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JONBUR Research · Initiation

Misto Holdings · 081660 · Retail & Trade

Misto Holdings: Margins Recovered Since 2023 While Shares Trade Below Model Fair Value Range

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Misto Holdings closed at ₩38,950 on 2026-10-12, down 13.7% over three months and near the low end of its 52-week range of ₩36,000 to ₩55,800. Filed financials show operating margin recovering to 13.1% on a trailing basis, alongside meaningful borrowings of ₩1.5T.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

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

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Thesis

The data supports a story of earnings recovery. Operating income rose from ₩303.5B in 2023 to ₩474.8B in 2025 and ₩619.1B on a trailing twelve-month basis to H1 2026, and net income rose from ₩42.6B to ₩274.6B over the same span. The shares trade at a P/E of 8.5 and P/B of 1.1, with a dividend yield of 4.5%.

What the data does not settle is whether the recovery will last. Revenue growth has been modest (4.7% in 2025), and the balance sheet carries net debt. Investor flow, foreign ownership, short balance and news data are not available, so we cannot comment on market positioning or sentiment.

Business overview

Misto Holdings is a KOSPI-listed company in the Retail & Trade sector, founded in 1991 and listed in September 2010. It has 60,095,839 listed shares and a market capitalisation of about ₩2.3T. Trailing revenue is ₩4.7T. Revenue was ₩3.8T in 2021, ₩4.2T in 2022, ₩4.0T in 2023 (down 5.1%), ₩4.3T in 2024 (up 6.5%) and ₩4.5T in 2025 (up 4.7%). The data does not describe individual business lines.

Financial analysis

All figures come from filed financial statements (DART). Trailing revenue to H1 2026 is ₩4.72T, operating income ₩619.1B (13.1% margin) and net income ₩274.6B (5.8% margin). The operating margin was 13.0% in 2021, 10.3% in 2022, 7.6% in 2023, 8.5% in 2024 and 10.6% in 2025. ROE was 19.7% in 2022, fell to 2.3% in 2023, and was 11.4% in 2025 and 13.2% trailing.

On the balance sheet, liabilities to equity is 111.5%, cash is ₩497.1B and borrowings are ₩1.45T, which leaves net debt of about ₩956.9B in the model. Trailing free cash flow is ₩249.8B.

Valuation

The current P/E is 8.5, P/B 1.1 and P/S 0.5, with enterprise value of ₩3.3T. The 2025 year-end P/E was 11.4 and P/B 1.3, so current multiples are lower than at that point. Earlier year-end multiples are not available. Among listed peers, P/E ranges from 5.5 (Youngone) to 52.3 (ISC), with Samsung C&T at 19.1, POSCO International at 11.6 and Shinsegae at 17.3. Peer P/B ranges from 0.5 to 7.0. Misto's P/E is below most of these peers, apart from Youngone.

Our simple five-year DCF model, using 1.9% growth, a 9.0% discount rate and ₩308.5B of free cash flow, gives a fair value range of ₩43,635 (bear), ₩58,738 (base) and ₩79,530 (bull) per share. The ₩38,950 share price is below even the bear case. The model is sensitive to its assumptions and is not a forecast.

Catalysts

  • Cash dividend decisions and record-date filings on 2026-10-01 and 2026-10-07 matter given the 4.5% dividend yield.
  • A share buyback decision on 2026-08-12 and a buyback result report on 2026-08-11 show capital being returned to shareholders.
  • An amended filing on 2026-09-22 about the sale of shares in another company could affect cash and the balance sheet.
  • Investor relations events on 2026-08-11, 2026-09-07 and 2026-09-14 may provide further information to the market.
  • A 5%+ holding report on 2026-09-14 points to a change in a significant shareholding.

Risks

  • Net debt of about ₩956.9B and borrowings of ₩1.45T leave the company exposed to financing costs.
  • Revenue growth has been modest at 4.7% in 2025 and fell 5.1% in 2023, so earnings gains have relied on margins.
  • Net income has been volatile, ranging from ₩42.6B in 2023 to ₩343.7B in 2022, which makes earnings hard to rely on.
  • The share price fell 13.7% over three months and sits near its 52-week low, which suggests the market doubts the earnings recovery.
  • Flow, ownership, short-interest and news data are unavailable, so key sentiment signals cannot be assessed.

Closing view

The filed numbers show a clear improvement in margins and returns since 2023, and current multiples are low against both the company's 2025 year-end levels and several peers. Against that, revenue growth is slow, borrowings are sizeable, and earnings have swung sharply from year to year. The model fair value range sits above the current price, but it rests on simple assumptions. The data gives a mixed picture, with improving profitability offset by leverage and a weak recent share price trend, and it is not enough to settle whether the recovery is durable.

Model estimate of fair value

Bear
₩43,635
+21%
Base
₩58,738
+63%
Bull
₩79,530
+121%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

A simple 5-year discounted cash flow from filed statements (H1 2026): revenue growth 1.9% fading to 2%, discount rate 9%. Per share, not a price target. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Misto Holdings: Margins Recovered Since 2023 While Shares Trade Below Model Fair Value Range

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