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TS

001790 · KOSPI · ₩001790 · 대한제당

₩2,715▼ ₩15 (0.55%)End-of-day · Oct 28, 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

₩5,045

vs the current price (₩2,715)

Enterprise value
₩699B
Equity value
₩468B
WACC
5.8%

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 86% 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 ₩2,715, the model needs an operating margin of 2.5% every year (it uses 3.4%).
  • Or revenue growth −13.3 points a year higher than assumed in each of the 5 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
₩5,045
+85.8%
Bull
₩17,312
+537.7%

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 (3.4%).

Revenue growth

  • -0.5%

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

    Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.

  • 0.4%

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

    Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (-0.5% a year, annual reports), fading to 3% by year 5.

  • 2.1%

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

    Default: the last 3 years' revenue growth (-0.5% 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 (-0.5% a year, annual reports), fading to 3% by year 5.

Business

  • 3.4%

    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.

  • 0.5%

    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).

  • 0.7%

    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).

  • 19.6%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 -0.04, 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.

  • 5.58%

    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)
₩1.3T
Net debt (borrowings and leases − cash and deposits)
₩229B
− Minority interests
₩1.6B
Shares
92,724,675
incl. 6,482,760 preferred
Share price
₩2,715
Market cap
₩248B

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₩1.3T₩1.4T₩1.4T₩1.3T₩1.3T₩1.3T₩1.4T₩1.4T
Growth−3.3%3.1%−1.3%−0.5%0.4%1.2%2.1%3.0%
EBIT₩47B₩37B₩57B₩45B₩45B₩46B₩47B₩48B
EBIT margin3.5%2.7%4.2%3.4%3.4%3.4%3.4%3.4%
After-tax EBIT₩34B₩27B₩41B₩33B₩33B₩33B₩34B₩35B
+ Depreciation———₩6.6B₩6.6B₩6.7B₩6.8B₩7.1B
− Capital spending₩9.2B₩8.9B₩9B₩9.2B₩9.3B₩9.4B₩9.6B₩9.9B
− Working capital₩22B−₩15B₩55B−₩1.3B₩1B₩3.1B₩5.5B₩8.1B
Free cash flow———₩31B₩29B₩27B₩25B₩24B
Discount factor———0.9450.8940.8450.7990.755
Present value———₩29B₩26B₩23B₩20B₩18B

Terminal value ₩770B, worth ₩582B today: 83% 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 ₩5,318 a share)Now 0.51×₩2,3430.44×₩2,7150.51×₩3,1650.60×
P/E on run-rate earnings (Q2 2026 × 4: ₩531 a share)Now 5.11×₩2,7645.20×₩5,1479.69×₩11,12521.0×

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%
4.8%₩5,951₩6,716₩7,753₩9,240₩11,557
5.3%₩4,950₩5,491₩6,193₩7,143₩8,506
5.8%₩4,159₩4,552₩5,045₩5,686₩6,553
6.3%₩3,519₩3,810₩4,167₩4,615₩5,196
6.8%₩2,990₩3,209₩3,472₩3,794₩4,198

Now (TTM)

Market cap
₩234B
Enterprise value
₩463B
P/E
—
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
4.4%

Over time (at each year end)

20252024202320222021
Price₩2,825₩2,670₩3,180₩2,545₩3,020
Market cap₩244B₩230B₩274B₩219B₩260B
P/E—11.2×8.4×8.6×12.9×
P/B0.5×0.4×0.5×0.4×0.5×
P/S0.2×0.2×0.2×0.2×0.2×
EV/EBITDA—————
Dividend yield4.2%4.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TS—0.5×0.2×—4.4%
Samyang Foods18.4×5.9×3.3×—0.4%
Orion10.5×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.0×0.8×0.7×—1.5%
Otoki16.9×0.6×0.3×—2.9%
Hite Jinro23.0×0.9×0.4×6.3×4.5%
Similar companies (median)16.9×0.9×0.5×5.8×3.0%

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

Also known as: TS / 대한제당 / 001790 / KRX:001790

Source: KRX statistical information