · FY2025–2026

sales +2.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 1.60T 

- FY2018: KRW 1.71T 

- FY2019: KRW 1.75T 

- FY2020: KRW 1.61T 

- FY2021: KRW 1.79T 

- FY2022: KRW 1.97T 

- FY2023: KRW 1.90T 

- FY2024: KRW 1.96T 

- FY2025: KRW 1.88T 

- FY2026: KRW 1.92T 

### Gross margin · FY2025

gross margin 58%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 59.1% 

- FY2017: 58.7% 

- FY2018: 55.2% 

- FY2019: 54.4% 

- FY2020: 55.7% 

- FY2021: 61.2% 

- FY2022: 59.5% 

- FY2023: 57.6% 

- FY2024: 56.9% 

- FY2025: 58.0% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are KRW 1.9 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2025: revenue 1882430252410; grossProfit 1092362684450; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 093050.KO: LF Corp. engages in the manufacture and sale of ready-to-wear apparel products in South Korea, China, and internationally. It operates through Fashion, Financial, Food, and Other Business segments. The company offers menswear, womenswear, casual wear, sportswear, outdoor wear, and boutique products, as well as accessories. It sells its men's products under the DAKS, HAZZYS, JILLSTUART NEW YORK, MAESTRO, allegri, TNGT, ILCORSO, Barbour, and Officine Generale brand names; women's products under the DAKS, HAZZYS, JILLSTUART NEW YORK, VANESSA BRUNO, A.T.CORNER, BA&SH, ISABEL MARRANT, PATOU, LEONARD, VINCE, and RAUM brands; sportswear under the Reebok, HAZZYS GOLF, DAKS LONDON, RANDOM GOLD CLUB, DOUBLE FLAG, JILLSTRUART NEW YORK SPORTS, and TETON BROS brand names; and youth's wear products under the CHAMPION, SPADE CLUB SEOUL, CAMBRIDGE, TIPICOSI, and STANDIAL brand names. The company also provides accessories under the HAZZYS, DAKS, JILLSTUART, JILL BY JILLSTUART, ATHE VANESSABRUNO, COLE HAAN, FITFLOP, TOMS, KEEN, and RAUM EDITION brand names; and beauty products under the ATHE, RULE429, OFFICINE UNIVERSELLE BULY, JOVOY, and L'OBJET brand names. LF Corp. was founded in 1974 and is headquartered in Seoul, South Korea.

### Why customers stay

Margins ranged from 56.9% to 58% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2023: grossProfit / revenue = 57.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2024: grossProfit / revenue = 56.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2025: grossProfit / revenue = 58%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); 10-year return on capital observations [[2016,0.07115512212691937],[2017,0.083705763155387],[2018,0.087976625902611],[2019,0.04128639954391464],[2020,0.03778162273491888],[2021,0.08716671064667272],[2022,0.10905288980653009],[2023,0.034515850003120505],[2024,0.0576887660597085],[2025,0.05805362515966139]]; median 0.06460437364329039. 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 15 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2016: growth capex 0; upkeep 46322784650; owner earnings 46438229290. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2017: growth capex 0; upkeep 105479740560; owner earnings 13979555930. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2018: growth capex 0; upkeep 49088663700; owner earnings 75599674230. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2019: growth capex 0; upkeep 56837953510; owner earnings 80101173150. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2020: growth capex 0; upkeep 53339098340; owner earnings 34018782430. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2021: growth capex 2332035340; upkeep 77839626380; owner earnings 107308593430. Growth capex / owner earnings = 0.02173204647884275.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2022: growth capex 53132809092.955536; upkeep 120671588267.04446; owner earnings 110541580980.405. Growth capex / owner earnings = 0.4806590300384255.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2024: growth capex 20230103828.42813; upkeep 151940593581.57187; owner earnings 6633687559.298767. Growth capex / owner earnings = 3.0496015447804137.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); Dividend observations: [[2016,14620000000],[2017,14620000000],[2018,14620000000],[2019,14620000000],[2020,16242536500],[2021,16142564500],[2022,19957754820],[2023,21509442500],[2024,21134660300],[2025,20803707440]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); FY2025: cash repurchases 15000969190 KRW.

### Are managers owners

Insiders own 59% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 093050.KO SharesStats.PercentInsiders = 58.988 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:30.846Z); Ten-year compound average after fade. Initial solved rate 0.12443029207518175. Price 22450; 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 21,700.00 per share

- 2016-11: KRW 22,100.00 per share

- 2016-12: KRW 21,550.00 per share

- 2017-01: KRW 21,400.00 per share

- 2017-02: KRW 21,100.00 per share

- 2017-03: KRW 22,400.00 per share

- 2017-04: KRW 24,950.00 per share

- 2017-05: KRW 29,900.00 per share

- 2017-06: KRW 30,000.00 per share

- 2017-07: KRW 31,350.00 per share

- 2017-08: KRW 29,100.00 per share

- 2017-09: KRW 25,650.00 per share

- 2017-10: KRW 25,800.00 per share

- 2017-11: KRW 30,700.00 per share

- 2017-12: KRW 31,300.00 per share

- 2018-01: KRW 34,250.00 per share

- 2018-02: KRW 29,150.00 per share

- 2018-03: KRW 27,850.00 per share

- 2018-04: KRW 28,200.00 per share

- 2018-05: KRW 28,850.00 per share

- 2018-06: KRW 28,100.00 per share

- 2018-07: KRW 27,500.00 per share

- 2018-08: KRW 26,550.00 per share

- 2018-09: KRW 26,050.00 per share

- 2018-10: KRW 21,900.00 per share

- 2018-11: KRW 24,150.00 per share

- 2018-12: KRW 24,850.00 per share

- 2019-01: KRW 24,650.00 per share

- 2019-02: KRW 25,400.00 per share

- 2019-03: KRW 25,000.00 per share

- 2019-04: KRW 24,900.00 per share

- 2019-05: KRW 21,700.00 per share

- 2019-06: KRW 23,000.00 per share

- 2019-07: KRW 24,500.00 per share

- 2019-08: KRW 19,300.00 per share

- 2019-09: KRW 20,200.00 per share

- 2019-10: KRW 19,650.00 per share

- 2019-11: KRW 17,900.00 per share

- 2019-12: KRW 18,500.00 per share

- 2020-01: KRW 15,050.00 per share

- 2020-02: KRW 12,550.00 per share

- 2020-03: KRW 10,750.00 per share

- 2020-04: KRW 13,150.00 per share

- 2020-05: KRW 13,550.00 per share

- 2020-06: KRW 12,350.00 per share

- 2020-07: KRW 11,950.00 per share

- 2020-08: KRW 12,800.00 per share

- 2020-09: KRW 13,400.00 per share

- 2020-10: KRW 14,650.00 per share

- 2020-11: KRW 14,700.00 per share

- 2020-12: KRW 14,700.00 per share

- 2021-01: KRW 14,400.00 per share

- 2021-02: KRW 15,450.00 per share

- 2021-03: KRW 16,350.00 per share

- 2021-04: KRW 18,150.00 per share

- 2021-05: KRW 21,000.00 per share

- 2021-06: KRW 20,350.00 per share

- 2021-07: KRW 18,450.00 per share

- 2021-08: KRW 18,400.00 per share

- 2021-09: KRW 17,900.00 per share

- 2021-10: KRW 18,300.00 per share

- 2021-11: KRW 16,750.00 per share

- 2021-12: KRW 17,250.00 per share

- 2022-01: KRW 15,650.00 per share

- 2022-02: KRW 17,600.00 per share

- 2022-03: KRW 17,700.00 per share

- 2022-04: KRW 19,550.00 per share

- 2022-05: KRW 19,500.00 per share

- 2022-06: KRW 15,500.00 per share

- 2022-07: KRW 17,450.00 per share

- 2022-08: KRW 16,950.00 per share

- 2022-09: KRW 14,600.00 per share

- 2022-10: KRW 14,850.00 per share

- 2022-11: KRW 16,050.00 per share

- 2022-12: KRW 15,900.00 per share

- 2023-01: KRW 17,300.00 per share

- 2023-02: KRW 17,350.00 per share

- 2023-03: KRW 17,350.00 per share

- 2023-04: KRW 17,480.00 per share

- 2023-05: KRW 16,410.00 per share

- 2023-06: KRW 16,990.00 per share

- 2023-07: KRW 13,890.00 per share

- 2023-08: KRW 14,580.00 per share

- 2023-09: KRW 14,280.00 per share

- 2023-10: KRW 13,940.00 per share

- 2023-11: KRW 13,840.00 per share

- 2023-12: KRW 13,270.00 per share

- 2024-01: KRW 13,110.00 per share

- 2024-02: KRW 13,080.00 per share

- 2024-03: KRW 15,350.00 per share

- 2024-04: KRW 15,440.00 per share

- 2024-05: KRW 15,040.00 per share

- 2024-06: KRW 13,740.00 per share

- 2024-07: KRW 14,520.00 per share

- 2024-08: KRW 14,360.00 per share

- 2024-09: KRW 14,890.00 per share

- 2024-10: KRW 14,970.00 per share

- 2024-11: KRW 15,710.00 per share

- 2024-12: KRW 15,500.00 per share

- 2025-01: KRW 16,310.00 per share

- 2025-02: KRW 16,510.00 per share

- 2025-03: KRW 14,490.00 per share

- 2025-04: KRW 14,900.00 per share

- 2025-05: KRW 16,660.00 per share

- 2025-06: KRW 18,120.00 per share

- 2025-07: KRW 19,880.00 per share

- 2025-08: KRW 18,940.00 per share

- 2025-09: KRW 17,500.00 per share

- 2025-10: KRW 18,270.00 per share

- 2025-11: KRW 17,700.00 per share

- 2025-12: KRW 18,240.00 per share

- 2026-01: KRW 19,250.00 per share

- 2026-02: KRW 22,550.00 per share

- 2026-03: KRW 24,200.00 per share

- 2026-04: KRW 24,800.00 per share

- 2026-05: KRW 22,500.00 per share

- 2026-06: KRW 22,200.00 per share

- 2026-07: KRW 22,400.00 per share

- 2026-08: KRW 23,250.00 per share

- 2026-09: KRW 21,900.00 per share

- 2026-10: KRW 22,850.00 per share

## Annual estimated value (KRW per share)

- FY2016: low KRW 52,921.36 per share, central KRW 57,741.82 per share, high KRW 64,158.87 per share

- FY2017: low KRW 29,119.96 per share, central KRW 31,628.58 per share, high KRW 34,968.09 per share

- FY2018: low KRW 31,145.09 per share, central KRW 33,816.15 per share, high KRW 37,371.91 per share

- FY2019: low KRW 30,851.42 per share, central KRW 33,587.70 per share, high KRW 37,230.26 per share

- FY2020: low KRW 38,197.40 per share, central KRW 40,786.95 per share, high KRW 44,234.19 per share

- FY2021: low KRW 51,735.30 per share, central KRW 55,941.24 per share, high KRW 61,540.24 per share

- FY2022: low KRW 58,507.94 per share, central KRW 76,970.72 per share, high KRW 87,721.63 per share

- FY2023: low KRW 45,691.53 per share, central KRW 50,302.35 per share, high KRW 56,440.33 per share

- FY2024: low KRW 33,663.02 per share, central KRW 38,005.62 per share, high KRW 41,667.95 per share

- FY2025: low KRW 12,805.97 per share, central KRW 13,160.64 per share, high KRW 13,632.78 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 2026-10-15T06:53:21.068Z 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.

LF

093050 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 22,450.00
Buy up to: KRW 19,484.83
Expected / yr: 6.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 30% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 6.9%
Worst year: 3.0%
Latest · LTM: 9.5%

Capital return excluding acquisitions: median 6.5% (minimum 15%), and the second-worst year 3.8% (minimum 10%).

ROIC excluding acquisitions

10y median: 6.5%
Worst year: 3.5%
Latest · 2025: 5.8%

Each $1 of profit left $0.27 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.27×
Annual median: 0.09×
Latest · 2025: -0.12×

Per-share value rose from 2519.9 to 2899, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 3K
Worst year: KRW 608.21
Latest · 2025: KRW 4K

Profits were backed by cash: accruals were -5.7% of assets (limit 10%).

Sloan accruals

10y median: -3.2%
Worst year: -0.3%
Latest · 2025: -5.7%

Profit record · fail 0 loss years in 10 (at most 2), mean operating margin 6.6%, three-year average owner earnings per share -884.16 KRW. Three-year average owner earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 21700.00 · Value 57741.82 · Buy at or below 57741.82; 2016-11 · Price KRW 22100.00 · Value 57741.82 · Buy at or below 57741.82; 2016-12 · Price KRW 21550.00 · Value 57741.82 · Buy at or below 57741.82; 2017-01 · Price KRW 21400.00 · Value 57741.82 · Buy at or below 57741.82; 2017-02 · Price KRW 21100.00 · Value 31628.58 · Buy at or below 31628.58; 2017-03 · Price KRW 22400.00 · Value 31628.58 · Buy at or below 31628.58; 2017-04 · Price KRW 24950.00 · Value 31628.58 · Buy at or below 31628.58; 2017-05 · Price KRW 29900.00 · Value 31628.58 · Buy at or below 31628.58; 2017-06 · Price KRW 30000.00 · Value 31628.58 · Buy at or below 31628.58; 2017-07 · Price KRW 31350.00 · Value 31628.58 · Buy at or below 31628.58; 2017-08 · Price KRW 29100.00 · Value 31628.58 · Buy at or below 31628.58; 2017-09 · Price KRW 25650.00 · Value 31628.58 · Buy at or below 31628.58; 2017-10 · Price KRW 25800.00 · Value 31628.58 · Buy at or below 31628.58; 2017-11 · Price KRW 30700.00 · Value 31628.58 · Buy at or below 31628.58; 2017-12 · Price KRW 31300.00 · Value 31628.58 · Buy at or below 31628.58; 2018-01 · Price KRW 34250.00 · Value 31628.58 · Buy at or below 31628.58; 2018-02 · Price KRW 29150.00 · Value 33816.15 · Buy at or below 33816.15; 2018-03 · Price KRW 27850.00 · Value 33816.15 · Buy at or below 33816.15; 2018-04 · Price KRW 28200.00 · Value 33816.15 · Buy at or below 33816.15; 2018-05 · Price KRW 28850.00 · Value 33816.15 · Buy at or below 33816.15; 2018-06 · Price KRW 28100.00 · Value 33816.15 · Buy at or below 33816.15; 2018-07 · Price KRW 27500.00 · Value 33816.15 · Buy at or below 33816.15; 2018-08 · Price KRW 26550.00 · Value 33816.15 · Buy at or below 33816.15; 2018-09 · Price KRW 26050.00 · Value 33816.15 · Buy at or below 33816.15; 2018-10 · Price KRW 21900.00 · Value 33816.15 · Buy at or below 33816.15; 2018-11 · Price KRW 24150.00 · Value 33816.15 · Buy at or below 33816.15; 2018-12 · Price KRW 24850.00 · Value 33816.15 · Buy at or below 33816.15; 2019-01 · Price KRW 24650.00 · Value 33816.15 · Buy at or below 33816.15; 2019-02 · Price KRW 25400.00 · Value 33587.70 · Buy at or below 33587.70; 2019-03 · Price KRW 25000.00 · Value 33587.70 · Buy at or below 33587.70; 2019-04 · Price KRW 24900.00 · Value 33587.70 · Buy at or below 33587.70; 2019-05 · Price KRW 21700.00 · Value 33587.70 · Buy at or below 33587.70; 2019-06 · Price KRW 23000.00 · Value 33587.70 · Buy at or below 33587.70; 2019-07 · Price KRW 24500.00 · Value 33587.70 · Buy at or below 33587.70; 2019-08 · Price KRW 19300.00 · Value 33587.70 · Buy at or below 33587.70; 2019-09 · Price KRW 20200.00 · Value 33587.70 · Buy at or below 33587.70; 2019-10 · Price KRW 19650.00 · Value 33587.70 · Buy at or below 33587.70; 2019-11 · Price KRW 17900.00 · Value 33587.70 · Buy at or below 33587.70; 2019-12 · Price KRW 18500.00 · Value 33587.70 · Buy at or below 33587.70; 2020-01 · Price KRW 15050.00 · Value 33587.70 · Buy at or below 33587.70; 2020-02 · Price KRW 12550.00 · Value 40786.95 · Buy at or below 40786.95; 2020-03 · Price KRW 10750.00 · Value 40786.95 · Buy at or below 40786.95; 2020-04 · Price KRW 13150.00 · Value 40786.95 · Buy at or below 40786.95; 2020-05 · Price KRW 13550.00 · Value 40786.95 · Buy at or below 40786.95; 2020-06 · Price KRW 12350.00 · Value 40786.95 · Buy at or below 40786.95; 2020-07 · Price KRW 11950.00 · Value 40786.95 · Buy at or below 40786.95; 2020-08 · Price KRW 12800.00 · Value 40786.95 · Buy at or below 40786.95; 2020-09 · Price KRW 13400.00 · Value 40786.95 · Buy at or below 40786.95; 2020-10 · Price KRW 14650.00 · Value 40786.95 · Buy at or below 40786.95; 2020-11 · Price KRW 14700.00 · Value 40786.95 · Buy at or below 40786.95; 2020-12 · Price KRW 14700.00 · Value 40786.95 · Buy at or below 40786.95; 2021-01 · Price KRW 14400.00 · Value 40786.95 · Buy at or below 40786.95; 2021-02 · Price KRW 15450.00 · Value 55941.24 · Buy at or below 55941.24; 2021-03 · Price KRW 16350.00 · Value 55941.24 · Buy at or below 55941.24; 2021-04 · Price KRW 18150.00 · Value 55941.24 · Buy at or below 55941.24; 2021-05 · Price KRW 21000.00 · Value 55941.24 · Buy at or below 55941.24; 2021-06 · Price KRW 20350.00 · Value 55941.24 · Buy at or below 55941.24; 2021-07 · Price KRW 18450.00 · Value 55941.24 · Buy at or below 55941.24; 2021-08 · Price KRW 18400.00 · Value 55941.24 · Buy at or below 55941.24; 2021-09 · Price KRW 17900.00 · Value 55941.24 · Buy at or below 55941.24; 2021-10 · Price KRW 18300.00 · Value 55941.24 · Buy at or below 55941.24; 2021-11 · Price KRW 16750.00 · Value 55941.24 · Buy at or below 55941.24; 2021-12 · Price KRW 17250.00 · Value 55941.24 · Buy at or below 55941.24; 2022-01 · Price KRW 15650.00 · Value 55941.24 · Buy at or below 55941.24; 2022-02 · Price KRW 17600.00 · Value 76970.72 · Buy at or below 76970.72; 2022-03 · Price KRW 17700.00 · Value 76970.72 · Buy at or below 76970.72; 2022-04 · Price KRW 19550.00 · Value 76970.72 · Buy at or below 76970.72; 2022-05 · Price KRW 19500.00 · Value 76970.72 · Buy at or below 76970.72; 2022-06 · Price KRW 15500.00 · Value 76970.72 · Buy at or below 76970.72; 2022-07 · Price KRW 17450.00 · Value 76970.72 · Buy at or below 76970.72; 2022-08 · Price KRW 16950.00 · Value 76970.72 · Buy at or below 76970.72; 2022-09 · Price KRW 14600.00 · Value 76970.72 · Buy at or below 76970.72; 2022-10 · Price KRW 14850.00 · Value 76970.72 · Buy at or below 76970.72; 2022-11 · Price KRW 16050.00 · Value 76970.72 · Buy at or below 76970.72; 2022-12 · Price KRW 15900.00 · Value 76970.72 · Buy at or below 76970.72; 2023-01 · Price KRW 17300.00 · Value 76970.72 · Buy at or below 76970.72; 2023-02 · Price KRW 17350.00 · Value 50302.35 · Buy at or below 50302.35; 2023-03 · Price KRW 17350.00 · Value 50302.35 · Buy at or below 50302.35; 2023-04 · Price KRW 17480.00 · Value 50302.35 · Buy at or below 50302.35; 2023-05 · Price KRW 16410.00 · Value 50302.35 · Buy at or below 50302.35; 2023-06 · Price KRW 16990.00 · Value 50302.35 · Buy at or below 50302.35; 2023-07 · Price KRW 13890.00 · Value 50302.35 · Buy at or below 50302.35; 2023-08 · Price KRW 14580.00 · Value 50302.35 · Buy at or below 50302.35; 2023-09 · Price KRW 14280.00 · Value 50302.35 · Buy at or below 50302.35; 2023-10 · Price KRW 13940.00 · Value 50302.35 · Buy at or below 50302.35; 2023-11 · Price KRW 13840.00 · Value 50302.35 · Buy at or below 50302.35; 2023-12 · Price KRW 13270.00 · Value 50302.35 · Buy at or below 50302.35; 2024-01 · Price KRW 13110.00 · Value 50302.35 · Buy at or below 50302.35; 2024-02 · Price KRW 13080.00 · Value 38005.62 · Buy at or below 38005.62; 2024-03 · Price KRW 15350.00 · Value 38005.62 · Buy at or below 38005.62; 2024-04 · Price KRW 15440.00 · Value 38005.62 · Buy at or below 38005.62; 2024-05 · Price KRW 15040.00 · Value 38005.62 · Buy at or below 38005.62; 2024-06 · Price KRW 13740.00 · Value 38005.62 · Buy at or below 38005.62; 2024-07 · Price KRW 14520.00 · Value 38005.62 · Buy at or below 38005.62; 2024-08 · Price KRW 14360.00 · Value 38005.62 · Buy at or below 38005.62; 2024-09 · Price KRW 14890.00 · Value 38005.62 · Buy at or below 38005.62; 2024-10 · Price KRW 14970.00 · Value 38005.62 · Buy at or below 38005.62; 2024-11 · Price KRW 15710.00 · Value 38005.62 · Buy at or below 38005.62; 2024-12 · Price KRW 15500.00 · Value 38005.62 · Buy at or below 38005.62; 2025-01 · Price KRW 16310.00 · Value 38005.62 · Buy at or below 38005.62; 2025-02 · Price KRW 16510.00 · Value 13160.64 · Buy at or below 13160.64; 2025-03 · Price KRW 14490.00 · Value 13160.64 · Buy at or below 13160.64; 2025-04 · Price KRW 14900.00 · Value 13160.64 · Buy at or below 13160.64; 2025-05 · Price KRW 16660.00 · Value 13160.64 · Buy at or below 13160.64; 2025-06 · Price KRW 18120.00 · Value 13160.64 · Buy at or below 13160.64; 2025-07 · Price KRW 19880.00 · Value 13160.64 · Buy at or below 13160.64; 2025-08 · Price KRW 18940.00 · Value 13160.64 · Buy at or below 13160.64; 2025-09 · Price KRW 17500.00 · Value 13160.64 · Buy at or below 13160.64; 2025-10 · Price KRW 18270.00 · Value 13160.64 · Buy at or below 13160.64; 2025-11 · Price KRW 17700.00 · Value 13160.64 · Buy at or below 13160.64; 2025-12 · Price KRW 18240.00 · Value 13160.64 · Buy at or below 13160.64; 2026-01 · Price KRW 19250.00 · Value 13160.64 · Buy at or below 13160.64; 2026-02 · Price KRW 22550.00 · Value 19484.83 · Buy at or below 19484.83; 2026-03 · Price KRW 24200.00 · Value 19484.83 · Buy at or below 19484.83; 2026-04 · Price KRW 24800.00 · Value 19484.83 · Buy at or below 19484.83; 2026-05 · Price KRW 22500.00 · Value 19484.83 · Buy at or below 19484.83; 2026-06 · Price KRW 22200.00 · Value 19484.83 · Buy at or below 19484.83; 2026-07 · Price KRW 22400.00 · Value 19484.83 · Buy at or below 19484.83; 2026-08 · Price KRW 23250.00 · Value 19484.83 · Buy at or below 19484.83; 2026-09 · Price KRW 21900.00 · Value 19484.83 · Buy at or below 19484.83; 2026-10 · Price KRW 22850.00 · Value 19484.83 · Buy at or below 19484.83; 2026-10 · Price KRW 22450.00 · Value 19484.83 · Buy at or below 19484.83

KRW per share · annual estimates

Price & return math
Value range	KRW 19,122.38 – KRW 19,967.33
Buy at or below	Central value KRW 19,484.83
Discount to value	1 − 22450.00 / 19484.83 = -15.2%
Return / year	About 6.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 240.51/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 16493.59/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 1.92T

Revenue

Owner earningsKRW -12B

Owner earnings

Operating margin9.5%

Operating margin

Net cash / debtKRW -430B

Net cash / debt

Diluted shares27M

Diluted shares

Prices 15 Oct 2026 · FY2025