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China Crystal New Material Holdings

900250 · KOSDAQ · ₩900250 · 크리스탈신소재

₩1,005▼ ₩14 (1.37%)End-of-day · Oct 30, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩59

vs the current price (₩1,005)

Enterprise value
₩668M
Equity value
₩2.1B
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 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from 15.3% to 28.2% over the last 5 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
₩54
−94.6%
Base
₩59
−94.1%
Bull
₩67
−93.3%

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 (20.8%).

Revenue growth

  • -4.6%

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

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

  • -2.7%

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

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

  • -0.8%

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

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

  • 1.1%

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

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

Business

  • 20.8%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 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.

  • 18.5%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 2.7%

    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.

  • 4.01%

    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.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta -0.44, 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.

  • 5.51%

    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)
₩238M
Net debt (borrowings and leases − cash and deposits)
−₩1.5B
− Minority interests
₩17M
Shares
35,815,001
Share price
₩1,005
Market cap
₩36B

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₩447M₩519M₩353M₩227M₩221M₩219M₩222M₩228M
Growth9.8%16.1%−31.9%−4.6%−2.7%−0.8%1.1%3.0%
EBIT₩126M₩100M₩54M₩47M₩46M₩46M₩46M₩47M
EBIT margin28.2%19.2%15.3%20.8%20.8%20.8%20.8%20.8%
After-tax EBIT₩92M₩72M₩39M₩34M₩33M₩33M₩33M₩34M
+ Depreciation₩78M₩80M₩80M₩42M₩41M₩41M₩41M₩42M
− Capital spending₩4.7M₩33M₩2.1M₩6.1M₩6M₩5.9M₩6M₩6.2M
− Working capital−₩60M₩41M₩138M−₩4.4M−₩2.5M−₩706,750₩964,007₩2.7M
Free cash flow₩225M₩78M−₩21M₩74M₩71M₩68M₩67M₩68M
Discount factor———0.9320.8680.8090.7540.703
Present value———₩69M₩61M₩55M₩51M₩48M

Terminal value ₩545M, worth ₩383M today: 57% 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 ₩68 a share)Now 14.7×₩2,22532.6×₩4,39964.5×₩7,972116.8×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, 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%
6.3%₩60₩61₩62₩64₩66
6.8%₩59₩60₩61₩62₩63
7.3%₩58₩58₩59₩60₩61
7.8%₩57₩57₩58₩59₩60
8.3%₩56₩56₩57₩57₩58

Now (TTM)

Market cap
₩36B
Enterprise value
₩35B
P/E
—
P/B
14.7×
P/S
151.3×
EV/EBITDA
335.9×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,825₩3,302₩6,212₩3,643₩5,370
Market cap₩101B₩118B₩222B₩130B₩192B
P/E—3,196.2×5,435.0×1,739.2×3,633.9×
P/B41.6×49.3×106.5×63.7×105.9×
P/S286.5×227.9×497.8×320.5×547.8×
EV/EBITDA745.5×651.7×1,085.1×733.8×1,372.5×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
China Crystal New Material Holdings—14.7×151.3×335.9×0.0%
SK Square3.6×2.2×96.1×3.5×0.0%
KB Financial Group8.8×0.9×—9.6×2.8%
Shinhan Financial Group7.8×0.7×—10.2×2.9%
SK4.5×1.0×0.3×—1.6%
Hana Financial Group8.0×0.7×—10.0×3.4%
Woori Financial Group7.1×0.6×—8.5×4.4%
Similar companies (median)7.5×0.8×48.2×9.6×2.8%

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

Also known as: China Crystal New Material Holdings / 크리스탈신소재 / 900250 / KRX:900250

Source: KRX statistical information