KOSDAQ · 025880 · Food & Beverage · ₩025880

KC Feed케이씨피드

025880 · KOSDAQ · ₩025880 · 케이씨피드

₩2,165▼ ₩65 (2.91%)End-of-day · Oct 29, 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

₩7,211

vs the current price (₩2,165)

Enterprise value: ₩117B
Equity value: ₩121B
WACC: 7.4%

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 is 233% 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 ₩2,165, the model needs an operating margin of 3.5% every year (it uses 7.5%).
Today's P/E is 3.5× against a typical 6.7× 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: ₩3,611; +66.8%
Base: ₩7,211; +233.1%
Bull: ₩13,522; +524.6%

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 (7.5%).

Revenue growth

Revenue growth, year 111.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 29.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.2% 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 (11.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.5%
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 & amortisation3.7%
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).
Capital spending5.4%
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).
Working capital24.2%
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

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 rate4.08%
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.
Beta0.6
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 -0.01, 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)5.58%
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): ₩121B
Net debt (borrowings and leases − cash and deposits): −₩4.3B
+ Stakes and investments: ₩429M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.1B
Shares: 16,715,858
Share price: ₩2,165
Market cap: ₩36B

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	₩93B	₩103B	₩122B	₩134B	₩147B	₩157B	₩165B	₩170B
Growth	4.6%	11.2%	18.3%	11.2%	9.2%	7.1%	5.1%	3.0%
EBIT	₩6B	₩8.1B	₩12B	₩10B	₩11B	₩12B	₩12B	₩13B
EBIT margin	6.5%	7.9%	10.0%	7.5%	7.5%	7.5%	7.5%	7.5%
After-tax EBIT	₩4.4B	₩5.9B	₩8.8B	₩7.3B	₩8B	₩8.6B	₩9B	₩9.3B
+ Depreciation	₩2.8B	₩4.5B	₩4.5B	₩5B	₩5.4B	₩5.8B	₩6.1B	₩6.3B
− Capital spending	₩11B	₩1.2B	₩4.2B	₩7.3B	₩7.9B	₩8.5B	₩8.9B	₩9.2B
− Working capital	−₩14B	₩1.7B	−₩1.5B	₩3.3B	₩3B	₩2.5B	₩1.9B	₩1.2B
Free cash flow	₩10B	₩7.4B	₩11B	₩1.7B	₩2.5B	₩3.4B	₩4.2B	₩5.2B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩1.6B	₩2.2B	₩2.7B	₩3.2B	₩3.6B

Terminal value ₩148B, worth ₩104B today: 89% 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 ₩4,915 a share)Now 0.44×	₩2,8320.58×	₩3,2830.67×	₩4,8540.99×
Price / earnings (last 12 months: ₩620 a share)Now 3.49×	₩2,4814.00×	₩4,1606.71×	₩7,68812.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩576 a share)Now 3.76×	₩2,3064.00×	₩3,8676.71×	₩7,14612.4×

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%
6.4%	₩7,809	₩8,351	₩9,015	₩9,848	₩10,925
6.9%	₩7,077	₩7,505	₩8,019	₩8,649	₩9,439
7.4%	₩6,461	₩6,805	₩7,211	₩7,698	₩8,294
7.9%	₩5,937	₩6,216	₩6,541	₩6,925	₩7,386
8.4%	₩5,485	₩5,714	₩5,978	₩6,285	₩6,648

Now (TTM)

Market cap: ₩36B
Enterprise value: ₩32B
P/E: 3.5×
P/B: 0.4×
P/S: 0.3×
EV/EBITDA: 2.1×
Dividend yield: 7.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,690	₩2,625	₩2,490	₩2,555	₩3,285
Market cap	₩45B	₩44B	₩42B	₩43B	₩55B
P/E	4.4×	6.4×	6.3×	10.2×	13.6×
P/B	0.6×	0.6×	0.6×	0.7×	1.0×
P/S	0.4×	0.4×	0.4×	0.5×	0.7×
EV/EBITDA	2.8×	4.2×	6.1×	9.8×	11.4×
Dividend yield	6.1%	3.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
KC Feed	3.5×	0.4×	0.3×	2.1×	7.6%
Samyang Foods	17.6×	5.6×	3.1×	—	0.4%
Orion	10.6×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.0×	0.8×	0.6×	—	1.5%
Otoki	17.3×	0.6×	0.3×	—	2.9%
Hite Jinro	23.2×	0.9×	0.4×	6.4×	4.5%
Similar companies (median)	17.3×	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: KC Feed / 케이씨피드 / 025880 / KRX:025880

Source: KRX statistical information