Ilsung IS일성아이에스

Revenue growth

• Revenue growth, year 11.6%

  How much sales grow that year, compared with the year before.

  Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

• Revenue growth, year 22%

  How much sales grow that year, compared with the year before.

  Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

• Revenue growth, year 32.3%

  How much sales grow that year, compared with the year before.

  Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

• Revenue growth, year 42.7%

  How much sales grow that year, compared with the year before.

  Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

• Revenue growth, year 53%

  How much sales grow that year, compared with the year before.

  Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

Business

• EBIT margin-7.9%

  Operating profit as a share of revenue.

  Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

• Tax rate27.5%

  Share of operating profit paid as corporate tax.

  Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

• Depreciation & amortisation8.2%

  The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

  Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

• Capital spending10.3%

  Money spent on factories, equipment, software and other long-term assets (% of revenue).

  Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

• Working capital40%

  Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

  Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

• Terminal growth2%

  How fast cash flows keep growing every year after year 5.

  Default: about Korea's long-run inflation plus real growth.

• Risk-free rate4.01%

  Yield on Korea's 10-year government bond: the return with almost no risk.

  Default: Korea Treasury Bond 10-year yield on 2026-10-30.

• Beta0.6

  How much the share moves when the market moves: 1 means just like the market.

  Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.17, adjusted toward 1 and kept between 0.6 and 2.0.

• Equity risk premium5.5%

  The extra return investors want for owning shares instead of bonds.

  Default: a typical premium for Korean shares.

• Cost of debt (before tax)5.51%

  The interest rate the company would pay to borrow.

  Default: the 10-year yield plus a 1.5% credit spread.