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JONBUR Research · Initiation

d'Alba Global · 483650 · Cosmetics

d'Alba Global: Fast Revenue Growth and High Margins, Share Price Above Our Model Range

Why this report

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

d'Alba Global, a KOSPI-listed cosmetics company, reported trailing twelve-month revenue of ₩635.7B with an operating margin of 21.2% as of H1 2026. The share price of ₩171,700 sits above our simple DCF model range of ₩84,331 to ₩129,272 per share.

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 picture of strong growth and profitability. Revenue rose 68.2% in 2025, and the trailing operating margin is 21.2%. Return on equity is 61.5% and liabilities are low at 35% of equity.

The data also shows limits. The share is 39.3% below its 52-week high of ₩283,000 and has fallen 13.9% over three months. Our model value is below the market price, which implies the market expects growth or margins above our assumptions. Investor flow, foreign ownership and short balance data are not available, and there are no recent news headlines in the data.

Business overview

d'Alba Global (달바글로벌) is a cosmetics company founded on 2016-03-09 and listed on KOSPI on 2025-05-22. CEO is 반성연. It has 12,069,665 listed shares and a market capitalization of about ₩2.07T.

Revenue grew from ₩309.1B in 2024 to ₩519.7B in 2025. Trailing twelve-month revenue to H1 2026 is ₩635.7B. The data does not provide a breakdown by product or region.

Financial analysis

These figures come from filed financial statements (DART). Revenue was ₩519.7B in 2025 (up 68.2%), with operating income of ₩101.5B and net income of ₩79.1B. In 2024, revenue was ₩309.1B, operating income ₩59.8B and net income ₩15.4B.

Operating margin was 19.4% in 2024, 19.5% in 2025 and 21.2% on a trailing basis. Net margin is 17.1%. ROE moved from 15.1% in 2024 to 52.6% in 2025 and 61.5% trailing.

Trailing operating income is ₩134.5B and net income ₩108.9B. Free cash flow is ₩95.2B and cash is ₩92.7B. Borrowings are not available in the data. Liabilities-to-equity is 35%.

Valuation

The current P/E is 19.0, down from 22.5 at the end of 2025. P/B is 8.2 (9.0 at the 2025 year-end), P/S is 3.3 and dividend yield is 1.6%. EV/EBITDA is not available.

Among peers, Cosmax has a P/E of 18.2 and P/B of 5.2, and Kolmar Korea 17.0 and 3.1. Amorepacific has a P/E of 27.0 and P/B of 1.4, and APR 30.5 and 20.4. LG H&H has no P/E in the data and a P/B of 0.7. d'Alba's P/E sits within the peer range, while its P/B is above most peers.

Our 5-year DCF model assumes 15% growth and a 9% discount rate. It gives a bear/base/bull fair value of ₩84,331 / ₩103,264 / ₩129,272 per share. The close of ₩171,700 is 66.3% above the base value and 32.8% above the bull value. The model uses free cash flow of ₩59.5B and net cash of ₩92.7B.

Catalysts

  • A buyback trust contract was signed on 2026-09-28, which is a company action related to its own shares.
  • Several 5%+ holding reports were filed, most recently on 2026-10-12, indicating changes in large shareholder positions.
  • Repeated insider shareholding reports in August and September 2026 show ongoing insider ownership changes.
  • An investor relations (IR) event was held on 2026-08-28.
  • The next financial statements will show whether the 21.2% trailing operating margin holds.

Risks

  • The share price is above our model fair value range, so results below the market's expectations could matter.
  • The share fell 13.9% over three months and trades well below its 52-week high, showing high price volatility.
  • The 2025 revenue growth of 68.2% may be hard to repeat, and the model's 15% growth assumption may not hold.
  • The P/B of 8.2 is well above most listed peers in the data.
  • Investor flow, foreign ownership and short interest data are unavailable, so positioning cannot be assessed.

Closing view

The filings show a fast-growing, highly profitable company with a low debt load and solid free cash flow. The shares trade at a P/E of 19.0, in line with some peers, but above our simple model range, so the market price appears to assume stronger growth than the model. Missing data on flows, ownership and news limits the picture. This report is not a recommendation.

Model estimate of fair value

Bear
₩84,331
-41%
Base
₩103,264
-28%
Bull
₩129,272
-10%

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 15% 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)d'Alba Global: Fast Revenue Growth and High Margins, Share Price Above Our Model 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