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Neo Cremar

311390 · KOSDAQ · ₩311390 · 네오크레마

₩2,280▼ ₩20 (0.87%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value
₩29B
Equity value
−₩32B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩2,280, the model needs an operating margin of 11.1% every year (it uses 3.9%).
  • Or revenue growth +48.5 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −1.7% to 6.6% 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.
  • Today's P/E is 12.4× against a typical 19.7× 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
—
Base
—
Bull
—

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 (3.9%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-85.5% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-85.5% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-85.5% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-85.5% 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 (-85.5% a year, annual reports), fading to 3% by year 5.

Business

  • 3.9%

    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.

  • 1.7%

    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).

  • 2.1%

    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).

  • 24.9%

    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

  • 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 -0.08, 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)
₩82B
Net debt (borrowings and leases − cash and deposits)
−₩3.9B
+ Stakes and investments
₩10B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩76B
Shares
12,653,789
Share price
₩2,280
Market cap
₩29B

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₩25B₩40B₩82B₩73B₩69B₩66B₩66B₩68B
Growth−99.9%62.1%103.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩279M−₩691M₩5.4B₩2.9B₩2.7B₩2.6B₩2.6B₩2.7B
EBIT margin1.1%−1.7%6.6%3.9%3.9%3.9%3.9%3.9%
After-tax EBIT₩202M−₩501M₩3.9B₩2.1B₩1.9B₩1.9B₩1.9B₩1.9B
+ Depreciation———₩1.2B₩1.2B₩1.1B₩1.1B₩1.2B
− Capital spending₩889M₩751M₩769M₩1.5B₩1.4B₩1.4B₩1.4B₩1.4B
− Working capital−₩7.6T₩59B₩3.8B−₩2B−₩1.2B−₩597M−₩33M₩493M
Free cash flow———₩3.8B₩2.9B₩2.2B₩1.6B₩1.2B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩3.6B₩2.5B₩1.8B₩1.2B₩810M

Terminal value ₩28B, worth ₩19B today: 66% 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 ₩5,871 a share)Now 0.39×₩2,5750.44×₩9,5741.63×₩27,3784.66×
Price / earnings (last 12 months: ₩184 a share)Now 12.4×₩2,57514.0×₩3,63219.7×₩13,27572.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩531 a share)Now 4.30×₩7,42614.0×₩10,47419.7×₩38,28472.1×

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%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩29B
Enterprise value
₩20B
P/E
12.4×
P/B
0.4×
P/S
0.4×
EV/EBITDA
—
Dividend yield
2.2%

Over time (at each year end)

20252024202320222021
Price₩5,870₩5,480₩7,130₩7,370₩16,500
Market cap₩74B₩69B₩90B₩93B₩209B
P/E24.9×117.8×——113.6×
P/B1.0×1.0×2.3×0.0×5.0×
P/S0.9×1.7×3.6×0.0×7.0×
EV/EBITDA—————
Dividend yield0.9%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Neo Cremar12.4×0.4×0.4×—2.2%
Samyang Foods17.5×5.6×3.1×—0.4%
Orion10.5×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.6%
Nongshim12.1×0.8×0.7×—1.5%
Otoki16.9×0.6×0.3×—2.9%
Hite Jinro23.3×1.0×0.4×6.4×4.5%
Similar companies (median)16.9×0.9×0.6×5.8×3.0%

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

Also known as: Neo Cremar / 네오크레마 / 311390 / KRX:311390

Source: KRX statistical information