Willbes (008600) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Willbes KRW 7,860, price KRW 2,620, upside +200.0%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 2,560 KRW – 28,000 KRW · fair‑value band 7,046 KRW – 8,561 KRW · the 2,620 KRW price screens below the 7,860 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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The Willbes & CO., Ltd. produces, supplies, and sells apparels in South Korea. The company provides postgraduate training for individuals looking for professional jobs, such as lawyer, diplomat, government official, appraiser, labor attorney, and others; and online education services, as well as engages in the investment activities.
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The Willbes & CO., Ltd. produces, supplies, and sells apparels in South Korea. The company provides postgraduate training for individuals looking for professional jobs, such as lawyer, diplomat, government official, appraiser, labor attorney, and others; and online education services, as well as engages in the investment activities. It is also involved in the export activities. The company was formerly known as Kunja Industries, Co., Ltd. and changed its name to The Willbes & Co., Ltd. in 1997. The Willbes & CO., Ltd. was incorporated in 1973 and is based in Cheonan-si, South Korea.
Stock analysis
Willbes (008600) currently trades at 2,620 KRW, while our model-based Fair Value estimate is 7,860 KRW, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 19,459 KRW per share, and 5 of the 6 models we run sit above the 2,620 KRW price.
Bear case: the Asset-Based group reads lowest at 5,123 KRW, and 1 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 7,046 KRW (bear) to 8,561 KRW (bull), the price of 2,620 KRW sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 32/100 (below-average quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Willbes reported revenue of 188B KRW in FY2025 versus 276B KRW in FY2021, a compound −9.2%/yr. Reported net income was −36.4B KRW in FY2025.
Key figures
Market cap 17.2B KRW (≈ $12.7M) · P/S ratio 0.09 · Net margin −19.3% · Return on equity −63.6% · Return on assets (EBIT) −2.5% · Operating margin −7.4% · Revenue (TTM) 184B KRW · Revenue growth (YoY) −7.9%.
What moves the price
The share trades about 40% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −2% fair-value upside, at 200%, 008600 screens cheaper than that median.
Fair Value models
Bear 7,046 KRWFair Value 7,860 KRWBull 8,561 KRW
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.18/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−13.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.7%
Start year 2020 (pandemic). Over 10 years: −4.3% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
1.0% (2020) → −11.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+50.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Korea: IMF forecast 2.1% a year to 2030, 2.1% from 2016 to 2025) that is about +47.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Apparel Manufacturing · 229 stocks
Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside+200% · Top 25%
Profitability
Return on assets−6% · Bottom 25%
Net margin (TTM)−21% · Bottom 25%
Operating margin (TTM)−7% · Bottom 25%
Growth and dividend
Revenue growth−8% · Below median
Balance sheet
Debt / equity0.26× · Highest 25%
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Willbes Fair Value". https://www.fairvalue-calculator.com/stock/008600
Frequently asked questions
Is Willbes (008600) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 7,860 KRW versus a price of 2,620 KRW, about +200% upside (undervalued).
What is the fair value of 008600?
Our model-based fair value for Willbes is 7,860 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,620 KRW.
What is the quality score of 008600?
Willbes has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Willbes (008600)?
Our model-based price target is the fair value of 7,860 KRW (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 7,046 KRW, optimistic scenario 8,561 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Willbes stock forecast for 2026?
Our models put fair value at 7,860 KRW, about +200% upside versus a price of 2,620 KRW (undervalued). Cautious scenario 7,046 KRW, optimistic scenario 8,561 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Willbes (008600)?
Willbes reported trailing-twelve-month revenue of about 184B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Willbes (008600)?
For today's price to be fair in a discounted-cash-flow model, Willbes would have to grow free cash flow by +50.6 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 008600 use?
Our models discount Willbes at 9.1 %: a base by market capitalisation (nano), damped by beta 0.60, country premium for South Korea. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Willbes that is +50.6 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Willbes (008600) delivered so far?
Over the past 5 years revenue at Willbes grew -4.7 % a year. The price currently implies +50.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Willbes (008600) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Willbes (+50.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Willbes (008600)?
The free-cash-flow yield on the price is 4.90 %: that much free cash flow Willbes produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Willbes (008600)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Willbes it is 7,860 KRW per share (as of Sep 24, 2026), against a price of 2,620 KRW. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Willbes stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 008600 trades below its calculated fair value: price 2,620 KRW, fair value 7,860 KRW, a gap of about +200% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 008600?
No. The price is what the market pays today (2,620 KRW); the fair value is what the company's own numbers justify (7,860 KRW). For Willbes the two are 5,240 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Willbes worth?
The market values Willbes at about 17.2B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 2,620 KRW; our models calculate a fair value of 7,860 KRW per share.
What do the bullish and bearish scenarios say about 008600?
Our models span a range for Willbes: cautious scenario 7,046 KRW, base 7,860 KRW, optimistic 8,561 KRW per share (as of Sep 24, 2026, price 2,620 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Willbes (008600)?
Balance-sheet figures for Willbes (as of Sep 24, 2026): return on equity −63.6%, debt of 0.26 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 008600 from its 52-week high?
Willbes trades at 2,620 KRW, about 40% below its 52-week high of 4,340 KRW and 2% above the low of 2,560 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 7,860 KRW is for.
Which stocks are comparable to Willbes?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, Gildan Activewear Inc, LPP SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Willbes stock attractive at the current price?
The data as of Sep 24, 2026: price 2,620 KRW, calculated fair value 7,860 KRW (+200%), Quality Score 32/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 008600 calculated?
We run Willbes through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 7,860 KRW, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Willbes currently trades 200 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Willbes (008600)?
The closing price on Sep 23, 2026 was 2,620 KRW. Our model-based fair value is 7,860 KRW, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Willbes right now?
The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (7,046 KRW). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Willbes
How large is the market capitalisation of Willbes (008600)?
The market capitalisation of Willbes is 17.2B KRW (≈ $12.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Willbes (008600)?
The price-to-sales ratio of Willbes is 0.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Willbes (008600)?
The net margin of Willbes is −19.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Willbes (008600)?
The return on equity (ROE) of Willbes is −63.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Willbes (008600)?
On an EBIT basis the return on assets of Willbes is −2.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Willbes (008600)?
The operating margin of Willbes is −7.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Willbes (008600)?
Revenue at Willbes is growing −7.9% versus a year earlier (3y avg −9.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Willbes (008600)?
Earnings per share at Willbes are growing −62.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Willbes (008600) carry?
The net debt of Willbes is 141B KRW (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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