Cheil Worldwide (030000) 🔎 In-depth
KOSPI · Price as of 2026-08-06 · Updated 2026-08-09
Cheil Worldwide is an advertising and marketing company that earns fees and margin by planning and producing campaigns for large advertisers including Samsung Electronics and by placing their ads across media. More than half of its revenue now comes from digital, and it has expanded into retail marketing, sports and PR. In its March 2026 corporate value-up plan it reconfirmed a 60% consolidated payout ratio (a policy in place since 2017), and its May quarterly report confirmed a decline in Q1 operating profit. What stands out recently is a clear appeal in stability and high yield — a 6.6% dividend yield, a 60% payout policy, a net-cash balance sheet and a P/E of 10x — while net profit has been flat for a second year and Q1 operating profit fell sharply, putting margin defense to the test depending on the ad market and large advertisers' budgets.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Ad Agencies & Media Reps” (Games, Entertainment & Content · Media, Content & Advertising), a type typically read first through P/E.
Advertising agencies and media reps earn commission-based income by handling advertisers' spending, an asset-light service model whose earnings tend to be fairly steady. That is why trailing P/E, based on actually earned profit, is the first lens.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 4.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 2.1% lower than a year earlier.
- ROE is 13.7% (controlling-interest basis). It is above the sector average.
- Operating margin is 7.0%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Samsung Electronics 25.24% (individual)
Controlling bloc incl. related parties 28.47%
With the controlling bloc holding 28%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Cheil Worldwide earns money through advertising and marketing. It plans and produces campaigns for large advertisers including Samsung Electronics and places their ads across media (TV, digital, out-of-home and so on), earning fees and margin. More than half of its revenue now comes from the digital segment, and it has broadened into online ad operations, retail marketing at stores and points of sale, sports and experiential marketing, and PR. Because revenue (₩4.5 trillion) is recorded large — it includes the media spend placed on advertisers' behalf — the company's real profitability is better seen through gross profit and operating profit than through revenue.
The latest close is ₩19,120 and the market capitalization is ₩2.2 trillion. The price sits above its 20-day moving average (₩18,868) and above its 60-day moving average (₩18,880). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.1, a neutral level. The one-month change is +0.1%, the three-month change is +0.1%, and the position relative to the 52-week high is -17.4%. Relative strength versus the KOSPI is 35 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 35% of all stocks. Over the past three months it outpaced the index by 18.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
The P/E ratio (how many times one year's profit the price represents) is 10.60x, on the low side versus the market average. ROE (how much is earned in a year on equity) is 13.2%, respectable within the advertising industry. The dividend yield is 6.6% and the payout ratio (the share of net profit paid out as dividends) is 60%, placing it among the higher-yielding names of the listed companies in the country. The debt ratio (debt relative to equity) of 228% looks high, but this is because advertising by its nature records both the money owed by advertisers and the money owed to media in large amounts, not because it carries a lot of interest-bearing debt. In fact net debt is negative — that is, it holds ₩332.8 billion more in cash than debt, a net-cash position. EV/EBIT (enterprise value divided by operating profit — a P/E-like measure that also reflects debt) is a low 5.4x, and the FCF yield (the ratio of actual cash earned to market cap) is 8.0%, indicating good cash-generation power.
Revenue grew gently by 4-5% each year over 2023-2025. Operating profit grew at a similar pace, but net profit was essentially flat in 2025 (+0.01% versus the prior year), a slowdown in growth. Widening the lens to five years, revenue grew at an 8% CAGR, so the top line has expanded steadily. Q1 2026 is cause for caution: revenue fell 2.1% and operating profit plunged 37.6%. Net profit, however, was similar to the prior year, supported by non-operating income. In advertising, the fourth quarter, when year-end campaigns cluster, is the largest and the first quarter is the smallest, so it is too early to judge the full year from Q1 alone. The company has laid out a direction of growing gross profit by more than 5% a year, centered on digital, retail and data.
In March 2026 the company disclosed a corporate value-up plan reconfirming a 60% consolidated payout ratio. This 60% policy has been in place since 2017 and underpins the durability of the high dividend. In April it fair-disclosed preliminary full-year 2025 results, and in May it filed a quarterly report containing the Q1 results. The decline in Q1 operating profit is confirmed in that report. There were several filings on changes in the largest shareholder's stake, but none on a scale that affects control.
Stable cash flow and a high dividend are this company's core appeal. It has a 6.6% dividend yield, a 60% payout policy, a net-cash balance sheet and a stable base as a large-scale advertiser for the Samsung group. Valuation, too, is not much of a burden at a 10x P/E, and its ROE is higher than the nearest peer. The point to note is a stalling in growth. Net profit has been flat for a second year, and the sharp drop in Q1 operating profit has put margin defense to the test. It should also be borne in mind that results hinge on the ad market and large advertisers' marketing budgets. In short, from the perspective of wanting a high dividend and stability its strengths are clear, while from the perspective of expecting fast profit growth its appeal is weaker.
🔎 Valuation vs peers Fairly valued
Compared against the listed full-service advertising agency whose business structure is most similar. Innocean, an ad company within the Hyundai Motor group, is a direct peer to Samsung-affiliated Cheil in that both rest on a large-group captive base.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Innocean | 8.56x | 0.72x | 10.45% |
| Cheil Worldwide | 10.60x | 1.44x | 13.65% |
Against its nearest peer, Innocean, Cheil trades at a premium on P/E (10.4x vs 8.2x) and P/B (1.37x vs 0.71x). But this premium is largely explained by a higher ROE (13.2% vs 8.6%), larger business scale and a net-cash balance sheet. With last year's net profit flat, a sharp rebound in earnings is hard to expect, and a valuation in the low-10x P/E range is judged to be a fair level befitting a stable high-yield stock. Given the net cash and low EV/EBIT (5.4x), the real valuation that also reflects debt is marked lower than the headline P/E.
Price history Close · MA20 · MA60
The latest close is ₩19,120 and the market capitalization is ₩2.2 trillion. The price sits above its 20-day moving average (₩18,868) and above its 60-day moving average (₩18,880). It holds above both its short- and medium-term moving averages, so the trend looks healthy. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 54.1, a neutral level. The one-month change is +0.1%, the three-month change is +0.1%, and the position relative to the 52-week high is -17.4%. Relative strength versus the KOSPI is 35 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 35% of all stocks. Over the past three months it outpaced the index by 18.6%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +18.59% / 6M -28.77% / 12M -50.71%
Key metrics Computed vs sector median
Valuation
The P/E of 10.60x is in line with the sector median (9.24x). The P/B of 1.44x is above the sector median (0.61x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 2.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 0.96x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 13.7%, above the sector average (5.0%). The operating margin is 7.0%. The debt ratio is 124.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.9B | $3.1B | $3.2B | +4.66% ↓ slower |
| Operating profit | $216.0M | $225.3M | $236.7M | +5.04% ↑ faster |
| Net profit | $131.6M | $145.8M | $145.8M | +0.01% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $3.0B | $2.9B | $3.1B | $3.2B |
| Operating profit | $174.3M | $218.8M | $216.0M | $225.3M | $236.7M |
| Net profit | $116.3M | $136.1M | $131.6M | $145.8M | $145.8M |
| Revenue CAGR | 4-yr avg 8.13% | ||||
Revenue rose 4.7% year over year (2023 ₩4.1 trillion → 2024 ₩4.3 trillion → 2025 ₩4.5 trillion), and the three-year trend is 'rising'. That said, the pace of growth slowed from the prior year. Operating profit rose 5.0% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 8.1%. The two-year revenue CAGR is 4.8%. In the most recent quarter (Q1 2026), revenue was 2.1% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The dividend yield, at 6.4%, is on the high side.
- ROE of 13.7% points to solid profitability.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue rose 4.7% year over year, and the pace is slowing (3-year trend: rising).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-19FilingCorporate value-up plan disclosed. Maintain a 60% consolidated payout ratio, grow gross profit by 5%+ a year centered on digital, retail and data, and expand AI and tech investment.Reconfirms the durability of the high dividend and the business direction, positive for medium-term stability. That said, no specific revenue or profit target figures were provided. Source
- 2026-04-24EarningsFair disclosure of consolidated preliminary operating results. 2025 revenue of ₩4.5 trillion, operating profit of ₩336.9 billion and net profit of ₩207.5 billion confirmed.Revenue and operating profit grew slightly year over year, but net profit was essentially flat. Confirms a phase of slowing growth. Source
- 2026-05-15EarningsQ1 2026 quarterly report. Revenue of ₩1,017.6 billion (-2.1%), operating profit of ₩36.5 billion (-37.6%), net profit of ₩28.3 billion (+0.8%).The plunge in operating profit is a near-term margin-pressure signal. Net profit was defended by non-operating income. Q1 is a seasonal low, so it is early to judge the full year. Source
- 2026-03-18DividendDisclosure of AGM results. Handled the 2025 year-end dividend and agenda items related to the 60% payout policy.Confirms the high dividend, at a dividend per share of ₩1,230 and a yield of around 6.6%. Source
Figure cross-check computed ↔ external
Recent filings Source
- 2026-06-01Corporate governance report
- 2026-06-01Large-business-group status disclosure
- 2026-05-29OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-05-08OwnershipLargest-shareholder ownership change report
- 2026-04-24EarningsFair-disclosure notice
- 2026-04-17EarningsEarnings disclosure
- 2026-04-03OwnershipLargest-shareholder ownership change report
- 2026-04-01OwnershipOwnership-change filing
- 2026-03-19Disclosure
- 2026-03-18Shareholders' meeting notice
- 2026-03-10PeriodicAnnual business report
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.