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Cuckoo Homesys

284740 · KOSPI · ₩284740 · 쿠쿠홈시스

₩22,600 ₩0 (0.00%)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

₩109,108

vs the current price (₩22,600)

Enterprise value
₩2.6T
Equity value
₩2.4T
WACC
7.4%

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 383% 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 ₩22,600, the model needs an operating margin of 4.4% every year (it uses 15.4%).
  • Today's P/E is 3.6× against a typical 4.7× 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
₩68,681
+203.9%
Base
₩109,108
+382.8%
Bull
₩176,028
+678.9%

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 (15.4%).

Revenue growth

  • 6.1%

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

    Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.

  • 5.3%

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

    Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.

  • 4.6%

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

    Default: the last 3 years' revenue growth (6.1% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 3 years' revenue growth (6.1% 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 (6.1% a year, annual reports), fading to 3% by year 5.

Business

  • 15.4%

    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%

    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).

  • 1.3%

    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).

  • 18.4%

    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 0.15, 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)
₩1.1T
Net debt (borrowings and leases − cash and deposits)
−₩82B
+ Stakes and investments
₩70M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩198B
Shares
22,437,330
Share price
₩22,600
Market cap
₩507B

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₩955B₩1.1T₩1.1T₩1.2T₩1.3T₩1.3T₩1.4T₩1.4T
Growth1.8%10.8%6.1%6.1%5.3%4.6%3.8%3.0%
EBIT₩145B₩165B₩169B₩187B₩197B₩207B₩214B₩221B
EBIT margin15.2%15.6%15.1%15.4%15.4%15.4%15.4%15.4%
After-tax EBIT₩105B₩119B₩123B₩136B₩143B₩150B₩155B₩160B
+ Depreciation———₩12B₩13B₩13B₩14B₩14B
− Capital spending₩20B₩8.5B₩10B₩16B₩17B₩17B₩18B₩19B
− Working capital−₩3.8B——₩13B₩12B₩11B₩9.4B₩7.7B
Free cash flow———₩119B₩127B₩135B₩142B₩148B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩111B₩110B₩109B₩107B₩104B

Terminal value ₩2.9T, worth ₩2T today: 79% 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 ₩50,929 a share)Now 0.44×₩24,3650.48×₩31,3940.62×₩62,1331.22×
Price / earnings (last 12 months: ₩6,306 a share)Now 3.58×₩23,8683.79×₩29,7164.71×₩35,2045.58×
P/E on run-rate earnings (Q2 2026 × 4: ₩6,775 a share)Now 3.34×₩25,6423.79×₩31,9244.71×₩37,8215.58×

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%
6.4%₩114,789₩124,114₩135,545₩149,890₩168,431
6.9%₩104,371₩111,911₩120,978₩132,092₩146,039
7.4%₩95,584₩101,778₩109,108₩117,924₩128,731
7.9%₩88,074₩93,230₩99,252₩106,379₩114,951
8.4%₩81,582₩85,924₩90,937₩96,792₩103,722

Now (TTM)

Market cap
₩507B
Enterprise value
₩425B
P/E
3.6×
P/B
0.4×
P/S
0.4×
EV/EBITDA
—
Dividend yield
5.3%

Over time (at each year end)

20252024202320222021
Price₩24,050₩20,650₩21,450₩29,400₩39,200
Market cap₩540B₩463B₩481B₩660B₩880B
P/E4.5×3.8×4.3×5.7×5.8×
P/B0.5×0.5×0.6×0.9×1.4×
P/S0.5×0.4×0.5×0.7×1.0×
EV/EBITDA—————
Dividend yield5.0%4.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Cuckoo Homesys3.6×0.4×0.4×—5.3%
Coway10.5×1.9×1.4×—0.0%
Lotte rental16.1×1.2×0.6×—2.3%
Socar—1.7×0.8×—0.9%
Q AID—4.8×2.8×—0.0%
AJ Networks3.3×0.4×0.2×—0.0%
A One Cubetech————0.0%
Similar companies (median)10.5×1.7×0.8×—0.0%

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

Also known as: Cuckoo Homesys / 쿠쿠홈시스 / 284740 / KRX:284740

Source: KRX statistical information