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GS Global

001250 · KOSPI · ₩001250 · GS글로벌

₩2,525▼ ₩25 (0.98%)End-of-day · Oct 30, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩4,717

vs the current price (₩2,525)

Enterprise value
₩834B
Equity value
₩389B
WACC
4.9%

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

Why the model and the price differ

The model is 87% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩2,525, the model needs an operating margin of 1.2% every year (it uses 1.4%).
  • Or revenue growth −9.4 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 13.8× against a typical 5.5× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
—
Base
₩4,717
+86.8%
Bull
₩48,743
+1,830.4%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (1.4%).

Revenue growth

  • -6.8%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.

  • -4.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.

  • -1.9%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.

  • 0.6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-6.8% a year, annual reports), fading to 3% by year 5.

Business

  • 1.4%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.7%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 2.1%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 9%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.22, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩4.2T
Net debt (borrowings and leases − cash and deposits)
₩520B
+ Stakes and investments
₩100B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩25B
Shares
82,533,764
Share price
₩2,525
Market cap
₩208B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩3.9T₩4.1T₩4.1T₩4T₩3.8T₩3.7T₩3.7T₩3.9T
Growth−22.8%3.8%1.1%−6.8%−4.3%−1.9%0.6%3.0%
EBIT₩77B₩78B₩52B₩55B₩53B₩52B₩52B₩54B
EBIT margin2.0%1.9%1.3%1.4%1.4%1.4%1.4%1.4%
After-tax EBIT₩55B₩56B₩38B₩40B₩38B₩38B₩38B₩39B
+ Depreciation———₩67B₩64B₩63B₩64B₩65B
− Capital spending₩56B₩85B₩115B₩83B₩80B₩78B₩79B₩81B
− Working capital−₩168B₩74B−₩30B−₩26B−₩15B−₩6.5B₩2B₩10B
Free cash flow———₩50B₩39B₩29B₩21B₩14B
Discount factor———0.9530.9080.8650.8250.786
Present value———₩48B₩35B₩25B₩17B₩11B

Terminal value ₩888B, worth ₩697B today: 84% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩6,790 a share)Now 0.37×₩2,5750.38×₩3,3400.49×₩5,2230.77×
Price / earnings (last 12 months: ₩183 a share)Now 13.8×₩6653.63×₩9995.46×₩2,27112.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩468 a share)Now 5.39×₩1,7013.63×₩2,5565.46×₩5,80912.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
3.9%₩6,269₩7,650₩9,732₩13,246₩20,470
4.4%₩4,601₩5,480₩6,711₩8,568₩11,700
4.9%₩3,356₩3,940₩4,717₩5,804₩7,443
5.4%₩2,392₩2,791₩3,301₩3,979₩4,928
5.9%₩1,624₩1,901₩2,245₩2,684₩3,267

Now (TTM)

Market cap
₩208B
Enterprise value
₩729B
P/E
13.8×
P/B
0.4×
P/S
0.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,315₩2,675₩2,550₩2,250₩2,370
Market cap₩191B₩221B₩210B₩186B₩196B
P/E9.6×4.1×7.6×2.6×8.4×
P/B0.4×0.4×0.5×0.5×0.6×
P/S0.0×0.1×0.1×0.0×0.1×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
GS Global13.8×0.4×0.0×—0.0%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: GS Global / GS글로벌 / 001250 / KRX:001250

Source: KRX statistical information