Source Facts: Hana Securities / June 30, 2026
Investment Opinion and Target Price: Not Rated / Current Price 233,000 KRW
Key Momentum: QoQ growth across all global regions including Japan, North America, and Europe, and business model evolution through portfolio diversification.
📊 1. [Valuation Metrics and Investment Indicators Analysis]
- Current Price (as of June 29, 2026): 233,000 KRW.
- 2025 Financial Metrics: PER 22.4x, PBR 9.2x, EV/EBITDA 16.5x.
- 2026–2027 Consensus: Revenue is estimated to grow from 749 billion KRW to 972 billion KRW, and operating profit from 163 billion KRW to 221 billion KRW.
- The current valuation is evaluated at approximately 12-month forward (12MF) PER 20x.
- Considering the projected EPS CAGR of 35% from 2025 to 2028, valuation pressure is judged to be limited.
🚀 2. [Market Opportunity (TAM) and Detailed Performance Estimates]
- Q2 Performance Outlook: Consolidated revenue of 184.1 billion KRW (up 43% YoY) and operating profit of 42.3 billion KRW (up 45% YoY) are expected.
- Regional Growth:
- Japan: 55% YoY growth, driven by the expansion of approximately 2,000 retail stores including Matsumoto Kiyoshi/Aeon Mall and the success of Qoo10 Mega Wari.
- North America: 100% YoY growth, supported by continued store entries into Ulta Beauty, Costco, etc..
- Europe: 150% YoY growth, with entry into major retailers like Costco, Boots, and DM in Spain, France, UK, and Germany.
- Growth Strategy:
- Category Expansion: Increasing the weight of sub-categories such as sunscreen, multi-balm, and eye cream beyond the flagship mist serum.
- Channel Optimization: Increasing the share of high-margin categories (Tone-up Sun Cream, 25% in ’26) and B2B channels (expected share over 40% in ’26).
- Mid-to-Long Term Roadmap: Preparing for new brand launches, including devices and inner beauty products, and evaluating M&A opportunities.
📝 Editor’s Comment (by K-STOCK Editor)
Dalba Global’s growth narrative goes beyond the success of a single product, following a classic path of global market share expansion and portfolio diversification. Specifically, the strategy of regional penetration considering marketing efficiency and the improvement of the product/channel mix are interpreted as positive signals for long-term profitability. Market participants are expected to focus on whether the annual revenue guidance will be revised upward after the Q2 earnings release and how much market traction the new categories (devices/inner beauty) will demonstrate. Investors will likely evaluate whether the current valuation level appropriately reflects the high-growth trajectory (EPS CAGR 35%) or if there is room for further multiple expansion.
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