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Misto Holdings

081660 · KOSPI · ₩081660 · 미스토홀딩스

₩36,850▲ ₩500 (1.38%)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

₩118,801

vs the current price (₩36,850)

Enterprise value
₩8.3T
Equity value
₩6.3T
WACC
6.0%

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 222% 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 ₩36,850, the model needs an operating margin of 5.7% every year (it uses 10.6%).
  • Or revenue growth −18.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 7.1× against a typical 9.6× 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
₩50,254
+36.4%
Base
₩118,801
+222.4%
Bull
₩250,843
+580.7%

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 (10.6%).

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.

  • 2.2%

    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.

  • 2.5%

    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.

  • 2.7%

    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.

  • 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

  • 10.6%

    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.

  • 3.8%

    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).

  • 4.8%

    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).

  • 22.3%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 -0.12, 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.

  • 5.58%

    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)
₩4.7T
Net debt (borrowings and leases − cash and deposits)
₩1.4T
+ Stakes and investments
₩240B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩827B
Shares
53,091,840
Share price
₩36,850
Market cap
₩2T

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₩4T₩4.3T₩4.5T₩4.8T₩4.9T₩5T₩5.2T₩5.3T
Growth−5.1%6.5%4.7%1.9%2.2%2.5%2.7%3.0%
EBIT₩303B₩361B₩475B₩510B₩521B₩534B₩549B₩565B
EBIT margin7.6%8.5%10.6%10.6%10.6%10.6%10.6%10.6%
After-tax EBIT₩220B₩262B₩344B₩370B₩378B₩387B₩398B₩410B
+ Depreciation———₩183B₩187B₩192B₩197B₩203B
− Capital spending₩202B₩153B₩254B₩231B₩236B₩242B₩249B₩256B
− Working capital−₩239B₩30B−₩21B₩20B₩24B₩27B₩30B₩35B
Free cash flow———₩302B₩305B₩310B₩316B₩322B
Discount factor———0.9430.8900.8400.7920.747
Present value———₩285B₩272B₩260B₩250B₩241B

Terminal value ₩9.3T, worth ₩7T today: 84% 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 ₩40,572 a share)Now 0.91×₩37,7810.93×₩42,0891.04×₩46,8161.15×
Price / earnings (last 12 months: ₩5,171 a share)Now 7.13×₩34,0996.59×₩49,4009.55×₩108,16820.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩9,693 a share)Now 3.80×₩63,9146.59×₩92,5959.55×₩202,74920.9×

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%
5.0%₩128,937₩147,253₩171,637₩205,725₩256,778
5.5%₩110,046₩123,795₩141,443₩164,938₩197,783
6.0%₩94,941₩105,556₩118,801₩135,802₩158,436
6.5%₩82,591₩90,972₩101,195₩113,952₩130,325
7.0%₩72,307₩79,046₩87,116₩96,960₩109,242

Now (TTM)

Market cap
₩2T
Enterprise value
₩3.3T
P/E
7.1×
P/B
0.9×
P/S
0.4×
EV/EBITDA
—
Dividend yield
5.4%

Over time (at each year end)

20252024202320222021
Price₩42,700₩40,300₩38,700₩33,250₩35,850
Market cap₩2.3T₩2.1T₩2.1T₩1.8T₩1.9T
P/E10.1×25.4×48.3×5.1×8.1×
P/B1.2×1.1×1.1×0.9×1.2×
P/S0.5×0.5×0.5×0.4×0.5×
EV/EBITDA—————
Dividend yield4.6%3.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Misto Holdings7.1×0.9×0.4×—5.4%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.5×1.2×0.3×—3.8%
ISC45.4×6.1×12.7×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.2×1.6×5.1×—4.1%
Shinsegae13.9×0.4×0.3×—2.1%
Similar companies (median)16.3×1.0×1.0×—2.6%

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

Also known as: Misto Holdings / 미스토홀딩스 / 081660 / KRX:081660

Source: KRX statistical information