KOSDAQ · 238200 · Food & Beverage · ₩238200

Bifido비피도

238200 · KOSDAQ · ₩238200 · 비피도

₩2,470▲ ₩85 (3.56%)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: −₩24B
Equity value: −₩21B
WACC: 7.0%

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

To match today's price of ₩2,470, the model needs an operating margin of 12.8% every year (it uses −2.5%).
Margins ranged from −36.4% to 8.7% 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.
100% 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.
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: —

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 (−2.5%).

Revenue growth

Revenue growth, year 110.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.5% 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 (10.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-2.5%
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 & amortisation27.8%
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 spending34.8%
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 capital40%
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 0.19, 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): ₩15B
Net debt (borrowings and leases − cash and deposits): ₩2.6B
+ Stakes and investments: ₩6.3B; Associates, long-term financial assets and deposits (book value)
Shares: 8,180,000
Share price: ₩2,470
Market cap: ₩20B

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	₩19B	₩12B	₩20B	₩16B	₩18B	₩19B	₩20B	₩20B
Growth	27.8%	−33.7%	59.3%	10.5%	8.6%	6.8%	4.9%	3.0%
EBIT	−₩344M	−₩4.5B	₩1.4B	−₩404M	−₩439M	−₩469M	−₩492M	−₩507M
EBIT margin	−1.8%	−36.4%	7.1%	−2.5%	−2.5%	−2.5%	−2.5%	−2.5%
After-tax EBIT	−₩249M	−₩3.3B	₩1B	−₩293M	−₩318M	−₩340M	−₩357M	−₩367M
+ Depreciation	—	—	—	₩4.5B	₩4.9B	₩5.2B	₩5.5B	₩5.6B
− Capital spending	₩3.3B	₩6.1B	₩7.2B	₩5.6B	₩6.1B	₩6.5B	₩6.8B	₩7.1B
− Working capital	−₩32B	₩27B	₩10B	₩614M	₩556M	₩478M	₩368M	₩236M
Free cash flow	—	—	—	−₩2B	−₩2.1B	−₩2.1B	−₩2.1B	−₩2B
Discount factor	—	—	—	0.935	0.873	0.816	0.763	0.713
Present value	—	—	—	−₩1.9B	−₩1.8B	−₩1.7B	−₩1.6B	−₩1.4B

Terminal value −₩22B, worth −₩16B today: 65% 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 ₩5,982 a share)Now 0.41×	₩3,0260.51×	₩4,6470.78×	₩8,2481.38×

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%
6.0%	—	—	—	—	—
6.5%	—	—	—	—	—
7.0%	—	—	—	—	—
7.5%	—	—	—	—	—
8.0%	—	—	—	—	—

Now (TTM)

Market cap: ₩20B
Enterprise value: ₩23B
P/E: 10.9×
P/B: 0.4×
P/S: 1.4×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,065	₩2,945	₩5,370	₩8,500	₩10,900
Market cap	₩25B	₩24B	₩44B	₩70B	₩89B
P/E	—	—	40.6×	45.0×	19.8×
P/B	0.5×	0.5×	0.8×	1.3×	1.8×
P/S	1.3×	2.0×	2.4×	4.8×	7.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Bifido	10.9×	0.4×	1.4×	—	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: Bifido / 비피도 / 238200 / KRX:238200

Source: KRX statistical information