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Cherrybro

066360 · KOSDAQ · ₩066360 · 체리부로

₩1,467▲ ₩31 (2.16%)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

₩10,547

vs the current price (₩1,467)

Enterprise value
₩428B
Equity value
₩253B
WACC
4.8%

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 619% 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 ₩1,467, the model needs an operating margin of 2.2% every year (it uses 4.2%).
  • Or revenue growth −12.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 1.8× against a typical 6.9× 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
—
Base
₩10,547
+618.9%
Bull
₩42,335
+2,785.8%

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 (4.2%).

Revenue growth

  • 0.3%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0.3% 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 (0.3% a year, annual reports), fading to 3% by year 5.

Business

  • 4.2%

    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.

  • 2.8%

    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).

  • 4.1%

    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 -0.1, 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)
₩416B
Net debt (borrowings and leases − cash and deposits)
₩137B
+ Stakes and investments
₩983M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩39B
Shares
23,976,007
Share price
₩1,467
Market cap
₩35B

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₩399B₩383B₩405B₩417B₩420B₩427B₩437B₩450B
Growth−0.8%−4.0%5.9%0.3%0.9%1.6%2.3%3.0%
EBIT₩21B₩2.9B₩28B₩18B₩18B₩18B₩18B₩19B
EBIT margin5.3%0.7%7.0%4.2%4.2%4.2%4.2%4.2%
After-tax EBIT₩15B₩2.1B₩21B₩13B₩13B₩13B₩13B₩14B
+ Depreciation₩9.8B₩11B₩12B₩12B₩12B₩12B₩12B₩13B
− Capital spending₩8.9B₩18B₩22B₩17B₩17B₩18B₩18B₩18B
− Working capital₩5.7B−₩17B₩22B−₩125M−₩375M−₩673M−₩983M−₩1.3B
Free cash flow₩10B₩13B−₩11B₩7.4B₩7.7B₩8.1B₩8.6B₩9.2B
Discount factor———0.9550.9110.8700.8310.793
Present value———₩7.1B₩7B₩7.1B₩7.2B₩7.3B

Terminal value ₩495B, worth ₩392B today: 92% 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 ₩4,356 a share)Now 0.34×₩1,7560.40×₩2,9160.67×₩5,1551.18×
Price / earnings (last 12 months: ₩826 a share)Now 1.78×₩1,3681.66×₩5,6596.85×₩23,54028.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩644 a share)Now 2.28×₩1,0671.66×₩4,4136.85×₩18,35728.5×

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%
3.8%₩10,653₩14,752₩21,196₩32,795₩59,840
4.3%₩7,775₩10,601₩14,686₩21,108₩32,668
4.8%₩5,667₩7,730₩10,547₩14,618₩21,017
5.3%₩4,057₩5,628₩7,684₩10,490₩14,545
5.8%₩2,788₩4,022₩5,587₩7,635₩10,430

Now (TTM)

Market cap
₩35B
Enterprise value
₩172B
P/E
1.8×
P/B
0.3×
P/S
0.1×
EV/EBITDA
4.2×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,504₩1,556₩2,720₩2,160₩2,930
Market cap₩36B₩37B₩65B₩52B₩70B
P/E1.5×—4.7×6.0×—
P/B0.4×0.5×0.8×0.8×1.5×
P/S0.1×0.1×0.2×0.1×0.2×
EV/EBITDA0.7×2.0×1.9×1.8×4.7×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Cherrybro1.8×0.3×0.1×4.2×0.0%
Samyang Foods18.4×5.9×3.3×—0.4%
Orion10.5×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.0×0.8×0.7×—1.5%
Otoki16.9×0.6×0.3×—2.9%
Hite Jinro23.0×0.9×0.4×6.3×4.5%
Similar companies (median)16.9×0.9×0.5×5.8×3.0%

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

Also known as: Cherrybro / 체리부로 / 066360 / KRX:066360

Source: KRX statistical information