KOSPI · 383220 · Textiles & Apparel · ₩383220

F&FF&F

383220 · KOSPI · ₩383220 · F&F

₩61,500▲ ₩300 (0.49%)End-of-day · Oct 28, 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

₩189,280

vs the current price (₩61,500)

Enterprise value: ₩7T
Equity value: ₩7.3T
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 208% 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 ₩61,500, the model needs an operating margin of 9.2% every year (it uses 26.5%).
Or revenue growth −25.6 points a year higher than assumed in each of the 5 years.
31% 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.
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 4.5× against a typical 7.5× 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: ₩130,809; +112.7%
Base: ₩189,280; +207.8%
Bull: ₩283,759; +361.4%

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 (26.5%).

Revenue growth

Revenue growth, year 12.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.3% 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 (2.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin26.5%
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 & amortisation8.4%
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).
Capital spending10.5%
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 capital6.7%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 0.27, 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)5.61%
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): −₩263B
Shares: 38,307,075
Share price: ₩61,500
Market cap: ₩2.4T

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	₩2T	₩1.9T	₩1.9T	₩2.1T	₩2.1T	₩2.2T	₩2.2T	₩2.3T
Growth	9.4%	−4.2%	2.0%	2.3%	2.4%	2.6%	2.8%	3.0%
EBIT	₩552B	₩451B	₩469B	₩545B	₩558B	₩572B	₩589B	₩606B
EBIT margin	27.9%	23.8%	24.2%	26.5%	26.5%	26.5%	26.5%	26.5%
After-tax EBIT	₩400B	₩327B	₩340B	₩395B	₩405B	₩415B	₩427B	₩439B
+ Depreciation	—	—	—	₩173B	₩177B	₩181B	₩187B	₩192B
− Capital spending	₩74B	₩499B	₩27B	₩216B	₩221B	₩227B	₩233B	₩240B
− Working capital	−₩70B	₩86B	₩70B	₩3.1B	₩3.3B	₩3.7B	₩4.1B	₩4.5B
Free cash flow	—	—	—	₩349B	₩357B	₩366B	₩376B	₩387B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩325B	₩309B	₩295B	₩283B	₩271B

Terminal value ₩7.9T, worth ₩5.5T today: 79% 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 ₩53,724 a share)Now 1.14×	₩75,7311.41×	₩105,0921.96×	₩530,0829.87×
Price / earnings (last 12 months: ₩13,659 a share)Now 4.50×	₩75,1775.50×	₩102,1277.48×	₩203,62214.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩7,621 a share)Now 8.07×	₩41,9465.50×	₩56,9837.48×	₩113,61314.9×

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%	₩196,303	₩212,062	₩231,392	₩255,664	₩287,055
6.9%	₩179,924	₩192,750	₩208,187	₩227,122	₩250,899
7.4%	₩166,108	₩176,715	₩189,280	₩204,403	₩222,954
7.9%	₩154,300	₩163,189	₩173,581	₩185,892	₩200,709
8.4%	₩144,092	₩151,628	₩160,338	₩170,521	₩182,584

Now (TTM)

Market cap: ₩2.4T
Enterprise value: ₩1.9T
P/E: 4.5×
P/B: 1.1×
P/S: 1.2×
EV/EBITDA: —
Dividend yield: 4.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩68,500	₩54,300	₩89,200	₩144,500	₩188,990
Market cap	₩2.6T	₩2.1T	₩3.4T	₩5.5T	₩7.2T
P/E	6.6×	5.8×	8.0×	12.5×	31.2×
P/B	1.4×	1.3×	2.6×	6.0×	13.2×
P/S	1.4×	1.1×	1.7×	3.1×	6.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.9%	3.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
F&F	4.5×	1.1×	1.2×	—	4.4%
LF	5.5×	0.4×	0.3×	4.5×	3.3%
Chokwang Leather	43.6×	0.7×	4.8×	57.9×	0.0%
Handsome	7.1×	0.3×	0.3×	—	0.0%
Hansae	9.4×	0.4×	0.2×	—	0.0%
JS	4.0×	0.6×	0.2×	—	5.3%
Ilshin Spinning	5.2×	0.3×	0.5×	—	3.8%
Similar companies (median)	6.3×	0.4×	0.3×	31.2×	1.6%

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

Also known as: F&F / 383220 / KRX:383220

Source: KRX statistical information