1

[ ]//

: &

: &

: 100 &

: &

: &

: 1 25%(1/4)

15(9%), 30(15%), 60(25%)

: &

:

:

:

: =

: !

:
-
PER 25 ~ 30

05(75) 06(587) 07(3211)08E(7100) 09E(11)

( KT)

2000200120022003200420052006200720082009201020112012(E)114,266 117,927 79,906 68,126 74,465 80,095 85,491 88,928 88,319 103,983 113,540125,380131,64510,101 10,872 19,638 8,301 12,555 9,983 12,334 9,576 4,498 5,165 12,95814,46610,570BPS36,684 37,896 34,431 32,324 35,332 37,593 41,083 44,172 43,71539,82342,63844,82547,141ROE8.069.3719.8511.2217.6112.9214.910.985.085.3712.012.78.8

( -STX)

2008200920102011(E)2012(E)27,01724,36824,35424,28817,7895,778-911784-228-4,682BPS13,16711,92811,79611,7598,600ROE26.22-3.53.2-0.94-22.34

( -)

2000200120022003200420052006200720082009201020112012(E)167,854203,985263,213301,597394,002416,074479,398559,719634,048730,542893,4911,013,1361,214,80260,02830,55070,52853,530101,68869,07081,93679,22974,32996,494157,990133,826231,854BPS98,661 119,898 154,711 177,272 231,586 244,560 281,780 328,991 372,680 429,397 503,075 570,674688,251ROE35.81526.817.725.816.617.114.211.713.220.3714,6521,65

:
?

, , , .

4

1. , ,

2. , ,

3. ( ) ,

4. , ,

= = =
(B/S)
(I/S)
(B/S)

(10)(5)(5)

(8)(10)(2)

(12)(5)(5)(2)

(0)

:

(*=) / /

4

1. PBR(Price Book value Ratios)

2. PER(Price Earning Ratios)

3. - PCR(Price Cash flow Ratios)

4. EV/EBITDA EV = Enterprise Value EBITDA = Earning Before Interest, Tax, Depreciation and Amortization

: BPS PBR

, (=*)

BPS(Book value Per Share)

BPS = ( ) /

PBR(Price Book value Ratios)

PBR = / BPS = (*) / ( )

. /

EX) = BPS or PBR = 1

: EPS PER

, (=*)

EPS(Earning Per Share)

EPS = /

PER(Price Earning Ratios)

PER = / EPS = (*) /

(*) /

EX) PER=5(5 ), PER=10(10 ), PER=20(20 )

[: BPS + @]

BPS = ( + ) / BPS = BPS * ( 1 + ROE )n

1,475,000 5 BPS(E) = 688,251 * (1 + 0.16)5 = 1,445,562 5 (1.5) = 2,168,343, (1.25 1,806,952 ~ 2.0 2,891,124)

2000200120022003200420052006200720082009201020112012167,854203,985263,213301,597394,002416,074479,398559,719634,048730,542893,4911,013,1361,214,80260,02830,55070,52853,530101,68869,07081,93679,22974,32996,494157,990133,826231,854BPS98,661 119,898 154,711 177,272 231,586 244,560 281,780 328,991 372,680 429,397 503,075 570,674688,251ROE35.81526.817.725.816.617.114.211.713.220.3714,6521,65

183,500, 5 BPS(E) = 154,264 * (1 + 0.15)5 = 310,280 5 (1.5) = 465,420, (1.0 310,280 ~ 2.0 620,560

20012002200320042005200620072008200920102011201293,130104,608119,086130,848150,530160,508182,026196,523220,290328,880403,277479,17611,654 14,435 16,726 17,454 23,487 15,261 16,824 14,479 29,615 55,67180,28884,369BPS33,246 37,340 42,426 46,756 55,774 59,353 67,155 72,385 81,194 105,429 130,003154,264ROE13.814.615.014.016.79.89.87.614.221,522,821,1

POSCO 320,500 3 BPS(E) = 452,524 * ( 1 + 0.07 )3 = 554,3613 (1.0) = 554,361, ( 0.7 388,052 ~ 1.2 665,233 )

200020012002200320042005200620072008200920102011201294,299 101,965 113,216 129,580 161,098 195,220 217,917 245,032 277,837 309,513 385,372 407,299424,29416,370 8,193 11,013 19,806 38,260 40,129 32,066 36,794 44,469 31,723 41,056 36,48124,621BPS109,846118,126133,856151,134188,409231,592266,473309,763345,414380,823419,509439,933452,524ROE17.688.3510.2416.3226.3322.5215.5215.917.0110.812.179.746.33

[-] &

: BPS & EPS
?

() . , ( ROE) .

(BPS) = BPS * ( 1 + ROE )n

1. (ROE 20% )

7 .

2. (ROE 15% ~ 20%)

5 .

3. (ROE 15%)

3 .

1,475,000 5 BPS(E) = 688,251 * (1 + 0.16)5 = 1,445,562 = (5 BPS 144) or ( 28, EPS 16,4700 * 11.1 = 183)

2000200120022003200420052006200720082009201020112012167,854203,985263,213301,597394,002416,074479,398559,719634,048730,542893,4911,013,1361,214,80260,02830,55070,52853,530101,68869,07081,93679,22974,32996,494157,990133,826231,854BPS98,661 119,898 154,711 177,272 231,586 244,560 281,780 328,991 372,680 429,397 503,075 570,674688,251ROE35.81526.817.725.816.617.114.211.713.220.3714,6521,65

183,500, 5 BPS(E) = 154,264 * (1 + 0.15)5 = 310,280 = (5 BPS = 31) or ( 7, EPS 24,500 * 8.43 = 206,700)

20012002200320042005200620072008200920102011201293,130104,608119,086130,848150,530160,508182,026196,523220,290328,880403,277479,17611,654 14,435 16,726 17,454 23,487 15,261 16,824 14,479 29,615 55,67180,28884,369BPS33,246 37,340 42,426 46,756 55,774 59,353 67,155 72,385 81,194 105,429 130,003154,264ROE13.814.615.014.016.79.89.87.614.221,522,821,1

POSCO 320,500 3 BPS(E) = 452,524 * ( 1 + 0.07 )3 = 554,361 = (1 BPS 47) or ( 2.8, 32,100 * 11.1 = 356,462)

200020012002200320042005200620072008200920102011201294,299 101,965 113,216 129,580 161,098 195,220 217,917 245,032 277,837 309,513 385,372 407,299424,29416,370 8,193 11,013 19,806 38,260 40,129 32,066 36,794 44,469 31,723 41,056 36,48124,621BPS109,846118,126133,856151,134188,409231,592266,473309,763345,414380,823419,509439,933452,524ROE17.688.3510.2416.3226.3322.5215.5215.917.0110.812.179.746.33

11 ( 7, 4) (+18.23%), (+6.08%)

22 ( 16, 6) (+112%), (+37.33%)

11 ( 8, 3) (+12.67%), (+4.22%)

17 ( 12, 5) (+32.88%), (+10.96%)

22 ( 16, 6) (+112%), (+37.33%)