030610.KS
Kyobo Securities Co.,Ltd.

Financial Services · Capital Markets · valued as of 2026-11-03 · statements 2025-12-31

Average Intrinsic Value

1.78B USD

Market Cap

846.06M USD

Margin of Safety

52.4%

Intrinsic / Market Ratio

2.10×

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

EPV + Growth

1.50B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.36B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.48B USD

15 years of cash for shareholders and lenders, less what is owed

Intrinsic Value

1.78B USD

the plain average of the three, uncapped, as the screener averages them

Intrinsic Value

1.78B USD

from the sum above

Market Cap

846.06M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

2.10×

the ratio the screener ranks by; Margin of Safety +52.4% (1 − Market Cap ÷ Intrinsic Value)

Each card below builds one of the three values from the reported years.

Earnings power value plus growth: 1.50B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.50B USD
−②Net Debt Today0 USD
+③Growth Value0 USD
=Value1.50B USD

EPV of the Operations (NOPAT over WACC)

1.50B USD

Net debt today

0 USD

Growth Value

0 USD

Value

1.50B USD

①EPV (earnings power value)

1.50B USD

②Net Debt Today

0 USD

③Growth Value

0 USD

Market value

Market Cap846.06M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+43.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.36B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE1.33B USD
+②Equity at Year 15, Today1.02B USD
=Value2.36B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

1.33B USD

②Equity at Year 15, Today

1.02B USD

Market value

Market Cap846.06M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+64.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.48B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (FCFF does not apply to a bank: its working capital is its loans and deposits), so the value is the book value today, 1.48B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap846.06M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+42.7%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 10.23%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.95×Market Risk Premium 6.00%= 10.23%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 33.74M USDPretax Income 133.23M USD= 25.32%

The tax the interest saves.

Interest Expense =EBIT 278.15M USD−Pretax Income 133.23M USD= —

The interest the company paid: EBIT is the profit before tax plus the interest.

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 0 USDMarket Cap + Total Debt 846.06M USD + 0 USD= 0.00%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 100.00%×Cost of Equity 10.23%+Debt Weight 0.00%×Cost of Debt 4.00%= 10.23%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 14.28B USD − Total Liabilities 12.80B USD = Book Value Today 1.48B USD

Net debt today 0: a bank's debt is the money it lends on, not how the business is financed.

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.0%at most 5%passes112,869,363 / 112,869,363
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-5.1%at least -10.0%passes(-624.44M USD − 99.49M USD) ÷ 14.28B USD
Price to bookMarket Cap ÷ Book Value Today0.57×at most 3×passes846.06M USD ÷ 1.48B USD
Operating marginOperating Income ÷ Revenue63.4%above 10.0%passes205.37M USD ÷ 323.82M USD
Revenue growthRevenue ÷ Revenue a Year Before − 125.8%above 10.0%passes323.82M USD / 257.51M USD
Net cash(Cash − Total Debt) ÷ Market Cap274.1%above -30%passes(2.32B USD − 0 USD) ÷ 846.06M USD
Operating efficiencyOperating Income ÷ Gross Profit—above 25.0%not measured0 USD ÷ 0 USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

9919.91 KRW

Enterprise value

-5.00T KRW

the provider's own figure

EV / EBITDA

—

Price / book

—

the provider's book

Price / earnings

—

Return on equity

8.9%

the provider's figure, not this page's

Profit margin

2.9%

Revenue growth

172.7%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

228.19M247.79M257.51M323.82M

Gross profit

————

Operating income

————

EBITDA

operating income before depreciation and amortisation

129.18M220.85M265.70M286.56M

Pretax income

48.82M67.19M104.93M133.23M

Net income

34.38M52.92M80.28M99.49M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

122.15M127.77M79.44M236.10M

R&D

————
Balance sheet, year end

Total assets

10.66B12.22B10.85B13.42B

Total liabilities

9.42B10.74B9.49B11.94B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.24B1.47B1.35B1.48B

Total debt

1.72B———

Cash and equivalents

901.15M676.38M999.53M1.08B

Net PP&E

fixed assets after depreciation

197.19M184.03M164.67M170.12M

Working capital

current assets less current liabilities

————
Cash flow

Operating cash flow

-737.98M-1.17B484.91M-624.44M

Capital expenditure

paid out, so below zero

-10.47M-9.38M-6.24M-9.02M

Depreciation and amortisation

6.96M8.08M8.08M8.41M

Free cash flow

operating cash flow plus capital expenditure

-748.45M-1.18B478.67M-633.46M