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267790 · KOSDAQ · ₩267790 · 배럴

₩2,805▲ ₩25 (0.90%)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

₩7,474

vs the current price (₩2,805)

Enterprise value
₩59B
Equity value
₩57B
WACC
6.6%

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 is 166% 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 ₩2,805, the model needs an operating margin of 3.3% every year (it uses 6.1%).
  • Margins ranged from −35.8% to 14.6% 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.
  • 54% 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.
  • Today's P/E is 2.3× against a typical 7.0× 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
₩3,025
+7.8%
Base
₩7,474
+166.5%
Bull
₩15,850
+465.1%

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 (6.1%).

Revenue growth

  • 15.9%

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

    Default: the last 3 years' revenue growth (15.9% a year, annual reports), fading to 3% by year 5.

  • 12.7%

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

    Default: the last 3 years' revenue growth (15.9% a year, annual reports), fading to 3% by year 5.

  • 9.4%

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

    Default: the last 3 years' revenue growth (15.9% a year, annual reports), fading to 3% by year 5.

  • 6.2%

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

    Default: the last 3 years' revenue growth (15.9% 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 (15.9% a year, annual reports), fading to 3% by year 5.

Business

  • 6.1%

    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.

  • 1.6%

    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).

  • 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).

  • 28.2%

    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 0.29, 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)
₩58B
Net debt (borrowings and leases − cash and deposits)
₩6.9B
+ Stakes and investments
₩5.3B
Associates, long-term financial assets and deposits (book value)
Shares
7,689,309
Share price
₩2,805
Market cap
₩22B

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₩58B₩64B₩59B₩67B₩75B₩82B₩87B₩90B
Growth52.9%10.8%−8.2%15.9%12.7%9.4%6.2%3.0%
EBIT₩8.5B₩9.1B₩6.6B₩4.1B₩4.6B₩5B₩5.3B₩5.5B
EBIT margin14.6%14.1%11.2%6.1%6.1%6.1%6.1%6.1%
After-tax EBIT₩6.2B₩6.6B₩4.8B₩2.9B₩3.3B₩3.6B₩3.9B₩4B
+ Depreciation———₩1.1B₩1.2B₩1.3B₩1.4B₩1.4B
− Capital spending₩1.5B₩1.4B₩868M₩1.3B₩1.5B₩1.6B₩1.7B₩1.8B
− Working capital₩11B−₩23B₩4.9B₩2.6B₩2.4B₩2B₩1.4B₩739M
Free cash flow———₩103M₩635M₩1.3B₩2.1B₩2.9B
Discount factor———0.9380.8800.8250.7740.726
Present value———₩96M₩559M₩1.1B₩1.6B₩2.1B

Terminal value ₩74B, worth ₩54B today: 91% 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 ₩6,802 a share)Now 0.41×₩3,8250.56×₩8,5051.25×₩12,7561.88×
Price / earnings (last 12 months: ₩1,211 a share)Now 2.32×₩7,2696.00×₩8,4977.02×₩16,30913.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,284 a share)Now 0.85×₩19,7166.00×₩23,0467.02×₩44,23413.5×

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%
5.6%₩8,317₩8,998₩9,865₩11,007₩12,584
6.1%₩7,377₩7,889₩8,523₩9,329₩10,392
6.6%₩6,606₩6,999₩7,474₩8,062₩8,811
7.1%₩5,964₩6,270₩6,633₩7,073₩7,617
7.6%₩5,421₩5,662₩5,944₩6,279₩6,684

Now (TTM)

Market cap
₩22B
Enterprise value
₩25B
P/E
2.3×
P/B
0.4×
P/S
0.4×
EV/EBITDA
—
Dividend yield
2.7%

Over time (at each year end)

20252024202320222021
Price₩3,790₩4,630₩7,700₩7,000₩8,000
Market cap₩29B₩36B₩59B₩54B₩62B
P/E6.8×7.1×8.7×——
P/B0.6×0.8×1.5×1.8×1.7×
P/S0.5×0.6×1.0×1.4×2.9×
EV/EBITDA—————
Dividend yield2.0%1.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Barrel2.3×0.4×0.4×—2.7%
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: Barrel / 배럴 / 267790 / KRX:267790

Source: KRX statistical information