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Very Good Tour

094850 · KOSDAQ · ₩094850 · 참좋은여행

₩3,780▼ ₩20 (0.53%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩453B
Equity value
−₩451B
WACC
7.4%

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 ₩3,780, the model needs an operating margin of 5.1% every year (it uses −20.0%).
  • Margins ranged from −384.9% to 10.6% 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.
  • 48% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • 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.
  • Today's P/E is 4.5× against a typical 13.5× 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
—
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 (−20.0%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (89% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (89% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (89% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (89% 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 (89% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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%

    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).

  • 2.4%

    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).

  • 40%

    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 0.19, 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.

  • 5.58%

    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)
₩87B
Net debt (borrowings and leases − cash and deposits)
−₩2B
Shares
14,000,000
Share price
₩3,780
Market cap
₩53B

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₩69B₩81B₩92B₩109B₩130B₩148B₩161B₩166B
Growth403.5%17.7%14.0%25.0%19.5%14.0%8.5%3.0%
EBIT₩6.4B₩2B₩9.8B−₩22B−₩26B−₩30B−₩32B−₩33B
EBIT margin9.4%2.5%10.6%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT₩4.7B₩1.4B₩7.1B−₩16B−₩19B−₩22B−₩23B−₩24B
+ Depreciation———₩2.2B₩2.6B₩3B₩3.2B₩3.3B
− Capital spending₩3.5B₩577M₩1.3B₩2.6B₩3.1B₩3.6B₩3.9B₩4B
− Working capital₩15B−₩33B₩23B₩8.7B₩8.5B₩7.3B₩5B₩1.9B
Free cash flow———−₩25B−₩28B−₩29B−₩29B−₩27B
Discount factor———0.9310.8670.8080.7520.700
Present value———−₩23B−₩24B−₩24B−₩22B−₩19B

Terminal value −₩488B, worth −₩341B today: 75% 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 ₩7,204 a share)Now 0.52×₩5,0320.70×₩8,5891.19×₩14,6572.03×
Price / earnings (last 12 months: ₩842 a share)Now 4.49×₩4,2195.01×₩11,37313.5×₩35,97942.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩369 a share)Now 10.2×₩1,8475.01×₩4,98013.5×₩15,75542.7×

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%
6.4%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩53B
Enterprise value
₩49B
P/E
4.5×
P/B
0.5×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,940₩5,400₩6,930₩11,000₩13,200
Market cap₩83B₩76B₩97B₩154B₩185B
P/E7.7×24.2×13.4×——
P/B0.8×0.9×1.1×2.0×2.0×
P/S0.9×0.9×1.4×11.3×38.0×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Very Good Tour4.5×0.5×0.6×—0.0%
S-123.7×2.1×1.3×—0.0%
Cheil Worldwide9.7×1.3×0.5×—6.6%
Doosan Tesna59.6×4.5×6.2×—0.2%
Lotte Tour Development16.0×2.2×1.2×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—6.7%
Similar companies (median)12.9×1.7×1.2×—0.7%

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

Also known as: Very Good Tour / 참좋은여행 / 094850 / KRX:094850

Source: KRX statistical information