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JONBUR Research · Update note

Pulmuone Corporate · 017810 · Food & Beverage

Pulmuone Corporate: Model Fair Value Estimate Rises 12% to ₩10,354 per Share

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved +22% (₩9,248 → ₩11,314 per share)Oct 28, 2026

Our model estimate of fair value for Pulmuone Corporate rose to ₩10,354 per share from ₩9,248 in the previous report, while the share price fell to ₩8,090. The change reflects a slightly lower discount rate in the model, not a new filing, and it does not alter the broader picture.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 0 views

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

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What happened

No new company filing triggered this note. The model was re-run and produced a base estimate of ₩10,354 per share, up from ₩9,248 a week earlier. The event list itself shows a move of 22% to ₩11,314, but the current model output in our data is ₩10,354, which is about 12.0% above the previous figure. We use the latter as the latest model result.

The discount rate in the model moved to 4.8% from 4.9%. The share price closed at ₩8,090 on 27 October 2026, which is the 52-week low, down 7.2% over one month and 40.9% over one year. Recent news was routine: a first brand store at Gimpo Airport duty-free shop and charitable donations. No filing in our data explains the move.

What it changes for the thesis

The thesis from the previous report is unchanged. Pulmuone is a steadily growing, low-margin food company with high leverage and recent capital-raising filings. Operating margin is 3.0%, liabilities are 274.2% of equity, and borrowings are ₩793.5B against cash of ₩112.4B.

The previous report warned that the model was very sensitive to cash flow assumptions and could miss leverage or dilution risk. This small revision, with no change in the underlying business data, supports that caution. 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 bear case of ₩0, a base of ₩10,354 and a bull of ₩141,085. The previous range was ₩0 / ₩9,248 / ₩134,185. This is a model estimate based on the assumptions shown, not a target. The base estimate is about 28.0% above the ₩8,090 share price, a wider gap than the roughly 7.8% in the previous report, mostly because the price fell.

The range remains extremely wide, so the model has little precision here. Market multiples are a trailing P/E of 7.0, P/B of 0.9 and a dividend yield of 1.3%.

Closing view

The business facts are the same as a week ago, and the model reading moved modestly. The wider gap to the market price comes mainly from a lower share price, not from better fundamentals. 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
₩10,354
+29%
Bull
₩141,085
+1655%

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 4.8%). 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