Ask Warren

JONBUR Research · Update note

You're reading an earlier report from Oct 21, 2026. See the latest report

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.

Every earlier JONBUR Research report and update note on Pulmuone Corporate, with Pro.

Unlock with Pro

Model estimate of fair value

Bear
₩0
-100%
Base
₩9,248
+15%
Bull
₩134,185
+1569%

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 28, 2026Update noteModel fair value changePulmuone Corporate: Model Fair Value Estimate Rises 12% to ₩10,354 per Share
  2. Oct 21, 2026Update noteModel fair value changePulmuone Corporate: Model Fair Value Estimate Falls to ₩9,248 per Share from ₩83,575
  3. 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