KOSDAQ · 359090 · Business services · ₩359090

C&R Research씨엔알리서치

359090 · KOSDAQ · ₩359090 · 씨엔알리서치

₩2,215▲ ₩10 (0.45%)End-of-day · Oct 29, 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

₩6,772

vs the current price (₩2,215)

Enterprise value: ₩76B
Equity value: ₩78B
WACC: 7.0%

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 206% 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 ₩2,215, the model needs an operating margin of 2.7% every year (it uses 7.3%).
Or revenue growth −25.1 points a year higher than assumed in each of the 5 years.
Margins ranged from 2.1% to 13.5% 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.
100% 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 15.3× against a typical 16.5× 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: ₩3,513; +58.6%
Base: ₩6,772; +205.7%
Bull: ₩12,478; +463.3%

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 (7.3%).

Revenue growth

Revenue growth, year 110.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 28.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (10.2% 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 (10.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.3%
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 & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital1.8%
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: 105 weeks of weekly returns against KOSPI (official index); raw beta -0.5, 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): ₩64B
Net debt (borrowings and leases − cash and deposits): ₩2.3B
+ Stakes and investments: ₩4.1B; Associates, long-term financial assets and deposits (book value)
Shares: 11,494,143
Share price: ₩2,215
Market cap: ₩25B

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	₩55B	₩60B	₩65B	₩70B	₩76B	₩81B	₩85B	₩87B
Growth	13.6%	8.3%	8.9%	10.2%	8.4%	6.6%	4.8%	3.0%
EBIT	₩6.2B	₩3.6B	₩1.4B	₩5.1B	₩5.5B	₩5.9B	₩6.2B	₩6.4B
EBIT margin	11.3%	6.1%	2.1%	7.3%	7.3%	7.3%	7.3%	7.3%
After-tax EBIT	₩4.5B	₩2.6B	₩1B	₩3.7B	₩4B	₩4.3B	₩4.5B	₩4.6B
+ Depreciation	—	—	—	₩2.1B	₩2.3B	₩2.4B	₩2.5B	₩2.6B
− Capital spending	—	—	—	₩2.8B	₩3B	₩3.2B	₩3.4B	₩3.5B
− Working capital	−₩375M	₩3.5B	₩2.6B	₩117M	₩106M	₩90M	₩70M	₩46M
Free cash flow	—	—	—	₩2.9B	₩3.2B	₩3.4B	₩3.6B	₩3.7B
Discount factor	—	—	—	0.934	0.873	0.816	0.762	0.712
Present value	—	—	—	₩2.7B	₩2.8B	₩2.8B	₩2.7B	₩2.6B

Terminal value ₩88B, worth ₩62B today: 82% 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 ₩4,302 a share)Now 0.51×	₩2,9240.68×	₩7,2411.68×	₩11,0052.56×
Price / earnings (last 12 months: ₩145 a share)Now 15.3×	₩1,59611.0×	₩2,38216.5×	₩2,80019.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩285 a share)Now 7.78×	₩3,14211.0×	₩4,68816.5×	₩5,51219.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
6.0%	₩7,032	₩7,676	₩8,481	₩9,512	₩10,884
6.5%	₩6,383	₩6,900	₩7,532	₩8,320	₩9,330
7.0%	₩5,843	₩6,266	₩6,772	₩7,391	₩8,162
7.5%	₩5,386	₩5,736	₩6,151	₩6,647	₩7,253
8.0%	₩4,994	₩5,289	₩5,633	₩6,038	₩6,525

Now (TTM)

Market cap: ₩25B
Enterprise value: ₩27B
P/E: 15.3×
P/B: 0.5×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 2.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,500	₩5,810	₩5,950	₩5,700	₩10,324
Market cap	₩52B	₩67B	₩68B	₩66B	₩119B
P/E	20.0×	17.4×	12.3×	16.7×	—
P/B	1.0×	1.4×	1.6×	1.8×	3.9×
P/S	0.8×	1.1×	1.2×	1.4×	2.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.1%	0.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
C&R Research	15.3×	0.5×	0.4×	—	2.3%
S-1	24.0×	2.1×	1.3×	—	0.0%
Cheil Worldwide	9.8×	1.3×	0.5×	—	6.5%
Doosan Tesna	54.7×	4.1×	5.7×	—	0.2%
Lotte Tour Development	15.4×	2.2×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.3×	—	1.3%
Innocean Worldwide	5.5×	0.6×	0.3×	—	6.7%
Similar companies (median)	12.6×	1.7×	1.2×	—	0.7%

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

Also known as: C&R Research / 씨엔알리서치 / 359090 / KRX:359090

Source: KRX statistical information