KOSPI · 004540 · Wood & Paper · ₩004540

KleanNara깨끗한나라

004540 · KOSPI · ₩004540 · 깨끗한나라

₩1,040▼ ₩50 (4.59%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

With these assumptions the model gives no positive value.

Enterprise value: −₩339B
Equity value: −₩660B
WACC: 4.3%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩1,040, the model needs an operating margin of 3.5% every year (it uses −1.6%).
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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: —
Bull: —

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (−1.6%).

Revenue growth

Revenue growth, year 1-5.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.6%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation5.6%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending5.4%
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).
Working capital9.4%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.6
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 -0.02, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩515B
Net debt (borrowings and leases − cash and deposits): ₩335B
+ Stakes and investments: ₩15B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1,400
Shares: 37,606,853; incl. 366,160 preferred
Share price: ₩1,040
Market cap: ₩39B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩515B	₩537B	₩508B	₩486B	₩469B	₩462B	₩466B	₩480B
Growth	−15.1%	4.3%	−5.4%	−5.7%	−3.5%	−1.4%	0.8%	3.0%
EBIT	−₩19B	−₩902M	−₩23B	−₩7.8B	−₩7.5B	−₩7.4B	−₩7.5B	−₩7.7B
EBIT margin	−3.7%	−0.2%	−4.5%	−1.6%	−1.6%	−1.6%	−1.6%	−1.6%
After-tax EBIT	−₩14B	−₩654M	−₩16B	−₩5.6B	−₩5.4B	−₩5.4B	−₩5.4B	−₩5.6B
+ Depreciation	₩34B	₩28B	₩26B	₩27B	₩26B	₩26B	₩26B	₩27B
− Capital spending	₩16B	₩24B	₩44B	₩26B	₩25B	₩25B	₩25B	₩26B
− Working capital	−₩47B	₩23B	−₩12B	−₩2.8B	−₩1.6B	−₩617M	₩348M	₩1.3B
Free cash flow	₩51B	−₩19B	−₩22B	−₩1.9B	−₩2.9B	−₩3.8B	−₩4.8B	−₩5.9B
Discount factor	—	—	—	0.958	0.919	0.880	0.844	0.809
Present value	—	—	—	−₩1.8B	−₩2.7B	−₩3.4B	−₩4.1B	−₩4.8B

Terminal value −₩399B, worth −₩323B today: 95% 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:

	Low	Typical	High
Price / book (book value ₩4,214 a share)Now 0.25×	₩1,4540.34×	₩1,8610.44×	₩2,9610.70×

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%
3.3%	—	—	—	—	—
3.8%	—	—	—	—	—
4.3%	—	—	—	—	—
4.8%	—	—	—	—	—
5.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩39B
Enterprise value: ₩365B
P/E: —
P/B: 0.2×
P/S: 0.1×
EV/EBITDA: 40.8×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,901	₩2,295	₩2,425	₩2,800	₩4,095
Market cap	₩71B	₩85B	₩90B	₩104B	₩153B
P/E	—	—	—	—	18.2×
P/B	0.4×	0.4×	0.4×	0.4×	0.7×
P/S	0.1×	0.2×	0.2×	0.2×	0.3×
EV/EBITDA	114.5×	14.1×	23.9×	10.6×	8.4×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
KleanNara	—	0.2×	0.1×	40.8×	0.0%
SM Kukil	—	3.3×	6.2×	—	0.0%
Shindaeyang Paper	10.0×	0.5×	0.5×	—	2.8%
Asia Paper Manufacturing	10.3×	0.3×	0.3×	—	2.8%
Dongwha Enterprise	—	0.3×	0.3×	—	0.0%
Hansol Paper	7.3×	0.2×	0.1×	—	7.4%
Sambo Corrugated Board	4.5×	0.2×	0.2×	—	2.4%
Similar companies (median)	8.7×	0.3×	0.3×	—	2.6%

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

Also known as: KleanNara / 깨끗한나라 / 004540 / KRX:004540

Source: KRX statistical information