KOSPI · 009200 · Wood & Paper · ₩009200

Moorim Paper무림페이퍼

009200 · KOSPI · ₩009200 · 무림페이퍼

₩1,340▼ ₩18 (1.33%)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: ₩618B
Equity value: −₩711B
WACC: 4.1%

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 ₩1,340, the model needs an operating margin of 5.9% every year (it uses 4.0%).
Or revenue growth +27.9 points a year higher than assumed in each of the 5 years.
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: ₩42,264; +3,054.0%

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 (4.0%).

Revenue growth

Revenue growth, year 1-3.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% 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 (-3.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4%
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 & amortisation11.3%
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).
Capital spending14.2%
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).
Working capital26.8%
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: 104 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): ₩1.3T
Net debt (borrowings and leases − cash and deposits): ₩1.2T
+ Stakes and investments: ₩99B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩238B
Shares: 41,609,310
Share price: ₩1,340
Market cap: ₩56B

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	₩1.3T	₩1.4T	₩1.3T	₩1.2T	₩1.2T	₩1.2T	₩1.2T	₩1.3T
Growth	−5.5%	4.7%	−8.6%	−3.3%	−1.7%	−0.2%	1.4%	3.0%
EBIT	₩68B	₩89B	₩6B	₩50B	₩49B	₩49B	₩50B	₩51B
EBIT margin	5.1%	6.5%	0.5%	4.0%	4.0%	4.0%	4.0%	4.0%
After-tax EBIT	₩49B	₩65B	₩4.3B	₩36B	₩36B	₩36B	₩36B	₩37B
+ Depreciation	—	—	—	₩141B	₩139B	₩138B	₩140B	₩145B
− Capital spending	₩197B	₩177B	₩188B	₩177B	₩174B	₩174B	₩176B	₩182B
− Working capital	−₩122B	₩15B	₩68B	−₩11B	−₩5.7B	−₩658M	₩4.6B	₩10B
Free cash flow	—	—	—	₩11B	₩5.7B	₩658M	−₩4.6B	−₩10B
Discount factor	—	—	—	0.960	0.922	0.885	0.850	0.816
Present value	—	—	—	₩11B	₩5.2B	₩582M	−₩3.9B	−₩8.1B

Terminal value ₩751B, worth ₩613B today: 99% 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 ₩9,200 a share)Now 0.15×	₩1,6560.18×	₩1,9630.21×	₩2,5640.28×

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%
3.1%	—	—	—	₩14,338	—
3.6%	—	—	—	—	₩7,943
4.1%	—	—	—	—	—
4.6%	—	—	—	—	—
5.1%	—	—	—	—	—

Now (TTM)

Market cap: ₩56B
Enterprise value: ₩1.2T
P/E: —
P/B: 0.1×
P/S: 0.0×
EV/EBITDA: —
Dividend yield: 9.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,010	₩2,050	₩2,290	₩2,450	₩2,500
Market cap	₩84B	₩85B	₩95B	₩102B	₩104B
P/E	—	2.1×	27.4×	6.7×	—
P/B	0.2×	0.2×	0.2×	0.2×	0.3×
P/S	0.1×	0.1×	0.1×	0.1×	0.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	6.2%	4.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Moorim Paper	—	0.1×	0.0×	—	9.3%
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: Moorim Paper / 무림페이퍼 / 009200 / KRX:009200

Source: KRX statistical information