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TBH Global

084870 · KOSPI · ₩084870 · TBH글로벌

₩2,150▼ ₩20 (0.92%)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

₩1,284

vs the current price (₩2,150)

Enterprise value
₩39B
Equity value
₩26B
WACC
6.7%

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 40% 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 ₩2,150, the model needs an operating margin of 2.8% every year (it uses 2.2%).

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
₩1,284
−40.3%
Bull
₩5,674
+163.9%

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 (2.2%).

Revenue growth

  • -3.5%

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

    Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.

  • -1.9%

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

    Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.

  • -0.3%

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

    Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.

  • 1.4%

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

    Default: the last 3 years' revenue growth (-3.5% 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 (-3.5% a year, annual reports), fading to 3% by year 5.

Business

  • 2.2%

    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.

  • 1.4%

    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).

  • 1.7%

    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).

  • 25.5%

    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 0.19, 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)
₩195B
Net debt (borrowings and leases − cash and deposits)
₩12B
+ Stakes and investments
₩203M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.7B
Shares
20,458,256
Share price
₩2,150
Market cap
₩44B

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₩197B₩178B₩182B₩188B₩184B₩184B₩186B₩192B
Growth−2.9%−9.5%2.2%−3.5%−1.9%−0.3%1.4%3.0%
EBIT₩7.9B₩3.4B₩3.1B₩4.1B₩4.1B₩4B₩4.1B₩4.2B
EBIT margin4.0%1.9%1.7%2.2%2.2%2.2%2.2%2.2%
After-tax EBIT₩5.7B₩2.4B₩2.3B₩3B₩2.9B₩2.9B₩3B₩3.1B
+ Depreciation———₩2.6B₩2.6B₩2.6B₩2.6B₩2.7B
− Capital spending₩3.8B₩4B₩1.9B₩3.2B₩3.1B₩3.1B₩3.2B₩3.3B
− Working capital−₩1B−₩699M−₩3.6B−₩1.7B−₩910M−₩141M₩656M₩1.4B
Free cash flow———₩4.2B₩3.3B₩2.5B₩1.8B₩1.1B
Discount factor———0.9370.8780.8230.7710.723
Present value———₩3.9B₩2.9B₩2.1B₩1.4B₩766M

Terminal value ₩39B, worth ₩28B today: 72% 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 ₩2,841 a share)Now 0.76×₩1,2000.42×₩1,7220.61×₩2,1500.76×
P/E on run-rate earnings (Q2 2026 × 4: ₩477 a share)Now 4.51×₩2,6345.52×₩4,7029.86×₩17,49636.7×

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%
5.7%₩1,737₩1,746₩1,755₩1,764₩1,772
6.2%₩1,517₩1,506₩1,491₩1,470₩1,439
6.7%₩1,335₩1,313₩1,284₩1,246₩1,195
7.2%₩1,183₩1,153₩1,116₩1,069₩1,009
7.7%₩1,054₩1,019₩977₩926₩861

Now (TTM)

Market cap
₩44B
Enterprise value
₩49B
P/E
—
P/B
0.8×
P/S
0.2×
EV/EBITDA
—
Dividend yield
2.3%

Over time (at each year end)

20252024202320222021
Price₩1,210₩1,218₩1,773₩1,640₩2,255
Market cap₩25B₩25B₩36B₩34B₩46B
P/E28.0×—5.4×6.8×—
P/B0.4×0.4×0.6×0.6×0.8×
P/S0.1×0.1×0.2×0.2×0.2×
EV/EBITDA—————
Dividend yield4.1%3.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TBH Global—0.8×0.2×—2.3%
F&F4.5×1.1×1.2×—4.4%
LF5.5×0.4×0.3×4.5×3.3%
Chokwang Leather43.6×0.7×4.8×57.9×0.0%
Handsome7.1×0.3×0.3×—0.0%
Hansae9.4×0.4×0.2×—0.0%
JS4.0×0.6×0.2×—5.3%
Similar companies (median)6.3×0.5×0.3×31.2×1.6%

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

Also known as: TBH Global / TBH글로벌 / 084870 / KRX:084870

Source: KRX statistical information