KOSDAQ · 222040 · Food & Beverage · ₩222040

Cosmax NBT코스맥스엔비티

222040 · KOSDAQ · ₩222040 · 코스맥스엔비티

₩4,680▼ ₩30 (0.64%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: ₩105B
Equity value: −₩4.1B
WACC: 5.6%

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

To match today's price of ₩4,680, the model needs an operating margin of 4.3% every year (it uses 2.6%).
Or revenue growth +29.0 points a year higher than assumed in each of the 5 years.
50% 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.

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: ₩11,546; +146.7%

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 (2.6%).

Revenue growth

Revenue growth, year 1-4.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.3% 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 (-4.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.6%
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 & amortisation2.6%
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).
Capital spending3.2%
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 capital20.3%
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 rate4.08%
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.
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 0.29, 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)5.58%
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): ₩335B
Net debt (borrowings and leases − cash and deposits): ₩109B
Shares: 20,628,000
Share price: ₩4,680
Market cap: ₩97B

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	₩334B	₩318B	₩287B	₩321B	₩313B	₩311B	₩314B	₩324B
Growth	1.7%	−4.7%	−9.6%	−4.3%	−2.5%	−0.7%	1.2%	3.0%
EBIT	₩12B	₩9.9B	₩4B	₩8.3B	₩8.1B	₩8.1B	₩8.2B	₩8.4B
EBIT margin	3.6%	3.1%	1.4%	2.6%	2.6%	2.6%	2.6%	2.6%
After-tax EBIT	₩8.7B	₩7.2B	₩2.9B	₩6B	₩5.9B	₩5.9B	₩5.9B	₩6.1B
+ Depreciation	—	—	—	₩8.3B	₩8.1B	₩8.1B	₩8.2B	₩8.4B
− Capital spending	₩17B	₩4.4B	₩8.9B	₩10B	₩10B	₩9.9B	₩10B	₩10B
− Working capital	−₩7.9B	₩10B	−₩47B	−₩2.9B	−₩1.6B	−₩444M	₩757M	₩1.9B
Free cash flow	—	—	—	₩7B	₩5.6B	₩4.4B	₩3.3B	₩2.2B
Discount factor	—	—	—	0.947	0.896	0.849	0.804	0.761
Present value	—	—	—	₩6.7B	₩5.1B	₩3.8B	₩2.6B	₩1.7B

Terminal value ₩111B, worth ₩85B today: 81% 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 ₩4,480 a share)Now 1.04×	₩5,8351.30×	₩9,2002.05×	₩13,2542.96×

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%
4.6%	₩693	₩1,106	₩1,673	₩2,501	₩3,833
5.1%	—	₩241	₩588	₩1,063	₩1,757
5.6%	—	—	—	₩87	₩475
6.1%	—	—	—	—	—
6.6%	—	—	—	—	—

Now (TTM)

Market cap: ₩97B
Enterprise value: ₩203B
P/E: 3.5×
P/B: 1.0×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,500	₩3,085	₩6,420	₩4,290	₩5,780
Market cap	₩72B	₩64B	₩132B	₩88B	₩119B
P/E	—	—	—	—	—
P/B	1.6×	1.1×	3.7×	2.0×	2.2×
P/S	0.3×	0.2×	0.4×	0.3×	0.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Cosmax NBT	3.5×	1.0×	0.3×	—	0.0%
Samyang Foods	18.4×	5.9×	3.3×	—	0.4%
Orion	10.5×	1.1×	1.2×	5.3×	3.1%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.0×	0.8×	0.7×	—	1.5%
Otoki	16.9×	0.6×	0.3×	—	2.9%
Hite Jinro	23.0×	0.9×	0.4×	6.3×	4.5%
Similar companies (median)	16.9×	0.9×	0.5×	5.8×	3.0%

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

Also known as: Cosmax NBT / 코스맥스엔비티 / 222040 / KRX:222040

Source: KRX statistical information