Bbia삐아
451250 · KOSDAQ · ₩451250 · 삐아
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
₩12,779
vs the current price (₩6,590)
- Enterprise value
- ₩111B
- Equity value
- ₩131B
- 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 94% 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 ₩6,590, the model needs an operating margin of 4.6% every year (it uses 8.7%).
- Or revenue growth −25.4 points a year higher than assumed in each of the 5 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
- ₩7,870
- +19.4%
- Base
- ₩12,779
- +93.9%
- Bull
- ₩21,206
- +221.8%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (8.7%).
Revenue growth
- 17.9%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.9% a year, annual reports), fading to 3% by year 5.
- 14.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.9% a year, annual reports), fading to 3% by year 5.
- 10.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.9% a year, annual reports), fading to 3% by year 5.
- 6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.9% 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 1 years' revenue growth (17.9% a year, annual reports), fading to 3% by year 5.
Business
- 8.7%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 1.4%
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).
- 1.7%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
- 25.3%
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 2 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 0.06, 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)
- ₩77B
- Net debt (borrowings and leases − cash and deposits)
- −₩20B
- Shares
- 10,225,877
- Share price
- ₩6,590
- Market cap
- ₩67B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩58B | ₩68B | ₩91B | ₩104B | ₩115B | ₩122B | ₩126B |
| Growth | — | 17.9% | 17.9% | 14.2% | 10.5% | 6.7% | 3.0% |
| EBIT | ₩5.5B | ₩4.5B | ₩7.9B | ₩9B | ₩10B | ₩11B | ₩11B |
| EBIT margin | 9.6% | 6.6% | 8.7% | 8.7% | 8.7% | 8.7% | 8.7% |
| After-tax EBIT | ₩4B | ₩3.2B | ₩5.7B | ₩6.6B | ₩7.2B | ₩7.7B | ₩8B |
| + Depreciation | — | — | ₩1.3B | ₩1.5B | ₩1.6B | ₩1.7B | ₩1.8B |
| − Capital spending | ₩1.1B | ₩1B | ₩1.5B | ₩1.8B | ₩2B | ₩2.1B | ₩2.1B |
| − Working capital | — | ₩2.7B | ₩3.5B | ₩3.3B | ₩2.8B | ₩1.9B | ₩930M |
| Free cash flow | — | — | ₩2B | ₩3B | ₩4.1B | ₩5.4B | ₩6.6B |
| Discount factor | — | — | 0.931 | 0.867 | 0.807 | 0.751 | 0.700 |
| Present value | — | — | ₩1.8B | ₩2.6B | ₩3.3B | ₩4.1B | ₩4.7B |
Terminal value ₩135B, worth ₩94B today: 85% 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 ₩4,370 a share)Now 1.51× | ₩7,1581.64× | ₩10,5322.41× | ₩16,1413.69× |
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% |
|---|---|---|---|---|---|
| 6.4% | ₩13,606 | ₩14,442 | ₩15,464 | ₩16,746 | ₩18,400 |
| 6.9% | ₩12,522 | ₩13,186 | ₩13,984 | ₩14,960 | ₩16,183 |
| 7.4% | ₩11,609 | ₩12,146 | ₩12,779 | ₩13,540 | ₩14,471 |
| 7.9% | ₩10,830 | ₩11,269 | ₩11,780 | ₩12,384 | ₩13,109 |
| 8.4% | ₩10,157 | ₩10,520 | ₩10,939 | ₩11,426 | ₩12,001 |
Now (TTM)
- Market cap
- ₩67B
- Enterprise value
- ₩47B
- P/E
- 9.6×
- P/B
- 1.5×
- P/S
- 0.9×
- EV/EBITDA
- —
- Dividend yield
- 3.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩9,200 | ₩9,560 |
| Market cap | ₩94B | ₩98B |
| P/E | 19.8× | 160.8× |
| P/B | 2.1× | 2.3× |
| P/S | 1.4× | 1.7× |
| EV/EBITDA | — | — |
| Dividend yield | 2.2% | 1.6% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Bbia | 9.6× | 1.5× | 0.9× | — | 3.0% |
| 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: Bbia / 삐아 / 451250 / KRX:451250
Source: KRX statistical information