KOSPI · 278470 · Cosmetics · ₩278470

APR에이피알

278470 · KOSPI · ₩278470 · 에이피알

₩261,000▼ ₩21,500 (7.61%)End-of-day · Oct 30, 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

₩207,314

vs the current price (₩261,000)

Enterprise value: ₩7.5T
Equity value: ₩7.8T
WACC: 7.7%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Bear / Base / Bull

Bear: ₩135,850; −48.0%
Base: ₩207,314; −20.6%
Bull: ₩322,240; +23.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (16.2%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (56.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (56.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (56.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (56.6% 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 (56.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin16.2%
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 & amortisation0.8%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending3.4%
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 capital4.9%
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 rate4.01%
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.
Beta0.67
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.51, 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)5.51%
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): ₩2.3T
Net debt (borrowings and leases − cash and deposits): −₩204B
+ Stakes and investments: ₩31B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩161
Shares: 37,438,155
Share price: ₩261,000
Market cap: ₩9.8T

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	₩524B	₩723B	₩1.5T	₩2.9T	₩3.4T	₩3.9T	₩4.2T	₩4.4T
Growth	31.7%	38.0%	111.3%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩104B	₩123B	₩366B	₩465B	₩555B	₩633B	₩687B	₩707B
EBIT margin	19.9%	17.0%	23.9%	16.2%	16.2%	16.2%	16.2%	16.2%
After-tax EBIT	₩76B	₩89B	₩265B	₩337B	₩403B	₩459B	₩498B	₩513B
+ Depreciation	₩4.7B	₩6.3B	₩7.6B	₩23B	₩27B	₩31B	₩34B	₩35B
− Capital spending	₩12B	₩48B	₩18B	₩98B	₩117B	₩133B	₩144B	₩148B
− Working capital	−₩5.8B	₩31B	₩10B	₩28B	₩27B	₩24B	₩16B	₩6.2B
Free cash flow	₩74B	₩16B	₩245B	₩234B	₩286B	₩334B	₩371B	₩393B
Discount factor	—	—	—	0.929	0.862	0.801	0.743	0.690
Present value	—	—	—	₩217B	₩247B	₩267B	₩276B	₩271B

Terminal value ₩9T, worth ₩6.2T today: 83% 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 ₩17,309 a share)Now 15.1×	₩109,1366.30×	₩261,00015.1×	₩493,14428.5×
Price / earnings (last 12 months: ₩11,544 a share)Now 22.6×	₩244,71921.2×	₩374,23132.4×	₩576,50849.9×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩11,773 a share)Now 22.2×	₩249,56221.2×	₩381,63832.4×	₩587,91949.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
6.7%	₩215,309	₩232,588	₩253,543	₩279,492	₩312,461
7.2%	₩197,071	₩211,264	₩228,185	₩248,708	₩274,121
7.7%	₩181,587	₩193,414	₩207,314	₩223,888	₩243,989
8.2%	₩168,283	₩178,259	₩189,843	₩203,459	₩219,693
8.7%	₩156,732	₩165,236	₩175,009	₩186,357	₩199,695

Now (TTM)

Market cap: ₩9.8T
Enterprise value: ₩9.5T
P/E: 22.6×
P/B: 15.1×
P/S: 4.3×
EV/EBITDA: 22.2×
Dividend yield: 2.0%

Over time (at each year end)

	2025	2024
Price	₩231,000	₩50,000
Market cap	₩8.6T	₩1.9T
P/E	29.9×	17.4×
P/B	19.4×	5.8×
P/S	5.7×	2.6×
EV/EBITDA	22.5×	13.8×
Dividend yield	2.2%	—

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Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
APR	22.6×	15.1×	4.3×	22.2×	2.0%
Amorepacific	26.4×	1.4×	1.7×	—	1.0%
LG H&H	—	0.7×	0.6×	6.9×	0.8%
Cosmax	15.2×	4.3×	1.1×	13.2×	1.3%
Kolmar Korea	14.4×	2.7×	0.9×	—	0.8%
Amorepacific Holdings	14.0×	0.6×	0.4×	—	1.6%
d'Alba Global	16.6×	7.2×	2.8×	—	1.8%
Similar companies (median)	15.2×	2.0×	1.0×	10.1×	1.1%

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

Also known as: APR / 에이피알 / 278470 / KRX:278470

Source: KRX statistical information