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KCC Glass

344820 · KOSPI · ₩344820 · KCC글라스

₩21,600▼ ₩150 (0.69%)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

₩40,836

vs the current price (₩21,600)

Enterprise value
₩598B
Equity value
₩652B
WACC
7.1%

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 89% 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 ₩21,600, the model needs an operating margin of 2.8% every year (it uses 3.7%).
  • Margins ranged from −4.0% to 13.6% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
₩340
−98.4%
Base
₩40,836
+89.1%
Bull
₩117,615
+444.5%

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 (3.7%).

Revenue growth

  • 9.6%

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

    Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.

  • 7.9%

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

    Default: the last 3 years' revenue growth (9.6% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (9.6% 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 (9.6% 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 (9.6% a year, annual reports), fading to 3% by year 5.

Business

  • 3.7%

    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.

  • 6.2%

    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).

  • 7.8%

    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).

  • 21.5%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.21, 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.

  • 5.53%

    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)
₩2T
Net debt (borrowings and leases − cash and deposits)
₩22B
+ Stakes and investments
₩76B
Associates, long-term financial assets and deposits (book value)
Shares
15,970,512
Share price
₩21,600
Market cap
₩345B

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₩1.7T₩1.9T₩1.9T₩2.2T₩2.3T₩2.5T₩2.6T₩2.7T
Growth16.4%13.3%−0.1%9.6%7.9%6.3%4.6%3.0%
EBIT₩95B₩57B−₩75B₩80B₩87B₩92B₩96B₩99B
EBIT margin5.7%3.0%−4.0%3.7%3.7%3.7%3.7%3.7%
After-tax EBIT₩69B₩41B−₩55B₩58B₩63B₩67B₩70B₩72B
+ Depreciation———₩135B₩145B₩155B₩162B₩166B
− Capital spending₩122B₩240B₩67B₩170B₩183B₩194B₩203B₩209B
− Working capital−₩15B−₩29B₩63B₩41B₩37B₩32B₩25B₩17B
Free cash flow———−₩17B−₩12B−₩4.8B₩3.6B₩12B
Discount factor———0.9330.8710.8130.7590.709
Present value———−₩16B−₩10B−₩3.9B₩2.7B₩8.7B

Terminal value ₩871B, worth ₩617B today: 103% 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 ₩84,198 a share)Now 0.26×₩24,9650.30×₩36,7090.44×₩55,9920.67×

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%
6.1%₩47,580₩49,786₩52,493₩55,909₩60,371
6.6%₩42,589₩44,151₩46,022₩48,313₩51,198
7.1%₩38,437₩39,541₩40,836₩42,383₩44,273
7.6%₩34,932₩35,706₩36,594₩37,632₩38,866
8.1%₩31,938₩32,468₩33,064₩33,745₩34,534

Now (TTM)

Market cap
₩345B
Enterprise value
₩367B
P/E
—
P/B
0.3×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩26,500₩37,600₩41,050₩36,950₩59,900
Market cap₩423B₩600B₩656B₩590B₩957B
P/E—16.2×8.0×6.3×8.1×
P/B0.3×0.4×0.4×0.4×0.7×
P/S0.2×0.3×0.4×0.4×0.8×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
KCC Glass—0.3×0.2×—0.0%
Tokai Carbon Korea30.7×4.3×7.0×—0.7%
Hanilcementco12.1×0.7×0.9×—6.0%
Wonik QnC13.8×1.2×0.7×—0.5%
Sampyo Cement16.9×0.8×0.9×6.0×2.2%
Hanil Holdings9.5×0.3×0.3×—5.9%
IS Dongseo5.2×0.3×0.4×—3.5%
Similar companies (median)13.0×0.7×0.8×6.0×2.8%

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

Also known as: KCC Glass / KCC글라스 / 344820 / KRX:344820

Source: KRX statistical information