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Moorim P&P

009580 · KOSPI · ₩009580 · 무림P&P

₩1,596▲ ₩35 (2.24%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩375B
Equity value
−₩1.1T
WACC
4.4%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,596, the model needs an operating margin of 7.2% every year (it uses 1.9%).
  • Margins ranged from −3.3% to 8.8% 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.
  • 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
—

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 (1.9%).

Revenue growth

  • -1.9%

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

    Default: the last 3 years' revenue growth (-1.9% 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 (-1.9% 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 (-1.9% 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 (-1.9% 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 (-1.9% a year, annual reports), fading to 3% by year 5.

Business

  • 1.9%

    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.

  • 17.5%

    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).

  • 21.9%

    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).

  • 30.2%

    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 0.03, 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)
₩784B
Net debt (borrowings and leases − cash and deposits)
₩822B
+ Stakes and investments
₩132B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩10B
Shares
62,368,324
Share price
₩1,596
Market cap
₩100B

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₩769B₩812B₩732B₩769B₩765B₩769B₩783B₩807B
Growth−0.7%5.6%−9.9%−1.9%−0.6%0.6%1.8%3.0%
EBIT₩12B₩36B−₩24B₩15B₩15B₩15B₩15B₩15B
EBIT margin1.5%4.5%−3.3%1.9%1.9%1.9%1.9%1.9%
After-tax EBIT₩8.4B₩26B−₩18B₩11B₩11B₩11B₩11B₩11B
+ Depreciation———₩135B₩134B₩135B₩137B₩141B
− Capital spending₩184B₩159B₩161B₩169B₩168B₩169B₩172B₩177B
− Working capital−₩53B−₩13B₩89B−₩4.5B−₩1.4B₩1.4B₩4.2B₩7.1B
Free cash flow———−₩19B−₩22B−₩25B−₩28B−₩31B
Discount factor———0.9580.9170.8780.8410.805
Present value———−₩18B−₩20B−₩22B−₩23B−₩25B

Terminal value −₩331B, worth −₩267B today: 71% 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 ₩8,276 a share)Now 0.19×₩2,0070.24×₩2,4840.30×₩3,7230.45×

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%
3.4%—————
3.9%—————
4.4%—————
4.9%—————
5.4%—————

Now (TTM)

Market cap
₩100B
Enterprise value
₩915B
P/E
—
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
7.8%

Over time (at each year end)

20252024202320222021
Price₩2,530₩2,835₩3,170₩4,350₩4,335
Market cap₩158B₩177B₩198B₩271B₩270B
P/E—7.9×—6.0×14.5×
P/B0.3×0.3×0.3×0.4×0.4×
P/S0.2×0.2×0.3×0.4×0.4×
EV/EBITDA—————
Dividend yield4.9%3.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Moorim P&P—0.2×0.1×—7.8%
SM Kukil—3.2×6.1×—0.0%
Shindaeyang Paper9.9×0.5×0.5×—2.8%
Dongwha Enterprise—0.4×0.3×—0.0%
Asia Paper Manufacturing10.5×0.3×0.3×—2.8%
Hansol Paper7.3×0.2×0.1×—7.3%
Sambo Corrugated Board4.5×0.2×0.2×—2.4%
Similar companies (median)8.6×0.3×0.3×—2.6%

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

Also known as: Moorim P&P / 무림P&P / 009580 / KRX:009580

Source: KRX statistical information