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F&F Co (383220) Fair Value & Analysis

Consumer Cyclical · KR · Market cap 2.9T KRW

FF F&F Co 383220 · KO
Price67,000 KRW
Fair Value180,756 KRW
Upside+169.8%
Quality70/100
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Healthy Growth
Highly profitable · 25.8% net margin
Low debt · generates free cash flow
3.65% dividend yield
Ranks above peers (10/10)
Wide moat 83/100
Evidence: High Range 124,630 KRW – 259,426 KRW Share as image

Fair value as of: Jul 24, 2026

From 24 valuation models · updated 17 days ago

Fair value updated Jul 24, 2026, revised from 180,490 KRW to 180,756 KRW (+0.1%) since Jun 25, 2026. Share price −16.5% over the past month.

A solid business, screening 170% undervalued on our models.

What matters now

  • The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (124,630 KRW). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (124,630 KRW to 259,426 KRW) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

177,151 KRW 44,114 KRW Fair Value 180,756 KRW May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 24, 2026.

How to read this chart

60‑month range 44,114 KRW – 177,151 KRW · fair‑value band 124,630 KRW – 259,426 KRW · the 67,000 KRW price screens below the 180,756 KRW fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 24, 2026.

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Analysis

F&F Co (383220) currently trades at 67,000 KRW, while our model-based Fair Value estimate is 180,756 KRW, implying the stock looks roughly 169.8% undervalued today. The Quality Score stands at 70/100 (solid quality), in the Consumer Cyclical 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, F&F Co generated revenue of 2.0T KRW at a net margin of 25.8%. Revenue grew 10.9% year over year. It earns a return on equity of 28.9%. Net debt stands at 25.8B KRW. Fundamentals as of Jul 24, 2026

Our scenario range runs from 124,630 KRW (bear case) to 259,426 KRW (bull case); at 67,000 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 25% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -3% fair-value upside, at 170%, 383220 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 BearBaseBull Evidence
Highest evidence
Growth DCF 113,752 KRW 164,799 KRW 240,346 KRW 80
Residual Income 72,380 KRW 96,183 KRW 436,497 KRW 76
Rev-Margin DCF 70,636 KRW 98,295 KRW 129,744 KRW 74
All 24 models by family
DCF Models
FCF DCF 111,096 KRW 167,267 KRW 255,007 KRW 38
Owner Earnings 153,964 KRW 233,646 KRW 358,109 KRW 31
5Y Revenue Exit 70,636 KRW 97,029 KRW 129,243 KRW 39
5Y EBITDA Exit 122,471 KRW 192,165 KRW 272,049 KRW 41
5Y P/E Exit 146,020 KRW 235,386 KRW 327,543 KRW 38
10Y Revenue Exit 82,652 KRW 110,014 KRW 144,043 KRW 36
10Y EBITDA Exit 117,548 KRW 176,906 KRW 253,627 KRW 37
10Y P/E Exit 132,787 KRW 207,296 KRW 296,211 KRW 35
Earnings-Based
Graham-Dodd 72,303 KRW 203,562 KRW 267,885 KRW 54
Lynch FV 41,234 KRW 58,905 KRW 76,577 KRW 50
PEG = 1.0 41,234 KRW 58,905 KRW 76,577 KRW 46
EPV 90,325 KRW 104,734 KRW 117,542 KRW 59
Multiples
P/E Multiple 175,440 KRW 233,920 KRW 292,400 KRW 63
P/S Multiple 46,439 KRW 61,918 KRW 77,398 KRW 58
P/B Multiple 135,567 KRW 180,756 KRW 225,945 KRW 55
EV/EBIT 177,443 KRW 233,699 KRW 289,956 KRW 53
EV/EBITDA 143,815 KRW 188,862 KRW 233,909 KRW 54
EV/Revenue 52,016 KRW 70,592 KRW 89,167 KRW 43
Asset-Based
NCAV (Graham) 25,061 KRW 33,582 KRW 50,123 KRW 50
Growth DCF
Growth DCF 113,752 KRW 164,799 KRW 240,346 KRW 80
Rev-Margin DCF 70,636 KRW 98,295 KRW 129,744 KRW 74
Economic Profit
Residual Income 72,380 KRW 96,183 KRW 436,497 KRW 76
ROIC Compounder 95,601 KRW 118,877 KRW 145,983 KRW 72
Growth Earnings
Growth-Adj P/E 139,691 KRW 199,558 KRW 259,426 KRW 68

Widest divergence: Growth Earnings (199,558 KRW) versus Asset-Based (33,582 KRW). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 2.0T KRW
Revenue growth (YoY) +10.9%
Net margin 25.8%
Return on equity 28.9%
Free cash flow 329B KRW FY2025
Operating margin 27.4%
More key figures
Dividend yield 3.1%
EPS growth (YoY) +139%
Net debt 25.8B KRW FY2024

Figures from reported company fundamentals · as of Jul 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 69 · Market factors (momentum, volatility) 44

Profitability 77
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 35
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 88
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

F&F Co., Ltd. manufactures and sells apparel and accessories in South Korea. The company offers fashion products under the MLB, MLB KIDS, DISCOVERY, DUVETICA, SUPRA, and SERGIO TACCHINI brands; and skincare products under the BANILA CO brand. It also retails its products through fashion specialty outlet.

Full company description

F&F Co., Ltd. manufactures and sells apparel and accessories in South Korea. The company offers fashion products under the MLB, MLB KIDS, DISCOVERY, DUVETICA, SUPRA, and SERGIO TACCHINI brands; and skincare products under the BANILA CO brand. It also retails its products through fashion specialty outlet. The company was founded in 1992 and is headquartered in Seoul, South Korea.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

F&F Co reported revenue of 1.9T KRW in FY2025 versus 1.1T KRW in FY2021, a compound +15.4%/yr. Reported net income was 399B KRW in FY2025, compounding +14.5%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.9T KRW
Latest YoY
+2.0%
Avg. growth/yr (3Y)
+2.3%
Revenue +15.4%/yr
FY21 1.1T KRW
FY22 1.8T KRW
FY23 2.0T KRW
FY24 1.9T KRW
FY25 1.9T KRW
Net income +14.5%/yr
FY21 232B KRW
FY22 442B KRW
FY23 425B KRW
FY24 360B KRW
FY25 399B KRW

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Cite: Fair Value Calculator (2026). "F&F Co Fair Value". https://www.fairvalue-calculator.com/stock/383220

Peer Group

Apparel Manufacturing · 212 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 70 · Top 25%
Fair Value upside +170% · Top 25%
Return on equity (TTM) 29% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 27% · Top 25%
Revenue growth 11% · Top 25%
Dividend yield (TTM) 3.7% · Above median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/FCF 0.0× · 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.

VALUE 100 · sector 33
FUTURE 55 · sector 4
PAST 100 · sector 21
HEALTH 100 · sector 98
DIVIDEND 73 · sector 49

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 Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 24, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
Gildan Activewear Inc GIL C$73.17 C$32.85 -55%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%

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Frequently asked questions

Is F&F Co (383220) overvalued or undervalued?
As of Jul 24, 2026, our model estimates a fair value of 180,756 KRW versus a price of 67,000 KRW, about +170% (undervalued).
What is the fair value of 383220?
Our model-based fair value for F&F Co is 180,756 KRW (as of Jul 24, 2026), built from audited fundamentals. The current price is 67,000 KRW.
What is the quality score of 383220?
F&F Co has a Quality Score of 70/100. 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 F&F Co (383220)?
F&F Co reported trailing-twelve-month revenue of about 2.0T KRW (latest available figure, as of Jul 24, 2026).
What is the net profit margin of 383220?
The net profit margin of F&F Co is about 25.8%, meaning it keeps roughly 25.8% of revenue as net income. Based on the latest reported figures.
Does F&F Co pay a dividend?
F&F Co currently shows a dividend yield of about 3.14% relative to its recent price (as of Jul 24, 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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