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Fashion Platform

225590 · KOSDAQ · ₩225590 · 패션플랫폼

₩2,955▲ ₩25 (0.85%)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

₩17,668

vs the current price (₩2,955)

Enterprise value
₩86B
Equity value
₩90B
WACC
9.0%

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 498% 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 ₩2,955, the model needs an operating margin of 1.7% every year (it uses 8.3%).
  • Margins ranged from 1.6% to 10.9% 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.
  • Today's P/E is 1.4× against a typical 4.3× 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
₩11,131
+276.7%
Base
₩17,668
+497.9%
Bull
₩28,248
+855.9%

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 (8.3%).

Revenue growth

  • -1.1%

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

    Default: the last 3 years' revenue growth (-1.1% a year, annual reports), fading to 3% by year 5.

  • -0.1%

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

    Default: the last 3 years' revenue growth (-1.1% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-1.1% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (-1.1% 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 (-1.1% a year, annual reports), fading to 3% by year 5.

Business

  • 8.3%

    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.

  • 0%

    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).

  • 0.1%

    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).

  • 31.6%

    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.

  • 0.89

    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 0.84, 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)
₩114B
Net debt (borrowings and leases − cash and deposits)
−₩4.6B
− Minority interests
₩350M
Shares
5,121,376
Share price
₩2,955
Market cap
₩15B

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₩106B₩105B₩106B₩112B₩112B₩113B₩116B₩119B
Growth−3.6%−1.3%1.6%−1.1%−0.1%0.9%2.0%3.0%
EBIT₩8.1B₩1.7B₩8.4B₩9.3B₩9.3B₩9.4B₩9.6B₩9.9B
EBIT margin7.6%1.6%7.9%8.3%8.3%8.3%8.3%8.3%
After-tax EBIT₩5.9B₩1.2B₩6.1B₩6.8B₩6.8B₩6.8B₩7B₩7.2B
+ Depreciation———₩0₩0₩0₩0₩0
− Capital spending₩40M₩54M₩73M₩112M₩112M₩113M₩116M₩119M
− Working capital−₩8.7B−₩8.3B₩3.5B−₩395M−₩36M₩320M₩717M₩1.1B
Free cash flow———₩7.1B₩6.7B₩6.4B₩6.1B₩6B
Discount factor———0.9180.8420.7730.7090.651
Present value———₩6.5B₩5.6B₩4.9B₩4.3B₩3.9B

Terminal value ₩94B, worth ₩61B today: 71% 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 ₩16,351 a share)Now 0.18×₩4,7550.29×₩5,9280.36×₩12,3670.76×
Price / earnings (last 12 months: ₩2,181 a share)Now 1.35×₩5,6832.61×₩9,2734.25×₩19,6929.03×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,767 a share)Now 1.07×₩7,2092.61×₩11,7644.25×₩24,9829.03×

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%
8.0%₩18,960₩19,647₩20,446₩21,385₩22,508
8.5%₩17,742₩18,305₩18,950₩19,699₩20,580
9.0%₩16,678₩17,142₩17,668₩18,273₩18,975
9.5%₩15,739₩16,125₩16,558₩17,051₩17,616
10.0%₩14,905₩15,228₩15,587₩15,992₩16,452

Now (TTM)

Market cap
₩15B
Enterprise value
₩11B
P/E
1.4×
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,350₩4,770₩6,220₩8,275₩8,675
Market cap₩22B₩24B₩32B₩42B₩44B
P/E8.1×19.0×5.0×4.4×2.9×
P/B0.3×0.3×0.4×0.6×0.8×
P/S0.2×0.2×0.3×0.4×0.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Fashion Platform1.4×0.2×0.1×—0.0%
F&F4.5×1.1×1.2×—4.4%
LF5.5×0.4×0.3×4.5×3.3%
Chokwang Leather43.6×0.7×4.8×57.9×0.0%
Handsome7.1×0.3×0.3×—0.0%
Hansae9.4×0.4×0.2×—0.0%
JS4.0×0.6×0.2×—5.3%
Similar companies (median)6.3×0.5×0.3×31.2×1.6%

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

Also known as: Fashion Platform / 패션플랫폼 / 225590 / KRX:225590

Source: KRX statistical information