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KUK Young G M

006050 · KOSDAQ · ₩006050 · 국영지앤엠

₩2,695▼ ₩85 (3.06%)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

₩4,328

vs the current price (₩2,695)

Enterprise value
₩1.2B
Equity value
₩15B
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 61% 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 ₩2,695, the model needs an operating margin of −0.5% every year (it uses 0.3%).
  • Margins ranged from −12.2% to 3.3% 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.
  • 100% 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 15.5× against a typical 26.0× 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
₩1,244
−53.8%
Base
₩4,328
+60.6%
Bull
₩10,213
+279.0%

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 (0.3%).

Revenue growth

  • -1.8%

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

    Default: the last 3 years' revenue growth (-1.8% a year, annual reports), fading to 3% by year 5.

  • -0.6%

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

    Default: the last 3 years' revenue growth (-1.8% a year, annual reports), fading to 3% by year 5.

  • 0.6%

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

    Default: the last 3 years' revenue growth (-1.8% a year, annual reports), fading to 3% by year 5.

  • 1.8%

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

    Default: the last 3 years' revenue growth (-1.8% 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 (-1.8% a year, annual reports), fading to 3% by year 5.

Business

  • 0.3%

    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.

  • 1.7%

    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).

  • 1.5%

    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).

  • 0.3%

    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.

  • 4.01%

    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 -1.22, 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)
₩55B
Net debt (borrowings and leases − cash and deposits)
−₩14B
Shares
3,489,524
Share price
₩2,695
Market cap
₩9.4B

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₩77B₩75B₩60B₩54B₩54B₩54B₩55B₩57B
Growth20.5%−1.6%−20.2%−1.8%−0.6%0.6%1.8%3.0%
EBIT₩942M₩903M₩929M₩163M₩162M₩163M₩166M₩171M
EBIT margin1.2%1.2%1.5%0.3%0.3%0.3%0.3%0.3%
After-tax EBIT₩683M₩655M₩674M₩118M₩117M₩118M₩120M₩124M
+ Depreciation₩1.2B₩1.2B₩1.1B₩923M₩917M₩923M₩939M₩967M
− Capital spending₩1.3B₩786M₩975M₩814M₩809M₩814M₩829M₩854M
− Working capital−₩3.9B−₩3.2B−₩830M−₩3M−₩976,868₩971,006₩2.9M₩5M
Free cash flow₩4.4B₩4.2B₩1.7B₩230M₩226M₩226M₩228M₩233M
Discount factor———0.9320.8680.8090.7540.703
Present value———₩214M₩196M₩183M₩172M₩163M

Terminal value ₩454M, worth ₩319M today: 26% 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 ₩15,012 a share)Now 0.18×₩11,8150.79×₩14,2850.95×₩20,1131.34×
Price / earnings (last 12 months: ₩174 a share)Now 15.5×₩2,92416.8×₩4,51726.0×₩11,70067.2×

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%₩4,345₩4,352₩4,361₩4,373₩4,387
6.8%₩4,330₩4,336₩4,343₩4,351₩4,362
7.3%₩4,318₩4,322₩4,328₩4,334₩4,342
7.8%₩4,307₩4,310₩4,314₩4,319₩4,325
8.3%₩4,296₩4,299₩4,303₩4,306₩4,311

Now (TTM)

Market cap
₩9.4B
Enterprise value
−₩4.8B
P/E
15.5×
P/B
0.2×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩13,110₩15,530₩13,930₩14,900₩18,400
Market cap₩46B₩54B₩49B₩52B₩64B
P/E27.0×21.0×62.5×28.0×—
P/B0.9×1.1×1.0×1.1×1.4×
P/S0.8×0.7×0.6×0.8×1.2×
EV/EBITDA11.9×17.1×16.8×13.4×—
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
KUK Young G M15.5×0.2×0.2×—0.0%
Tokai Carbon Korea30.7×4.3×7.0×—0.7%
Hanilcementco12.0×0.7×0.9×—6.0%
Wonik QnC14.7×1.3×0.7×—0.5%
Sampyo Cement17.0×0.8×0.9×6.0×2.2%
Hanil Holdings9.6×0.3×0.3×—5.9%
IS Dongseo5.0×0.3×0.4×—3.6%
Similar companies (median)13.3×0.7×0.8×6.0×2.9%

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

Also known as: KUK Young G M / 국영지앤엠 / 006050 / KRX:006050

Source: KRX statistical information