KOSDAQ · 445180 · Chemicals · ₩445180

Purit퓨릿

445180 · KOSDAQ · ₩445180 · 퓨릿

₩8,200▲ ₩200 (2.50%)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

₩16,040

vs the current price (₩8,200)

Enterprise value: ₩248B
Equity value: ₩277B
WACC: 8.0%

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 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 ₩8,200, the model needs an operating margin of 6.2% every year (it uses 12.1%).
Or revenue growth −20.3 points a year higher than assumed in each of the 5 years.
Today's P/E is 8.5× against a typical 9.4× 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: ₩10,573; +28.9%
Base: ₩16,040; +95.6%
Bull: ₩24,937; +204.1%

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 (12.1%).

Revenue growth

Revenue growth, year 18.8%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 27.3%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.9%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (8.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.4%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (8.8% 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 (8.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin12.1%
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 & 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 capital17.4%
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.
Beta0.7
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 0.56, 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): ₩156B
Net debt (borrowings and leases − cash and deposits): −₩29B
Shares: 17,239,188
Share price: ₩8,200
Market cap: ₩141B

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	₩120B	₩123B	₩143B	₩170B	₩182B	₩193B	₩201B	₩207B
Growth	—	1.7%	16.3%	8.8%	7.3%	5.9%	4.4%	3.0%
EBIT	₩13B	₩14B	₩17B	₩21B	₩22B	₩23B	₩24B	₩25B
EBIT margin	10.7%	11.4%	12.1%	12.1%	12.1%	12.1%	12.1%	12.1%
After-tax EBIT	₩9.3B	₩10B	₩12B	₩15B	₩16B	₩17B	₩18B	₩18B
+ Depreciation	—	—	—	₩5.1B	₩5.5B	₩5.8B	₩6B	₩6.2B
− Capital spending	—	—	—	₩6.8B	₩7.3B	₩7.7B	₩8B	₩8.3B
− Working capital	—	−₩16B	−₩1.6B	₩2.4B	₩2.2B	₩1.9B	₩1.5B	₩1.1B
Free cash flow	—	—	—	₩11B	₩12B	₩13B	₩14B	₩15B
Discount factor	—	—	—	0.926	0.858	0.795	0.736	0.682
Present value	—	—	—	₩10B	₩10B	₩10B	₩10B	₩10B

Terminal value ₩288B, worth ₩197B 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 ₩6,699 a share)Now 1.22×	₩7,1761.07×	₩8,6641.29×	₩13,2451.98×
Price / earnings (last 12 months: ₩967 a share)Now 8.48×	₩7,7758.04×	₩9,1259.44×	₩13,50914.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩91 a share)Now 90.4×	₩7298.04×	₩8569.44×	₩1,26714.0×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
7.0%	₩16,805	₩17,838	₩19,078	₩20,595	₩22,493
7.5%	₩15,569	₩16,417	₩17,419	₩18,622	₩20,093
8.0%	₩14,513	₩15,218	₩16,040	₩17,012	₩18,178
8.5%	₩13,599	₩14,192	₩14,876	₩15,673	₩16,616
9.0%	₩12,801	₩13,305	₩13,880	₩14,543	₩15,316

Now (TTM)

Market cap: ₩141B
Enterprise value: ₩113B
P/E: 8.5×
P/B: 1.2×
P/S: 0.9×
EV/EBITDA: —
Dividend yield: 1.5%

Over time (at each year end)

	2025	2024	2023
Price	₩8,790	₩5,290	₩10,900
Market cap	₩152B	₩91B	₩188B
P/E	10.0×	7.7×	15.5×
P/B	1.4×	1.0×	2.3×
P/S	1.1×	0.7×	1.6×
EV/EBITDA	—	—	—
Dividend yield	1.4%	2.3%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Purit	8.5×	1.2×	0.9×	—	1.5%
LG Chem	—	0.5×	0.3×	—	0.8%
Hanwha Solutions	—	0.6×	0.4×	—	0.0%
Hanwha	6.3×	0.4×	0.1×	—	1.4%
SKC	—	2.1×	2.0×	—	0.0%
KCC	0.9×	0.3×	0.5×	8.9×	0.0%
Kumho Petro Chemical	5.3×	0.4×	0.4×	—	1.6%
Similar companies (median)	5.3×	0.4×	0.4×	8.9×	0.4%

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

Also known as: Purit / 퓨릿 / 445180 / KRX:445180

Source: KRX statistical information