Buy Or Sell Opportunity • Jun 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to ₩5,500. The fair value is estimated to be ₩6,955, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last year. Earnings per share has grown by 62%. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩6,440, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 17x in the Consumer Retailing industry in South Korea. Total loss to shareholders of 50% over the past year. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₩6,730, the stock trades at a trailing P/E ratio of 70.3x. Average trailing P/E is 14x in the Consumer Retailing industry in South Korea. Total loss to shareholders of 34% over the past year. New Risk • Sep 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 69% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (69% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (₩59.6b market cap, or US$43.0m). New Risk • Aug 30
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₩59.6b market cap, or US$43.0m). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₩12,660, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 10x in the Consumer Retailing industry in South Korea. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₩17,000, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 11x in the Consumer Retailing industry in South Korea. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩13,040, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 9x in the Consumer Retailing industry in South Korea. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩14,950, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 9x in the Consumer Retailing industry in South Korea. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩13,750, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 8x in the Consumer Retailing industry in South Korea. Reported Earnings • Mar 25
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₩404 (down from ₩1,581 in FY 2023). Revenue: ₩110.3b (up 65% from FY 2023). Net income: ₩1.83b (down 48% from FY 2023). Profit margin: 1.7% (down from 5.2% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 62%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Consumer Retailing industry in South Korea. 공시 • Mar 14
MeatBox Global Inc., Annual General Meeting, Mar 31, 2025 MeatBox Global Inc., Annual General Meeting, Mar 31, 2025, at 10:00 Tokyo Standard Time. Location: conference room, 22, teheran-ro 34-gil, gangnam-gu, seoul South Korea 
