KOSDAQ · 110790 · Textiles & Apparel · ₩110790

Creas F&C크리스에프앤씨

110790 · KOSDAQ · ₩110790 · 크리스에프앤씨

₩2,765▼ ₩90 (3.15%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩1,676

vs the current price (₩2,765)

Enterprise value: ₩308B
Equity value: ₩39B
WACC: 4.6%

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 39% 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 ₩2,765, the model needs an operating margin of 9.7% every year (it uses 9.1%).
Or revenue growth +2.1 points a year higher than assumed in each of the 5 years.
Margins ranged from −1.5% to 23.2% 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: —
Base: ₩1,676; −39.4%
Bull: ₩19,856; +618.1%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (9.1%).

Revenue growth

Revenue growth, year 1-6.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-6.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9.1%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation9.5%
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).
Capital spending11.9%
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).
Working capital40%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
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 0.09, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.51%
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): ₩196B
Net debt (borrowings and leases − cash and deposits): ₩276B
+ Stakes and investments: ₩7.1B; Associates, long-term financial assets and deposits (book value)
Shares: 23,430,960
Share price: ₩2,765
Market cap: ₩65B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩367B	₩331B	₩312B	₩183B	₩176B	₩173B	₩174B	₩179B
Growth	−3.6%	−9.7%	−5.8%	−6.4%	−4.1%	−1.7%	0.6%	3.0%
EBIT	₩46B	₩12B	−₩4.7B	₩17B	₩16B	₩16B	₩16B	₩16B
EBIT margin	12.6%	3.7%	−1.5%	9.1%	9.1%	9.1%	9.1%	9.1%
After-tax EBIT	₩33B	₩8.8B	−₩3.4B	₩12B	₩12B	₩11B	₩11B	₩12B
+ Depreciation	—	—	—	₩17B	₩17B	₩16B	₩17B	₩17B
− Capital spending	₩14B	₩41B	₩61B	₩22B	₩21B	₩21B	₩21B	₩21B
− Working capital	₩63B	−₩46B	₩84B	−₩5B	−₩3B	−₩1.2B	₩415M	₩2.1B
Free cash flow	—	—	—	₩13B	₩10B	₩8.4B	₩6.9B	₩5.4B
Discount factor	—	—	—	0.956	0.914	0.873	0.835	0.798
Present value	—	—	—	₩12B	₩9.5B	₩7.4B	₩5.7B	₩4.3B

Terminal value ₩337B, worth ₩269B today: 87% 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:

	Low	Typical	High
Price / book (book value ₩17,345 a share)Now 0.16×	₩4,2840.25×	₩8,5010.49×	₩26,6431.54×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,216 a share)Now 2.27×	₩4,6533.83×	₩9,8868.13×	₩36,38029.9×

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%
3.6%	₩3,148	₩5,655	₩9,698	₩17,325	₩37,142
4.1%	₩802	₩2,400	₩4,742	₩8,520	₩15,645
4.6%	—	₩187	₩1,676	₩3,860	₩7,381
5.1%	—	—	—	₩976	₩3,006
5.6%	—	—	—	—	₩298

Now (TTM)

Market cap: ₩65B
Enterprise value: ₩341B
P/E: —
P/B: 0.2×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 7.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,050	₩6,020	₩8,460	₩10,300	₩22,001
Market cap	₩95B	₩141B	₩198B	₩241B	₩515B
P/E	7.4×	—	8.2×	9.0×	7.5×
P/B	0.3×	0.4×	0.5×	0.8×	1.7×
P/S	0.3×	0.4×	0.5×	0.6×	1.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	4.9%	3.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Creas F&C	—	0.2×	0.3×	—	7.2%
F&F	4.6×	1.2×	1.2×	—	4.3%
LF	5.7×	0.4×	0.3×	4.6×	3.2%
Chokwang Leather	44.9×	0.7×	5.0×	59.8×	0.0%
Handsome	7.1×	0.3×	0.3×	—	0.0%
JS	4.0×	0.6×	0.2×	—	5.3%
Hansae	9.3×	0.4×	0.2×	—	0.0%
Similar companies (median)	6.4×	0.5×	0.3×	32.2×	1.6%

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

Also known as: Creas F&C / 크리스에프앤씨 / 110790 / KRX:110790

Source: KRX statistical information