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Bellock

424760 · KOSDAQ · ₩424760 · 벨로크

₩1,843▼ ₩7 (0.38%)End-of-day · Oct 28, 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

₩69

vs the current price (₩1,843)

Enterprise value
−₩13B
Equity value
₩693M
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 96% 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 ₩1,843, the model needs an operating margin of 1.6% every year (it uses −1.3%).
  • Margins ranged from −6.4% to 2.5% over the last 3 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.
  • 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
₩69
−96.3%
Bull
₩1,267
−31.2%

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 (−1.3%).

Revenue growth

  • 15.8%

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

    Default: the last 2 years' revenue growth (15.8% a year, annual reports), fading to 3% by year 5.

  • 12.6%

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

    Default: the last 2 years' revenue growth (15.8% a year, annual reports), fading to 3% by year 5.

  • 9.4%

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

    Default: the last 2 years' revenue growth (15.8% a year, annual reports), fading to 3% by year 5.

  • 6.2%

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

    Default: the last 2 years' revenue growth (15.8% 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 2 years' revenue growth (15.8% a year, annual reports), fading to 3% by year 5.

Business

  • -1.3%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 4.1%

    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).

  • 5.1%

    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).

  • 2.8%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    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.

  • 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 0.25, 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.

  • 5.61%

    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)
₩32B
Net debt (borrowings and leases − cash and deposits)
−₩8.9B
+ Stakes and investments
₩5.1B
Associates, long-term financial assets and deposits (book value)
Shares
10,098,368
Share price
₩1,843
Market cap
₩19B

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₩26B₩31B₩35B₩37B₩42B₩46B₩49B₩50B
Growth—16.9%14.6%15.8%12.6%9.4%6.2%3.0%
EBIT−₩366M−₩2B₩877M−₩486M−₩547M−₩599M−₩636M−₩655M
EBIT margin−1.4%−6.4%2.5%−1.3%−1.3%−1.3%−1.3%−1.3%
After-tax EBIT−₩266M−₩1.4B₩636M−₩352M−₩397M−₩434M−₩461M−₩475M
+ Depreciation———₩1.5B₩1.7B₩1.9B₩2B₩2.1B
− Capital spending₩3.3B₩757M₩119M₩1.9B₩2.1B₩2.3B₩2.5B₩2.6B
− Working capital—₩64M−₩1.2B₩143M₩132M₩111M₩80M₩41M
Free cash flow———−₩869M−₩950M−₩1B−₩1B−₩1B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩809M−₩823M−₩811M−₩774M−₩713M

Terminal value −₩13B, worth −₩9.4B today: 70% 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 ₩2,810 a share)Now 0.66×₩1,8720.67×₩2,4690.88×₩3,8511.37×

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%
6.4%₩42————
6.9%₩147₩55———
7.4%₩236₩160₩69——
7.9%₩313₩248₩172₩82—
8.4%₩379₩323₩259₩184₩95

Now (TTM)

Market cap
₩19B
Enterprise value
₩8.9B
P/E
9.3×
P/B
0.7×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩2,076₩1,604₩2,969
Market cap₩21B₩16B₩30B
P/E9.9×——
P/B0.8×0.7×1.2×
P/S0.6×0.5×1.1×
EV/EBITDA———
Dividend yield0.0%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Bellock9.3×0.7×0.6×—0.0%
Samsung SDS26.5×1.7×1.2×—1.4%
LG CNS15.9×2.5×1.2×—2.3%
DB7.5×1.0×0.7×16.9×0.0%
Itcenglobal7.1×3.1×0.0×—0.0%
Lotte Innovate15.6×0.6×0.2×—3.9%
Shinsegae Information & Communication6.4×0.4×0.3×0.8×0.0%
Similar companies (median)11.6×1.3×0.5×8.8×0.7%

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

Also known as: Bellock / 벨로크 / 424760 / KRX:424760

Source: KRX statistical information