# Woori Financial Group (316140.KO)

Canonical: https://gigainvestors.com/s/316140.KO

Analysis as of: 2026-10-16T07:34:58.293Z. Financial observations: FY2017–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 31,150.00 per share; close as of 2026-10-15.

Estimated value: low KRW 29,118.62 per share, central KRW 36,398.27 per share, high KRW 48,531.03 per share. Buy at or below the central value KRW 36,398.27 per share. Valuation as of 2026-10-16T07:34:58.293Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% 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

- Financial history: 9 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.18×

Chart: Net income; fiscal year observations.

- FY2017: KRW 1.35T

- FY2018: KRW 1.88T

- FY2019: KRW 1.87T

- FY2020: KRW 1.26T

- FY2021: KRW 2.52T

- FY2022: KRW 3.05T

- FY2023: KRW 2.51T

- FY2024: KRW 3.09T

- FY2025: KRW 3.12T

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 6.8%

- FY2018: 8.9%

- FY2019: 9.0%

- FY2020: 5.7%

- FY2021: 10.4%

- FY2022: 11.2%

- FY2023: 8.4%

- FY2024: 9.6%

- FY2025: 9.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.8%

- Book return interval: 8 years

- Starting book value per share: KRW 29K

- Ending book value per share: KRW 47K

Chart: Annual book + dividend return; fiscal year observations.

- FY2018: 9.0%

- FY2019: -5.3%

- FY2020: 10.4%

- FY2021: 9.8%

- FY2022: 15.1%

- FY2023: 12.7%

- FY2024: 9.9%

- FY2025: 9.9%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 0.3%

- Share growth excluding flagged crisis recapitalisations: 1.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.96×

- Book value created per share: KRW 17K

- Earnings retained per share after dividends and buybacks: KRW 18K

Chart: Shares (first year = 100); fiscal year observations.

- FY2017: 100

- FY2018: 100

- FY2019: 106

- FY2020: 106

- FY2021: 107

- FY2022: 107

- FY2023: 108

- FY2024: 109

- FY2025: 108

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.3% a year forever · net income +1.2%

Story as of 2026-10-16T10:00:03.232Z; price observation 2026-10-15.

The price assumes profits grow 5.3% a year forever

### Net income · FY2025

net income +1.2%; source https://www.sec.gov/Archives/edgar/data/1264136/000119312526168715/d82423d20f.htm; observed 2026-04-22.

- FY2017: KRW 1.35T 

- FY2018: KRW 1.88T 

- FY2019: KRW 1.87T 

- FY2020: KRW 1.26T 

- FY2021: KRW 2.52T 

- FY2022: KRW 3.05T 

- FY2023: KRW 2.51T 

- FY2024: KRW 3.09T 

- FY2025: KRW 3.12T 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are KRW 13.3 trillion.

- Source: https://eodhd.com/api/fundamentals/316140.KO.json#2025-12-31 (filed 2026-04-22); FY2025: revenue 13291571000000.

### Why customers stay

It earns 9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); 9-year return on tangible equity observations [[2017,0.06777125726919031],[2018,0.08901482427902854],[2019,0.09038137524641614],[2020,0.056525806783010564],[2021,0.10426253681583247],[2022,0.11249663285499188],[2023,0.08388845973372609],[2024,0.09575970023131311],[2025,0.0914762800517832]]; median 0.09038137524641614. 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 150 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); Dividend observations: [[2016,168317000000],[2017,514366000000],[2018,484261000000],[2019,598678000000],[2020,554502000000],[2021,434607000000],[2022,746752000000],[2023,978376000000],[2024,878330000000],[2025,927296000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/316140.KO.json#2025-12-31 (filed 2026-04-22); FY2025: cash repurchases 150000000000 KRW.

### Are managers owners

Insiders own 8.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 316140.KO SharesStats.PercentInsiders = 8.416 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); Price 31150; FX 1; original perpetual distributable cash 1455.930858598354; discount 0.1; growth 0.053260646593953326. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (KRW per share)

- 2016-10: KRW 12,500.00 per share

- 2016-11: KRW 12,000.00 per share

- 2016-12: KRW 12,750.00 per share

- 2017-01: KRW 13,100.00 per share

- 2017-02: KRW 13,300.00 per share

- 2017-03: KRW 13,000.00 per share

- 2017-04: KRW 14,950.00 per share

- 2017-05: KRW 15,300.00 per share

- 2017-06: KRW 18,450.00 per share

- 2017-07: KRW 19,100.00 per share

- 2017-08: KRW 18,600.00 per share

- 2017-09: KRW 17,850.00 per share

- 2017-10: KRW 16,400.00 per share

- 2017-11: KRW 16,200.00 per share

- 2017-12: KRW 15,750.00 per share

- 2018-01: KRW 16,850.00 per share

- 2018-02: KRW 16,600.00 per share

- 2018-03: KRW 14,650.00 per share

- 2018-04: KRW 16,050.00 per share

- 2018-05: KRW 15,300.00 per share

- 2018-06: KRW 16,300.00 per share

- 2018-07: KRW 16,900.00 per share

- 2018-08: KRW 16,300.00 per share

- 2018-09: KRW 16,900.00 per share

- 2018-10: KRW 15,750.00 per share

- 2018-11: KRW 15,650.00 per share

- 2018-12: KRW 15,600.00 per share

- 2019-01: KRW 14,800.00 per share

- 2019-02: KRW 14,800.00 per share

- 2019-03: KRW 13,750.00 per share

- 2019-04: KRW 13,850.00 per share

- 2019-05: KRW 13,900.00 per share

- 2019-06: KRW 14,050.00 per share

- 2019-07: KRW 13,100.00 per share

- 2019-08: KRW 11,900.00 per share

- 2019-09: KRW 12,450.00 per share

- 2019-10: KRW 11,750.00 per share

- 2019-11: KRW 11,700.00 per share

- 2019-12: KRW 11,600.00 per share

- 2020-01: KRW 10,150.00 per share

- 2020-02: KRW 9,610.00 per share

- 2020-03: KRW 7,650.00 per share

- 2020-04: KRW 8,440.00 per share

- 2020-05: KRW 9,130.00 per share

- 2020-06: KRW 8,810.00 per share

- 2020-07: KRW 8,500.00 per share

- 2020-08: KRW 8,460.00 per share

- 2020-09: KRW 8,580.00 per share

- 2020-10: KRW 8,890.00 per share

- 2020-11: KRW 9,830.00 per share

- 2020-12: KRW 9,730.00 per share

- 2021-01: KRW 8,800.00 per share

- 2021-02: KRW 9,580.00 per share

- 2021-03: KRW 10,100.00 per share

- 2021-04: KRW 10,700.00 per share

- 2021-05: KRW 11,150.00 per share

- 2021-06: KRW 11,450.00 per share

- 2021-07: KRW 10,850.00 per share

- 2021-08: KRW 11,250.00 per share

- 2021-09: KRW 11,650.00 per share

- 2021-10: KRW 13,250.00 per share

- 2021-11: KRW 12,600.00 per share

- 2021-12: KRW 12,700.00 per share

- 2022-01: KRW 14,650.00 per share

- 2022-02: KRW 14,300.00 per share

- 2022-03: KRW 15,350.00 per share

- 2022-04: KRW 14,750.00 per share

- 2022-05: KRW 14,900.00 per share

- 2022-06: KRW 12,100.00 per share

- 2022-07: KRW 11,900.00 per share

- 2022-08: KRW 12,200.00 per share

- 2022-09: KRW 10,700.00 per share

- 2022-10: KRW 11,750.00 per share

- 2022-11: KRW 13,000.00 per share

- 2022-12: KRW 11,550.00 per share

- 2023-01: KRW 12,790.00 per share

- 2023-02: KRW 12,200.00 per share

- 2023-03: KRW 11,410.00 per share

- 2023-04: KRW 11,730.00 per share

- 2023-05: KRW 11,980.00 per share

- 2023-06: KRW 11,790.00 per share

- 2023-07: KRW 11,650.00 per share

- 2023-08: KRW 11,910.00 per share

- 2023-09: KRW 12,260.00 per share

- 2023-10: KRW 11,900.00 per share

- 2023-11: KRW 13,020.00 per share

- 2023-12: KRW 13,000.00 per share

- 2024-01: KRW 13,880.00 per share

- 2024-02: KRW 14,900.00 per share

- 2024-03: KRW 14,320.00 per share

- 2024-04: KRW 14,230.00 per share

- 2024-05: KRW 14,170.00 per share

- 2024-06: KRW 14,690.00 per share

- 2024-07: KRW 15,740.00 per share

- 2024-08: KRW 16,020.00 per share

- 2024-09: KRW 15,500.00 per share

- 2024-10: KRW 15,430.00 per share

- 2024-11: KRW 16,710.00 per share

- 2024-12: KRW 15,370.00 per share

- 2025-01: KRW 16,100.00 per share

- 2025-02: KRW 16,580.00 per share

- 2025-03: KRW 16,500.00 per share

- 2025-04: KRW 17,710.00 per share

- 2025-05: KRW 19,270.00 per share

- 2025-06: KRW 22,450.00 per share

- 2025-07: KRW 24,700.00 per share

- 2025-08: KRW 24,800.00 per share

- 2025-09: KRW 25,950.00 per share

- 2025-10: KRW 25,400.00 per share

- 2025-11: KRW 26,550.00 per share

- 2025-12: KRW 28,000.00 per share

- 2026-01: KRW 30,250.00 per share

- 2026-02: KRW 36,000.00 per share

- 2026-03: KRW 32,050.00 per share

- 2026-04: KRW 33,350.00 per share

- 2026-05: KRW 29,700.00 per share

- 2026-06: KRW 29,000.00 per share

- 2026-07: KRW 33,600.00 per share

- 2026-08: KRW 33,800.00 per share

- 2026-09: KRW 34,900.00 per share

- 2026-10: KRW 32,000.00 per share

## Annual estimated value (KRW per share)

- FY2019: low KRW 11,983.05 per share, central KRW 14,470.51 per share, high KRW 18,261.18 per share

- FY2020: low KRW 11,159.96 per share, central KRW 13,250.18 per share, high KRW 16,303.84 per share

- FY2021: low KRW 13,918.88 per share, central KRW 16,808.17 per share, high KRW 21,211.22 per share

- FY2022: low KRW 17,421.80 per share, central KRW 21,777.25 per share, high KRW 29,036.33 per share

- FY2023: low KRW 20,598.14 per share, central KRW 25,395.47 per share, high KRW 33,105.86 per share

- FY2024: low KRW 23,694.01 per share, central KRW 29,617.51 per share, high KRW 39,490.01 per share

- FY2025: low KRW 28,882.01 per share, central KRW 36,102.51 per share, high KRW 48,136.68 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 2026-10-15T06:40:44.225Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1264136/000119312526168715/d82423d20f.htm); period 2025-12-31, filed 2026-04-22.

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.

Woori Financial Group

316140 · KO

KOSPI 200

Not a wonderful business

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

Share price: KRW 31,150.00
Buy up to: KRW 36,398.27
Expected / yr: 10.7% 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

Profits were positive in 9 years (at least 9 needed).

Net income

9y median: KRW 2.51T
Worst year: KRW 1.26T
Latest · 2025: KRW 3.12T

Earned a median 9% on tangible equity (minimum 12%).

Return on tangible common equity

9y median: 9.0%
Worst year: 5.7%
Latest · 2025: 9.1%

Book value plus dividends grew 8.8% a year (minimum 7%).

Annual book + dividend return

8y median: 9.9%
Worst year: -5.3%
Latest · 2025: 9.9%

Book value gained 17352.16 per share against 18005.55 kept (must cover the amount kept).

Shares (first year = 100)

9y median: 107
Worst year: 109
Latest · 2025: 108

0 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 3,943.72 KRW.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price KRW 12500.00; 2016-11 · Price KRW 12000.00; 2016-12 · Price KRW 12750.00; 2017-01 · Price KRW 13100.00; 2017-02 · Price KRW 13300.00; 2017-03 · Price KRW 13000.00; 2017-04 · Price KRW 14950.00; 2017-05 · Price KRW 15300.00; 2017-06 · Price KRW 18450.00; 2017-07 · Price KRW 19100.00; 2017-08 · Price KRW 18600.00; 2017-09 · Price KRW 17850.00; 2017-10 · Price KRW 16400.00; 2017-11 · Price KRW 16200.00; 2017-12 · Price KRW 15750.00; 2018-01 · Price KRW 16850.00; 2018-02 · Price KRW 16600.00; 2018-03 · Price KRW 14650.00; 2018-04 · Price KRW 16050.00; 2018-05 · Price KRW 15300.00; 2018-06 · Price KRW 16300.00; 2018-07 · Price KRW 16900.00; 2018-08 · Price KRW 16300.00; 2018-09 · Price KRW 16900.00; 2018-10 · Price KRW 15750.00; 2018-11 · Price KRW 15650.00; 2018-12 · Price KRW 15600.00; 2019-01 · Price KRW 14800.00 · Value 14470.51 · Buy at or below 14470.51; 2019-02 · Price KRW 14800.00 · Value 14470.51 · Buy at or below 14470.51; 2019-03 · Price KRW 13750.00 · Value 14470.51 · Buy at or below 14470.51; 2019-04 · Price KRW 13850.00 · Value 14470.51 · Buy at or below 14470.51; 2019-05 · Price KRW 13900.00 · Value 14470.51 · Buy at or below 14470.51; 2019-06 · Price KRW 14050.00 · Value 14470.51 · Buy at or below 14470.51; 2019-07 · Price KRW 13100.00 · Value 14470.51 · Buy at or below 14470.51; 2019-08 · Price KRW 11900.00 · Value 14470.51 · Buy at or below 14470.51; 2019-09 · Price KRW 12450.00 · Value 14470.51 · Buy at or below 14470.51; 2019-10 · Price KRW 11750.00 · Value 14470.51 · Buy at or below 14470.51; 2019-11 · Price KRW 11700.00 · Value 14470.51 · Buy at or below 14470.51; 2019-12 · Price KRW 11600.00 · Value 14470.51 · Buy at or below 14470.51; 2020-01 · Price KRW 10150.00 · Value 14470.51 · Buy at or below 14470.51; 2020-02 · Price KRW 9610.00 · Value 13250.18 · Buy at or below 13250.18; 2020-03 · Price KRW 7650.00 · Value 13250.18 · Buy at or below 13250.18; 2020-04 · Price KRW 8440.00 · Value 13250.18 · Buy at or below 13250.18; 2020-05 · Price KRW 9130.00 · Value 13250.18 · Buy at or below 13250.18; 2020-06 · Price KRW 8810.00 · Value 13250.18 · Buy at or below 13250.18; 2020-07 · Price KRW 8500.00 · Value 13250.18 · Buy at or below 13250.18; 2020-08 · Price KRW 8460.00 · Value 13250.18 · Buy at or below 13250.18; 2020-09 · Price KRW 8580.00 · Value 13250.18 · Buy at or below 13250.18; 2020-10 · Price KRW 8890.00 · Value 13250.18 · Buy at or below 13250.18; 2020-11 · Price KRW 9830.00 · Value 13250.18 · Buy at or below 13250.18; 2020-12 · Price KRW 9730.00 · Value 13250.18 · Buy at or below 13250.18; 2021-01 · Price KRW 8800.00 · Value 13250.18 · Buy at or below 13250.18; 2021-02 · Price KRW 9580.00 · Value 16808.17 · Buy at or below 16808.17; 2021-03 · Price KRW 10100.00 · Value 16808.17 · Buy at or below 16808.17; 2021-04 · Price KRW 10700.00 · Value 16808.17 · Buy at or below 16808.17; 2021-05 · Price KRW 11150.00 · Value 16808.17 · Buy at or below 16808.17; 2021-06 · Price KRW 11450.00 · Value 16808.17 · Buy at or below 16808.17; 2021-07 · Price KRW 10850.00 · Value 16808.17 · Buy at or below 16808.17; 2021-08 · Price KRW 11250.00 · Value 16808.17 · Buy at or below 16808.17; 2021-09 · Price KRW 11650.00 · Value 16808.17 · Buy at or below 16808.17; 2021-10 · Price KRW 13250.00 · Value 16808.17 · Buy at or below 16808.17; 2021-11 · Price KRW 12600.00 · Value 16808.17 · Buy at or below 16808.17; 2021-12 · Price KRW 12700.00 · Value 16808.17 · Buy at or below 16808.17; 2022-01 · Price KRW 14650.00 · Value 16808.17 · Buy at or below 16808.17; 2022-02 · Price KRW 14300.00 · Value 21777.25 · Buy at or below 21777.25; 2022-03 · Price KRW 15350.00 · Value 21777.25 · Buy at or below 21777.25; 2022-04 · Price KRW 14750.00 · Value 21777.25 · Buy at or below 21777.25; 2022-05 · Price KRW 14900.00 · Value 21777.25 · Buy at or below 21777.25; 2022-06 · Price KRW 12100.00 · Value 21777.25 · Buy at or below 21777.25; 2022-07 · Price KRW 11900.00 · Value 21777.25 · Buy at or below 21777.25; 2022-08 · Price KRW 12200.00 · Value 21777.25 · Buy at or below 21777.25; 2022-09 · Price KRW 10700.00 · Value 21777.25 · Buy at or below 21777.25; 2022-10 · Price KRW 11750.00 · Value 21777.25 · Buy at or below 21777.25; 2022-11 · Price KRW 13000.00 · Value 21777.25 · Buy at or below 21777.25; 2022-12 · Price KRW 11550.00 · Value 21777.25 · Buy at or below 21777.25; 2023-01 · Price KRW 12790.00 · Value 21777.25 · Buy at or below 21777.25; 2023-02 · Price KRW 12200.00 · Value 25395.47 · Buy at or below 25395.47; 2023-03 · Price KRW 11410.00 · Value 25395.47 · Buy at or below 25395.47; 2023-04 · Price KRW 11730.00 · Value 25395.47 · Buy at or below 25395.47; 2023-05 · Price KRW 11980.00 · Value 25395.47 · Buy at or below 25395.47; 2023-06 · Price KRW 11790.00 · Value 25395.47 · Buy at or below 25395.47; 2023-07 · Price KRW 11650.00 · Value 25395.47 · Buy at or below 25395.47; 2023-08 · Price KRW 11910.00 · Value 25395.47 · Buy at or below 25395.47; 2023-09 · Price KRW 12260.00 · Value 25395.47 · Buy at or below 25395.47; 2023-10 · Price KRW 11900.00 · Value 25395.47 · Buy at or below 25395.47; 2023-11 · Price KRW 13020.00 · Value 25395.47 · Buy at or below 25395.47; 2023-12 · Price KRW 13000.00 · Value 25395.47 · Buy at or below 25395.47; 2024-01 · Price KRW 13880.00 · Value 25395.47 · Buy at or below 25395.47; 2024-02 · Price KRW 14900.00 · Value 29617.51 · Buy at or below 29617.51; 2024-03 · Price KRW 14320.00 · Value 29617.51 · Buy at or below 29617.51; 2024-04 · Price KRW 14230.00 · Value 29617.51 · Buy at or below 29617.51; 2024-05 · Price KRW 14170.00 · Value 29617.51 · Buy at or below 29617.51; 2024-06 · Price KRW 14690.00 · Value 29617.51 · Buy at or below 29617.51; 2024-07 · Price KRW 15740.00 · Value 29617.51 · Buy at or below 29617.51; 2024-08 · Price KRW 16020.00 · Value 29617.51 · Buy at or below 29617.51; 2024-09 · Price KRW 15500.00 · Value 29617.51 · Buy at or below 29617.51; 2024-10 · Price KRW 15430.00 · Value 29617.51 · Buy at or below 29617.51; 2024-11 · Price KRW 16710.00 · Value 29617.51 · Buy at or below 29617.51; 2024-12 · Price KRW 15370.00 · Value 29617.51 · Buy at or below 29617.51; 2025-01 · Price KRW 16100.00 · Value 29617.51 · Buy at or below 29617.51; 2025-02 · Price KRW 16580.00 · Value 36102.51 · Buy at or below 36102.51; 2025-03 · Price KRW 16500.00 · Value 36102.51 · Buy at or below 36102.51; 2025-04 · Price KRW 17710.00 · Value 36102.51 · Buy at or below 36102.51; 2025-05 · Price KRW 19270.00 · Value 36102.51 · Buy at or below 36102.51; 2025-06 · Price KRW 22450.00 · Value 36102.51 · Buy at or below 36102.51; 2025-07 · Price KRW 24700.00 · Value 36102.51 · Buy at or below 36102.51; 2025-08 · Price KRW 24800.00 · Value 36102.51 · Buy at or below 36102.51; 2025-09 · Price KRW 25950.00 · Value 36102.51 · Buy at or below 36102.51; 2025-10 · Price KRW 25400.00 · Value 36102.51 · Buy at or below 36102.51; 2025-11 · Price KRW 26550.00 · Value 36102.51 · Buy at or below 36102.51; 2025-12 · Price KRW 28000.00 · Value 36102.51 · Buy at or below 36102.51; 2026-01 · Price KRW 30250.00 · Value 36102.51 · Buy at or below 36102.51; 2026-02 · Price KRW 36000.00 · Value 36398.27 · Buy at or below 36398.27; 2026-03 · Price KRW 32050.00 · Value 36398.27 · Buy at or below 36398.27; 2026-04 · Price KRW 33350.00 · Value 36398.27 · Buy at or below 36398.27; 2026-05 · Price KRW 29700.00 · Value 36398.27 · Buy at or below 36398.27; 2026-06 · Price KRW 29000.00 · Value 36398.27 · Buy at or below 36398.27; 2026-07 · Price KRW 33600.00 · Value 36398.27 · Buy at or below 36398.27; 2026-08 · Price KRW 33800.00 · Value 36398.27 · Buy at or below 36398.27; 2026-09 · Price KRW 34900.00 · Value 36398.27 · Buy at or below 36398.27; 2026-10 · Price KRW 32000.00 · Value 36398.27 · Buy at or below 36398.27; 2026-10 · Price KRW 31150.00 · Value 36398.27 · Buy at or below 36398.27

KRW per share · annual estimates

Price & return math
Value range	KRW 29,118.62 – KRW 48,531.03
Buy at or below	Central value KRW 36,398.27
Discount to value	1 − 31150.00 / 36398.27 = 14.4%
Return / year	About 10.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book KRW 46913.51/share; ROE 9.1%; first payout KRW 1455.93/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeKRW 3.12T

Net income

Book / shareKRW 47K

Book / share

Dividend / shareKRW 1K

Dividend / share

Return on tangible equity9.1%

Return on tangible equity

Diluted shares734M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·