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YES24Co

053280 · KOSDAQ · ₩053280 · 예스24

₩2,810▲ ₩15 (0.54%)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

₩211

vs the current price (₩2,810)

Enterprise value
₩103B
Equity value
₩5.3B
WACC
5.5%

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 93% 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 ₩2,810, the model needs an operating margin of 1.9% every year (it uses 1.4%).
  • Or revenue growth +7.2 points a year higher than assumed in each of the 5 years.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
₩211
−92.5%
Bull
₩19,186
+582.8%

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 (1.4%).

Revenue growth

  • -1.9%

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

    Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.

  • -0.7%

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

    Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.

  • 0.5%

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

    Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.

  • 1.8%

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

    Default: the last 3 years' revenue growth (-1.9% 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 (-1.9% a year, annual reports), fading to 3% by year 5.

Business

  • 1.4%

    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.

  • 4.6%

    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).

  • 5.8%

    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).

  • -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 0.16, 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)
₩609B
Net debt (borrowings and leases − cash and deposits)
₩97B
Shares
25,000,000
Share price
₩2,810
Market cap
₩70B

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₩658B₩671B₩626B₩597B₩593B₩596B₩607B₩625B
Growth−0.9%2.0%−6.7%−1.9%−0.7%0.5%1.8%3.0%
EBIT₩5.8B₩16B₩2.9B₩8.4B₩8.3B₩8.3B₩8.5B₩8.8B
EBIT margin0.9%2.4%0.5%1.4%1.4%1.4%1.4%1.4%
After-tax EBIT₩4.2B₩12B₩2.1B₩6.1B₩6B₩6.1B₩6.2B₩6.3B
+ Depreciation———₩27B₩27B₩27B₩28B₩29B
− Capital spending₩13B₩45B₩54B₩35B₩34B₩35B₩35B₩36B
− Working capital−₩3.7B−₩8B−₩40B₩1.2B₩418M−₩297M−₩1.1B−₩1.8B
Free cash flow———−₩2.3B−₩1.5B−₩806M−₩50M₩664M
Discount factor———0.9480.8990.8520.8080.766
Present value———−₩2.1B−₩1.4B−₩687M−₩40M₩509M

Terminal value ₩139B, worth ₩106B today: 104% 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 ₩6,536 a share)Now 0.43×₩2,8950.44×₩3,8710.59×₩4,8500.74×

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%
4.5%—₩800₩2,226₩4,384₩8,018
5.0%—₩3₩1,047₩2,517₩4,740
5.5%——₩211₩1,283₩2,795
6.0%———₩409₩1,510
6.5%————₩599

Now (TTM)

Market cap
₩70B
Enterprise value
₩159B
P/E
—
P/B
0.4×
P/S
0.1×
EV/EBITDA
—
Dividend yield
8.9%

Over time (at each year end)

20252024202320222021
Price₩3,700₩4,585₩4,820₩4,940₩8,700
Market cap₩93B₩115B₩121B₩124B₩218B
P/E—79.2×—87.1×11.7×
P/B0.5×0.6×0.5×0.7×0.7×
P/S0.1×0.2×0.2×0.2×0.3×
EV/EBITDA—————
Dividend yield6.8%4.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
YES24Co—0.4×0.1×—8.9%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC45.3×6.0×12.6×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies18.9×1.6×5.1×—4.2%
Shinsegae14.4×0.5×0.3×—2.0%
Similar companies (median)16.6×1.0×1.0×—2.6%

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

Also known as: YES24Co / 예스24 / 053280 / KRX:053280

Source: KRX statistical information