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Mona Yongpyong

070960 · KOSPI · ₩070960 · 모나용평

₩1,850▼ ₩8 (0.43%)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

₩5,580

vs the current price (₩1,850)

Enterprise value
₩278B
Equity value
₩269B
WACC
7.1%

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 202% 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 ₩1,850, the model needs an operating margin of 3.4% every year (it uses 8.1%).
  • Or revenue growth −20.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 1.1% to 13.0% 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.

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
₩2,828
+52.8%
Base
₩5,580
+201.6%
Bull
₩10,305
+457.0%

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 (8.1%).

Revenue growth

  • 20.4%

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

    Default: the last 3 years' revenue growth (20.4% a year, annual reports), fading to 3% by year 5.

  • 16.1%

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

    Default: the last 3 years' revenue growth (20.4% a year, annual reports), fading to 3% by year 5.

  • 11.7%

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

    Default: the last 3 years' revenue growth (20.4% a year, annual reports), fading to 3% by year 5.

  • 7.4%

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

    Default: the last 3 years' revenue growth (20.4% 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 (20.4% a year, annual reports), fading to 3% by year 5.

Business

  • 8.1%

    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.

  • 7.3%

    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).

  • 9.2%

    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)
₩172B
Net debt (borrowings and leases − cash and deposits)
₩9.4B
+ Stakes and investments
₩626M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩828M
Shares
48,133,333
Share price
₩1,850
Market cap
₩89B

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₩212B₩268B₩250B₩207B₩240B₩268B₩288B₩297B
Growth47.7%26.5%−6.6%20.4%16.1%11.7%7.4%3.0%
EBIT₩21B₩27B₩23B₩17B₩19B₩22B₩23B₩24B
EBIT margin10.1%10.1%9.3%8.1%8.1%8.1%8.1%8.1%
After-tax EBIT₩16B₩20B₩17B₩12B₩14B₩16B₩17B₩17B
+ Depreciation———₩15B₩18B₩20B₩21B₩22B
− Capital spending₩26B₩20B₩19B₩19B₩22B₩25B₩27B₩27B
− Working capital−₩129B−₩23B₩283B−₩3.5B−₩3.3B−₩2.8B−₩2B−₩865M
Free cash flow———₩12B₩13B₩13B₩13B₩13B
Discount factor———0.9340.8720.8140.7600.710
Present value———₩11B₩11B₩11B₩10B₩9B

Terminal value ₩318B, worth ₩226B today: 81% 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 ₩7,398 a share)Now 0.25×₩2,5890.35×₩3,0960.42×₩4,3800.59×

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%
6.1%₩5,696₩6,294₩7,038₩7,991₩9,253
6.6%₩5,152₩5,638₩6,229₩6,967₩7,910
7.1%₩4,698₩5,099₩5,580₩6,166₩6,895
7.6%₩4,313₩4,650₩5,047₩5,523₩6,103
8.1%₩3,983₩4,269₩4,602₩4,996₩5,467

Now (TTM)

Market cap
₩89B
Enterprise value
₩74B
P/E
—
P/B
0.3×
P/S
0.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,305₩3,210₩3,050₩3,530₩4,895
Market cap₩159B₩155B₩147B₩170B₩236B
P/E—19.3×14.7×—27.2×
P/B0.4×0.4×0.4×0.4×0.6×
P/S0.6×0.6×0.7×1.2×1.0×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Mona Yongpyong—0.3×0.5×—0.0%
Kangwon Land8.9×0.8×2.0×9.0×0.0%
Paradise11.8×0.5×0.7×—1.6%
Seobu T&D7.4×0.7×2.4×10.8×0.9%
Grand Korea Leisure10.6×1.1×1.1×4.7×5.1%
Ananti—0.6×1.7×—0.0%
Namhwa Industrial9.3×0.3×3.8×—0.0%
Similar companies (median)9.3×0.6×1.8×9.0×0.4%

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

Also known as: Mona Yongpyong / 모나용평 / 070960 / KRX:070960

Source: KRX statistical information