KOSDAQ · 406820 · Cosmetics · ₩406820

Beautyskin뷰티스킨

406820 · KOSDAQ · ₩406820 · 뷰티스킨

₩1,890▲ ₩10 (0.53%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩41B
Equity value: −₩76B
WACC: 5.5%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩1,890, the model needs an operating margin of 7.9% every year (it uses −4.5%).
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: —
Base: —
Bull: —

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 (−4.5%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-17.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-17.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-17.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-17.6% 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 2 years' revenue growth (-17.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-4.5%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 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 & amortisation0.4%
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 spending0.6%
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 capital25.1%
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 -0.08, 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): ₩52B
Net debt (borrowings and leases − cash and deposits): ₩35B
+ Stakes and investments: ₩933M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.1B
Shares: 14,136,157
Share price: ₩1,890
Market cap: ₩27B

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	₩81B	₩81B	₩55B	₩47B	₩43B	₩42B	₩42B	₩43B
Growth	—	−0.0%	−32.1%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩6.1B	−₩1.2B	−₩3.2B	−₩2.1B	−₩2B	−₩1.9B	−₩1.9B	−₩1.9B
EBIT margin	−7.5%	−1.5%	−5.8%	−4.5%	−4.5%	−4.5%	−4.5%	−4.5%
After-tax EBIT	−₩4.4B	−₩879M	−₩2.3B	−₩1.5B	−₩1.4B	−₩1.4B	−₩1.4B	−₩1.4B
+ Depreciation	—	—	—	₩186M	₩174M	₩167M	₩167M	₩172M
− Capital spending	₩331M	₩657M	₩249M	₩279M	₩260M	₩251M	₩251M	₩258M
− Working capital	—	−₩6.9B	−₩10B	−₩1.3B	−₩782M	−₩381M	−₩21M	₩315M
Free cash flow	—	—	—	−₩313M	−₩720M	−₩1.1B	−₩1.4B	−₩1.8B
Discount factor	—	—	—	0.948	0.898	0.851	0.807	0.765
Present value	—	—	—	−₩297M	−₩647M	−₩910M	−₩1.2B	−₩1.4B

Terminal value −₩48B, worth −₩36B today: 89% 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 ₩1,914 a share)Now 0.99×	₩1,8900.99×	₩2,5601.34×	₩3,1951.67×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
4.5%	—	—	—	—	—
5.0%	—	—	—	—	—
5.5%	—	—	—	—	—
6.0%	—	—	—	—	—
6.5%	—	—	—	—	—

Now (TTM)

Market cap: ₩27B
Enterprise value: ₩60B
P/E: —
P/B: 1.0×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023
Price	₩4,528	₩2,629	₩4,140
Market cap	₩64B	₩37B	₩59B
P/E	—	—	—
P/B	2.0×	1.1×	1.7×
P/S	1.2×	0.5×	0.7×
EV/EBITDA	—	—	—
Dividend yield	0.0%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Beautyskin	—	1.0×	0.5×	—	0.0%
APR	24.1×	16.1×	4.5×	23.7×	1.8%
Amorepacific	25.4×	1.3×	1.6×	—	1.0%
LG H&H	—	0.7×	0.6×	6.8×	0.8%
Cosmax	16.2×	4.6×	1.1×	13.8×	1.3%
Kolmar Korea	15.0×	2.8×	0.9×	—	0.7%
d'Alba Global	16.8×	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: Beautyskin / 뷰티스킨 / 406820 / KRX:406820

Source: KRX statistical information