Ask Warren

JONBUR Research · Update note

Pulmuone Corporate · 017810 · Food & Beverage

Pulmuone Corporate: Model Fair Value Estimate Falls to ₩9,248 per Share from ₩83,575

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved -89% (₩83,575 → ₩9,248 per share)Oct 22, 2026

Our model estimate of fair value for Pulmuone Corporate fell 89% to ₩9,248 per share, from ₩83,575 in the previous report. The change comes from a lower discount rate paired with a much weaker cash flow outcome in the model, not from a new company filing, and it removes the large gap between model and market price.

Written Oct 21, 2026 · Data as of Oct 20, 2026 · 0 views

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

XfWATGr/in@

What happened

On 2026-10-22 the model was re-run on the same trailing figures to H1 2026. The base estimate moved from ₩83,575 to ₩9,248 per share, a fall of 89%. The bear case moved from ₩39,807 to ₩0, and the bull case from ₩159,789 to ₩134,185. The discount rate shown for the model changed from 7.2% to 4.9%.

No company filings or other events explain the change, and no filing excerpts were provided. The financial data in the pack is the same trailing set: revenue of ₩3.49T, operating income of ₩106.0B, net income of ₩43.8B and free cash flow of ₩54.6B. The reason for the shift in model output is not stated in the data. The share price closed at ₩8,580 on 2026-10-20, down 39.0% over one year and close to the 52-week low of ₩8,100.

What it changes for the thesis

The previous report described a steadily growing but low-margin food company with high leverage and recent capital-raising filings, and it said the evidence was mixed. Nothing in the business data has changed since then, so that picture still holds: operating margin is 3.0%, liabilities are 274.2% of equity, and borrowings are ₩793.5B against cash of ₩112.4B.

What changes is how much weight the earlier model gap deserves. The previous report already warned that even the bear case sat far above the market price and that the result was very sensitive to cash flow assumptions and might miss leverage or dilution risk. The new output supports that caution: the same inputs can produce very different values. The July rights offering and the August filings on debt securities recognized as equity remain unquantified in our data.

What it changes for the valuation

The model now gives a base estimate of ₩9,248 per share, a bear case of ₩0 and a bull case of ₩134,185. The previous range was ₩39,807 / ₩83,575 / ₩159,789. This is a model estimate based on the assumptions shown, not a target. The base estimate is now only about 7.8% above the ₩8,580 share price, so the model no longer shows a large gap to the market.

The range is extremely wide. A bear case of zero and a bull case of ₩134,185 mean the model has little precision for this company, likely because leverage amplifies small changes in cash flow assumptions. Market multiples are unchanged in spirit: trailing P/E is 7.5, P/B is 1.0, and the dividend yield is 1.2%.

Closing view

The business facts are the same as in the previous report, but the model reading has moved sharply, and it now sits close to the market price instead of far above it. That makes the earlier large gap look more like a product of the assumptions than a reliable signal. With a bear case of zero, a very wide range, high leverage and unquantified capital-raising filings, the model is best treated as a rough cross-check. The evidence remains mixed and does not point clearly in one direction.

Model estimate of fair value

Bear
₩0
-100%
Base
₩9,248
+14%
Bull
₩134,185
+1559%

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 4.9%). 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 changePulmuone Corporate: Model Fair Value Estimate Falls to ₩9,248 per Share from ₩83,575
  2. Oct 18, 2026InitiationStart of coverage (reader request)Pulmuone Corporate: Thin Margins, a 37.8% One-Year Share Price Fall and a Model Estimate Far Above the Market Price

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