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Green Plus

186230 · KOSDAQ · ₩186230 · 그린플러스

₩3,350▼ ₩625 (15.72%)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
₩8.6B
Equity value
−₩28B
WACC
5.7%

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 ₩3,350, the model needs an operating margin of 4.1% every year (it uses 1.9%).
  • Margins ranged from −13.9% to 6.1% 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.
  • 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.

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
₩6,530
+94.9%

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 (1.9%).

Revenue growth

  • 8.4%

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

    Default: the last 3 years' revenue growth (8.4% a year, annual reports), fading to 3% by year 5.

  • 7%

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

    Default: the last 3 years' revenue growth (8.4% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (8.4% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (8.4% 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 (8.4% a year, annual reports), fading to 3% by year 5.

Business

  • 1.9%

    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.

  • 6%

    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).

  • 7.5%

    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).

  • 16.8%

    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 0.08, 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)
₩127B
Net debt (borrowings and leases − cash and deposits)
₩36B
+ Stakes and investments
₩11M
Associates, long-term financial assets and deposits (book value)
Shares
10,920,188
Share price
₩3,350
Market cap
₩37B

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₩59B₩88B₩106B₩138B₩148B₩156B₩163B₩168B
Growth−29.1%48.9%20.6%8.4%7.0%5.7%4.3%3.0%
EBIT−₩8.2B₩2.5B−₩952M₩2.6B₩2.8B₩3B₩3.1B₩3.2B
EBIT margin−13.9%2.8%−0.9%1.9%1.9%1.9%1.9%1.9%
After-tax EBIT−₩6B₩1.8B−₩690M₩1.9B₩2B₩2.2B₩2.2B₩2.3B
+ Depreciation———₩8.3B₩8.9B₩9.4B₩9.8B₩10B
− Capital spending₩9.2B₩4.1B₩2.1B₩10B₩11B₩12B₩12B₩13B
− Working capital−₩12B−₩3.9B₩91M₩1.8B₩1.6B₩1.4B₩1.1B₩821M
Free cash flow———−₩2B−₩1.8B−₩1.6B−₩1.3B−₩1B
Discount factor———0.9460.8940.8460.8000.756
Present value———−₩1.9B−₩1.6B−₩1.4B−₩1.1B−₩776M

Terminal value ₩20B, worth ₩15B today: 178% 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 ₩3,690 a share)Now 0.91×₩3,9141.06×₩6,7371.83×₩10,5912.87×

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%
4.7%—————
5.2%—————
5.7%—————
6.2%—————
6.7%—————

Now (TTM)

Market cap
₩37B
Enterprise value
₩73B
P/E
—
P/B
0.9×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,870₩7,440₩8,360₩10,300₩15,750
Market cap₩64B₩81B₩91B₩112B₩172B
P/E—104.5×———
P/B1.6×1.7×2.0×1.9×2.8×
P/S0.6×0.9×1.6×1.4×2.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Green Plus—0.9×0.3×—0.0%
POSCO Holdings16.2×0.4×0.3×7.7×3.6%
Korea Zinc18.1×1.6×0.8×—2.3%
Hyundai Steel—0.2×0.2×—1.9%
Poongsan8.0×0.7×0.3×5.9×2.9%
SeAH Besteel Holdings12.7×0.6×0.3×9.6×3.8%
Sama Aluminium—4.3×3.1×—0.0%
Similar companies (median)14.4×0.6×0.3×7.7×2.6%

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

Also known as: Green Plus / 그린플러스 / 186230 / KRX:186230

Source: KRX statistical information