Cosmax (044820) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Cosmax KRW 47,053, price KRW 24,800, upside +89.7%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range 6,096 KRW – 28,000 KRW · fair‑value band 33,906 KRW – 58,816 KRW · the 24,800 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 Oct 3, 2026.
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Cosmax BTI, Inc. engages in the research, development, production, and sale of cosmetics, health functional foods, pharmaceuticals, and special containers in South Korea.
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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.
Stock analysis
Cosmax (044820) currently trades at 24,800 KRW, while our model-based Fair Value estimate is 47,053 KRW, implying the stock looks roughly 47.3% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 54,398 KRW per share, and 20 of the 23 models we run sit above the 24,800 KRW price.
Bear case: the Asset-Based group reads lowest at 19,321 KRW, and 3 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: 33,906 KRW (bear) to 58,816 KRW (bull), the price of 24,800 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 48/100 (below-average quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 237B KRW (≈ $177M) · P/S ratio 0.26 · Dividend yield 3.1% · Net margin 4.5% · Return on equity 13.4% · Return on assets (EBIT) 1.7% · Operating margin 8.0% · Revenue (TTM) 696B KRW.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 117% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 9% fair-value upside, at 90%, 044820 screens cheaper than that median.
Fair Value models
Bear 33,906 KRWFair Value 47,053 KRWBull 58,816 KRW
Price 24,800 KRW · Upside +89.7%
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+8.0%
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.
+1.5%
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.
+4.2%
Start year 2020 (pandemic). Over 10 years: +12.4% a year
Revenue growth 22 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.
+15.0%
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What shareholders gained per year (last 5 years), in KRW (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in KRW: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+49.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+45.9%
Dividend (yield on the price)3.1%
Profit margin 2020 to 2025 ⓘ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.0% → 4%
2025 sits 129% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
+70.4%
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 +67.0% 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.Packaged Foods · 634 stocks
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Cite: Fair Value Calculator (2026). "Cosmax Fair Value". https://www.fairvalue-calculator.com/stock/044820
Frequently asked questions
Is Cosmax (044820) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 47,053 KRW versus a price of 24,800 KRW, about +90% upside (undervalued).
What is the fair value of 044820?
Our model-based fair value for Cosmax is 47,053 KRW (as of Oct 3, 2026), built from audited fundamentals. The current price: 24,800 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 price target for Cosmax (044820)?
Our model-based price target is the fair value of 47,053 KRW (as of Oct 3, 2026) from 23 valuation models. Cautious scenario 33,906 KRW, optimistic scenario 58,816 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Cosmax stock forecast for 2026?
Our models put fair value at 47,053 KRW, about +90% upside versus a price of 24,800 KRW (undervalued). Cautious scenario 33,906 KRW, optimistic scenario 58,816 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Cosmax (044820)?
Cosmax reported trailing-twelve-month revenue of about 696B KRW (latest available figure, as of Oct 3, 2026).
Does Cosmax pay a dividend?
Cosmax currently shows a dividend yield of about 3.15% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Cosmax (044820)?
For today's price to be fair in a discounted-cash-flow model, Cosmax would have to grow free cash flow by +70.4 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.2 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of 044820 use?
Our models discount Cosmax at 12.0 %: a base by market capitalisation (micro), damped by beta 0.65, 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 Cosmax that is +70.4 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Cosmax (044820) delivered so far?
Over the past 5 years revenue at Cosmax grew +4.2 % a year. The price currently implies +70.4 % 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 Cosmax (044820) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Cosmax (+70.4 % 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 Cosmax (044820)?
The free-cash-flow yield on the price is 1.05 %: that much free cash flow Cosmax produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cosmax (044820)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cosmax it is 47,053 KRW per share (as of Oct 3, 2026), against a price of 24,800 KRW. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Cosmax stock overvalued or undervalued in 2026?
As of Oct 3, 2026, 044820 trades below its calculated fair value: price 24,800 KRW, fair value 47,053 KRW, a gap of about +90% (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 044820?
No. The price is what the market pays today (24,800 KRW); the fair value is what the company's own numbers justify (47,053 KRW). For Cosmax the two are 22,253 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Cosmax worth?
The market values Cosmax at about 237B KRW (market capitalisation, as of Oct 3, 2026). Per share that is 24,800 KRW; our models calculate a fair value of 47,053 KRW per share.
What do the bullish and bearish scenarios say about 044820?
Our models span a range for Cosmax: cautious scenario 33,906 KRW, base 47,053 KRW, optimistic 58,816 KRW per share (as of Oct 3, 2026, price 24,800 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cosmax (044820)?
Balance-sheet figures for Cosmax (as of Oct 3, 2026): return on equity 13.4%, debt of 0.06 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 044820 from its 52-week high?
Cosmax trades at 24,800 KRW, about 11% below its 52-week high of 28,000 KRW and 117% above the low of 11,450 KRW (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 47,053 KRW is for.
Which stocks are comparable to Cosmax?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, 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 Cosmax stock attractive at the current price?
The data as of Oct 3, 2026: price 24,800 KRW, calculated fair value 47,053 KRW (+90%), Quality Score 48/100, from 23 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 044820 calculated?
We run Cosmax through 23 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 47,053 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 14.9 % above its aggregate fair value. Cosmax currently trades 47 % 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 Cosmax (044820)?
The closing price on Oct 2, 2026 was 24,800 KRW. Our model-based fair value is 47,053 KRW, about +90% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cosmax right now?
The price is below even our cautious bear case (33,906 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.
Key figures of Cosmax
How large is the market capitalisation of Cosmax (044820)?
The market capitalisation of Cosmax is 237B KRW (≈ $177M). 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 Cosmax (044820)?
The price-to-sales ratio of Cosmax is 0.26 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Cosmax (044820)?
The dividend yield of Cosmax is 3.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cosmax (044820)?
The net margin of Cosmax is 4.5% (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 Cosmax (044820)?
The return on equity (ROE) of Cosmax is 13.4% (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 Cosmax (044820)?
On an EBIT basis the return on assets of Cosmax is 1.7% (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 Cosmax (044820)?
The operating margin of Cosmax is 8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cosmax (044820)?
Revenue at Cosmax is growing +33.0% versus a year earlier (3y avg +1.5%). 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 Cosmax (044820)?
Earnings per share at Cosmax are growing +20.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cosmax (044820) carry?
The net debt of Cosmax is 410B 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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