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Golfzon · 215000 · Software

Golfzon: Model Fair Value Estimate Rises 40% to ₩149,319 per Share, No New Filing Behind It

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved +40% (₩106,654 → ₩149,319 per share)Oct 22, 2026

The model's base estimate for Golfzon rose 40% to ₩149,319 per share from ₩106,654, while the share price is ₩35,400. No new company filing explains the change, so it mainly reflects a model input change, and the cause is not given in the data.

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.

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What happened

On 2026-10-22 the model's base fair value moved from ₩106,654 to ₩149,319 per share, a rise of 40%. The bear case moved from ₩70,962 to ₩104,202 and the bull case from ₩165,816 to ₩223,347. The method is unchanged: a 5-year discounted cash flow at a 7.5% rate, based on trailing figures to H1 2026.

No filing excerpts were provided with this event, and the recent filing list shows nothing newer than the half-year report of 2026-08-14. The data does not say what drove the change in the model's inputs. The same trailing period (H1 2026) is used before and after, which shows the revision is not due to new reported results. The data also does not show whether the change came from cash flow assumptions or from the share count or net cash inputs.

One news item may be relevant background: on 2026-10-21 Maeil Business Newspaper reported that CL is seeking to acquire Golfzon County at a ₩1.7T valuation. This is a press report only. The data gives no confirmation from the company, and it is unclear whether this concerns Golfzon itself or a related business. It is not established as a cause of the model change.

The share price closed at ₩35,400 on 2026-10-20, up 0.4% over one month, down 9.1% over three months and down 40.5% over one year. The 52-week low is ₩34,000.

What it changes for the thesis

The previous report (2026-10-18) described a business that has contracted from its 2022 peak, with revenue down 9.5% in 2024 and 22.1% in 2025, and trailing operating margin of 9.5%. Those facts are unchanged. Trailing revenue is ₩445.4B, operating income ₩42.2B and net income ₩19.8B, all as before.

The balance sheet points are also the same: borrowings of ₩1.4B against cash of ₩88.3B and trailing free cash flow of ₩52.4B. Foreign ownership has fallen further, to 15.0% from 19.3% sixty days ago, compared with the 16.3% cited earlier, and foreigners were net sellers of ₩1.8B over 20 days. A higher model value does not alter the evidence of declining revenue and margins, so the earlier thesis stands without change.

What it changes for the valuation

The model now gives a base estimate of ₩149,319 per share, with a bear case of ₩104,202 and a bull case of ₩223,347. The previous figures were ₩106,654 base, ₩70,962 bear and ₩165,816 bull. This is a model estimate based on the assumptions shown, not a target or a signal to buy or sell.

Even the new bear case is about three times the ₩35,400 share price. A 40% revision with no new reported results shows how sensitive the model is to its inputs, especially given falling revenue and margins. The gap between model and market has widened, but the data does not show that the market view has changed.

Market multiples are unchanged in substance: 11.2x earnings, 0.5x book and 0.5x sales, with a dividend yield of 11.3%. The enterprise value shown is now about ₩58.6B, against about ₩134.3B in the previous report, a difference the data does not explain. EV/EBITDA is not available.

Closing view

The event is a change in a model output, not a change in the company's reported results. Revenue, margins and returns remain well below their 2022 levels, and the share price is still near its 52-week low. The higher fair value range shows how much the estimate depends on cash flow assumptions that the recent trend has not confirmed. The press report about a possible deal at a ₩1.7T valuation is unverified in the data and its link to the listed company is unclear. Later filings will show whether results are stabilizing and whether any transaction is confirmed.

Model estimate of fair value

Bear
₩104,202
+210%
Base
₩149,319
+344%
Bull
₩223,347
+564%

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 7.5%). 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 changeGolfzon: Model Fair Value Estimate Rises 40% to ₩149,319 per Share, No New Filing Behind It
  2. Oct 18, 2026InitiationStart of coverage (reader request)Golfzon: Shrinking Revenue and Margins, Shares Near 52-Week Low, Price Well Below Model Estimate

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