KOSPI · 027740 · Food & Beverage · ₩027740

Maniker마니커

027740 · KOSPI · ₩027740 · 마니커

₩1,131▼ ₩6 (0.53%)End-of-day · Oct 28, 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: −₩134B
Equity value: −₩176B
WACC: 5.6%

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 ₩1,131, the model needs an operating margin of 1.2% every year (it uses −1.1%).
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: ₩1,289; +13.9%

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 (−1.1%).

Revenue growth

Revenue growth, year 14.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.8% 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 (4.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.1%
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 & amortisation1.3%
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 spending1.6%
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 capital4%
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 rate4.11%
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.
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 0.06, 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)5.61%
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): ₩412B
Net debt (borrowings and leases − cash and deposits): ₩44B
+ Stakes and investments: ₩2.1B; Associates, long-term financial assets and deposits (book value)
Shares: 31,755,614
Share price: ₩1,131
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	₩340B	₩333B	₩369B	₩431B	₩450B	₩468B	₩483B	₩498B
Growth	5.9%	−2.0%	10.8%	4.8%	4.3%	3.9%	3.4%	3.0%
EBIT	₩2.2B	−₩9.1B	₩2B	−₩4.7B	−₩5B	−₩5.1B	−₩5.3B	−₩5.5B
EBIT margin	0.7%	−2.7%	0.5%	−1.1%	−1.1%	−1.1%	−1.1%	−1.1%
After-tax EBIT	₩1.6B	−₩6.6B	₩1.5B	−₩3.4B	−₩3.6B	−₩3.7B	−₩3.9B	−₩4B
+ Depreciation	—	—	—	₩5.6B	₩5.9B	₩6.1B	₩6.3B	₩6.5B
− Capital spending	₩3B	₩4.3B	₩10B	₩6.9B	₩7.2B	₩7.5B	₩7.7B	₩8B
− Working capital	−₩13B	−₩6.6B	−₩459M	₩790M	₩742M	₩702M	₩636M	₩580M
Free cash flow	—	—	—	−₩5.5B	−₩5.7B	−₩5.8B	−₩5.9B	−₩6B
Discount factor	—	—	—	0.947	0.897	0.850	0.805	0.763
Present value	—	—	—	−₩5.2B	−₩5.1B	−₩5B	−₩4.8B	−₩4.6B

Terminal value −₩143B, worth −₩109B today: 82% 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 ₩1,193 a share)Now 0.95×	₩1,4371.20×	₩1,8331.54×	₩2,3711.99×

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%
4.6%	—	—	—	—	—
5.1%	—	—	—	—	—
5.6%	—	—	—	—	—
6.1%	—	—	—	—	—
6.6%	—	—	—	—	—

Now (TTM)

Market cap: ₩36B
Enterprise value: ₩80B
P/E: —
P/B: 0.9×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,568	₩1,650	₩2,320	₩2,390	₩2,320
Market cap	₩50B	₩52B	₩74B	₩76B	₩74B
P/E	—	—	—	76.9×	—
P/B	1.2×	1.3×	1.6×	1.5×	1.6×
P/S	0.1×	0.2×	0.2×	0.2×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Maniker	—	0.9×	0.1×	—	0.0%
Samyang Foods	18.4×	5.9×	3.3×	—	0.4%
Orion	10.5×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.0×	0.8×	0.7×	—	1.5%
Otoki	16.9×	0.6×	0.3×	—	2.9%
Hite Jinro	23.0×	0.9×	0.4×	6.3×	4.5%
Similar companies (median)	16.9×	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: Maniker / 마니커 / 027740 / KRX:027740

Source: KRX statistical information