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Bolak

002760 · KOSPI · ₩002760 · 보락

₩980 ₩0 (0.00%)End-of-day · Oct 29, 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

₩407

vs the current price (₩980)

Enterprise value
₩17B
Equity value
₩24B
WACC
7.3%

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 59% 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 ₩980, the model needs an operating margin of 8.9% every year (it uses 3.7%).
  • Margins ranged from −3.8% to 6.8% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • Today's P/E is 26.4× against a typical 39.2× 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
₩200
−79.6%
Base
₩407
−58.5%
Bull
₩797
−18.6%

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 (3.7%).

Revenue growth

  • 1.1%

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

    Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (1.1% 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 (1.1% a year, annual reports), fading to 3% by year 5.

  • 2.5%

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

    Default: the last 3 years' revenue growth (1.1% 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 (1.1% a year, annual reports), fading to 3% by year 5.

Business

  • 3.7%

    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.

  • 1.1%

    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).

  • 1.4%

    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).

  • 33.1%

    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 0.03, 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)
₩47B
Net debt (borrowings and leases − cash and deposits)
−₩7.4B
Shares
59,900,000
Share price
₩980
Market cap
₩59B

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₩47B₩48B₩50B₩48B₩48B₩49B₩51B₩52B
Growth−3.4%1.8%5.3%1.1%1.6%2.1%2.5%3.0%
EBIT₩506M−₩1.8B₩2.2B₩1.8B₩1.8B₩1.8B₩1.9B₩1.9B
EBIT margin1.1%−3.8%4.4%3.7%3.7%3.7%3.7%3.7%
After-tax EBIT₩367M−₩1.3B₩1.6B₩1.3B₩1.3B₩1.3B₩1.4B₩1.4B
+ Depreciation———₩523M₩531M₩543M₩556M₩573M
− Capital spending₩569M₩268M₩1.3B₩666M₩676M₩691M₩708M₩729M
− Working capital₩841M₩1.1B−₩6.2B₩171M₩252M₩336M₩408M₩502M
Free cash flow———₩962M₩899M₩839M₩796M₩739M
Discount factor———0.9320.8680.8090.7540.703
Present value———₩896M₩781M₩679M₩601M₩519M

Terminal value ₩19B, worth ₩13B today: 79% 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 ₩829 a share)Now 1.18×₩1,0271.24×₩1,2641.52×₩2,0702.50×
Price / earnings (last 12 months: ₩37 a share)Now 26.4×₩1,00027.0×₩1,45339.2×₩2,61570.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩26 a share)Now 37.8×₩69927.0×₩1,01639.2×₩1,82970.6×

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%
6.3%₩457₩464₩473₩484₩499
6.8%₩427₩431₩436₩443₩450
7.3%₩401₩404₩407₩409₩413
7.8%₩380₩381₩382₩383₩383
8.3%₩361₩361₩361₩360₩360

Now (TTM)

Market cap
₩59B
Enterprise value
₩51B
P/E
26.4×
P/B
1.2×
P/S
1.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,047₩1,086₩1,309₩1,610₩1,980
Market cap₩63B₩65B₩78B₩96B₩119B
P/E26.8×—91.4×31.4×70.0×
P/B1.3×1.4×1.6×2.0×2.6×
P/S1.3×1.4×1.7×2.0×3.0×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Bolak26.4×1.2×1.2×—0.0%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha6.1×0.4×0.1×—1.4%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×9.0×0.0%
Kumho Petro Chemical5.2×0.4×0.4×—1.6%
Similar companies (median)5.2×0.4×0.4×9.0×0.4%

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

Also known as: Bolak / 보락 / 002760 / KRX:002760

Source: KRX statistical information