Valuation Update With 7 Day Price Move • 14h
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to ₩12,010, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 16x in the Personal Products industry in South Korea. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₩14,920, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 14x in the Personal Products industry in South Korea. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩17,260, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Personal Products industry in South Korea. Total returns to shareholders of 109% over the past three years. Announcement • Mar 13
NOVAREX Co.,Ltd., Annual General Meeting, Mar 27, 2026 NOVAREX Co.,Ltd., Annual General Meeting, Mar 27, 2026, at 09:01 Tokyo Standard Time. Location: conference room, 80, osongsaengmyeong 14-ro, osong-eup, heungdeok-gu, chungcheongbuk-do, cheongju South Korea Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₩11,940, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 20x in the Personal Products industry in South Korea. Total returns to shareholders of 30% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 April 2026. Payout ratio is a comfortable 9.8% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of South Korean dividend payers (3.6%). Lower than average of industry peers (1.8%). Declared Dividend • Nov 08
Dividend of ₩200 announced Dividend of ₩200 is the same as last year. Ex-date: 29th December 2025 Payment date: 27th April 2026 Dividend yield will be 1.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (13% earnings payout ratio) but not covered by cash flows (dividend approximately 96x free cash flows). The dividend has increased by an average of 12% per year over the past 6 years and payments have been stable during that time. Earnings per share has grown by 3.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
NOVAREX Co.,Ltd. announces Annual dividend, payable on April 27, 2026 NOVAREX Co.,Ltd. announced Annual dividend of KRW 200.0000 per share payable on April 27, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Oct 10
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 96x cash flows per share. Dividend yield: 1.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 96x cash flows per share). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩20,350, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 19x in the Personal Products industry in South Korea. Total returns to shareholders of 44% over the past three years. New Risk • Jun 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩17,700, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 18x in the Personal Products industry in South Korea. Total returns to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩14,400, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 14x in the Personal Products industry in South Korea. Total loss to shareholders of 16% over the past three years. Announcement • Mar 13
NOVAREX Co.,Ltd., Annual General Meeting, Mar 28, 2025 NOVAREX Co.,Ltd., Annual General Meeting, Mar 28, 2025, at 09:01 Tokyo Standard Time. Location: conference room, 80, osongsaengmyeong 14-ro, osong-eup, heungdeok-gu, chungcheongbuk-do, cheongju South Korea Upcoming Dividend • Dec 20
Upcoming dividend of ₩200 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 21 April 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of South Korean dividend payers (3.9%). Higher than average of industry peers (1.1%). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to ₩7,600, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Personal Products industry in South Korea. Total loss to shareholders of 52% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₩391 (vs ₩351 in 2Q 2023) Second quarter 2024 results: EPS: ₩391 (up from ₩351 in 2Q 2023). Revenue: ₩81.8b (up 7.5% from 2Q 2023). Net income: ₩6.92b (up 11% from 2Q 2023). Profit margin: 8.5% (up from 8.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Personal Products industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • May 21
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₩330.1m to ₩314.4m. EPS estimate also fell from ₩1,426 per share to ₩1,055 per share. Net income forecast to shrink 9.2% next year vs 99% growth forecast for Personal Products industry in South Korea . Consensus price target down from ₩16,500 to ₩15,000. Share price fell 8.8% to ₩9,390 over the past week. Upcoming Dividend • Dec 20
Upcoming dividend of ₩150 per share at 1.2% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 22 April 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of South Korean dividend payers (3.5%). In line with average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩12,800, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Personal Products industry in South Korea. Total loss to shareholders of 27% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ₩376 (vs ₩234 in 3Q 2022) Third quarter 2023 results: EPS: ₩376 (up from ₩234 in 3Q 2022). Revenue: ₩80.5b (up 38% from 3Q 2022). Net income: ₩6.66b (up 77% from 3Q 2022). Profit margin: 8.3% (up from 6.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Personal Products industry in South Korea. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 17% per year. New Risk • Nov 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South Korean stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₩13,390, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Personal Products industry in South Korea. Total loss to shareholders of 22% over the past three years. Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₩287.3m to ₩300.6m. EPS estimate increased from ₩1,007 to ₩1,221 per share. Net income forecast to grow 45% next year vs 125% growth forecast for Personal Products industry in South Korea. Consensus price target up from ₩12,000 to ₩16,000. Share price rose 19% to ₩10,440 over the past week. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₩9,570, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 18x in the Personal Products industry in South Korea. Total loss to shareholders of 52% over the past three years. Upcoming Dividend • Dec 21
Upcoming dividend of ₩150 per share Eligible shareholders must have bought the stock before 28 December 2022. Payment date: 11 April 2023. Payout ratio is a comfortable 6.3% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of South Korean dividend payers (3.3%). Higher than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₩11,600, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Personal Products industry in South Korea. Total returns to shareholders of 26% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₩382 (vs ₩332 in 2Q 2021) Second quarter 2022 results: EPS: ₩382 (up from ₩332 in 2Q 2021). Revenue: ₩78.1b (up 13% from 2Q 2021). Net income: ₩6.07b (up 15% from 2Q 2021). Profit margin: 7.8% (up from 7.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 25%, compared to a 1.7% growth forecast for the Personal Products industry in South Korea. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
NOVAREX Co.,Ltd. has completed a Follow-on Equity Offering in the amount of KRW 22.59 billion. NOVAREX Co.,Ltd. has completed a Follow-on Equity Offering in the amount of KRW 22.59 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 900,000
Price\Range: KRW 25100
Transaction Features: Rights Offering Upcoming Dividend • Dec 22
Upcoming dividend of ₩300 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 April 2022. Payout ratio is a comfortable 9.5% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of South Korean dividend payers (2.4%). In line with average of industry peers (0.8%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ₩684 (vs ₩811 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₩67.8b (up 19% from 3Q 2020). Net income: ₩5.44b (down 16% from 3Q 2020). Profit margin: 8.0% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₩3,162 (vs ₩1,850 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₩222.8b (up 40% from FY 2019). Net income: ₩25.1b (up 71% from FY 2019). Profit margin: 11% (up from 9.2% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 15
New 90-day high: ₩41,200 The company is up 10.0% from its price of ₩37,550 on 17 November 2020. The South Korean market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩115,473 per share. Is New 90 Day High Low • Jan 29
New 90-day low: ₩36,300 The company is down 1.0% from its price of ₩36,500 on 30 October 2020. The South Korean market is up 33% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩122,744 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of ₩200 Per Share Will be paid on the 10th of April to those who are registered shareholders by the 29th of December. The trailing yield of 0.5% is below the top quartile of South Korean dividend payers (2.6%), and is lower than industry peers (0.6%). Is New 90 Day High Low • Oct 26
New 90-day low: ₩37,450 The company is down 10.0% from its price of ₩41,750 on 28 July 2020. The South Korean market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₩120,379 per share. Price Target Changed • Sep 24
Price target raised to ₩53,600 Up from ₩49,600, the current price target is an average from 6 analysts. The new target price is 35% above the current share price of ₩39,600. As of last close, the stock is up 105% over the past year.