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AceBed

003800 · KOSDAQ · ₩003800 · 에이스침대

₩31,650▲ ₩150 (0.48%)End-of-day · Oct 27, 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

₩67,256

vs the current price (₩31,650)

Enterprise value
₩677B
Equity value
₩746B
WACC
7.4%

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 112% 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 ₩31,650, the model needs an operating margin of 9.1% every year (it uses 18.7%).
  • Or revenue growth −21.2 points a year higher than assumed in each of the 5 years.
  • 35% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 5.7× against a typical 5.9× 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
₩46,400
+46.6%
Base
₩67,256
+112.5%
Bull
₩101,807
+221.7%

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 (18.7%).

Revenue growth

  • -2.9%

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

    Default: the last 3 years' revenue growth (-2.9% a year, annual reports), fading to 3% by year 5.

  • -1.4%

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

    Default: the last 3 years' revenue growth (-2.9% a year, annual reports), fading to 3% by year 5.

  • 0.1%

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

    Default: the last 3 years' revenue growth (-2.9% a year, annual reports), fading to 3% by year 5.

  • 1.5%

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

    Default: the last 3 years' revenue growth (-2.9% 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 (-2.9% a year, annual reports), fading to 3% by year 5.

Business

  • 18.7%

    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.

  • 9.2%

    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).

  • 11.5%

    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).

  • 22.3%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.19, 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.

  • 5.61%

    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)
₩329B
Net debt (borrowings and leases − cash and deposits)
−₩69B
+ Stakes and investments
₩106M
Associates, long-term financial assets and deposits (book value)
Shares
11,090,000
Share price
₩31,650
Market cap
₩351B

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₩306B₩326B₩317B₩320B₩315B₩316B₩320B₩330B
Growth−11.5%6.4%−2.7%−2.9%−1.4%0.1%1.5%3.0%
EBIT₩57B₩66B₩54B₩60B₩59B₩59B₩60B₩62B
EBIT margin18.6%20.3%17.0%18.7%18.7%18.7%18.7%18.7%
After-tax EBIT₩41B₩48B₩39B₩43B₩43B₩43B₩43B₩45B
+ Depreciation———₩29B₩29B₩29B₩29B₩30B
− Capital spending₩63B₩28B₩17B₩37B₩36B₩36B₩37B₩38B
− Working capital−₩11B₩14B₩44B−₩2.1B−₩998M₩70M₩1.1B₩2.1B
Free cash flow———₩38B₩36B₩35B₩35B₩35B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩35B₩32B₩29B₩26B₩24B

Terminal value ₩758B, worth ₩531B today: 78% 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 ₩68,752 a share)Now 0.46×₩28,4610.41×₩32,3500.47×₩56,1050.82×
Price / earnings (last 12 months: ₩5,515 a share)Now 5.74×₩22,2164.03×₩32,6375.92×₩41,1837.47×
P/E on run-rate earnings (Q2 2026 × 4: ₩8,077 a share)Now 3.92×₩32,5404.03×₩47,8045.92×₩60,3217.47×

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%
6.4%₩70,317₩75,240₩81,274₩88,846₩98,633
6.9%₩64,788₩68,766₩73,549₩79,413₩86,770
7.4%₩60,125₩63,391₩67,256₩71,904₩77,601
7.9%₩56,140₩58,857₩62,030₩65,786₩70,302
8.4%₩52,695₩54,982₩57,622₩60,705₩64,355

Now (TTM)

Market cap
₩351B
Enterprise value
₩282B
P/E
5.7×
P/B
0.5×
P/S
1.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩30,650₩25,100₩26,450₩35,900₩43,050
Market cap₩340B₩278B₩293B₩398B₩477B
P/E6.1×4.2×5.7×7.3×7.5×
P/B0.5×0.4×0.4×0.6×0.8×
P/S1.1×0.9×1.0×1.1×1.4×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
AceBed5.7×0.5×1.1×—0.0%
Fursys4.5×0.4×0.8×—4.2%
Zinus—0.2×0.2×—1.4%
Hyundai Livart Furniture18.5×0.2×0.1×—2.5%
Sidiz20.9×0.5×0.2×—0.0%
Ggumbi—0.5×0.2×—0.0%
Enex—0.6×0.1×—0.0%
Similar companies (median)18.5×0.5×0.2×—0.7%

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

Also known as: AceBed / 에이스침대 / 003800 / KRX:003800

Source: KRX statistical information