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Cosmax (044820) Fair Value & Analysis

Consumer Defensive · KR · Market cap 181B KRW

C Cosmax 044820 · KO
Price22,900 KRW
Fair Value47,053 KRW
Upside+105.5%
Quality48/100
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Mixed Growth
Thin margins · 6.1% net margin
Low debt · generates free cash flow
4.11% dividend yield
Ranks above peers (8/10)
Narrow moat 41/100
Evidence: High Range 30,620 KRW – 58,816 KRW Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 6 days ago

Fair value updated Aug 13, 2026, revised from 51,968 KRW to 47,053 KRW (−9.5%) since Jul 22, 2026. Share price +21.1% over the past month.

Below-average quality, screening 105% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (30,620 KRW). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (30,620 KRW to 58,816 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

28,000 KRW 6,096 KRW Fair Value 47,053 KRW Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 6,096 KRW – 28,000 KRW · fair‑value band 30,620 KRW – 58,816 KRW · the 22,900 KRW price screens below the 47,053 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Cosmax (044820) currently trades at 22,900 KRW, while our model-based Fair Value estimate is 47,053 KRW, implying the stock looks roughly 105.5% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Cosmax generated revenue of 696B KRW at a net margin of 6.1%. Revenue grew 33.0% year over year. It earns a return on equity of 13.4%. Net debt stands at 410B KRW. Fundamentals as of Aug 13, 2026

Our scenario range runs from 30,620 KRW (bear case) to 58,816 KRW (bull case); at 22,900 KRW, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 104% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -14% fair-value upside, at 105%, 044820 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 12,100 KRW 14,442 KRW 18,345 KRW 80
Residual Income 25,753 KRW 29,023 KRW 50,645 KRW 76
ROIC Compounder 23,503 KRW 25,950 KRW 28,091 KRW 72
All 23 models by family
DCF Models
FCF DCF 12,110 KRW 14,619 KRW 18,888 KRW 38
Owner Earnings 40,627 KRW 64,901 KRW 106,196 KRW 31
5Y Revenue Exit 26,918 KRW 44,599 KRW 69,050 KRW 39
5Y EBITDA Exit 44,317 KRW 79,875 KRW 124,904 KRW 41
5Y P/E Exit 39,662 KRW 70,438 KRW 105,728 KRW 38
10Y Revenue Exit 20,970 KRW 36,092 KRW 59,945 KRW 36
10Y EBITDA Exit 33,290 KRW 61,698 KRW 105,954 KRW 37
10Y P/E Exit 30,225 KRW 54,848 KRW 90,158 KRW 35
Earnings-Based
Graham-Dodd 20,787 KRW 90,865 KRW 124,316 KRW 54
Lynch FV 23,431 KRW 33,473 KRW 43,515 KRW 50
PEG = 1.0 23,431 KRW 33,473 KRW 43,515 KRW 46
EPV 23,503 KRW 25,950 KRW 28,091 KRW 59
Multiples
P/E Multiple 48,146 KRW 64,195 KRW 80,244 KRW 63
P/S Multiple 38,976 KRW 51,968 KRW 64,960 KRW 58
P/B Multiple 38,976 KRW 51,968 KRW 64,960 KRW 55
EV/EBIT 44,830 KRW 56,833 KRW 68,836 KRW 53
EV/EBITDA 64,496 KRW 83,054 KRW 101,612 KRW 54
EV/Revenue 34,522 KRW 45,536 KRW 56,550 KRW 43
Asset-Based
NCAV (Graham) 14,419 KRW 19,321 KRW 28,837 KRW 50
Growth DCF
Growth DCF 12,100 KRW 14,442 KRW 18,345 KRW 80
Economic Profit
Residual Income 25,753 KRW 29,023 KRW 50,645 KRW 76
ROIC Compounder 23,503 KRW 25,950 KRW 28,091 KRW 72
Growth Earnings
Growth-Adj P/E 38,782 KRW 55,402 KRW 72,023 KRW 68

Widest divergence: Growth Earnings (55,402 KRW) versus Growth DCF (14,442 KRW). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 696B KRW
Revenue growth (YoY) +33.0%
Net margin 6.1%
Return on equity 13.4%
Free cash flow 2.5B KRW FY2025
Operating margin 8.0%
More key figures
Dividend yield 4.1%
EPS growth (YoY) +2,073%
Net debt 410B KRW FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 43 · Market factors (momentum, volatility) 65

Profitability 35
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 24
Earnings quality: real cash, not paper profit
Fin. Strength 16
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 45
Calm price path (market factor)
Momentum 72
Price trend over the last 3–12 months (market factor)
52W Momentum 75
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Cosmax BTI, Inc. engages in the research, development, production, and sale of cosmetics, health functional foods, pharmaceuticals, and special containers in South Korea.

Full company description

Cosmax BTI, Inc. engages in the research, development, production, and sale of cosmetics, health functional foods, pharmaceuticals, and special containers in South Korea. The company offers cosmetics products, including skincare, mask, cleansing, hair, bath and body, sun care, makeup, cushion, eye and lip makeup, nail, and fragrance products; baby and child cosmetic products; Korean herbal cosmetics; and cosmeceuticals. It also provides health supplement products in form of gels, capsules, and powders; and medical devices. In addition, the company exports its products. Cosmax BTI, Inc. was founded in 1984 and is headquartered in Seongnam-si, South Korea.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cosmax reported revenue of 645B KRW in FY2025 versus 576B KRW in FY2021, a compound +2.9%/yr. Reported net income was 29.2B KRW in FY2025, compounding +19.9%/yr from FY2021.

Growth Quality 44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
645B KRW
Latest YoY
+8.0%
Avg. growth/yr (3Y) 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.
+1.5%
Avg. growth/yr (5Y) 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.
+4.2%
Avg. growth/yr (22Y) 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.
+15.0%
Revenue +2.9%/yr
FY21 576B KRW
FY22 617B KRW
FY23 629B KRW
FY24 598B KRW
FY25 645B KRW
Net income +19.9%/yr
FY21 14.1B KRW
FY22 −6.5B KRW
FY23 9.1B KRW
FY24 16.5B KRW
FY25 29.2B KRW

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Cite: Fair Value Calculator (2026). "Cosmax Fair Value". https://www.fairvalue-calculator.com/stock/044820

Peer Group

Packaged Foods · 658 stocks

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.

Quality Score 48 · Below median
Fair Value upside +106% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 2% · Below median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 33% · Top 25%
Dividend yield (TTM) 3.4% · Above median
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/FCF 0.1× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 25
FUTURE100 · sector 19
PAST53 · sector 28
HEALTH97 · sector 96
DIVIDEND68 · sector 52

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,507 ₹362.37 -76%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 -68%
Tata Consumer Products Limited TATACONSUM ₹1,062 ₹327.27 -69%
PT Indofood CBP Sukses Makmur Tbk ICBP 7,550 IDR 12,864 IDR +70%
Samyang Foods Co 003230 1,219,000 KRW 1,010,543 KRW -17%
Vietnam Dairy Products Joint Stock Company VNM 61,600 VND 52,858 VND -14%
Patanjali Foods Limited PATANJALI ₹350.95 ₹144.77 -59%
PT Mayora Indah Tbk, MYOR 1,650 IDR 2,699 IDR +64%
PT Cisarua Mountain Dairy Tbk CMRY 4,610 IDR 4,350 IDR -6%
Nongshim Co 004370 389,500 KRW 530,619 KRW +36%

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Frequently asked questions

Is Cosmax (044820) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 47,053 KRW versus a price of 22,900 KRW, about +105% (undervalued).
What is the fair value of 044820?
Our model-based fair value for Cosmax is 47,053 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price: 22,900 KRW.
What is the quality score of 044820?
Cosmax has a Quality Score of 48/100. 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 revenue of Cosmax (044820)?
Cosmax reported trailing-twelve-month revenue of about 696B KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 044820?
The net profit margin of Cosmax is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.
Does Cosmax pay a dividend?
Cosmax currently shows a dividend yield of about 4.38% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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