# DoubleU Games (192080.KO)

Canonical: https://gigainvestors.com/s/192080.KO

Analysis as of: 2026-10-16T07:44:47.013Z. Financial observations: FY2015–FY2026.

Listing currency: KRW. Reporting currency: KRW.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: KRW 56,300.00 per share; close as of 2026-10-15.

Estimated value: low KRW 145,431.81 per share, central KRW 160,287.18 per share, high KRW 180,062.82 per share. Buy at or below the central value KRW 160,287.18 per share. Valuation as of 2026-10-16T07:44:47.013Z; scenarios are not confidence intervals.

Expected annual return: 53.3% at the stated quote. About 53.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.25×

- FY2018: 0.28×

- FY2019: 0.30×

- FY2020: 0.30×

- FY2021: 0.31×

- FY2022: 0.30×

- FY2023: 0.37×

- FY2024: 0.39×

- FY2025: 0.32×

- LTM to Jun 2026: 0.33×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 19.4%

- ROIC, second-lowest year: 15.7%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 6

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 28.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.8%

- FY2017: 37.2%

- FY2018: 69.4%

- FY2019: 87.5%

- FY2020: 20.5%

- FY2021: 15.7%

- FY2022: 18.4%

- FY2023: 18.3%

- FY2024: 17.0%

- FY2025: 15.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 510B

- Net income, five-year total: KRW 461B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: 0.1 pp

- Working capital / revenue, final three-year average: 2.6%

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

- FY2021: 1.19×

- FY2022: 0.93×

- FY2023: 1.01×

- FY2024: 1.02×

- FY2025: 1.08×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 37.2% vs 17.0%

- Per-share earnings: 5208.89 to 7516.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.9%

- Market cap gain: KRW 351B

- Cumulative retained earnings: KRW 861B

- Diluted shares, 5-year annual growth: 2.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.3%

- Per-share value change: KRW 2K

- Per-share value, starting three-year median: KRW 5K

- Per-share value, ending three-year median: KRW 8K

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 1.5%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: KRW 1.21T

- Cumulative net income, 10 years: KRW 855B

- ROIC, first three-year median: 37.2%

- ROIC, last three-year median: 17.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: KRW 2K

- FY2018: KRW 5K

- FY2019: KRW 7K

- FY2020: KRW 7K

- FY2021: KRW 7K

- FY2022: KRW -7K

- FY2023: KRW 8K

- FY2024: KRW 9K

- FY2025: KRW 7K

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.74×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.2%

- FY2017: -4.7%

- FY2018: -6.9%

- FY2019: -5.0%

- FY2020: -8.7%

- FY2021: -4.6%

- FY2022: -20.3%

- FY2023: 4.1%

- FY2024: -5.3%

- FY2025: -5.7%

## Holders

## Price story

Price needs cash profits to shrink 24.2% a year for ten years · sales +11.3%

Story as of 2026-10-16T10:00:13.183Z; price observation 2026-10-15.

Price needs cash profits to shrink 24.2% a year for ten years

### Sales · FY2025–2026

sales +11.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: KRW 319B 

- FY2018: KRW 483B 

- FY2019: KRW 514B 

- FY2020: KRW 658B 

- FY2021: KRW 624B 

- FY2022: KRW 617B 

- FY2023: KRW 582B 

- FY2024: KRW 633B 

- FY2025: KRW 720B 

- FY2026: KRW 802B 

## Owner memo

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

### How it makes money

Operates in electronic gaming & multimedia; annual sales are KRW 719.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: revenue 719897452500; grossProfit 719897452500; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 192080.KO: DoubleUGames Co., Ltd. develops and services mobile games worldwide. It offers DoubleDown Casino; DoubleU Casino, a social casino game; Take5 Slots, a multiplayer slot room game; DoubleU Bingo; and Undead World. The company was founded in 2012 and is based in Seoul, South Korea.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns 19.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); 10-year return on capital observations [[2016,0.34817618131506334],[2017,0.3715297144337795],[2018,0.6942962587215824],[2019,0.8745804918949422],[2020,0.204689881967985],[2021,0.15705780297039493],[2022,0.18415356191106677],[2023,0.1829677615869095],[2024,0.1698360720191107],[2025,0.15183705944590387]]; median 0.1944217219395259. 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 35 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2016: growth capex 0; upkeep 445243030; owner earnings 53808779960. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2017: growth capex 0; upkeep 634539750; owner earnings 81772662650. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2018: growth capex 0; upkeep 729505310; owner earnings 155555524810. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2019: growth capex 0; upkeep 1072963960; owner earnings 149672907754. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2020: growth capex 0; upkeep 494030690; owner earnings 151996684756. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2021: growth capex 0; upkeep 596551800; owner earnings 149313018924. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2023: growth capex 0; upkeep 688552340; owner earnings 150718216545.96466. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2024: growth capex 0; upkeep 2745135740; owner earnings 190653086071.72513. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: growth capex 0; upkeep 941275490; owner earnings 142045249219.04422. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); Dividend observations: [[2016,10289877000],[2017,10289877000],[2018,5668788300],[2019,5896912700],[2020,5901534100],[2021,5941434100],[2022,11882868200],[2023,9975567000],[2024,16949975490],[2025,23911190870]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); FY2025: cash repurchases 34999973270 KRW.

### Are managers owners

Insiders own 43.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 192080.KO SharesStats.PercentInsiders = 43.277 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 24.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:47.013Z); Ten-year compound average after fade. Initial solved rate -0.3434741655502703. Price 56300; 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)

- 2016-11: KRW 26,458.33 per share

- 2016-12: KRW 33,208.33 per share

- 2017-01: KRW 32,208.33 per share

- 2017-02: KRW 34,708.33 per share

- 2017-03: KRW 32,916.67 per share

- 2017-04: KRW 45,666.67 per share

- 2017-05: KRW 45,750.00 per share

- 2017-06: KRW 51,416.67 per share

- 2017-07: KRW 52,500.00 per share

- 2017-08: KRW 44,500.00 per share

- 2017-09: KRW 47,083.33 per share

- 2017-10: KRW 42,750.00 per share

- 2017-11: KRW 44,083.33 per share

- 2017-12: KRW 43,083.33 per share

- 2018-01: KRW 51,166.67 per share

- 2018-02: KRW 51,583.33 per share

- 2018-03: KRW 58,833.33 per share

- 2018-04: KRW 52,083.33 per share

- 2018-05: KRW 46,416.67 per share

- 2018-06: KRW 44,750.00 per share

- 2018-07: KRW 45,750.00 per share

- 2018-08: KRW 58,083.33 per share

- 2018-09: KRW 57,500.00 per share

- 2018-10: KRW 54,333.33 per share

- 2018-11: KRW 50,750.00 per share

- 2018-12: KRW 49,833.33 per share

- 2019-01: KRW 46,583.33 per share

- 2019-02: KRW 51,083.33 per share

- 2019-03: KRW 51,166.67 per share

- 2019-04: KRW 62,916.67 per share

- 2019-05: KRW 56,333.33 per share

- 2019-06: KRW 51,583.33 per share

- 2019-07: KRW 46,583.33 per share

- 2019-08: KRW 46,166.67 per share

- 2019-09: KRW 46,000.00 per share

- 2019-10: KRW 40,000.00 per share

- 2019-11: KRW 40,208.33 per share

- 2019-12: KRW 41,541.67 per share

- 2020-01: KRW 39,375.00 per share

- 2020-02: KRW 34,250.00 per share

- 2020-03: KRW 36,166.67 per share

- 2020-04: KRW 48,333.33 per share

- 2020-05: KRW 55,833.33 per share

- 2020-06: KRW 66,500.00 per share

- 2020-07: KRW 63,333.33 per share

- 2020-08: KRW 60,916.67 per share

- 2020-09: KRW 62,083.33 per share

- 2020-10: KRW 51,250.00 per share

- 2020-11: KRW 48,666.67 per share

- 2020-12: KRW 50,166.67 per share

- 2021-01: KRW 52,083.33 per share

- 2021-02: KRW 46,083.33 per share

- 2021-03: KRW 57,083.33 per share

- 2021-04: KRW 53,083.33 per share

- 2021-05: KRW 56,333.33 per share

- 2021-06: KRW 49,666.67 per share

- 2021-07: KRW 50,750.00 per share

- 2021-08: KRW 52,750.00 per share

- 2021-09: KRW 52,500.00 per share

- 2021-10: KRW 53,500.00 per share

- 2021-11: KRW 46,416.67 per share

- 2021-12: KRW 48,250.00 per share

- 2022-01: KRW 41,666.67 per share

- 2022-02: KRW 41,083.33 per share

- 2022-03: KRW 43,000.00 per share

- 2022-04: KRW 41,500.00 per share

- 2022-05: KRW 36,625.00 per share

- 2022-06: KRW 32,000.00 per share

- 2022-07: KRW 35,208.33 per share

- 2022-08: KRW 35,833.33 per share

- 2022-09: KRW 36,583.33 per share

- 2022-10: KRW 39,958.33 per share

- 2022-11: KRW 40,583.33 per share

- 2022-12: KRW 39,375.00 per share

- 2023-01: KRW 41,000.00 per share

- 2023-02: KRW 38,583.33 per share

- 2023-03: KRW 36,833.33 per share

- 2023-04: KRW 37,750.00 per share

- 2023-05: KRW 37,041.67 per share

- 2023-06: KRW 35,125.00 per share

- 2023-07: KRW 33,416.67 per share

- 2023-08: KRW 35,583.33 per share

- 2023-09: KRW 33,333.33 per share

- 2023-10: KRW 34,500.00 per share

- 2023-11: KRW 37,458.33 per share

- 2023-12: KRW 39,625.00 per share

- 2024-01: KRW 42,000.00 per share

- 2024-02: KRW 46,350.00 per share

- 2024-03: KRW 41,350.00 per share

- 2024-04: KRW 43,750.00 per share

- 2024-05: KRW 44,250.00 per share

- 2024-06: KRW 46,100.00 per share

- 2024-07: KRW 46,500.00 per share

- 2024-08: KRW 49,200.00 per share

- 2024-09: KRW 50,000.00 per share

- 2024-10: KRW 53,200.00 per share

- 2024-11: KRW 51,300.00 per share

- 2024-12: KRW 53,900.00 per share

- 2025-01: KRW 49,000.00 per share

- 2025-02: KRW 47,900.00 per share

- 2025-03: KRW 49,850.00 per share

- 2025-04: KRW 56,400.00 per share

- 2025-05: KRW 50,700.00 per share

- 2025-06: KRW 57,100.00 per share

- 2025-07: KRW 56,000.00 per share

- 2025-08: KRW 52,700.00 per share

- 2025-09: KRW 52,000.00 per share

- 2025-10: KRW 50,200.00 per share

- 2025-11: KRW 52,700.00 per share

- 2025-12: KRW 53,600.00 per share

- 2026-01: KRW 53,500.00 per share

- 2026-02: KRW 53,000.00 per share

- 2026-03: KRW 49,700.00 per share

- 2026-04: KRW 61,100.00 per share

- 2026-05: KRW 68,400.00 per share

- 2026-06: KRW 63,700.00 per share

- 2026-07: KRW 60,100.00 per share

- 2026-08: KRW 58,500.00 per share

- 2026-09: KRW 58,000.00 per share

- 2026-10: KRW 57,100.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 104,080.85 per share, central KRW 117,458.25 per share, high KRW 135,266.41 per share

- FY2020: low KRW 132,387.13 per share, central KRW 149,406.88 per share, high KRW 172,063.79 per share

- FY2021: low KRW 130,113.53 per share, central KRW 144,300.08 per share, high KRW 163,185.38 per share

- FY2022: low KRW 99,014.15 per share, central KRW 110,171.00 per share, high KRW 125,023.13 per share

- FY2023: low KRW 96,329.38 per share, central KRW 106,917.66 per share, high KRW 121,012.92 per share

- FY2024: low KRW 114,415.81 per share, central KRW 125,937.07 per share, high KRW 141,274.30 per share

- FY2025: low KRW 127,647.46 per share, central KRW 140,909.09 per share, high KRW 158,563.13 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 2026-10-15T06:50:35.715Z 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.

DoubleU Games

192080 · KO

KOSPI 200

A wonderful business at a fair price

Passes the quality tests.

Share price: KRW 56,300.00
Buy up to: KRW 160,287.18
Expected / yr: 53.3% 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 12.2% around their average (limit 35%), and 1 loss years were recorded (limit 2).

Operating margin

10y median: 30.3%
Worst year: 25.4%
Latest · LTM: 32.6%

Capital return excluding acquisitions: median 19.4% (minimum 15%), and the second-worst year 15.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 19.4%
Worst year: 15.2%
Latest · 2025: 15.2%

Each $1 of profit left $1.11 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.11×
Annual median: 1.02×
Latest · 2025: 1.08×

Per-share value rose from 5208.89 to 7516.73, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

9y median: KRW 7K
Worst year: KRW -7K
Latest · 2025: KRW 7K

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

Sloan accruals

10y median: -5.2%
Worst year: 4.1%
Latest · 2025: -5.7%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 31.0%, three-year average owner earnings per share 8,157.9 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price KRW 26458.33; 2016-12 · Price KRW 33208.33; 2017-01 · Price KRW 32208.33; 2017-02 · Price KRW 34708.33; 2017-03 · Price KRW 32916.67; 2017-04 · Price KRW 45666.67; 2017-05 · Price KRW 45750.00; 2017-06 · Price KRW 51416.67; 2017-07 · Price KRW 52500.00; 2017-08 · Price KRW 44500.00; 2017-09 · Price KRW 47083.33; 2017-10 · Price KRW 42750.00; 2017-11 · Price KRW 44083.33; 2017-12 · Price KRW 43083.33; 2018-01 · Price KRW 51166.67; 2018-02 · Price KRW 51583.33; 2018-03 · Price KRW 58833.33; 2018-04 · Price KRW 52083.33; 2018-05 · Price KRW 46416.67; 2018-06 · Price KRW 44750.00; 2018-07 · Price KRW 45750.00; 2018-08 · Price KRW 58083.33; 2018-09 · Price KRW 57500.00; 2018-10 · Price KRW 54333.33; 2018-11 · Price KRW 50750.00; 2018-12 · Price KRW 49833.33; 2019-01 · Price KRW 46583.33 · Value 117458.25 · Buy at or below 117458.25; 2019-02 · Price KRW 51083.33 · Value 117458.25 · Buy at or below 117458.25; 2019-03 · Price KRW 51166.67 · Value 117458.25 · Buy at or below 117458.25; 2019-04 · Price KRW 62916.67 · Value 117458.25 · Buy at or below 117458.25; 2019-05 · Price KRW 56333.33 · Value 117458.25 · Buy at or below 117458.25; 2019-06 · Price KRW 51583.33 · Value 117458.25 · Buy at or below 117458.25; 2019-07 · Price KRW 46583.33 · Value 117458.25 · Buy at or below 117458.25; 2019-08 · Price KRW 46166.67 · Value 117458.25 · Buy at or below 117458.25; 2019-09 · Price KRW 46000.00 · Value 117458.25 · Buy at or below 117458.25; 2019-10 · Price KRW 40000.00 · Value 117458.25 · Buy at or below 117458.25; 2019-11 · Price KRW 40208.33 · Value 117458.25 · Buy at or below 117458.25; 2019-12 · Price KRW 41541.67 · Value 117458.25 · Buy at or below 117458.25; 2020-01 · Price KRW 39375.00 · Value 117458.25 · Buy at or below 117458.25; 2020-02 · Price KRW 34250.00 · Value 149406.88 · Buy at or below 149406.88; 2020-03 · Price KRW 36166.67 · Value 149406.88 · Buy at or below 149406.88; 2020-04 · Price KRW 48333.33 · Value 149406.88 · Buy at or below 149406.88; 2020-05 · Price KRW 55833.33 · Value 149406.88 · Buy at or below 149406.88; 2020-06 · Price KRW 66500.00 · Value 149406.88 · Buy at or below 149406.88; 2020-07 · Price KRW 63333.33 · Value 149406.88 · Buy at or below 149406.88; 2020-08 · Price KRW 60916.67 · Value 149406.88 · Buy at or below 149406.88; 2020-09 · Price KRW 62083.33 · Value 149406.88 · Buy at or below 149406.88; 2020-10 · Price KRW 51250.00 · Value 149406.88 · Buy at or below 149406.88; 2020-11 · Price KRW 48666.67 · Value 149406.88 · Buy at or below 149406.88; 2020-12 · Price KRW 50166.67 · Value 149406.88 · Buy at or below 149406.88; 2021-01 · Price KRW 52083.33 · Value 149406.88 · Buy at or below 149406.88; 2021-02 · Price KRW 46083.33 · Value 144300.08 · Buy at or below 144300.08; 2021-03 · Price KRW 57083.33 · Value 144300.08 · Buy at or below 144300.08; 2021-04 · Price KRW 53083.33 · Value 144300.08 · Buy at or below 144300.08; 2021-05 · Price KRW 56333.33 · Value 144300.08 · Buy at or below 144300.08; 2021-06 · Price KRW 49666.67 · Value 144300.08 · Buy at or below 144300.08; 2021-07 · Price KRW 50750.00 · Value 144300.08 · Buy at or below 144300.08; 2021-08 · Price KRW 52750.00 · Value 144300.08 · Buy at or below 144300.08; 2021-09 · Price KRW 52500.00 · Value 144300.08 · Buy at or below 144300.08; 2021-10 · Price KRW 53500.00 · Value 144300.08 · Buy at or below 144300.08; 2021-11 · Price KRW 46416.67 · Value 144300.08 · Buy at or below 144300.08; 2021-12 · Price KRW 48250.00 · Value 144300.08 · Buy at or below 144300.08; 2022-01 · Price KRW 41666.67 · Value 144300.08 · Buy at or below 144300.08; 2022-02 · Price KRW 41083.33 · Value 110171.00 · Buy at or below 110171.00; 2022-03 · Price KRW 43000.00 · Value 110171.00 · Buy at or below 110171.00; 2022-04 · Price KRW 41500.00 · Value 110171.00 · Buy at or below 110171.00; 2022-05 · Price KRW 36625.00 · Value 110171.00 · Buy at or below 110171.00; 2022-06 · Price KRW 32000.00 · Value 110171.00 · Buy at or below 110171.00; 2022-07 · Price KRW 35208.33 · Value 110171.00 · Buy at or below 110171.00; 2022-08 · Price KRW 35833.33 · Value 110171.00 · Buy at or below 110171.00; 2022-09 · Price KRW 36583.33 · Value 110171.00 · Buy at or below 110171.00; 2022-10 · Price KRW 39958.33 · Value 110171.00 · Buy at or below 110171.00; 2022-11 · Price KRW 40583.33 · Value 110171.00 · Buy at or below 110171.00; 2022-12 · Price KRW 39375.00 · Value 110171.00 · Buy at or below 110171.00; 2023-01 · Price KRW 41000.00 · Value 110171.00 · Buy at or below 110171.00; 2023-02 · Price KRW 38583.33 · Value 106917.66 · Buy at or below 106917.66; 2023-03 · Price KRW 36833.33 · Value 106917.66 · Buy at or below 106917.66; 2023-04 · Price KRW 37750.00 · Value 106917.66 · Buy at or below 106917.66; 2023-05 · Price KRW 37041.67 · Value 106917.66 · Buy at or below 106917.66; 2023-06 · Price KRW 35125.00 · Value 106917.66 · Buy at or below 106917.66; 2023-07 · Price KRW 33416.67 · Value 106917.66 · Buy at or below 106917.66; 2023-08 · Price KRW 35583.33 · Value 106917.66 · Buy at or below 106917.66; 2023-09 · Price KRW 33333.33 · Value 106917.66 · Buy at or below 106917.66; 2023-10 · Price KRW 34500.00 · Value 106917.66 · Buy at or below 106917.66; 2023-11 · Price KRW 37458.33 · Value 106917.66 · Buy at or below 106917.66; 2023-12 · Price KRW 39625.00 · Value 106917.66 · Buy at or below 106917.66; 2024-01 · Price KRW 42000.00 · Value 106917.66 · Buy at or below 106917.66; 2024-02 · Price KRW 46350.00 · Value 125937.07 · Buy at or below 125937.07; 2024-03 · Price KRW 41350.00 · Value 125937.07 · Buy at or below 125937.07; 2024-04 · Price KRW 43750.00 · Value 125937.07 · Buy at or below 125937.07; 2024-05 · Price KRW 44250.00 · Value 125937.07 · Buy at or below 125937.07; 2024-06 · Price KRW 46100.00 · Value 125937.07 · Buy at or below 125937.07; 2024-07 · Price KRW 46500.00 · Value 125937.07 · Buy at or below 125937.07; 2024-08 · Price KRW 49200.00 · Value 125937.07 · Buy at or below 125937.07; 2024-09 · Price KRW 50000.00 · Value 125937.07 · Buy at or below 125937.07; 2024-10 · Price KRW 53200.00 · Value 125937.07 · Buy at or below 125937.07; 2024-11 · Price KRW 51300.00 · Value 125937.07 · Buy at or below 125937.07; 2024-12 · Price KRW 53900.00 · Value 125937.07 · Buy at or below 125937.07; 2025-01 · Price KRW 49000.00 · Value 125937.07 · Buy at or below 125937.07; 2025-02 · Price KRW 47900.00 · Value 140909.09 · Buy at or below 140909.09; 2025-03 · Price KRW 49850.00 · Value 140909.09 · Buy at or below 140909.09; 2025-04 · Price KRW 56400.00 · Value 140909.09 · Buy at or below 140909.09; 2025-05 · Price KRW 50700.00 · Value 140909.09 · Buy at or below 140909.09; 2025-06 · Price KRW 57100.00 · Value 140909.09 · Buy at or below 140909.09; 2025-07 · Price KRW 56000.00 · Value 140909.09 · Buy at or below 140909.09; 2025-08 · Price KRW 52700.00 · Value 140909.09 · Buy at or below 140909.09; 2025-09 · Price KRW 52000.00 · Value 140909.09 · Buy at or below 140909.09; 2025-10 · Price KRW 50200.00 · Value 140909.09 · Buy at or below 140909.09; 2025-11 · Price KRW 52700.00 · Value 140909.09 · Buy at or below 140909.09; 2025-12 · Price KRW 53600.00 · Value 140909.09 · Buy at or below 140909.09; 2026-01 · Price KRW 53500.00 · Value 140909.09 · Buy at or below 140909.09; 2026-02 · Price KRW 53000.00 · Value 160287.18 · Buy at or below 160287.18; 2026-03 · Price KRW 49700.00 · Value 160287.18 · Buy at or below 160287.18; 2026-04 · Price KRW 61100.00 · Value 160287.18 · Buy at or below 160287.18; 2026-05 · Price KRW 68400.00 · Value 160287.18 · Buy at or below 160287.18; 2026-06 · Price KRW 63700.00 · Value 160287.18 · Buy at or below 160287.18; 2026-07 · Price KRW 60100.00 · Value 160287.18 · Buy at or below 160287.18; 2026-08 · Price KRW 58500.00 · Value 160287.18 · Buy at or below 160287.18; 2026-09 · Price KRW 58000.00 · Value 160287.18 · Buy at or below 160287.18; 2026-10 · Price KRW 57100.00 · Value 160287.18 · Buy at or below 160287.18; 2026-10 · Price KRW 56300.00 · Value 160287.18 · Buy at or below 160287.18

KRW per share · annual estimates

Price & return math
Value range	KRW 145,431.81 – KRW 180,062.82
Buy at or below	Central value KRW 160,287.18
Discount to value	1 − 56300.00 / 160287.18 = 64.9%
Return / year	About 53.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 9857.30/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash KRW 37689.09/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 802B

Revenue

Owner earningsKRW 142B

Owner earnings

Operating margin32.6%

Operating margin

Net cash / debtKRW 858B

Net cash / debt

Diluted shares20M

Diluted shares

Prices 15 Oct 2026 · FY2025