KOSDAQ · 043650 · Food & Beverage · ₩043650

Kook Soon Dang국순당

043650 · KOSDAQ · ₩043650 · 국순당

₩3,380▼ ₩25 (0.73%)End-of-day · Oct 30, 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

₩3,695

vs the current price (₩3,380)

Enterprise value: ₩1.4B
Equity value: ₩66B
WACC: 7.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Bear / Base / Bull

Bear: ₩3,041; −10.0%
Base: ₩3,695; +9.3%
Bull: ₩5,060; +49.7%

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 (3.5%).

Revenue growth

Revenue growth, year 1-3.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.3% 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 (-3.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.5%
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 & amortisation3.8%
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 spending10.6%
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 capital40%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
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 0.09, 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)5.51%
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): ₩66B
Net debt (borrowings and leases − cash and deposits): −₩65B
Shares: 17,858,304
Share price: ₩3,380
Market cap: ₩60B

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	₩70B	₩69B	₩67B	₩63B	₩62B	₩62B	₩63B	₩65B
Growth	−5.5%	−2.4%	−1.9%	−3.3%	−1.7%	−0.1%	1.4%	3.0%
EBIT	₩4.5B	−₩2.3B	−₩832M	₩2.2B	₩2.2B	₩2.2B	₩2.2B	₩2.3B
EBIT margin	6.3%	−3.3%	−1.2%	3.5%	3.5%	3.5%	3.5%	3.5%
After-tax EBIT	₩3.2B	−₩1.7B	−₩603M	₩1.6B	₩1.6B	₩1.6B	₩1.6B	₩1.6B
+ Depreciation	₩2.7B	₩2.5B	₩2.7B	₩2.4B	₩2.4B	₩2.4B	₩2.4B	₩2.5B
− Capital spending	₩3.8B	₩11B	₩6.8B	₩6.7B	₩6.6B	₩6.6B	₩6.7B	₩6.9B
− Working capital	₩6.5B	−₩13B	−₩5.4B	−₩865M	−₩431M	−₩25M	₩349M	₩757M
Free cash flow	−₩4.4B	₩2.7B	₩689M	−₩1.8B	−₩2.2B	−₩2.6B	−₩3B	−₩3.5B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩1.7B	−₩1.9B	−₩2.1B	−₩2.3B	−₩2.5B

Terminal value ₩17B, worth ₩12B today: 866% 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 ₩13,313 a share)Now 0.25×	₩4,0230.30×	₩5,7120.43×	₩9,1320.69×
Price / earnings (last 12 months: ₩237 a share)Now 14.3×	₩2,0328.59×	₩2,90812.3×	₩12,32452.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩174 a share)Now 19.4×	₩1,4978.59×	₩2,14312.3×	₩9,08352.1×

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%
6.3%	₩3,907	₩3,891	₩3,872	₩3,845	₩3,809
6.8%	₩3,819	₩3,799	₩3,773	₩3,740	₩3,697
7.3%	₩3,748	₩3,724	₩3,695	₩3,659	₩3,614
7.8%	₩3,688	₩3,663	₩3,632	₩3,595	₩3,549
8.3%	₩3,638	₩3,612	₩3,581	₩3,544	₩3,499

Now (TTM)

Market cap: ₩60B
Enterprise value: −₩4.3B
P/E: 14.3×
P/B: 0.3×
P/S: 0.9×
EV/EBITDA: —
Dividend yield: 2.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,135	₩4,600	₩5,920	₩6,720	₩9,130
Market cap	₩74B	₩82B	₩106B	₩120B	₩163B
P/E	11.8×	59.8×	—	—	7.6×
P/B	0.3×	0.4×	0.5×	0.5×	0.7×
P/S	1.1×	1.2×	1.5×	1.6×	2.5×
EV/EBITDA	6.1×	148.0×	9.7×	5.9×	10.7×
Dividend yield	1.9%	1.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Kook Soon Dang	14.3×	0.3×	0.9×	—	2.4%
Samyang Foods	17.6×	5.6×	3.1×	—	0.4%
Orion	10.8×	1.1×	1.3×	5.4×	3.0%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.3×	0.8×	0.7×	—	1.5%
Otoki	17.4×	0.6×	0.3×	—	2.8%
Hite Jinro	23.7×	1.0×	0.5×	6.4×	4.4%
Similar companies (median)	17.4×	0.9×	0.6×	5.9×	2.9%

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

Also known as: Kook Soon Dang / 국순당 / 043650 / KRX:043650

Source: KRX statistical information