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Cellfie Global

068940 · KOSDAQ · ₩068940 · 셀피글로벌

₩778 ₩0 (0.00%)End-of-day · Oct 27, 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
−₩24B
Equity value
−₩26B
WACC
7.2%

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 ₩778, the model needs an operating margin of 7.6% every year (it uses −4.8%).
  • Margins ranged from −35.6% to 9.5% 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 (−4.8%).

Revenue growth

  • -2.1%

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

    Default: the last 3 years' revenue growth (-2.1% 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 (-2.1% a year, annual reports), fading to 3% by year 5.

  • 0.4%

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

    Default: the last 3 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 3 years' revenue growth (-2.1% 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 (-2.1% a year, annual reports), fading to 3% by year 5.

Business

  • -4.8%

    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.

  • 2.9%

    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).

  • 0.9%

    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).

  • 15.4%

    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, 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)
₩38B
Net debt (borrowings and leases − cash and deposits)
₩2.8B
+ Stakes and investments
₩654M
Associates, long-term financial assets and deposits (book value)
Shares
45,912,716
Share price
₩778
Market cap
₩36B

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₩35B₩34B₩36B₩37B₩37B₩37B₩37B₩39B
Growth−8.8%−2.4%5.3%−2.1%−0.9%0.4%1.7%3.0%
EBIT₩2.1B−₩1.7B−₩3.4B−₩1.8B−₩1.8B−₩1.8B−₩1.8B−₩1.8B
EBIT margin6.0%−5.1%−9.7%−4.8%−4.8%−4.8%−4.8%−4.8%
After-tax EBIT₩1.5B−₩1.2B−₩2.5B−₩1.3B−₩1.3B−₩1.3B−₩1.3B−₩1.3B
+ Depreciation₩1.1B₩942M₩888M₩1.1B₩1.1B₩1.1B₩1.1B₩1.1B
− Capital spending₩39M₩576M₩295M₩333M₩330M₩331M₩337M₩347M
− Working capital−₩11B−₩3.5B−₩3.8B−₩122M−₩51M₩23M₩96M₩173M
Free cash flow₩14B₩2.6B₩1.9B−₩425M−₩491M−₩567M−₩650M−₩743M
Discount factor———0.9330.8710.8130.7580.708
Present value———−₩397M−₩428M−₩461M−₩493M−₩526M

Terminal value −₩31B, worth −₩22B today: 91% 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 ₩169 a share)Now 4.60×₩2511.48×₩3842.27×₩1,78610.5×

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%
6.2%—————
6.7%—————
7.2%—————
7.7%—————
8.2%—————

Now (TTM)

Market cap
₩36B
Enterprise value
₩38B
P/E
—
P/B
4.6×
P/S
0.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩778₩778₩778₩1,335₩4,030
Market cap₩36B₩36B₩36B₩61B₩185B
P/E——152.2×6.2×—
P/B3.5×2.0×1.9×2.4×23.5×
P/S1.0×1.1×1.0×1.6×6.7×
EV/EBITDA——11.3×14.9×—
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Cellfie Global—4.6×0.9×—0.0%
Samsung Electro-Mechanics89.0×8.8×7.2×—0.2%
Doosan36.8×5.2×0.7×—0.4%
Hanwha Systems67.9×2.7×2.9×—0.8%
LG Innotek13.4×1.4×0.4×—0.5%
Isupetasys32.5×7.6×5.0×—0.0%
Daeduck Electronics41.5×6.5×4.7×—0.4%
Similar companies (median)39.2×5.8×3.8×—0.4%

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

Also known as: Cellfie Global / 셀피글로벌 / 068940 / KRX:068940

Source: KRX statistical information