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F&F Co Ltd (383220) Fair Value & Analysis

Consumer Cyclical · KR · Market cap 2.9T KRW (≈ $2.0B) · ISIN KR7383220001

What is F&F Co Ltd really worth?

FF F&F Co Ltd 383220 · KO
Price66,900 KRW
Fair Value179,500 KRW
Upside+168.3%
Quality70/100

A solid business, trading 63% below our fair value of 179,500 KRW.

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Strengths

Highly profitable · 25.8% net margin
Low debt · generates free cash flow
Ranks above peers (10/10)
Wide moat 83/100

Risks

!Mixed Growth (revenue 3y +2.3 %/yr)
!Evidence only medium, so the estimate is less certain

For context

·4.04% dividend yield
Evidence: Medium Range 120,298 KRW – 259,426 KRW

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 22 days ago

Fair value updated Aug 13, 2026, revised from 180,756 KRW to 179,500 KRW (−0.7%) since Jul 24, 2026. Share price +8.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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 (120,298 KRW). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (120,298 KRW to 259,426 KRW) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

177,151 KRW 44,114 KRW Fair Value 179,500 KRW May 2021 Sep 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 44,114 KRW – 177,151 KRW · fair‑value band 120,298 KRW – 259,426 KRW · the 66,900 KRW price screens below the 179,500 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.

Full chart & analysis →

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Analysis

F&F Co Ltd (383220) currently trades at 66,900 KRW, while our model-based Fair Value estimate is 179,500 KRW, implying the stock looks roughly 62.7% undervalued today. The Quality Score stands at 70/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of 199,558 KRW per share, and 20 of the 24 models we run sit above the 66,900 KRW price. Bear case: the Asset-Based group reads lowest at 33,582 KRW, and 4 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, F&F Co Ltd 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 Aug 13, 2026

Our scenario range runs from 120,298 KRW (bear case) to 259,426 KRW (bull case); at 66,900 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 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 −17% fair-value upside, at 168%, 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, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF 111,096 KRW 167,267 KRW 255,007 KRW 76
Growth DCF 113,752 KRW 164,799 KRW 240,346 KRW 75
EPV 90,325 KRW 104,734 KRW 117,542 KRW 74
All 24 models by family
DCF Models
FCF DCF 111,096 KRW 167,267 KRW 255,007 KRW 76
Owner Earnings 153,964 KRW 233,646 KRW 358,109 KRW 73
5Y Revenue Exit 70,636 KRW 97,029 KRW 129,243 KRW 70
5Y EBITDA Exit 122,471 KRW 192,165 KRW 272,049 KRW 72
5Y P/E Exit 146,020 KRW 235,386 KRW 327,543 KRW 68
10Y Revenue Exit 82,652 KRW 110,014 KRW 144,043 KRW 65
10Y EBITDA Exit 117,548 KRW 176,906 KRW 253,627 KRW 65
10Y P/E Exit 132,787 KRW 207,296 KRW 296,211 KRW 61
Earnings-Based
Graham-Dodd 72,303 KRW 203,562 KRW 267,885 KRW 62
Lynch FV 41,234 KRW 58,905 KRW 76,577 KRW 58
PEG = 1.0 41,234 KRW 58,905 KRW 76,577 KRW 55
EPV 90,325 KRW 104,734 KRW 117,542 KRW 74
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 66
EV/EBITDA 143,815 KRW 188,862 KRW 233,909 KRW 67
EV/Revenue 52,016 KRW 70,592 KRW 89,167 KRW 54
Asset-Based
NCAV (Graham) 25,061 KRW 33,582 KRW 50,123 KRW 54
Growth DCF
Growth DCF 113,752 KRW 164,799 KRW 240,346 KRW 75
Rev-Margin DCF 70,636 KRW 98,295 KRW 129,744 KRW 70
Economic Profit
Residual Income 72,380 KRW 96,183 KRW 436,497 KRW 61
ROIC Compounder 95,601 KRW 118,877 KRW 145,983 KRW 69
Growth Earnings
Growth-Adj P/E 139,691 KRW 199,558 KRW 259,426 KRW 65

Widest divergence: Growth Earnings (199,558 KRW) versus Asset-Based (33,582 KRW). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/S ratio 1.62 TTM
Dividend yield 4.0%
Net margin 20.6% FY2025
Return on equity 28.9% TTM
Return on assets (EBIT) 25.3% avg 5y
Operating margin 27.4% TTM
More key figures
Growth
Revenue (TTM) 2.0T KRW TTM
Revenue growth (YoY) +10.9% 3y avg +2.3%
EPS growth (YoY) +139%
Balance sheet & cash flow
Free cash flow 329B KRW FY2025
Net debt 25.8B KRW FY2024 · ≈ 0.1 yrs of FCF

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

Quality Score breakdown

Overall quality 70/100

Of which business quality 69 · Market factors (momentum, volatility) 42

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 57
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 38
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

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 Ltd 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 is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.9T KRW
Latest YoY
+2.0%
Avg. revenue 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.
+2.3%
Value creation/yr (5Y, in KRW) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
−14.9% (−18.9 + 4.0)
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 Ltd Fair Value". https://www.fairvalue-calculator.com/stock/383220

Peer Group

Apparel Manufacturing · 214 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 +168% · 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) 4.0% · Above median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers

Strength profile in five axes (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 24
FUTURE55 · sector 4
PAST100 · sector 20
HEALTH100 · sector 98
DIVIDEND81 · sector 54

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

Similar stocks

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

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 175.50 kr 165.47 −6%
Ralph Lauren Corporation RL $396.35 $220.38 −44%
Moncler S.p.A MONC €46.15 €50.69 +10%
Gildan Activewear Inc GIL C$75.50 C$45.60 −40%
LPP SA LPP 21,340 PLN 17,754 PLN −17%
Levi Strauss & Co LEVI $21.05 $15.20 −28%
V.F. Corporation VFC $13.67 $10.44 −24%
Bosideng International Holdings 3998 HK$4.42 HK$5.92 +34%
Youngor Fashion Co 600177 ¥7.91 ¥5.59 −29%
Kontoor Brands, Inc KTB $82.01 $85.76 +5%

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Frequently asked questions

Is F&F Co Ltd (383220) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 179,500 KRW versus a price of 66,900 KRW, about +168% upside (undervalued).
What is the fair value of 383220?
Our model-based fair value for F&F Co Ltd is 179,500 KRW (as of Aug 13, 2026), built from audited fundamentals. The current price: 66,900 KRW.
What is the quality score of 383220?
F&F Co Ltd 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 Ltd (383220)?
F&F Co Ltd reported trailing-twelve-month revenue of about 2.0T KRW (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 383220?
The net profit margin of F&F Co Ltd 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 Ltd pay a dividend?
F&F Co Ltd currently shows a dividend yield of about 4.04% relative to its recent price (as of Aug 13, 2026).
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