KOSDAQ · 472850 · Retail & Trade · ₩472850

Pond Group폰드그룹

472850 · KOSDAQ · ₩472850 · 폰드그룹

₩4,440▲ ₩45 (1.02%)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

₩30,541

vs the current price (₩4,440)

Enterprise value: ₩1.9T
Equity value: ₩1.8T
WACC: 6.4%

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 588% 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 ₩4,440, the model needs an operating margin of 4.8% every year (it uses 14.8%).
Margins ranged from 11.2% to 24.0% 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.

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: ₩17,573; +295.8%
Base: ₩30,541; +587.9%
Bull: ₩53,911; +1,114.2%

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 (14.8%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (1221.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (1221.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (1221.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (1221.3% 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 (1221.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin14.8%
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.
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 & amortisation1.1%
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).
Capital spending1.3%
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 capital40%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 0.15, 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)5.53%
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): ₩533B
Net debt (borrowings and leases − cash and deposits): ₩96B
− Minority interests: ₩39B
Shares: 57,571,652
Share price: ₩4,440
Market cap: ₩256B

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	₩2.8B	₩369B	₩486B	₩666B	₩796B	₩908B	₩985B	₩1T
Growth	—	13,154.5%	31.7%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩668M	₩41B	₩57B	₩99B	₩118B	₩134B	₩146B	₩150B
EBIT margin	24.0%	11.2%	11.8%	14.8%	14.8%	14.8%	14.8%	14.8%
After-tax EBIT	₩484M	₩30B	₩42B	₩71B	₩85B	₩97B	₩106B	₩109B
+ Depreciation	—	—	—	₩7.3B	₩8.8B	₩10B	₩11B	₩11B
− Capital spending	—	₩5B	₩6.4B	₩8.7B	₩10B	₩12B	₩13B	₩13B
− Working capital	—	₩36B	₩3.6B	₩53B	₩52B	₩45B	₩31B	₩12B
Free cash flow	—	—	—	₩17B	₩32B	₩51B	₩73B	₩95B
Discount factor	—	—	—	0.940	0.883	0.830	0.779	0.732
Present value	—	—	—	₩16B	₩28B	₩42B	₩57B	₩70B

Terminal value ₩2.3T, worth ₩1.7T 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 ₩4,147 a share)Now 1.07×	₩3,5890.87×	₩4,4401.07×	₩6,2011.50×

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%
5.4%	₩33,016	₩36,507	₩41,010	₩47,040	₩55,544
5.9%	₩29,088	₩31,760	₩35,105	₩39,419	₩45,197
6.4%	₩25,890	₩27,982	₩30,541	₩33,745	₩37,876
6.9%	₩23,237	₩24,906	₩26,909	₩29,359	₩32,426
7.4%	₩21,002	₩22,354	₩23,952	₩25,868	₩28,211

Now (TTM)

Market cap: ₩256B
Enterprise value: ₩340B
P/E: 6.5×
P/B: 1.1×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 3.5%

Over time (at each year end)

	2025	2024
Price	₩5,660	₩2,943
Market cap	₩326B	₩169B
P/E	9.4×	6.7×
P/B	1.4×	0.8×
P/S	0.7×	0.5×
EV/EBITDA	—	—
Dividend yield	2.8%	4.8%

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Pond Group	6.5×	1.1×	0.5×	—	3.5%
Samsung C&T	17.5×	0.5×	1.1×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	41.4×	5.5×	11.5×	—	0.6%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.0×	1.6×	5.1×	—	4.1%
Shinsegae	13.7×	0.4×	0.3×	—	2.1%
Similar companies (median)	15.6×	1.0×	0.9×	—	2.6%

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

Also known as: Pond Group / 폰드그룹 / 472850 / KRX:472850

Source: KRX statistical information