WOORI FINANCIAL GROUP INC.
WFdata completeness 75%9 fiscal years on fileWOORI FINANCIAL GROUP INC. earns about 16% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 3% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $29.14 and $46.58 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | $1.2B1 | $2.14B2 | $2.53B3 | $1.94B4 | $2.09B5 |
| Operating cash flow | $3.32B6 | −$1.52B7 | $14.8B8 | $1.26B9 | −$4.15B10 |
| Capital expenditure | $137.5M11 | $100.3M12 | $137.2M13 | $127.6M14 | $150.1M15 |
| Free cash flow (derived) | $3.18B6 | −$1.62B7 | $14.6B8 | $1.13B9 | −$4.3B10 |
| Total debt | $19.1B16 | $20.8B17 | $22.6B18 | $24B19 | — |
| Cash & equivalents | $8.41B20 | $16.4B21 | $26.5B22 | $20.7B23 | $18.5B23 |
| Diluted shares | 722.3M | 728.1M | 728.1M | 751.9M | 742.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $310.69 of net worth that earned you $28.12 and generated −$57.87 of cash last year.
It earned about 16% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 26% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $29.14 and $46.58 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$1.13B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.13B
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$2.09B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $46.58 |
| Base | 0.0% | $46.58 |
| Bull | 5.0% | $51.84 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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- 20-F · period ending 2020-12-31 · accession 0001193125-21-142293 (Borrowings)
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- 20-F · period ending 2022-12-31 · accession 0001193125-24-119661 (CashAndCashEquivalents)
- 20-F · period ending 2023-12-31 · accession 0001193125-25-098257 (CashAndCashEquivalents)