KOSPI · 036580 · Food & Beverage · ₩036580

Farmsco팜스코

036580 · KOSPI · ₩036580 · 팜스코

₩2,380▼ ₩20 (0.83%)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

₩13,156

vs the current price (₩2,380)

Enterprise value: ₩1.1T
Equity value: ₩483B
WACC: 4.5%

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 453% 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 ₩2,380, the model needs an operating margin of 2.1% every year (it uses 3.1%).
Or revenue growth −12.0 points a year higher than assumed in each of the 5 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: ₩13,156; +452.8%
Bull: ₩80,511; +3,282.8%

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 (3.1%).

Revenue growth

Revenue growth, year 1-6.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.5% 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 (-6.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.1%
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 & amortisation1.2%
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 spending1.5%
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 capital12.7%
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 0.22, 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): ₩1.6T
Net debt (borrowings and leases − cash and deposits): ₩556B
+ Stakes and investments: ₩200M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩17B
Shares: 36,727,943
Share price: ₩2,380
Market cap: ₩87B

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	₩1.9T	₩1.6T	₩1.6T	₩1.5T	₩1.5T	₩1.4T	₩1.4T	₩1.5T
Growth	−2.5%	−15.1%	−1.3%	−6.5%	−4.1%	−1.8%	0.6%	3.0%
EBIT	₩31B	₩54B	₩80B	₩47B	₩45B	₩44B	₩45B	₩46B
EBIT margin	1.7%	3.4%	5.2%	3.1%	3.1%	3.1%	3.1%	3.1%
After-tax EBIT	₩23B	₩39B	₩58B	₩34B	₩33B	₩32B	₩32B	₩33B
+ Depreciation	—	—	—	₩18B	₩18B	₩17B	₩17B	₩18B
− Capital spending	₩41B	₩24B	₩13B	₩23B	₩22B	₩22B	₩22B	₩22B
− Working capital	−₩695B	₩691B	−₩2.9B	−₩13B	−₩7.9B	−₩3.3B	₩1.1B	₩5.5B
Free cash flow	—	—	—	₩43B	₩36B	₩31B	₩27B	₩23B
Discount factor	—	—	—	0.957	0.916	0.876	0.839	0.803
Present value	—	—	—	₩41B	₩33B	₩27B	₩23B	₩19B

Terminal value ₩1.1T, worth ₩913B today: 86% 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 ₩5,237 a share)Now 0.45×	₩2,3070.44×	₩2,7010.52×	₩4,0190.77×

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%
3.5%	₩15,974	₩21,943	₩31,882	₩51,753	—
4.0%	₩10,780	₩14,542	₩20,177	₩29,559	₩48,316
4.5%	₩7,070	₩9,609	₩13,156	₩18,468	₩27,311
5.0%	₩4,288	₩6,086	₩8,476	₩11,814	₩16,814
5.5%	₩2,125	₩3,443	₩5,132	₩7,378	₩10,515

Now (TTM)

Market cap: ₩87B
Enterprise value: ₩637B
P/E: —
P/B: 0.5×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 2.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,395	₩2,195	₩3,250	₩3,900	₩6,130
Market cap	₩88B	₩81B	₩119B	₩143B	₩225B
P/E	2.1×	—	—	—	73.2×
P/B	0.4×	0.6×	0.5×	0.5×	0.8×
P/S	0.1×	0.1×	0.1×	0.1×	0.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.1%	2.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Farmsco	—	0.5×	0.1×	—	2.1%
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: Farmsco / 팜스코 / 036580 / KRX:036580

Source: KRX statistical information