KOSDAQ · 347740 · Business services · ₩347740

P&K Skin Research Center피엔케이피부임상연구센타

347740 · KOSDAQ · ₩347740 · 피엔케이피부임상연구센타

₩1,811▼ ₩4 (0.22%)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

₩3,398

vs the current price (₩1,811)

Enterprise value: ₩70B
Equity value: ₩102B
WACC: 7.3%

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 88% 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 ₩1,811, the model needs an operating margin of 7.4% every year (it uses 19.7%).
Or revenue growth −26.4 points a year higher than assumed in each of the 5 years.
Margins ranged from 9.3% to 36.9% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 14.6× against a typical 14.2× 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: ₩2,603; +43.7%
Base: ₩3,398; +87.6%
Bull: ₩4,709; +160.0%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (19.7%).

Revenue growth

Revenue growth, year 18.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (8.3% 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 (8.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin19.7%
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.
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 & amortisation5.5%
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).
Capital spending6.9%
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 capital16.2%
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.
Beta0.6
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 0.29, 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): ₩24B
Net debt (borrowings and leases − cash and deposits): −₩32B
Shares: 30,010,576
Share price: ₩1,811
Market cap: ₩54B

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	₩15B	₩18B	₩23B	₩26B	₩27B	₩29B	₩30B	₩31B
Growth	−17.3%	20.2%	27.7%	8.3%	6.9%	5.6%	4.3%	3.0%
EBIT	₩1.4B	₩2.6B	₩3.9B	₩5B	₩5.4B	₩5.7B	₩5.9B	₩6.1B
EBIT margin	9.3%	14.5%	17.3%	19.7%	19.7%	19.7%	19.7%	19.7%
After-tax EBIT	₩1,000M	₩1.9B	₩2.9B	₩3.7B	₩3.9B	₩4.1B	₩4.3B	₩4.4B
+ Depreciation	—	—	—	₩1.4B	₩1.5B	₩1.6B	₩1.7B	₩1.7B
− Capital spending	₩1.6B	₩622M	₩1.5B	₩1.8B	₩1.9B	₩2B	₩2.1B	₩2.1B
− Working capital	₩4B	−₩1.1B	−₩948M	₩318M	₩287M	₩249M	₩202M	₩147M
Free cash flow	—	—	—	₩3B	₩3.2B	₩3.5B	₩3.7B	₩3.9B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩2.8B	₩2.8B	₩2.8B	₩2.8B	₩2.7B

Terminal value ₩80B, worth ₩56B today: 80% 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 ₩2,745 a share)Now 0.66×	₩2,0430.74×	₩3,0921.13×	₩5,5772.03×
Price / earnings (last 12 months: ₩124 a share)Now 14.6×	₩1,33510.7×	₩1,76514.2×	₩2,66621.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩204 a share)Now 8.89×	₩2,18710.7×	₩2,89114.2×	₩4,36821.4×

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%
6.3%	₩3,506	₩3,708	₩3,958	₩4,272	₩4,682
6.8%	₩3,288	₩3,451	₩3,649	₩3,892	₩4,199
7.3%	₩3,104	₩3,239	₩3,398	₩3,591	₩3,828
7.8%	₩2,948	₩3,060	₩3,191	₩3,347	₩3,535
8.3%	₩2,813	₩2,908	₩3,017	₩3,145	₩3,296

Now (TTM)

Market cap: ₩54B
Enterprise value: ₩22B
P/E: 14.6×
P/B: 0.7×
P/S: 2.3×
EV/EBITDA: —
Dividend yield: 2.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,560	₩2,105	₩2,460	₩3,035	₩4,588
Market cap	₩77B	₩63B	₩74B	₩91B	₩138B
P/E	16.4×	10.9×	15.7×	12.8×	18.9×
P/B	1.0×	0.8×	1.0×	1.3×	2.2×
P/S	3.4×	3.5×	5.0×	5.1×	7.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.0%	1.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
P&K Skin Research Center	14.6×	0.7×	2.3×	—	2.8%
S-1	24.3×	2.2×	1.3×	—	0.0%
Cheil Worldwide	8.5×	1.2×	0.4×	—	6.7%
Doosan Tesna	50.9×	3.9×	5.3×	—	0.2%
Lotte Tour Development	15.2×	2.1×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.2×	—	1.3%
Innocean Worldwide	5.4×	0.6×	0.3×	—	6.8%
Similar companies (median)	11.8×	1.6×	1.2×	—	0.8%

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

Also known as: P&K Skin Research Center / 피엔케이피부임상연구센타 / 347740 / KRX:347740

Source: KRX statistical information