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Purit · 445180 · Chemicals

Purit: Model Fair Value Estimate Cut by About 25% With No New Filing Behind It

Why this report

Written after:

  • Model fair value changeModel estimate of fair value moved -25% (₩21,323 → ₩15,956 per share)Oct 22, 2026

Our model estimate of Purit's fair value fell about 25% to ₩15,956 per share from ₩21,323, while the share price closed at ₩7,930 on 2026-10-23. The change does not appear to come from new company filings, so it mainly lowers the estimate the previous report relied on.

Written Oct 25, 2026 · Data as of Oct 23, 2026 · 0 views

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

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What happened

The model's base estimate moved from ₩21,323 to ₩15,956 per share on 2026-10-22, a change of -25.0%. The current data pack shows a base of ₩15,930, a bear case of ₩10,515 and a bull case of ₩24,722. The small gap between the two base figures (₩15,956 and ₩15,930) is not explained in the data.

No filing excerpts, news headlines or other events were provided to explain the revision. The method (5-year discounted cash flow at an 8.0% rate, based on trailing figures to H1 2026) is the same as before, and the data does not say which input changed. The most recent filings are routine items from October 2026 (an insider shareholding report and a 5%+ holding report, both 2026-10-07), and the half-year report was filed 2026-08-13.

The share price fell to ₩7,930 from ₩8,620 at the time of the previous report. The data shows a one-month change of -11.9%, a three-month change of +9.2% and a one-year change of -3.6%.

What it changes for the thesis

The previous report described steady operating improvement: revenue of ₩155.9B on a trailing basis, an operating margin of 14.2%, ROE of 16.0% and low leverage. Those figures are unchanged in the current data, with liabilities at 13.6% of equity and free cash flow of ₩16.1B.

The previous report also flagged that the model estimate depended heavily on assumptions and that the bear-to-bull range was wide. This revision supports that caution: the same financial base now produces a materially lower estimate. The governance item on embezzlement and breach of trust allegations (progress update filed 2026-08-31) remains open, with no resolution visible in the data.

What it changes for the valuation

The model now gives a bear case of ₩10,515, a base of ₩15,956 and a bull case of ₩24,722 per share. The previous report had ₩14,500, ₩21,323 and ₩32,117. Every case is lower, and the bear case fell by about 27.5%.

Against the ₩7,930 share price, all three cases are still above the price. The gap between the base estimate and the price is smaller than before. This is a model estimate based on the assumptions shown, not a target or a signal to buy or sell.

Current multiples are P/E 8.2, P/B 1.2 and P/S 0.9, with a dividend yield of 1.5%. EV/EBITDA is not available. The 52-week range is ₩5,990 to ₩13,400.

Closing view

The company's filed operating figures are the same as in the previous report, while the model's estimate of value fell by about a quarter without any new company event that the data can point to. This shows how sensitive the estimate is to its inputs, and it argues for treating any single figure with caution. The estimate remains above the share price in all cases, but the margin is narrower, and the open governance matter and short history are unchanged. The evidence is mixed and does not by itself lead to a conclusion about the shares.

Model estimate of fair value

Bear
₩10,515
+36%
Base
₩15,930
+107%
Bull
₩24,722
+221%

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 8%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 25, 2026Update noteModel fair value changePurit: Model Fair Value Estimate Cut by About 25% With No New Filing Behind It
  2. Oct 18, 2026InitiationStart of coverage (reader request)Purit: Rising Margins and Low Leverage, Alongside Governance Filings and a Model Estimate Above the Share 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