Global Tax Free Co. Ltd (204620) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Global Tax Free Co. Ltd KRW 9,947, price KRW 5,800, upside +71.5%, quality 77 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 2,009 KRW – 7,670 KRW · fair‑value band 6,391 KRW – 15,409 KRW · the 5,800 KRW price screens below the 9,947 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Global Tax Free Co., Ltd. operates as tax refund company for foreign tourists in South Korea, Singapore, Japan, and France. The company offers electronic tax refund system; and marketing services for clients and merchants. It also engages in the manufacturing and online and offline sales of cosmetics; and construction and sales of IT.
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Global Tax Free Co., Ltd. operates as tax refund company for foreign tourists in South Korea, Singapore, Japan, and France. The company offers electronic tax refund system; and marketing services for clients and merchants. It also engages in the manufacturing and online and offline sales of cosmetics; and construction and sales of IT. The company was formerly known as TAX FREE KOREA CO., LTD. and changed its name to Global Tax Free Co., Ltd. in 2011. Global Tax Free Co., Ltd. was founded in 2005 and is based in Seoul, South Korea.
Stock analysis
Global Tax Free Co. Ltd (204620) currently trades at 5,800 KRW, while our model-based Fair Value estimate is 9,947 KRW, implying the stock looks roughly 41.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 20,268 KRW per share, and 15 of the 24 models we run sit above the 5,800 KRW price.
Bear case: the Asset-Based group reads lowest at 1,335 KRW, and 9 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: 6,391 KRW (bear) to 15,409 KRW (bull), the price of 5,800 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 77/100 (high quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Global Tax Free Co. Ltd reported revenue of 154B KRW in FY2025 versus 38.1B KRW in FY2021, a compound +41.8%/yr. Reported net income was 34.7B KRW in FY2025.
Key figures
Market cap 408B KRW (≈ $300M) · P/S ratio 2.04 · Net margin 22.5% · Return on equity 20.0% · Return on assets (EBIT) 0.5% · Operating margin 18.8% · Revenue (TTM) 154B KRW · Revenue growth (YoY) +35.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 0% fair-value upside, at 72%, 204620 screens cheaper than that median.
Fair Value models
Bear 6,391 KRWFair Value 9,947 KRWBull 15,409 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.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+18.8%
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.
+46.1%
Revenue growth 9 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.
+15.8%
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What shareholders gained per year (last 5 years), in KRW ⓘ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. 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.
+24.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.25% vs 33%, slowing
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.−141% → 19%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−2.3%
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 −4.3% a year for the price.
Compare Global Tax Free Co. Ltd with another stock
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.Specialty Business Services · 249 stocks
Beats the industry median on 8/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside+72% · Top 25%
Profitability
Return on equity (TTM)20% · Top 25%
Return on assets10% · Top 25%
Net margin (TTM)23% · Top 25%
Operating margin (TTM)19% · Top 25%
Growth and dividend
Revenue growth36% · Top 25%
Valuation Multiplesvs Specialty Business Services median · lower = cheaper
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Is Global Tax Free Co. Ltd (204620) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 9,947 KRW versus a price of 5,800 KRW, about +72% upside (undervalued).
What is the fair value of 204620?
Our model-based fair value for Global Tax Free Co. Ltd is 9,947 KRW (as of Sep 24, 2026), built from audited fundamentals. The current price: 5,800 KRW.
What is the quality score of 204620?
Global Tax Free Co. Ltd has a Quality Score of 77/100. 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 Global Tax Free Co. Ltd (204620)?
Our model-based price target is the fair value of 9,947 KRW (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 6,391 KRW, optimistic scenario 15,409 KRW. It is a calculation from audited fundamentals, not an analyst target.
What is the Global Tax Free Co. Ltd stock forecast for 2026?
Our models put fair value at 9,947 KRW, about +72% upside versus a price of 5,800 KRW (undervalued). Cautious scenario 6,391 KRW, optimistic scenario 15,409 KRW. The calculation is refreshed regularly with new filings.
What is the revenue of Global Tax Free Co. Ltd (204620)?
Global Tax Free Co. Ltd reported trailing-twelve-month revenue of about 154B KRW (latest available figure, as of Sep 24, 2026).
What growth is priced into Global Tax Free Co. Ltd (204620)?
For today's price to be fair in a discounted-cash-flow model, Global Tax Free Co. Ltd would have to grow free cash flow by -2.3 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +72.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 204620 use?
Our models discount Global Tax Free Co. Ltd at 11.6 %: a base by market capitalisation (micro), damped by beta 0.22, 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 Global Tax Free Co. Ltd that is -2.3 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Global Tax Free Co. Ltd (204620) delivered so far?
Over the past 5 years revenue at Global Tax Free Co. Ltd grew +72.2 % a year. The price currently implies -2.3 % 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 Global Tax Free Co. Ltd (204620) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Global Tax Free Co. Ltd (-2.3 % 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 Global Tax Free Co. Ltd (204620)?
The free-cash-flow yield on the price is 9.39 %: that much free cash flow Global Tax Free Co. Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Global Tax Free Co. Ltd (204620)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Global Tax Free Co. Ltd it is 9,947 KRW per share (as of Sep 24, 2026), against a price of 5,800 KRW. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Global Tax Free Co. Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 204620 trades below its calculated fair value: price 5,800 KRW, fair value 9,947 KRW, a gap of about +72% (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 204620?
No. The price is what the market pays today (5,800 KRW); the fair value is what the company's own numbers justify (9,947 KRW). For Global Tax Free Co. Ltd the two are 4,147 KRW per share apart. That gap is exactly why we show both numbers side by side.
How much is Global Tax Free Co. Ltd worth?
The market values Global Tax Free Co. Ltd at about 408B KRW (market capitalisation, as of Sep 24, 2026). Per share that is 5,800 KRW; our models calculate a fair value of 9,947 KRW per share.
What do the bullish and bearish scenarios say about 204620?
Our models span a range for Global Tax Free Co. Ltd: cautious scenario 6,391 KRW, base 9,947 KRW, optimistic 15,409 KRW per share (as of Sep 24, 2026, price 5,800 KRW). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Global Tax Free Co. Ltd (204620)?
Balance-sheet figures for Global Tax Free Co. Ltd (as of Sep 24, 2026): return on equity 20.0%. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is 204620 from its 52-week high?
Global Tax Free Co. Ltd trades at 5,800 KRW, about 15% below its 52-week high of 6,830 KRW and 45% above the low of 4,000 KRW (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 9,947 KRW is for.
Which stocks are comparable to Global Tax Free Co. Ltd?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, 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 Global Tax Free Co. Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price 5,800 KRW, calculated fair value 9,947 KRW (+72%), Quality Score 77/100, from 24 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 204620 calculated?
We run Global Tax Free Co. Ltd through 24 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 9,947 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 13.0 % above its aggregate fair value. Global Tax Free Co. Ltd currently trades 72 % 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 Global Tax Free Co. Ltd (204620)?
The closing price on Sep 23, 2026 was 5,800 KRW. Our model-based fair value is 9,947 KRW, about +72% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Global Tax Free Co. Ltd right now?
The rarer combination: high quality (77/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (6,391 KRW). The market is more pessimistic than our downside scenario. A fairly wide model range (6,391 KRW to 15,409 KRW) leaves room in how you read the outcome.
Key figures of Global Tax Free Co. Ltd
How large is the market capitalisation of Global Tax Free Co. Ltd (204620)?
The market capitalisation of Global Tax Free Co. Ltd is 408B KRW (≈ $300M). 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 Global Tax Free Co. Ltd (204620)?
The price-to-sales ratio of Global Tax Free Co. Ltd is 2.04 (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 Global Tax Free Co. Ltd (204620)?
The net margin of Global Tax Free Co. Ltd is 22.5% (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 Global Tax Free Co. Ltd (204620)?
The return on equity (ROE) of Global Tax Free Co. Ltd is 20.0% (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 Global Tax Free Co. Ltd (204620)?
On an EBIT basis the return on assets of Global Tax Free Co. Ltd is 0.5% (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 Global Tax Free Co. Ltd (204620)?
The operating margin of Global Tax Free Co. Ltd is 18.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Global Tax Free Co. Ltd (204620)?
Revenue at Global Tax Free Co. Ltd is growing +35.6% versus a year earlier (3y avg +46.1%). 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 Global Tax Free Co. Ltd (204620)?
Earnings per share at Global Tax Free Co. Ltd are growing +118% versus a year earlier. How much earnings per share grew versus a year earlier.
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