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Maeil Holdings

005990 · KOSDAQ · ₩005990 · 매일홀딩스

₩9,730▲ ₩110 (1.14%)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

₩53,453

vs the current price (₩9,730)

Enterprise value
₩1T
Equity value
₩711B
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 449% 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 ₩9,730, the model needs an operating margin of 1.9% every year (it uses 3.7%).
  • Or revenue growth −23.0 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 3.4× against a typical 5.8× 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
—
Base
₩53,453
+449.4%
Bull
₩151,778
+1,459.9%

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

  • 3.5%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.5% 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 (3.5% 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.

  • 1.8%

    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).

  • 2.2%

    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).

  • 7.4%

    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

  • 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 0.15, 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)
₩2.2T
Net debt (borrowings and leases − cash and deposits)
−₩97B
+ Stakes and investments
₩33B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩443B
Shares
13,298,304
Share price
₩9,730
Market cap
₩129B

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₩2.1T₩2.2T₩2.2T₩2.3T₩2.4T₩2.5T₩2.6T₩2.6T
Growth8.4%2.0%0.3%3.5%3.4%3.3%3.1%3.0%
EBIT₩82B₩78B₩64B₩86B₩89B₩92B₩95B₩97B
EBIT margin3.8%3.6%2.9%3.7%3.7%3.7%3.7%3.7%
After-tax EBIT₩60B₩57B₩46B₩62B₩64B₩67B₩69B₩71B
+ Depreciation———₩42B₩43B₩45B₩46B₩47B
− Capital spending₩54B₩51B₩39B₩51B₩53B₩55B₩56B₩58B
− Working capital−₩85B₩21B₩61B₩5.8B₩5.8B₩5.9B₩5.7B₩5.7B
Free cash flow———₩47B₩49B₩51B₩53B₩54B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩44B₩42B₩41B₩40B₩38B

Terminal value ₩1.2T, worth ₩818B today: 80% 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 ₩33,368 a share)Now 0.29×₩9,4020.28×₩11,1460.33×₩12,3130.37×
Price / earnings (last 12 months: ₩2,847 a share)Now 3.42×₩6,3912.24×₩16,3765.75×₩28,4429.99×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,624 a share)Now 3.71×₩5,8902.24×₩15,0935.75×₩26,2139.99×

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%₩58,204₩64,161₩71,458₩80,608₩92,428
6.9%₩51,016₩55,794₩61,535₩68,567₩77,384
7.4%₩44,957₩48,850₩53,453₩58,984₩65,758
7.9%₩39,780₩42,994₩46,744₩51,178₩56,505
8.4%₩35,307₩37,991₩41,086₩44,697₩48,966

Now (TTM)

Market cap
₩129B
Enterprise value
−₩48B
P/E
3.4×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
2.7%

Over time (at each year end)

20252024202320222021
Price₩11,070₩8,520₩8,150₩8,400₩9,150
Market cap₩147B₩113B₩108B₩112B₩122B
P/E4.5×4.7×2.2×17.1×2.7×
P/B0.3×0.3×0.3×0.3×0.4×
P/S0.1×0.1×0.1×0.1×0.1×
EV/EBITDA—————
Dividend yield2.3%2.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Maeil Holdings3.4×0.3×0.1×—2.7%
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: Maeil Holdings / 매일홀딩스 / 005990 / KRX:005990

Source: KRX statistical information