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E-Mart

139480 · KOSPI · ₩139480 · 이마트

₩66,400▼ ₩200 (0.30%)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

With these assumptions the model gives no positive value.

Enterprise value
₩3.6T
Equity value
−₩4.7T
WACC
4.7%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩66,400, the model needs an operating margin of 1.5% every year (it uses 0.7%).
  • Or revenue growth +19.5 points a year higher than assumed in each of the 5 years.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
  • Today's P/E is 86.4× 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
—
Base
—
Bull
₩981,061
+1,377.5%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (0.7%).

Revenue growth

  • -0.4%

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

    Default: the last 3 years' revenue growth (-0.4% a year, annual reports), fading to 3% by year 5.

  • 0.4%

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

    Default: the last 3 years' revenue growth (-0.4% a year, annual reports), fading to 3% by year 5.

  • 1.3%

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

    Default: the last 3 years' revenue growth (-0.4% a year, annual reports), fading to 3% by year 5.

  • 2.1%

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

    Default: the last 3 years' revenue growth (-0.4% 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 (-0.4% a year, annual reports), fading to 3% by year 5.

Business

  • 0.7%

    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.

  • 2.1%

    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).

  • 2.6%

    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).

  • -4.1%

    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 0.14, 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)
₩29T
Net debt (borrowings and leases − cash and deposits)
₩8.3T
Shares
27,595,819
Share price
₩66,400
Market cap
₩1.8T

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₩29T₩29T₩29T₩29T₩29T₩29T₩30T₩31T
Growth0.5%−1.5%−0.2%−0.4%0.4%1.3%2.1%3.0%
EBIT−₩47B₩47B₩323B₩200B₩201B₩204B₩208B₩214B
EBIT margin−0.2%0.2%1.1%0.7%0.7%0.7%0.7%0.7%
After-tax EBIT−₩34B₩34B₩234B₩145B₩146B₩148B₩151B₩155B
+ Depreciation———₩601B₩604B₩612B₩624B₩643B
− Capital spending₩829B₩691B₩764B₩745B₩748B₩757B₩773B₩796B
− Working capital₩209B₩3.6T−₩3T₩4.7B−₩4.7B−₩15B−₩25B−₩37B
Free cash flow———−₩2.6B₩6.9B₩18B₩27B₩39B
Discount factor———0.9550.9130.8720.8330.796
Present value———−₩2.5B₩6.3B₩15B₩23B₩31B

Terminal value ₩4.4T, worth ₩3.5T today: 98% 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 ₩476,334 a share)Now 0.14×₩73,4400.15×₩96,2520.20×₩166,4430.35×
Price / earnings (last 12 months: ₩769 a share)Now 86.4×₩1,0471.36×₩7,3719.59×₩14,90819.4×

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%
3.7%———₩26,970₩299,228
4.2%————₩37,041
4.7%—————
5.2%—————
5.7%—————

Now (TTM)

Market cap
₩1.8T
Enterprise value
₩10T
P/E
86.4×
P/B
0.1×
P/S
0.1×
EV/EBITDA
—
Dividend yield
3.8%

Over time (at each year end)

20252024202320222021
Price₩81,300₩63,400₩76,600₩98,000₩151,000
Market cap₩2.2T₩1.7T₩2.1T₩2.7T₩4.2T
P/E16.5×——2.6×2.7×
P/B0.2×0.2×0.2×0.2×0.4×
P/S0.1×0.1×0.1×0.1×0.2×
EV/EBITDA—————
Dividend yield3.1%3.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
E-Mart86.4×0.1×0.1×—3.8%
Samsung C&T17.5×0.5×1.1×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC41.4×5.5×11.5×—0.6%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.0×1.6×5.1×—4.1%
Shinsegae13.7×0.4×0.3×—2.1%
Similar companies (median)15.6×1.0×0.9×—2.6%

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

Also known as: E-Mart / 이마트 / 139480 / KRX:139480

Source: KRX statistical information