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You're reading an earlier report from Oct 13, 2026. See the latest report

LS Eco Energy · 229640 · Holding companies

LS Eco Energy: Sharp Share Price Rally and Rising Profits, With a Valuation Well Above the Model Estimate

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

LS Eco Energy's shares closed at ₩63,100 on 2026-10-12, up 29.7% over one month and 56.0% over one year, while trailing operating margin reached 6.6%. The stock trades at 43.6x earnings and 7.7x book value, and the model estimate of ₩34,058 per share sits below the current price.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports an improving earnings story: revenue has grown for three straight years, operating income has risen from ₩27.5B in 2022 to ₩73.2B on a trailing basis, and ROE is 20.4%. The share price has moved sharply, up 47.3% over three months, though it remains below the 52-week high of ₩109,800 and well above the low of ₩32,000.

What the data does not support is a comfortable valuation cushion. P/E of 43.6x and P/B of 7.7x are far above the company's year-end 2025 levels (25.2x and 5.1x), and the model's base case is below the market price. Free cash flow is slightly negative, and the company filed a convertible bond issue decision and a share acquisition in recent months, so funding needs are visible. Investor flows, foreign ownership, short balance and news headlines are not available in the data.

Business overview

LS Eco Energy is listed on KOSPI (code 229640) and classified in the data as a holding company. It was founded on 2015-05-15 and listed on 2016-09-22, with 30,624,879 listed shares and a market cap of about ₩1.93T. The CEO is listed as 이상호.

Over five years of filed numbers, revenue rose from ₩750.6B in 2021 to ₩960.1B in 2025, with a dip of 10.7% in 2023. Trailing revenue to H1 2026 is ₩1.12T. The data does not describe its product lines or segments.

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Model estimate of fair value

Bear
₩14,211
-75%
Base
₩34,058
-40%
Bull
₩69,852
+24%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 6.7%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 21, 2026Update noteModel fair value changeLS Eco Energy: Model Fair Value Estimate Rises to ₩21,813 Base Case From ₩4,239
  2. Oct 20, 2026Update noteEarningsLS Eco Energy Q3 Preliminary Earnings: Operating Profit Up 50.2% Year on Year, Down 12.2% on the Quarter
  3. Oct 13, 2026InitiationStart of coverage (300 largest)LS Eco Energy: Sharp Share Price Rally and Rising Profits, With a Valuation Well Above the Model Estimate

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information