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C&C International

352480 · KOSDAQ · ₩352480 · 씨앤씨인터내셔널

₩18,840▼ ₩310 (1.62%)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

₩47,042

vs the current price (₩18,840)

Enterprise value
₩470B
Equity value
₩641B
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 150% 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 ₩18,840, the model needs an operating margin of 3.3% every year (it uses 8.9%).
  • Margins ranged from 2.5% to 14.6% 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 92.4× against a typical 28.3× 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
₩30,588
+62.4%
Base
₩47,042
+149.7%
Bull
₩75,205
+299.2%

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 (8.9%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (30.2% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (30.2% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (30.2% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (30.2% 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 (30.2% a year, annual reports), fading to 3% by year 5.

Business

  • 8.9%

    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.

  • 7.4%

    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).

  • 9.2%

    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).

  • 12.6%

    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 0.32, 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)
₩293B
Net debt (borrowings and leases − cash and deposits)
−₩145B
+ Stakes and investments
₩26B
Associates, long-term financial assets and deposits (book value)
Shares
13,629,901
Share price
₩18,840
Market cap
₩257B

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₩220B₩283B₩288B₩366B₩437B₩499B₩541B₩557B
Growth68.7%28.4%2.0%25.0%19.5%14.0%8.5%3.0%
EBIT₩32B₩29B₩22B₩33B₩39B₩44B₩48B₩50B
EBIT margin14.6%10.2%7.7%8.9%8.9%8.9%8.9%8.9%
After-tax EBIT₩23B₩21B₩16B₩24B₩28B₩32B₩35B₩36B
+ Depreciation———₩27B₩32B₩37B₩40B₩41B
− Capital spending₩20B₩34B₩19B₩34B₩40B₩46B₩50B₩51B
− Working capital₩11B−₩26B₩28B₩9.2B₩9B₩7.7B₩5.3B₩2B
Free cash flow———₩7.8B₩11B₩15B₩20B₩24B
Discount factor———0.9320.8680.8090.7530.702
Present value———₩7.3B₩9.9B₩13B₩15B₩17B

Terminal value ₩582B, worth ₩409B today: 87% 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 ₩25,611 a share)Now 0.74×₩25,9031.01×₩68,8852.69×₩164,4526.42×
Price / earnings (last 12 months: ₩204 a share)Now 92.4×₩3,23315.9×₩5,77828.3×₩8,79243.1×

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%
6.3%₩49,034₩52,103₩55,875₩60,627₩66,800
6.8%₩45,558₩48,024₩50,997₩54,653₩59,257
7.3%₩42,638₩44,653₩47,042₩49,923₩53,464
7.8%₩40,152₩41,821₩43,773₩46,088₩48,878
8.3%₩38,011₩39,409₩41,026₩42,917₩45,159

Now (TTM)

Market cap
₩257B
Enterprise value
₩108B
P/E
92.4×
P/B
0.7×
P/S
0.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩29,650₩45,700₩62,400₩30,400₩18,350
Market cap₩404B₩623B₩851B₩414B₩250B
P/E28.3×19.2×27.1×25.2×—
P/B1.1×3.0×4.9×3.1×2.1×
P/S1.4×2.2×3.9×3.2×2.7×
EV/EBITDA—————
Dividend yield0.0%2.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
C&C International92.4×0.7×0.9×—0.0%
APR24.1×16.1×4.5×23.7×1.8%
Amorepacific25.4×1.3×1.6×—1.0%
LG H&H—0.7×0.6×6.8×0.8%
Cosmax16.2×4.6×1.1×13.8×1.3%
Kolmar Korea15.0×2.8×0.9×—0.7%
d'Alba Global16.8×7.2×2.9×—1.8%
Similar companies (median)16.8×3.7×1.4×13.8×1.1%

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

Also known as: C&C International / 씨앤씨인터내셔널 / 352480 / KRX:352480

Source: KRX statistical information