# Mando (204320.KO)

Canonical: https://gigainvestors.com/s/204320.KO

Analysis as of: 2026-10-16T07:42:41.620Z. Financial observations: FY2013–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 39,550.00 per share; close as of 2026-10-15.

Estimated value: low KRW 43,318.66 per share, central KRW 51,088.48 per share, high KRW 57,361.87 per share. Buy at or below the central value KRW 51,088.48 per share. Valuation as of 2026-10-16T07:42:41.620Z; scenarios are not confidence intervals.

Expected annual return: 13.1% at the stated quote. About 13.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; KR 10-year bond 4.2% + 4 points).

## Checklist

### understandable: 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: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.01×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.01×

- FY2021: 0.04×

- FY2022: 0.03×

- 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: 5.4%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -1.2 pp

- Typical gross margin (annual median): 13.7%

- Recent gross margin (lower of latest and 3-year median): 15.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.0%

- FY2017: 3.1%

- FY2018: 5.9%

- FY2019: 5.1%

- FY2022: 4.1%

- FY2023: 5.1%

- FY2024: 5.7%

- FY2025: 5.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: KRW 649B

- Net income, five-year total: KRW 631B

- Return on incremental invested capital: 9.3%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.6 pp

- Working capital / revenue, final three-year average: 14.3%

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

- FY2021: 1.67×

- FY2022: 0.92×

- FY2023: 0.79×

- FY2024: 0.73×

- FY2025: 0.78×

### 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: 5.9% vs 5.7%

- Per-share earnings: 2256.50 to 2767.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: KRW 561B

- Cumulative retained earnings: KRW 657B

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.0%

- Per-share value change: KRW 510.50

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

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

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: KRW 1.06T

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: KRW 4K

- FY2017: KRW 102.15

- FY2018: KRW 2K

- FY2019: KRW 2K

- FY2020: KRW 123.64

- FY2021: KRW 4K

- FY2022: KRW 2K

- FY2023: KRW 3K

- FY2024: KRW 3K

- FY2025: KRW 2K

### accounting: pass

- Sloan accruals: -8.7%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.21×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -6.1%

- FY2018: -4.1%

- FY2019: -3.5%

- FY2021: -4.3%

- FY2022: 1.9%

- FY2023: -4.7%

- FY2024: -4.3%

- FY2025: -8.7%

## Holders

## Price story

Down 38% since Jan 2026 · sales +6.9%

Story as of 2026-10-16T10:00:12.445Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.2% a year for ten years

### Sales · FY2024–2025

sales +6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: KRW 5.87T 

- FY2017: KRW 5.68T 

- FY2018: KRW 5.66T 

- FY2019: KRW 5.98T 

- FY2020: KRW 5.56T 

- FY2021: KRW 6.15T 

- FY2022: KRW 7.52T 

- FY2023: KRW 8.39T 

- FY2024: KRW 8.85T 

- FY2025: KRW 9.45T 

### Gross margin · FY2025

gross margin 15.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.7% 

- FY2017: 11.8% 

- FY2018: 12.8% 

- FY2019: 13.9% 

- FY2020: 12.0% 

- FY2021: 14.7% 

- FY2022: 13.4% 

- FY2023: 13.5% 

- FY2024: 15.0% 

- FY2025: 15.3% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are KRW 9.5 trillion.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2025-12-31 (filed 2026-10-16T07:42:41.620Z); FY2025: revenue 9454812581020; grossProfit 1443655417350; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 204320.KO: HL Mando Corporation, an electric vehicle and autonomous driving solutions company, provides automotive parts and services in Korea, China, the United States, India, and internationally. The company offers braking systems, such as electronic brakes, electronic parking brakes, and foundation brakes; steering systems, including electric power and mechanical steering systems; and electronic suspension products. It also provides EV solutions comprising by-wire, EV suspension, power electronics, and micro mobility products; autonomous driving solutions, including sensor, DCU, and redundant architecture; software solutions comprising MiCOSA, PHM, and Smart Factory; and environment innovation products comprising EMB, dust collecting system, and EPS, as well as sells automotive parts. The company was formerly known as Mando Corporation. The company was founded in 1962 and is headquartered in Pyeongtaek-Si, South Korea.

### Why customers stay

Margins ranged from 13.5% to 15.3% during 2023–25; it earns 5.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); FY2023: grossProfit / revenue = 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); FY2024: grossProfit / revenue = 15%.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2025-12-31 (filed 2026-10-16T07:42:41.620Z); FY2025: grossProfit / revenue = 15.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); 10-year return on capital observations [[2016,0.08971251493077499],[2017,0.031101593159163027],[2018,0.05912523299919412],[2019,0.05130197409107648],[2022,0.040558643309967606],[2023,0.05146478197520933],[2024,0.05689756298679789],[2025,0.0594826253705181]]; median 0.05418117248100361. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 13% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); Gross margin observations: [[2021,0.1466126644194576],[2022,0.13384941870098527],[2023,0.1346927384423193]]; range within 2 percentage points.

### Where the cash goes

Reinvests 59.5% of cash earnings; earns 9.3% on new investment.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2018-12-31 (filed 2026-10-16T07:42:41.620Z); FY2018: growth capex 0; upkeep 262469587560; owner earnings 114891898270. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2019-12-31 (filed 2026-10-16T07:42:41.620Z); FY2019: growth capex 0; upkeep 221934713260; owner earnings 181832487016. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2020-12-31 (filed 2026-10-16T07:42:41.620Z); FY2020: growth capex 0; upkeep 177585566120; owner earnings 133999126310. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2021-12-31 (filed 2026-10-16T07:42:41.620Z); FY2021: growth capex 0; upkeep 207285888230; owner earnings 279029083982. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2022-12-31 (filed 2026-10-16T07:42:41.620Z); FY2022: growth capex 0; upkeep 316943854470; cash acquisitions 0; owner earnings 90408647934. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); FY2023: growth capex 90784903520; upkeep 321785159000; cash acquisitions 0; owner earnings 107744818792. Growth capex plus acquisitions / owner earnings = 0.8425918251833445.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); FY2024: growth capex 24362017300; upkeep 335401587000; cash acquisitions 18980149360; owner earnings 94549860106. Growth capex plus acquisitions / owner earnings = 0.4584054023074072.

- Source: https://eodhd.com/api/fundamentals/204320.KO.json#2025-12-31 (filed 2026-10-16T07:42:41.620Z); FY2025: growth capex 28860217240; upkeep 361292613000; cash acquisitions 17314857040; owner earnings 77570147280. Growth capex plus acquisitions / owner earnings = 0.5952686168472104.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); Incremental return on capital 0.09304303568211628, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); Dividend observations: [[2016,44951654400],[2017,54174640000],[2018,22379606720],[2019,34024670750],[2020,41331902460],[2021,8655950140],[2022,47679018060],[2023,42275048720],[2024,51397529030],[2025,52124998660]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 204320.KO SharesStats.PercentInsiders = 31.496000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:41.620Z); Ten-year compound average after fade. Initial solved rate -0.029550611360049606. Price 39550; 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 53,700.00 per share

- 2016-11: KRW 50,100.00 per share

- 2016-12: KRW 46,900.00 per share

- 2017-01: KRW 50,000.00 per share

- 2017-02: KRW 53,100.00 per share

- 2017-03: KRW 51,900.00 per share

- 2017-04: KRW 46,000.00 per share

- 2017-05: KRW 51,600.00 per share

- 2017-06: KRW 51,500.00 per share

- 2017-07: KRW 51,300.00 per share

- 2017-08: KRW 47,900.00 per share

- 2017-09: KRW 50,900.00 per share

- 2017-10: KRW 65,300.00 per share

- 2017-11: KRW 66,100.00 per share

- 2017-12: KRW 61,700.00 per share

- 2018-01: KRW 55,500.00 per share

- 2018-02: KRW 51,500.00 per share

- 2018-03: KRW 46,400.00 per share

- 2018-04: KRW 45,400.00 per share

- 2018-05: KRW 38,450.00 per share

- 2018-06: KRW 38,400.00 per share

- 2018-07: KRW 41,900.00 per share

- 2018-08: KRW 35,750.00 per share

- 2018-09: KRW 34,500.00 per share

- 2018-10: KRW 30,550.00 per share

- 2018-11: KRW 29,800.00 per share

- 2018-12: KRW 28,950.00 per share

- 2019-01: KRW 33,950.00 per share

- 2019-02: KRW 32,800.00 per share

- 2019-03: KRW 28,600.00 per share

- 2019-04: KRW 33,400.00 per share

- 2019-05: KRW 28,500.00 per share

- 2019-06: KRW 29,500.00 per share

- 2019-07: KRW 33,850.00 per share

- 2019-08: KRW 34,100.00 per share

- 2019-09: KRW 36,200.00 per share

- 2019-10: KRW 35,800.00 per share

- 2019-11: KRW 34,750.00 per share

- 2019-12: KRW 35,200.00 per share

- 2020-01: KRW 33,550.00 per share

- 2020-02: KRW 29,800.00 per share

- 2020-03: KRW 20,700.00 per share

- 2020-04: KRW 23,650.00 per share

- 2020-05: KRW 26,650.00 per share

- 2020-06: KRW 22,350.00 per share

- 2020-07: KRW 27,550.00 per share

- 2020-08: KRW 31,400.00 per share

- 2020-09: KRW 35,650.00 per share

- 2020-10: KRW 35,700.00 per share

- 2020-11: KRW 48,500.00 per share

- 2020-12: KRW 58,800.00 per share

- 2021-01: KRW 69,200.00 per share

- 2021-02: KRW 62,500.00 per share

- 2021-03: KRW 65,800.00 per share

- 2021-04: KRW 58,100.00 per share

- 2021-05: KRW 66,400.00 per share

- 2021-06: KRW 66,500.00 per share

- 2021-07: KRW 61,500.00 per share

- 2021-08: KRW 60,700.00 per share

- 2021-09: KRW 57,100.00 per share

- 2021-10: KRW 62,400.00 per share

- 2021-11: KRW 54,700.00 per share

- 2021-12: KRW 63,400.00 per share

- 2022-01: KRW 51,400.00 per share

- 2022-02: KRW 45,350.00 per share

- 2022-03: KRW 50,300.00 per share

- 2022-04: KRW 54,400.00 per share

- 2022-05: KRW 54,800.00 per share

- 2022-06: KRW 47,550.00 per share

- 2022-07: KRW 57,200.00 per share

- 2022-08: KRW 54,000.00 per share

- 2022-09: KRW 44,350.00 per share

- 2022-10: KRW 49,450.00 per share

- 2022-11: KRW 48,000.00 per share

- 2022-12: KRW 40,300.00 per share

- 2023-01: KRW 44,500.00 per share

- 2023-02: KRW 47,450.00 per share

- 2023-03: KRW 45,850.00 per share

- 2023-04: KRW 46,250.00 per share

- 2023-05: KRW 48,200.00 per share

- 2023-06: KRW 53,900.00 per share

- 2023-07: KRW 46,150.00 per share

- 2023-08: KRW 41,900.00 per share

- 2023-09: KRW 42,000.00 per share

- 2023-10: KRW 32,750.00 per share

- 2023-11: KRW 35,650.00 per share

- 2023-12: KRW 39,350.00 per share

- 2024-01: KRW 35,200.00 per share

- 2024-02: KRW 33,150.00 per share

- 2024-03: KRW 33,300.00 per share

- 2024-04: KRW 39,400.00 per share

- 2024-05: KRW 43,400.00 per share

- 2024-06: KRW 43,900.00 per share

- 2024-07: KRW 39,000.00 per share

- 2024-08: KRW 33,950.00 per share

- 2024-09: KRW 36,800.00 per share

- 2024-10: KRW 36,350.00 per share

- 2024-11: KRW 38,600.00 per share

- 2024-12: KRW 40,650.00 per share

- 2025-01: KRW 44,500.00 per share

- 2025-02: KRW 44,150.00 per share

- 2025-03: KRW 38,600.00 per share

- 2025-04: KRW 37,250.00 per share

- 2025-05: KRW 33,700.00 per share

- 2025-06: KRW 32,850.00 per share

- 2025-07: KRW 34,800.00 per share

- 2025-08: KRW 35,700.00 per share

- 2025-09: KRW 33,600.00 per share

- 2025-10: KRW 38,550.00 per share

- 2025-11: KRW 46,600.00 per share

- 2025-12: KRW 58,700.00 per share

- 2026-01: KRW 63,800.00 per share

- 2026-02: KRW 62,800.00 per share

- 2026-03: KRW 49,050.00 per share

- 2026-04: KRW 57,100.00 per share

- 2026-05: KRW 62,100.00 per share

- 2026-06: KRW 49,000.00 per share

- 2026-07: KRW 44,700.00 per share

- 2026-08: KRW 51,800.00 per share

- 2026-09: KRW 45,650.00 per share

- 2026-10: KRW 41,950.00 per share

## Annual estimated value (KRW per share)

- FY2020: low KRW 29,329.01 per share, central KRW 32,960.65 per share, high KRW 37,795.12 per share

- FY2021: low KRW 50,109.11 per share, central KRW 54,871.80 per share, high KRW 61,211.93 per share

- FY2022: low KRW 51,270.12 per share, central KRW 57,087.86 per share, high KRW 64,832.51 per share

- FY2023: low KRW 57,199.45 per share, central KRW 63,693.17 per share, high KRW 72,337.68 per share

- FY2024: low KRW 40,946.52 per share, central KRW 55,038.87 per share, high KRW 63,244.86 per share

- FY2025: low KRW 42,409.08 per share, central KRW 50,068.05 per share, high KRW 56,251.94 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 2026-10-15T06:48:06.418Z 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.

Mando

204320 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 39,550.00
Buy up to: KRW 51,088.48
Expected / yr: 13.1% 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 33.6% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 3.5%
Worst year: 1.3%
Latest · 2025: 3.8%

Capital return excluding acquisitions: median 5.4% (minimum 15%), and the second-worst year 4.1% (minimum 10%).

ROIC excluding acquisitions

8y median: 5.4%
Worst year: 3.1%
Latest · 2025: 5.9%

New investment earned 9.3% (minimum 12%).

Annual owner cash / profit

Five-year totals: 1.03×
Annual median: 0.79×
Latest · 2025: 0.78×

Per-share value rose from 2256.5 to 2767, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: KRW 2K
Worst year: KRW 102.15
Latest · 2025: KRW 2K

Profits were backed by cash: accruals were -8.7% of assets (limit 10%).

Sloan accruals

9y median: -4.3%
Worst year: 1.9%
Latest · 2025: -8.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 3.3%, three-year average owner earnings per share 1,987.26 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 53700.00; 2016-11 · Price KRW 50100.00; 2016-12 · Price KRW 46900.00; 2017-01 · Price KRW 50000.00; 2017-02 · Price KRW 53100.00; 2017-03 · Price KRW 51900.00; 2017-04 · Price KRW 46000.00; 2017-05 · Price KRW 51600.00; 2017-06 · Price KRW 51500.00; 2017-07 · Price KRW 51300.00; 2017-08 · Price KRW 47900.00; 2017-09 · Price KRW 50900.00; 2017-10 · Price KRW 65300.00; 2017-11 · Price KRW 66100.00; 2017-12 · Price KRW 61700.00; 2018-01 · Price KRW 55500.00; 2018-02 · Price KRW 51500.00; 2018-03 · Price KRW 46400.00; 2018-04 · Price KRW 45400.00; 2018-05 · Price KRW 38450.00; 2018-06 · Price KRW 38400.00; 2018-07 · Price KRW 41900.00; 2018-08 · Price KRW 35750.00; 2018-09 · Price KRW 34500.00; 2018-10 · Price KRW 30550.00; 2018-11 · Price KRW 29800.00; 2018-12 · Price KRW 28950.00; 2019-01 · Price KRW 33950.00; 2019-02 · Price KRW 32800.00; 2019-03 · Price KRW 28600.00; 2019-04 · Price KRW 33400.00; 2019-05 · Price KRW 28500.00; 2019-06 · Price KRW 29500.00; 2019-07 · Price KRW 33850.00; 2019-08 · Price KRW 34100.00; 2019-09 · Price KRW 36200.00; 2019-10 · Price KRW 35800.00; 2019-11 · Price KRW 34750.00; 2019-12 · Price KRW 35200.00; 2020-01 · Price KRW 33550.00 · Value 32960.65 · Buy at or below 32960.65; 2020-02 · Price KRW 29800.00 · Value 32960.65 · Buy at or below 32960.65; 2020-03 · Price KRW 20700.00 · Value 32960.65 · Buy at or below 32960.65; 2020-04 · Price KRW 23650.00 · Value 32960.65 · Buy at or below 32960.65; 2020-05 · Price KRW 26650.00 · Value 32960.65 · Buy at or below 32960.65; 2020-06 · Price KRW 22350.00 · Value 32960.65 · Buy at or below 32960.65; 2020-07 · Price KRW 27550.00 · Value 32960.65 · Buy at or below 32960.65; 2020-08 · Price KRW 31400.00 · Value 32960.65 · Buy at or below 32960.65; 2020-09 · Price KRW 35650.00 · Value 32960.65 · Buy at or below 32960.65; 2020-10 · Price KRW 35700.00 · Value 32960.65 · Buy at or below 32960.65; 2020-11 · Price KRW 48500.00 · Value 32960.65 · Buy at or below 32960.65; 2020-12 · Price KRW 58800.00 · Value 32960.65 · Buy at or below 32960.65; 2021-01 · Price KRW 69200.00 · Value 32960.65 · Buy at or below 32960.65; 2021-02 · Price KRW 62500.00 · Value 54871.80 · Buy at or below 54871.80; 2021-03 · Price KRW 65800.00 · Value 54871.80 · Buy at or below 54871.80; 2021-04 · Price KRW 58100.00 · Value 54871.80 · Buy at or below 54871.80; 2021-05 · Price KRW 66400.00 · Value 54871.80 · Buy at or below 54871.80; 2021-06 · Price KRW 66500.00 · Value 54871.80 · Buy at or below 54871.80; 2021-07 · Price KRW 61500.00 · Value 54871.80 · Buy at or below 54871.80; 2021-08 · Price KRW 60700.00 · Value 54871.80 · Buy at or below 54871.80; 2021-09 · Price KRW 57100.00 · Value 54871.80 · Buy at or below 54871.80; 2021-10 · Price KRW 62400.00 · Value 54871.80 · Buy at or below 54871.80; 2021-11 · Price KRW 54700.00 · Value 54871.80 · Buy at or below 54871.80; 2021-12 · Price KRW 63400.00 · Value 54871.80 · Buy at or below 54871.80; 2022-01 · Price KRW 51400.00 · Value 54871.80 · Buy at or below 54871.80; 2022-02 · Price KRW 45350.00 · Value 57087.86 · Buy at or below 57087.86; 2022-03 · Price KRW 50300.00 · Value 57087.86 · Buy at or below 57087.86; 2022-04 · Price KRW 54400.00 · Value 57087.86 · Buy at or below 57087.86; 2022-05 · Price KRW 54800.00 · Value 57087.86 · Buy at or below 57087.86; 2022-06 · Price KRW 47550.00 · Value 57087.86 · Buy at or below 57087.86; 2022-07 · Price KRW 57200.00 · Value 57087.86 · Buy at or below 57087.86; 2022-08 · Price KRW 54000.00 · Value 57087.86 · Buy at or below 57087.86; 2022-09 · Price KRW 44350.00 · Value 57087.86 · Buy at or below 57087.86; 2022-10 · Price KRW 49450.00 · Value 57087.86 · Buy at or below 57087.86; 2022-11 · Price KRW 48000.00 · Value 57087.86 · Buy at or below 57087.86; 2022-12 · Price KRW 40300.00 · Value 57087.86 · Buy at or below 57087.86; 2023-01 · Price KRW 44500.00 · Value 57087.86 · Buy at or below 57087.86; 2023-02 · Price KRW 47450.00 · Value 63693.17 · Buy at or below 63693.17; 2023-03 · Price KRW 45850.00 · Value 63693.17 · Buy at or below 63693.17; 2023-04 · Price KRW 46250.00 · Value 63693.17 · Buy at or below 63693.17; 2023-05 · Price KRW 48200.00 · Value 63693.17 · Buy at or below 63693.17; 2023-06 · Price KRW 53900.00 · Value 63693.17 · Buy at or below 63693.17; 2023-07 · Price KRW 46150.00 · Value 63693.17 · Buy at or below 63693.17; 2023-08 · Price KRW 41900.00 · Value 63693.17 · Buy at or below 63693.17; 2023-09 · Price KRW 42000.00 · Value 63693.17 · Buy at or below 63693.17; 2023-10 · Price KRW 32750.00 · Value 63693.17 · Buy at or below 63693.17; 2023-11 · Price KRW 35650.00 · Value 63693.17 · Buy at or below 63693.17; 2023-12 · Price KRW 39350.00 · Value 63693.17 · Buy at or below 63693.17; 2024-01 · Price KRW 35200.00 · Value 63693.17 · Buy at or below 63693.17; 2024-02 · Price KRW 33150.00 · Value 55038.87 · Buy at or below 55038.87; 2024-03 · Price KRW 33300.00 · Value 55038.87 · Buy at or below 55038.87; 2024-04 · Price KRW 39400.00 · Value 55038.87 · Buy at or below 55038.87; 2024-05 · Price KRW 43400.00 · Value 55038.87 · Buy at or below 55038.87; 2024-06 · Price KRW 43900.00 · Value 55038.87 · Buy at or below 55038.87; 2024-07 · Price KRW 39000.00 · Value 55038.87 · Buy at or below 55038.87; 2024-08 · Price KRW 33950.00 · Value 55038.87 · Buy at or below 55038.87; 2024-09 · Price KRW 36800.00 · Value 55038.87 · Buy at or below 55038.87; 2024-10 · Price KRW 36350.00 · Value 55038.87 · Buy at or below 55038.87; 2024-11 · Price KRW 38600.00 · Value 55038.87 · Buy at or below 55038.87; 2024-12 · Price KRW 40650.00 · Value 55038.87 · Buy at or below 55038.87; 2025-01 · Price KRW 44500.00 · Value 55038.87 · Buy at or below 55038.87; 2025-02 · Price KRW 44150.00 · Value 50068.05 · Buy at or below 50068.05; 2025-03 · Price KRW 38600.00 · Value 50068.05 · Buy at or below 50068.05; 2025-04 · Price KRW 37250.00 · Value 50068.05 · Buy at or below 50068.05; 2025-05 · Price KRW 33700.00 · Value 50068.05 · Buy at or below 50068.05; 2025-06 · Price KRW 32850.00 · Value 50068.05 · Buy at or below 50068.05; 2025-07 · Price KRW 34800.00 · Value 50068.05 · Buy at or below 50068.05; 2025-08 · Price KRW 35700.00 · Value 50068.05 · Buy at or below 50068.05; 2025-09 · Price KRW 33600.00 · Value 50068.05 · Buy at or below 50068.05; 2025-10 · Price KRW 38550.00 · Value 50068.05 · Buy at or below 50068.05; 2025-11 · Price KRW 46600.00 · Value 50068.05 · Buy at or below 50068.05; 2025-12 · Price KRW 58700.00 · Value 50068.05 · Buy at or below 50068.05; 2026-01 · Price KRW 63800.00 · Value 50068.05 · Buy at or below 50068.05; 2026-02 · Price KRW 62800.00 · Value 51088.48 · Buy at or below 51088.48; 2026-03 · Price KRW 49050.00 · Value 51088.48 · Buy at or below 51088.48; 2026-04 · Price KRW 57100.00 · Value 51088.48 · Buy at or below 51088.48; 2026-05 · Price KRW 62100.00 · Value 51088.48 · Buy at or below 51088.48; 2026-06 · Price KRW 49000.00 · Value 51088.48 · Buy at or below 51088.48; 2026-07 · Price KRW 44700.00 · Value 51088.48 · Buy at or below 51088.48; 2026-08 · Price KRW 51800.00 · Value 51088.48 · Buy at or below 51088.48; 2026-09 · Price KRW 45650.00 · Value 51088.48 · Buy at or below 51088.48; 2026-10 · Price KRW 41950.00 · Value 51088.48 · Buy at or below 51088.48; 2026-10 · Price KRW 39550.00 · Value 51088.48 · Buy at or below 51088.48

KRW per share · annual estimates

Price & return math
Value range	KRW 43,318.66 – KRW 57,361.87
Buy at or below	Central value KRW 51,088.48
Discount to value	1 − 39550.00 / 51088.48 = 22.6%
Return / year	About 13.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash KRW 2456.54/share; 3.6% growth for 5 years, then fades to 3.0%; excess cash KRW 13682.46/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueKRW 9.45T

Revenue

Owner earningsKRW 78B

Owner earnings

Operating margin3.8%

Operating margin

Net cash / debtKRW -1.12T

Net cash / debt

Diluted shares47M

Diluted shares

Prices 15 Oct 2026 · FY2025