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Paradise

034230 · KOSPI · ₩034230 · 파라다이스

₩9,640▲ ₩170 (1.80%)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

₩25,151

vs the current price (₩9,640)

Enterprise value
₩3.3T
Equity value
₩2.3T
WACC
6.2%

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 161% 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 ₩9,640, the model needs an operating margin of 5.7% every year (it uses 9.7%).
  • Or revenue growth −12.5 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −13.3% to 14.7% 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.
  • Today's P/E is 12.0× against a typical 17.3× 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
₩9,134
−5.3%
Base
₩25,151
+160.9%
Bull
₩54,616
+466.6%

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 (9.7%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (25.1% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (25.1% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (25.1% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (25.1% 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 (25.1% a year, annual reports), fading to 3% by year 5.

Business

  • 9.7%

    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.

  • 5%

    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).

  • 6.3%

    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).

  • -10%

    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.

  • 4.11%

    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.

  • 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 0.27, 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.

  • 5.61%

    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)
₩1.2T
Net debt (borrowings and leases − cash and deposits)
₩521B
+ Stakes and investments
₩20B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩496B
Shares
92,629,382
Share price
₩9,640
Market cap
₩893B

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₩994B₩1.1T₩1.1T₩1.5T₩1.8T₩2T₩2.2T₩2.3T
Growth69.2%7.8%7.3%25.0%19.5%14.0%8.5%3.0%
EBIT₩146B₩136B₩156B₩145B₩173B₩197B₩214B₩220B
EBIT margin14.7%12.7%13.6%9.7%9.7%9.7%9.7%9.7%
After-tax EBIT₩106B₩99B₩113B₩105B₩125B₩143B₩155B₩160B
+ Depreciation———₩75B₩89B₩102B₩110B₩114B
− Capital spending₩62B₩50B₩91B₩94B₩112B₩128B₩139B₩143B
− Working capital−₩93B−₩34B−₩39B−₩30B−₩29B−₩25B−₩17B−₩6.6B
Free cash flow———₩115B₩131B₩142B₩144B₩137B
Discount factor———0.9420.8870.8350.7870.741
Present value———₩109B₩117B₩118B₩113B₩101B

Terminal value ₩3.7T, worth ₩2.8T today: 83% 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 ₩18,889 a share)Now 0.51×₩11,9720.63×₩18,1010.96×₩23,6521.25×
Price / earnings (last 12 months: ₩805 a share)Now 12.0×₩10,79213.4×₩13,96817.3×₩17,99022.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩682 a share)Now 14.1×₩9,13513.4×₩11,82417.3×₩15,22922.3×

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%
5.2%₩26,003₩30,595₩36,634₩44,933₩57,049
5.7%₩22,009₩25,574₩30,111₩36,079₩44,280
6.2%₩18,787₩21,628₩25,151₩29,635₩35,533
6.7%₩16,134₩18,445₩21,253₩24,735₩29,166
7.2%₩13,911₩15,825₩18,109₩20,884₩24,325

Now (TTM)

Market cap
₩893B
Enterprise value
₩1.2T
P/E
12.0×
P/B
0.5×
P/S
0.7×
EV/EBITDA
—
Dividend yield
1.6%

Over time (at each year end)

20252024202320222021
Price₩16,550₩9,600₩13,320₩17,600₩14,950
Market cap₩1.5T₩889B₩1.2T₩1.6T₩1.4T
P/E16.2×11.8×19.7×64.3×—
P/B0.9×0.5×0.9×1.2×1.1×
P/S1.3×0.8×1.2×2.8×3.3×
EV/EBITDA—————
Dividend yield0.9%1.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Paradise12.0×0.5×0.7×—1.6%
Kangwon Land8.9×0.7×2.0×8.9×0.0%
Seobu T&D7.6×0.7×2.5×11.0×0.9%
Grand Korea Leisure10.8×1.1×1.1×4.8×5.0%
Ananti—0.6×1.7×—0.0%
Mona Yongpyong—0.2×0.5×—0.0%
Namhwa Industrial9.4×0.3×3.8×—0.0%
Similar companies (median)9.1×0.6×1.9×8.9×0.0%

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

Also known as: Paradise / 파라다이스 / 034230 / KRX:034230

Source: KRX statistical information