003670 KR · POSCO Future M Common StockMW GOBLIN RESEARCH
POSCO Future M: Cash Generation Matters More Than LFP Orders
Analysis date
Published
As of 2026-11-05, a cautious watch-and-wait stance is appropriate. The shift to LFP broadens its growth avenues, but considering the Q3 compensation and increased net debt, it is difficult to conclude that the stock is undervalued at 175,500 KRW.
Read the reasoning behind the analysis
The full report includes key metrics, detailed analysis, valuation, and sources.
Read up to three full reports daily without signing in.
Read the full reportWhat this report covers
- It is too early to view compensation-boosted profit as normalized earnings
- The substance of the LFP contract lies in volume, processing margins, and cash collection