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BK Holdings

050090 · KOSDAQ · ₩050090 · 비케이홀딩스

₩696 ₩0 (0.00%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩16B
Equity value
−₩8.8B
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.

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 ₩696, the model needs an operating margin of 11.3% every year (it uses −20.0%).
  • Margins ranged from −48.0% to −6.0% 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.
  • 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
—

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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-24.5% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-24.5% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-24.5% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-24.5% 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 (-24.5% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 0.5%

    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).

  • 0.7%

    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).

  • -4.7%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    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.

  • 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.

  • 5.51%

    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)
₩7.6B
Net debt (borrowings and leases − cash and deposits)
−₩7B
+ Stakes and investments
₩362M
Associates, long-term financial assets and deposits (book value)
Shares
23,534,735
Share price
₩696
Market cap
₩16B

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₩11B₩13B₩7.4B₩6.8B₩6.3B₩6.1B₩6.1B₩6.3B
Growth−34.4%12.1%−41.4%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩685M−₩2B−₩3.6B−₩1.4B−₩1.3B−₩1.2B−₩1.2B−₩1.3B
EBIT margin−6.0%−16.0%−48.0%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩497M−₩1.5B−₩2.6B−₩986M−₩920M−₩888M−₩886M−₩913M
+ Depreciation———₩34M₩32M₩31M₩31M₩31M
− Capital spending₩98M₩31M₩64M₩48M₩44M₩43M₩43M₩44M
− Working capital−₩14B−₩1.5B−₩169M₩36M₩21M₩10M₩575,626−₩8.6M
Free cash flow———−₩1B−₩954M−₩911M−₩899M−₩917M
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩965M−₩829M−₩737M−₩678M−₩644M

Terminal value −₩17B, worth −₩12B today: 76% 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 ₩511 a share)Now 1.36×₩5861.15×₩7831.53×₩1,2412.43×

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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩16B
Enterprise value
₩9B
P/E
—
P/B
1.4×
P/S
2.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩876₩693₩1,100₩1,553₩3,262
Market cap₩21B₩16B₩26B₩37B₩77B
P/E—————
P/B1.9×1.1×1.5×1.6×3.1×
P/S2.8×1.3×2.3×2.1×8.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BK Holdings—1.4×2.2×—0.0%
S-124.0×2.1×1.3×—0.0%
Cheil Worldwide9.8×1.3×0.5×—6.5%
Doosan Tesna54.7×4.1×5.7×—0.2%
Lotte Tour Development15.4×2.2×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—6.7%
Similar companies (median)12.6×1.7×1.2×—0.7%

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

Also known as: BK Holdings / 비케이홀딩스 / 050090 / KRX:050090

Source: KRX statistical information