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Binggrae

005180 · KOSPI · ₩005180 · 빙그레

₩73,900▲ ₩400 (0.54%)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

₩144,697

vs the current price (₩73,900)

Enterprise value
₩1.2T
Equity value
₩1.3T
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 96% 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 ₩73,900, the model needs an operating margin of 3.7% every year (it uses 6.4%).
  • Or revenue growth −16.9 points a year higher than assumed in each of the 5 years.
  • Analysts' forecasts for 2026: revenue ₩1.5T, operating profit ₩148B (9.7% margin) (1 broker). The model starts from the last 12 months reported.
  • Analysts' forecasts for 2027: revenue ₩1.6T, operating profit ₩153B (9.8% margin) (1 broker). The model starts from the last 12 months reported.
  • Today's P/E is 7.5× against a typical 8.1× 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
₩69,917
−5.4%
Base
₩144,697
+95.8%
Bull
₩274,439
+271.4%

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 (6.4%).

Revenue growth

  • 5.5%

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

    Default: the last 3 years' revenue growth (5.5% a year, annual reports), fading to 3% by year 5.

  • 4.9%

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

    Default: the last 3 years' revenue growth (5.5% 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 (5.5% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (5.5% 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 (5.5% a year, annual reports), fading to 3% by year 5.

Business

  • 6.4%

    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.

  • 4.2%

    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).

  • 5.3%

    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).

  • 7%

    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 0.12, 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)
₩1.5T
Net debt (borrowings and leases − cash and deposits)
−₩38B
Shares
8,841,801
Share price
₩73,900
Market cap
₩653B

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₩1.4T₩1.5T₩1.5T₩1.6T₩1.7T₩1.8T₩1.8T₩1.9T
Growth10.0%4.9%1.8%5.5%4.9%4.3%3.6%3.0%
EBIT₩112B₩131B₩88B₩103B₩108B₩113B₩117B₩120B
EBIT margin8.1%9.0%5.9%6.4%6.4%6.4%6.4%6.4%
After-tax EBIT₩81B₩95B₩64B₩75B₩78B₩82B₩85B₩87B
+ Depreciation———₩68B₩71B₩74B₩77B₩79B
− Capital spending₩86B₩90B₩53B₩85B₩90B₩93B₩97B₩100B
− Working capital−₩39B₩18B₩140B₩5.9B₩5.5B₩5.1B₩4.4B₩3.8B
Free cash flow———₩51B₩54B₩57B₩60B₩63B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩48B₩47B₩46B₩45B₩44B

Terminal value ₩1.4T, worth ₩1T today: 81% 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 ₩88,768 a share)Now 0.83×₩56,7170.64×₩73,9000.83×₩100,8751.14×
Price / earnings (last 12 months: ₩9,857 a share)Now 7.50×₩51,5555.23×₩79,8708.10×₩140,98414.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩25,521 a share)Now 2.90×₩133,4795.23×₩206,7898.10×₩365,01714.3×

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%₩151,770₩163,604₩178,111₩196,316₩219,847
6.9%₩138,618₩148,186₩159,693₩173,799₩191,500
7.4%₩127,534₩135,394₩144,697₩155,886₩169,601
7.9%₩118,068₩124,612₩132,254₩141,301₩152,180
8.4%₩109,893₩115,403₩121,766₩129,197₩137,993

Now (TTM)

Market cap
₩653B
Enterprise value
₩566B
P/E
7.5×
P/B
0.8×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩74,500₩81,400₩54,700₩39,250₩53,200
Market cap₩659B₩720B₩484B₩347B₩470B
P/E11.9×7.0×5.6×13.5×—
P/B0.9×1.0×0.8×0.6×0.8×
P/S0.4×0.5×0.3×0.3×0.4×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Binggrae7.5×0.8×0.4×—0.0%
Samyang Foods17.5×5.6×3.1×—0.4%
Orion10.5×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.6%
Nongshim12.1×0.8×0.7×—1.5%
Otoki16.9×0.6×0.3×—2.9%
Hite Jinro23.3×1.0×0.4×6.4×4.5%
Similar companies (median)16.9×0.9×0.6×5.8×3.0%

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

Also known as: Binggrae / 빙그레 / 005180 / KRX:005180

Source: KRX statistical information