KOSPI · 475560 · Retail & Trade · ₩475560

The BORN Korea더본코리아

475560 · KOSPI · ₩475560 · 더본코리아

₩13,450▼ ₩80 (0.59%)End-of-day · Oct 30, 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

₩4,076

vs the current price (₩13,450)

Enterprise value: −₩59B
Equity value: ₩60B
WACC: 7.3%

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 70% 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 ₩13,450, the model needs an operating margin of 2.6% every year (it uses −1.3%).
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: ₩1,232; −90.8%
Base: ₩4,076; −69.7%
Bull: ₩9,781; −27.3%

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 (−1.3%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-22.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-22.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-22.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-22.2% 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 1 years' revenue growth (-22.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.3%
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.
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 & amortisation2.1%
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 spending2.6%
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).
Working capital-8.7%
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

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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 103 weeks of weekly returns against KOSPI (official index); raw beta 0.21, 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)5.51%
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): ₩339B
Net debt (borrowings and leases − cash and deposits): −₩118B
+ Stakes and investments: ₩1B; Associates, long-term financial assets and deposits (book value)
Shares: 14,827,970
Share price: ₩13,450
Market cap: ₩199B

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	₩464B	₩361B	₩305B	₩285B	₩275B	₩274B	₩283B
Growth	—	−22.2%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩36B	−₩24B	−₩4B	−₩3.7B	−₩3.6B	−₩3.6B	−₩3.7B
EBIT margin	7.8%	−6.6%	−1.3%	−1.3%	−1.3%	−1.3%	−1.3%
After-tax EBIT	₩26B	−₩17B	−₩2.9B	−₩2.7B	−₩2.6B	−₩2.6B	−₩2.7B
+ Depreciation	—	—	₩6.4B	₩6B	₩5.8B	₩5.8B	₩5.9B
− Capital spending	₩4.3B	₩15B	₩7.9B	₩7.4B	₩7.1B	₩7.1B	₩7.3B
− Working capital	—	₩17B	₩3B	₩1.8B	₩867M	₩48M	−₩716M
Free cash flow	—	—	−₩7.4B	−₩5.9B	−₩4.8B	−₩4B	−₩3.4B
Discount factor	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	−₩6.9B	−₩5.1B	−₩3.9B	−₩3B	−₩2.4B

Terminal value −₩53B, worth −₩37B today: 64% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
6.3%	₩3,715	₩3,533	₩3,309	₩3,029	₩2,665
6.8%	₩4,038	₩3,899	₩3,732	₩3,528	₩3,272
7.3%	₩4,310	₩4,202	₩4,076	₩3,925	₩3,740
7.8%	₩4,542	₩4,459	₩4,362	₩4,248	₩4,112
8.3%	₩4,744	₩4,679	₩4,604	₩4,517	₩4,415

Now (TTM)

Market cap: ₩199B
Enterprise value: ₩60B
P/E: —
P/B: 0.9×
P/S: 0.6×
EV/EBITDA: —
Dividend yield: 3.7%

Over time (at each year end)

	2025	2024
Price	₩24,200	₩32,000
Market cap	₩359B	₩474B
P/E	—	15.3×
P/B	1.5×	1.8×
P/S	1.0×	1.0×
EV/EBITDA	—	—
Dividend yield	2.1%	0.9%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
The BORN Korea	—	0.9×	0.6×	—	3.7%
Samsung C&T	18.1×	0.5×	1.2×	—	0.9%
POSCO International	10.3×	1.2×	0.3×	—	3.8%
ISC	42.6×	5.7×	11.9×	—	0.5%
Youngone	5.2×	0.7×	0.7×	—	3.0%
Dong SUH Companies	19.6×	1.7×	5.3×	—	4.0%
SK Gas	7.4×	0.6×	0.3×	—	3.5%
Similar companies (median)	14.2×	1.0×	0.9×	—	3.3%

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

Also known as: The BORN Korea / 더본코리아 / 475560 / KRX:475560

Source: KRX statistical information