Cheongbo청보
013720 · KOSDAQ · ₩013720 · 청보
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
- ₩4.6B
- Equity value
- −₩11B
- WACC
- 6.1%
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 ₩2,330, the model needs an operating margin of 13.1% every year (it uses 2.3%).
- Margins ranged from −20.1% to 5.8% 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.
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
- ₩34
- −98.5%
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 (2.3%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.6% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.6% 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 (-11.6% a year, annual reports), fading to 3% by year 5.
- -0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.6% 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 (-11.6% a year, annual reports), fading to 3% by year 5.
Business
- 2.3%
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.
- 3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- 40%
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 -0.3, 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)
- ₩27B
- Net debt (borrowings and leases − cash and deposits)
- ₩16B
- Shares
- 12,165,628
- Share price
- ₩2,330
- Market cap
- ₩28B
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 | ₩31B | ₩24B | ₩25B | ₩24B | ₩22B | ₩22B | ₩22B | ₩22B |
| Growth | −12.9% | −22.0% | 1.9% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩787M | ₩1.4B | ₩762M | ₩554M | ₩517M | ₩499M | ₩498M | ₩513M |
| EBIT margin | 2.5% | 5.8% | 3.1% | 2.3% | 2.3% | 2.3% | 2.3% | 2.3% |
| After-tax EBIT | ₩571M | ₩1B | ₩553M | ₩402M | ₩375M | ₩362M | ₩361M | ₩372M |
| + Depreciation | — | — | — | ₩723M | ₩675M | ₩651M | ₩650M | ₩669M |
| − Capital spending | — | — | — | ₩964M | ₩900M | ₩868M | ₩866M | ₩892M |
| − Working capital | −₩23B | −₩7.5B | ₩7.6B | −₩1.1B | −₩646M | −₩315M | −₩17M | ₩260M |
| Free cash flow | — | — | — | ₩1.2B | ₩796M | ₩460M | ₩162M | −₩111M |
| Discount factor | — | — | — | 0.942 | 0.888 | 0.836 | 0.788 | 0.743 |
| Present value | — | — | — | ₩1.2B | ₩707M | ₩385M | ₩128M | −₩82M |
Terminal value ₩3.1B, worth ₩2.3B today: 50% 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 ₩4,550 a share)Now 0.51× | ₩2,6580.58× | ₩8,5281.87× | ₩45,71010.0× |
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% |
|---|---|---|---|---|---|
| 5.1% | — | — | — | — | — |
| 5.6% | — | — | — | — | — |
| 6.1% | — | — | — | — | — |
| 6.6% | — | — | — | — | — |
| 7.1% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩28B
- Enterprise value
- ₩44B
- P/E
- —
- P/B
- 0.5×
- P/S
- 1.1×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩3,211 | ₩3,927 | ₩9,770 | ₩19,881 | ₩40,461 |
| Market cap | ₩39B | ₩48B | ₩119B | ₩242B | ₩492B |
| P/E | — | — | — | — | — |
| P/B | 0.7× | 0.8× | 2.5× | 5.7× | 16.3× |
| P/S | 1.6× | 2.0× | 3.8× | 6.7× | 19.9× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Cheongbo | — | 0.5× | 1.1× | — | 0.0% |
| Hyundai Mobis | 8.7× | 0.6× | 0.5× | — | 1.8% |
| SL | 6.0× | 0.9× | 0.4× | 3.7× | 0.0% |
| HL Mando | 10.7× | 0.6× | 0.2× | — | 1.9% |
| Samhyun | — | 12.1× | 17.1× | — | 0.0% |
| Hyundai WIA | 19.4× | 0.4× | 0.2× | — | 2.4% |
| SNT Dynamics | 13.0× | 0.7× | 0.8× | — | 7.0% |
| Similar companies (median) | 10.7× | 0.7× | 0.5× | 3.7× | 1.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Cheongbo / 청보 / 013720 / KRX:013720
Source: KRX statistical information