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RevuCorporation

443250 · KOSDAQ · ₩443250 · 레뷰코퍼레이션

₩5,440▼ ₩80 (1.45%)End-of-day · Oct 29, 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

₩9,647

vs the current price (₩5,440)

Enterprise value
₩99B
Equity value
₩104B
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 77% 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 ₩5,440, the model needs an operating margin of 7.6% every year (it uses 12.8%).
  • Or revenue growth −18.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 5.4% to 15.7% 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.
  • Today's P/E is 10.8× against a typical 18.4× 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
₩6,276
+15.4%
Base
₩9,647
+77.3%
Bull
₩15,382
+182.8%

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 (12.8%).

Revenue growth

  • 4.6%

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

    Default: the last 2 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.

  • 4.2%

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

    Default: the last 2 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 2 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 2 years' revenue growth (4.6% 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 (4.6% a year, annual reports), fading to 3% by year 5.

Business

  • 12.8%

    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.

  • 0.4%

    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).

  • 0.6%

    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).

  • 40%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.16, 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.

  • 5.58%

    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)
₩59B
Net debt (borrowings and leases − cash and deposits)
−₩5.1B
− Minority interests
₩254M
Shares
10,809,817
Share price
₩5,440
Market cap
₩59B

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₩52B₩49B₩56B₩61B₩64B₩66B₩69B₩71B
Growth—−5.2%15.4%4.6%4.2%3.8%3.4%3.0%
EBIT₩2.8B₩7.5B₩8.9B₩7.8B₩8.2B₩8.5B₩8.8B₩9B
EBIT margin5.4%15.3%15.7%12.8%12.8%12.8%12.8%12.8%
After-tax EBIT₩2B₩5.4B₩6.4B₩5.7B₩5.9B₩6.1B₩6.4B₩6.5B
+ Depreciation———₩245M₩255M₩265M₩274M₩282M
− Capital spending₩372M₩139M₩381M₩368M₩383M₩398M₩411M₩423M
− Working capital—₩3.4B−₩18B₩1.1B₩1B₩970M₩901M₩822M
Free cash flow———₩4.5B₩4.8B₩5B₩5.3B₩5.6B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩4.2B₩4.1B₩4.1B₩4B₩3.9B

Terminal value ₩113B, worth ₩79B today: 80% 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 ₩4,784 a share)Now 1.14×₩5,8701.23×₩10,8632.27×₩13,1382.75×
Price / earnings (last 12 months: ₩505 a share)Now 10.8×₩5,87011.6×₩9,30318.4×₩12,42924.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩430 a share)Now 12.7×₩4,99711.6×₩7,92018.4×₩10,58024.6×

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%₩10,335₩10,993₩11,800₩12,812₩14,121
6.9%₩9,463₩9,986₩10,613₩11,381₩12,345
7.4%₩8,729₩9,150₩9,647₩10,244₩10,975
7.9%₩8,102₩8,445₩8,845₩9,318₩9,885
8.4%₩7,561₩7,844₩8,170₩8,550₩8,999

Now (TTM)

Market cap
₩59B
Enterprise value
₩52B
P/E
10.8×
P/B
1.1×
P/S
1.0×
EV/EBITDA
—
Dividend yield
4.9%

Over time (at each year end)

202520242023
Price₩10,490₩12,000₩18,180
Market cap₩113B₩130B₩197B
P/E21.3×19.9×46.2×
P/B2.3×2.9×3.6×
P/S2.0×2.7×3.8×
EV/EBITDA———
Dividend yield2.5%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
RevuCorporation10.8×1.1×1.0×—4.9%
S-124.0×2.1×1.3×—0.0%
Cheil Worldwide9.8×1.3×0.5×—6.5%
Doosan Tesna54.7×4.1×5.7×—0.2%
Lotte Tour Development15.4×2.2×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—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: RevuCorporation / 레뷰코퍼레이션 / 443250 / KRX:443250

Source: KRX statistical information