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Pulmuone Corporate

017810 · KOSPI · ₩017810 · 풀무원

₩8,040▼ ₩80 (0.99%)End-of-day · Oct 30, 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

₩11,650

vs the current price (₩8,040)

Enterprise value
₩1.8T
Equity value
₩444B
WACC
4.7%

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 45% 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 ₩8,040, the model needs an operating margin of 2.2% every year (it uses 2.3%).
  • Or revenue growth −1.9 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 7.0× against a typical 23.1× 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
—
Base
₩11,650
+44.9%
Bull
₩149,438
+1,758.7%

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

  • 6%

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

    Default: the last 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.

  • 4.5%

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

    Default: the last 3 years' revenue growth (6% a year, annual reports), fading to 3% by year 5.

  • 3.7%

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

    Default: the last 3 years' revenue growth (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 (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.

  • 4.6%

    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).

  • 4%

    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).

  • 3.9%

    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 -0.03, 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.

  • 5.51%

    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)
₩3.5T
Net debt (borrowings and leases − cash and deposits)
₩1.1T
+ Stakes and investments
₩5B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩289B
Shares
38,120,542
Share price
₩8,040
Market cap
₩306B

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₩3T₩3.2T₩3.4T₩3.7T₩3.9T₩4.1T₩4.2T₩4.3T
Growth5.5%7.4%5.2%6.0%5.2%4.5%3.7%3.0%
EBIT₩62B₩92B₩93B₩85B₩90B₩94B₩97B₩100B
EBIT margin2.1%2.9%2.8%2.3%2.3%2.3%2.3%2.3%
After-tax EBIT₩45B₩67B₩68B₩62B₩65B₩68B₩70B₩72B
+ Depreciation₩138B——₩170B₩179B₩187B₩194B₩200B
− Capital spending₩127B₩98B₩154B₩148B₩156B₩163B₩169B₩174B
− Working capital−₩89B₩13B₩27B₩8.2B₩7.5B₩6.8B₩5.9B₩4.9B
Free cash flow₩144B——₩76B₩81B₩85B₩90B₩94B
Discount factor———0.9550.9120.8710.8320.794
Present value———₩72B₩74B₩74B₩75B₩74B

Terminal value ₩1.8T, worth ₩1.5T today: 80% 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 ₩8,860 a share)Now 0.91×₩8,0400.91×₩11,6321.31×₩17,0751.93×
Price / earnings (last 12 months: ₩1,148 a share)Now 7.00×₩15,13913.2×₩26,53123.1×₩54,63947.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,114 a share)Now 7.22×₩14,68913.2×₩25,74223.1×₩53,01447.6×

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%
3.7%₩14,809₩23,546₩37,373₩62,581₩123,110
4.2%₩7,405₩13,206₩21,620₩34,934₩59,208
4.7%₩1,980₩6,065₩11,650₩19,750₩32,568
5.2%—₩832₩4,765₩10,140₩17,936
5.7%———₩3,502₩8,674

Now (TTM)

Market cap
₩306B
Enterprise value
₩979B
P/E
7.0×
P/B
0.9×
P/S
0.1×
EV/EBITDA
—
Dividend yield
1.3%

Over time (at each year end)

20252024202320222021
Price₩12,940₩10,700₩10,490₩11,200₩17,300
Market cap₩493B₩408B₩400B₩427B₩659B
P/E27.3×11.5×20.5×—49.4×
P/B1.6×1.3×1.3×1.0×1.4×
P/S0.1×0.1×0.1×0.2×0.3×
EV/EBITDA——5.4×7.0×7.7×
Dividend yield0.8%1.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Pulmuone Corporate7.0×0.9×0.1×—1.3%
Samyang Foods17.6×5.6×3.1×—0.4%
Orion10.8×1.1×1.3×5.4×3.0%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.3×0.8×0.7×—1.5%
Otoki17.4×0.6×0.3×—2.8%
Hite Jinro23.7×1.0×0.5×6.4×4.4%
Similar companies (median)17.4×0.9×0.6×5.9×2.9%

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

Also known as: Pulmuone Corporate / 풀무원 / 017810 / KRX:017810

Source: KRX statistical information