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Clio Cosmetics

237880 · KOSDAQ · ₩237880 · 클리오

₩11,020▲ ₩170 (1.57%)End-of-day · Oct 30, 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

₩25,124

vs the current price (₩11,020)

Enterprise value
₩337B
Equity value
₩454B
WACC
7.3%

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 128% 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 ₩11,020, the model needs an operating margin of 2.2% every year (it uses 7.1%).
  • Today's P/E is 6.7× against a typical 20.5× 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
₩16,297
+47.9%
Base
₩25,124
+128.0%
Bull
₩40,484
+267.4%

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 (7.1%).

Revenue growth

  • 6.5%

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

    Default: the last 3 years' revenue growth (6.5% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (6.5% a year, annual reports), fading to 3% by year 5.

  • 4.7%

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

    Default: the last 3 years' revenue growth (6.5% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (6.5% 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 (6.5% a year, annual reports), fading to 3% by year 5.

Business

  • 7.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 0.2%

    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).

  • 0.2%

    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).

  • 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.

  • 4.01%

    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.

  • 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 0.37, 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.

  • 5.51%

    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)
₩330B
Net debt (borrowings and leases − cash and deposits)
−₩117B
Shares
18,071,353
Share price
₩11,020
Market cap
₩199B

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₩331B₩351B₩329B₩351B₩371B₩388B₩403B₩415B
Growth21.3%6.3%−6.4%6.5%5.6%4.7%3.9%3.0%
EBIT₩34B₩25B₩16B₩25B₩26B₩28B₩29B₩29B
EBIT margin10.2%7.0%5.0%7.1%7.1%7.1%7.1%7.1%
After-tax EBIT₩25B₩18B₩12B₩18B₩19B₩20B₩21B₩21B
+ Depreciation———₩702M₩741M₩776M₩806M₩831M
− Capital spending₩869M₩719M₩772M₩702M₩741M₩776M₩806M₩831M
− Working capital₩36B−₩56B₩24B₩3.6B₩3.3B₩2.9B₩2.5B₩2B
Free cash flow———₩14B₩16B₩17B₩18B₩19B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩13B₩14B₩14B₩14B₩14B

Terminal value ₩382B, worth ₩269B today: 80% 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 ₩14,373 a share)Now 0.77×₩13,4000.93×₩22,6281.57×₩37,5102.61×
Price / earnings (last 12 months: ₩1,639 a share)Now 6.72×₩16,2349.90×₩33,52920.5×₩67,56241.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,069 a share)Now 3.59×₩30,3919.90×₩62,76920.5×₩126,48341.2×

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%
6.3%₩26,333₩27,782₩29,563₩31,808₩34,728
6.8%₩24,565₩25,720₩27,112₩28,824₩30,983
7.3%₩23,078₩24,014₩25,124₩26,462₩28,107
7.8%₩21,811₩22,580₩23,479₩24,545₩25,831
8.3%₩20,718₩21,357₩22,096₩22,959₩23,983

Now (TTM)

Market cap
₩199B
Enterprise value
₩81B
P/E
6.7×
P/B
0.8×
P/S
0.6×
EV/EBITDA
—
Dividend yield
2.3%

Over time (at each year end)

20252024202320222021
Price₩13,030₩17,200₩30,800₩16,200₩18,250
Market cap₩235B₩311B₩557B₩293B₩330B
P/E17.4×11.4×20.4×28.9×35.6×
P/B1.0×1.3×2.6×1.5×2.0×
P/S0.7×0.9×1.7×1.1×1.4×
EV/EBITDA—————
Dividend yield1.9%2.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Clio Cosmetics6.7×0.8×0.6×—2.3%
APR22.6×15.1×4.3×22.2×2.0%
Amorepacific26.4×1.4×1.7×—1.0%
LG H&H—0.7×0.6×6.9×0.8%
Cosmax15.2×4.3×1.1×13.2×1.3%
Kolmar Korea14.4×2.7×0.9×—0.8%
Amorepacific Holdings14.0×0.6×0.4×—1.6%
Similar companies (median)15.2×2.0×1.0×13.2×1.1%

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

Also known as: Clio Cosmetics / 클리오 / 237880 / KRX:237880

Source: KRX statistical information