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Best Bristle

318410 · KOSDAQ · ₩318410 · 비비씨

₩5,770▼ ₩100 (1.70%)End-of-day · Oct 29, 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

₩19,513

vs the current price (₩5,770)

Enterprise value
₩72B
Equity value
₩108B
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 238% 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 ₩5,770, the model needs an operating margin of 0.3% every year (it uses 9.6%).
  • 49% 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 3.2× against a typical 10.7× 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
₩14,661
+154.1%
Base
₩19,513
+238.2%
Bull
₩27,888
+383.3%

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 (9.6%).

Revenue growth

  • 4.5%

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

    Default: the last 3 years' revenue growth (4.5% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (4.5% a year, annual reports), fading to 3% by year 5.

  • 3.7%

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

    Default: the last 3 years' revenue growth (4.5% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (4.5% 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 (4.5% a year, annual reports), fading to 3% by year 5.

Business

  • 9.6%

    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.

  • 5.5%

    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).

  • 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).

  • 40%

    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.

  • 4.08%

    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.

  • 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 0.19, 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.

  • 5.58%

    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)
₩55B
Net debt (borrowings and leases − cash and deposits)
−₩29B
+ Stakes and investments
₩7.3B
Associates, long-term financial assets and deposits (book value)
Shares
5,555,243
Share price
₩5,770
Market cap
₩32B

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₩54B₩61B₩52B₩58B₩60B₩62B₩64B₩66B
Growth18.4%13.2%−14.9%4.5%4.1%3.7%3.4%3.0%
EBIT₩4.5B₩5.7B₩6.2B₩5.5B₩5.8B₩6B₩6.2B₩6.4B
EBIT margin8.3%9.4%12.0%9.6%9.6%9.6%9.6%9.6%
After-tax EBIT₩3.2B₩4.2B₩4.5B₩4B₩4.2B₩4.3B₩4.5B₩4.6B
+ Depreciation₩3.3B₩3.2B₩2.7B₩3.2B₩3.3B₩3.4B₩3.5B₩3.6B
− Capital spending₩2.1B₩1.1B₩417M₩1.2B₩1.3B₩1.3B₩1.4B₩1.4B
− Working capital₩2B−₩540M−₩10B₩992M₩945M₩888M₩846M₩772M
Free cash flow₩2.4B₩6.8B₩17B₩5B₩5.3B₩5.6B₩5.8B₩6.1B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩4.6B₩4.6B₩4.5B₩4.4B₩4.3B

Terminal value ₩70B, worth ₩49B today: 69% 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 ₩15,397 a share)Now 0.37×₩7,6650.50×₩10,5630.69×₩15,2800.99×
Price / earnings (last 12 months: ₩1,808 a share)Now 3.19×₩11,7246.48×₩19,39310.7×₩61,20933.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,842 a share)Now 1.50×₩24,9066.48×₩41,19910.7×₩130,03233.8×

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%₩20,618₩21,319₩22,176₩23,250₩24,636
6.9%₩19,512₩20,057₩20,710₩21,509₩22,509
7.4%₩18,577₩19,007₩19,513₩20,120₩20,862
7.9%₩17,776₩18,119₩18,517₩18,986₩19,549
8.4%₩17,081₩17,357₩17,674₩18,042₩18,475

Now (TTM)

Market cap
₩32B
Enterprise value
₩1.8B
P/E
3.2×
P/B
0.4×
P/S
0.6×
EV/EBITDA
0.2×
Dividend yield
6.9%

Over time (at each year end)

20252024202320222021
Price₩7,800₩7,770₩9,170₩8,700₩14,100
Market cap₩43B₩43B₩51B₩48B₩78B
P/E7.9×10.6×8.6×31.0×20.8×
P/B0.5×0.6×0.7×0.7×1.1×
P/S0.8×0.7×1.0×1.1×2.1×
EV/EBITDA2.5×4.4×5.7×8.3×11.1×
Dividend yield5.1%5.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Best Bristle3.2×0.4×0.6×0.2×6.9%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha6.1×0.4×0.1×—1.4%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×9.0×0.0%
Kumho Petro Chemical5.2×0.4×0.4×—1.6%
Similar companies (median)5.2×0.4×0.4×9.0×0.4%

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

Also known as: Best Bristle / 비비씨 / 318410 / KRX:318410

Source: KRX statistical information