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Cheil Worldwide

030000 · KOSPI · ₩030000 · 제일기획

₩18,510▼ ₩500 (2.63%)End-of-day · Oct 28, 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

₩43,056

vs the current price (₩18,510)

Enterprise value
₩4.4T
Equity value
₩5T
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 133% 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 ₩18,510, the model needs an operating margin of 2.9% every year (it uses 7.4%).
  • Or revenue growth −24.1 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 9.7× against a typical 11.2× 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
₩25,171
+36.0%
Base
₩43,056
+132.6%
Bull
₩73,758
+298.5%

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 (7.4%).

Revenue growth

  • 2.2%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.2% 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 (2.2% a year, annual reports), fading to 3% by year 5.

Business

  • 7.4%

    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.

  • 0.6%

    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).

  • 0.8%

    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).

  • 8.2%

    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.

  • 4.08%

    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.

  • 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 0.05, 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.

  • 5.58%

    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)
₩4.5T
Net debt (borrowings and leases − cash and deposits)
−₩507B
+ Stakes and investments
₩20B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩18B
Shares
115,041,225
Share price
₩18,510
Market cap
₩2.1T

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₩4.1T₩4.3T₩4.5T₩4.6T₩4.7T₩4.8T₩4.9T₩5.1T
Growth−2.7%5.0%4.7%2.2%2.4%2.6%2.8%3.0%
EBIT₩308B₩321B₩337B₩339B₩347B₩356B₩366B₩377B
EBIT margin7.4%7.4%7.4%7.4%7.4%7.4%7.4%7.4%
After-tax EBIT₩223B₩233B₩244B₩246B₩252B₩258B₩265B₩273B
+ Depreciation———₩27B₩28B₩29B₩30B₩31B
− Capital spending₩26B₩39B₩41B₩37B₩38B₩38B₩40B₩41B
− Working capital−₩5.6B₩8.6B₩84B₩8.1B₩9B₩10B₩11B₩12B
Free cash flow———₩228B₩233B₩238B₩244B₩251B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩213B₩202B₩193B₩184B₩176B

Terminal value ₩5T, worth ₩3.5T today: 78% 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 ₩14,012 a share)Now 1.32×₩19,9221.42×₩23,9301.71×₩33,9802.43×
Price / earnings (last 12 months: ₩1,913 a share)Now 9.68×₩19,57710.2×₩21,41911.2×₩27,31514.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,204 a share)Now 8.40×₩22,55810.2×₩24,68011.2×₩31,47414.3×

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%₩44,925₩48,086₩51,965₩56,841₩63,154
6.9%₩41,424₩43,978₩47,054₩50,828₩55,572
7.4%₩38,472₩40,570₩43,056₩46,048₩49,721
7.9%₩35,950₩37,697₩39,739₩42,157₩45,069
8.4%₩33,771₩35,242₩36,942₩38,929₩41,282

Now (TTM)

Market cap
₩2.1T
Enterprise value
₩1.3T
P/E
9.7×
P/B
1.3×
P/S
0.5×
EV/EBITDA
—
Dividend yield
6.6%

Over time (at each year end)

20252024202320222021
Price₩21,000₩16,950₩19,030₩23,050₩22,850
Market cap₩2.4T₩1.9T₩2.2T₩2.7T₩2.6T
P/E11.6×9.4×11.7×13.7×15.9×
P/B1.5×1.3×1.7×2.2×2.4×
P/S0.5×0.4×0.5×0.6×0.8×
EV/EBITDA—————
Dividend yield5.9%7.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Cheil Worldwide9.7×1.3×0.5×—6.6%
S-123.7×2.1×1.3×—0.0%
Doosan Tesna59.6×4.5×6.2×—0.2%
Lotte Tour Development16.0×2.2×1.2×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—6.7%
Korea Ratings18.0×4.0×4.1×—8.0%
Similar companies (median)17.0×2.2×1.3×—0.7%

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

Also known as: Cheil Worldwide / 제일기획 / 030000 / KRX:030000

Source: KRX statistical information