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Otoki

007310 · KOSPI · ₩007310 · 오뚜기

₩314,500▲ ₩6,500 (2.11%)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

₩665,282

vs the current price (₩314,500)

Enterprise value
₩3.2T
Equity value
₩2.7T
WACC
6.5%

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 ₩314,500, the model needs an operating margin of 3.7% every year (it uses 5.8%).
  • Or revenue growth −14.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 17.3× against a typical 11.3× 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
₩207,209
−34.1%
Base
₩665,282
+111.5%
Bull
₩1,525,604
+385.1%

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 (5.8%).

Revenue growth

  • 4.9%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (4.9% a year, annual reports), fading to 3% by year 5.

  • 3.5%

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

    Default: the last 3 years' revenue growth (4.9% 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 (4.9% a year, annual reports), fading to 3% by year 5.

Business

  • 5.8%

    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.

  • 3.8%

    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).

  • 4.7%

    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).

  • 11.3%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.1, 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.

  • 5.58%

    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)
₩3.8T
Net debt (borrowings and leases − cash and deposits)
₩433B
+ Stakes and investments
₩31B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩126B
Shares
4,007,830
Share price
₩314,500
Market cap
₩1.3T

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₩3.5T₩3.5T₩3.7T₩3.9T₩4.1T₩4.3T₩4.4T₩4.5T
Growth8.5%2.4%3.8%4.9%4.4%3.9%3.5%3.0%
EBIT₩255B₩222B₩177B₩228B₩238B₩248B₩256B₩264B
EBIT margin7.4%6.3%4.8%5.8%5.8%5.8%5.8%5.8%
After-tax EBIT₩185B₩161B₩129B₩165B₩173B₩179B₩186B₩191B
+ Depreciation———₩150B₩156B₩162B₩168B₩173B
− Capital spending₩129B₩188B₩185B₩185B₩193B₩201B₩208B₩214B
− Working capital−₩36B−₩105B₩35B₩21B₩20B₩18B₩17B₩15B
Free cash flow———₩109B₩116B₩123B₩129B₩135B
Discount factor———0.9390.8810.8270.7760.729
Present value———₩103B₩102B₩102B₩100B₩99B

Terminal value ₩3.7T, worth ₩2.7T today: 84% 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 ₩534,068 a share)Now 0.59×₩370,9710.69×₩445,4350.83×₩630,6721.18×
Price / earnings (last 12 months: ₩18,216 a share)Now 17.3×₩105,6625.80×₩206,30111.3×₩314,50017.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩32,661 a share)Now 9.63×₩189,4445.80×₩369,88311.3×₩563,87617.3×

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%
5.5%₩716,248₩797,027₩900,560₩1,038,118₩1,229,883
6.0%₩627,912₩690,394₩768,267₩868,074₩1,000,678
6.5%₩555,648₩605,061₩665,282₩740,336₩836,528
7.0%₩495,454₩535,246₩582,861₩640,889₩713,209
7.5%₩444,553₩477,085₩515,421₩561,291₩617,192

Now (TTM)

Market cap
₩1.3T
Enterprise value
₩1.6T
P/E
17.3×
P/B
0.6×
P/S
0.3×
EV/EBITDA
—
Dividend yield
2.9%

Over time (at each year end)

20252024202320222021
Price₩385,000₩395,500₩400,000₩476,000₩456,000
Market cap₩1.5T₩1.6T₩1.6T₩1.9T₩1.8T
P/E22.3×11.6×10.0×6.9×14.1×
P/B0.7×0.8×0.8×1.0×1.2×
P/S0.4×0.4×0.5×0.6×0.7×
EV/EBITDA—————
Dividend yield2.3%2.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Otoki17.3×0.6×0.3×—2.9%
Samyang Foods17.6×5.6×3.1×—0.4%
Orion10.6×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.0×0.8×0.6×—1.5%
Hite Jinro23.2×0.9×0.4×6.4×4.5%
Lotte Wellfood12.7×0.5×0.2×—2.8%
Similar companies (median)12.7×0.9×0.5×5.8×3.0%

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

Also known as: Otoki / 오뚜기 / 007310 / KRX:007310

Source: KRX statistical information