Misto Holdings is a holding company that oversees the sportswear brand FILA and Acushnet, a New York-listed company that owns Titleist (maker of the top-selling Pro V1 golf ball) via a stake of roughly 52%. Because a large share of consolidated revenue and profit comes from the golf business, it is more accurate to think of Misto not as an apparel wholesaler but as a holding company that owns the FILA brand plus a stake in a listed golf company. In March 2025, after unveiling a 2025-2027 medium-term shareholder-return policy (₩500 billion in total), it cancelled all of its treasury shares and added a special dividend of ₩940 per share, then in June it sold part of its Acushnet stake for about USD 52.5 million to help fund those returns. The recent picture is a mix of strengths and cautions: the strengths are a 4.6% dividend paired with ongoing treasury-share cancellations and buybacks, an NAV discount in which the market value of the listed subsidiary exceeds Misto's own market cap, and two straight years of accelerating operating-profit recovery; the cautions are that net profit swings widely with Acushnet's results, exchange rates and the equity method, that financial investors hold part of the stake so the real economic interest is lower than the headline, and that FILA's own growth momentum is modest.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 4.7% year over year, and the pace is slowing (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 4.2% higher than a year earlier.
- ROE is 11.6% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.6%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Piemonte 35.81% (corporate)
Controlling bloc incl. related parties 35.92%
With the controlling bloc holding 36%, the ownership structure is stable.
🔎 In-depth analysis
- Misto Holdings is less a company that sells clothing and footwear directly than a holding company that oversees brand-business subsidiaries (a structure that earns money through the results of the subsidiary shares it holds).
- There are two main pillars.
- One is the sportswear brand FILA, whose revenue comes from its Korean operations and from global licensing royalties.
- The other, and larger, pillar is Acushnet, a New York-listed company that owns Titleist (maker of the top-selling Pro V1 golf ball) and the golf-shoe brand FootJoy.
- Through an intermediate holding company called Magnus Holdings, Misto controls a stake of about 52% in Acushnet, and a large share of consolidated revenue and profit comes from this golf business.
- In other words, when reading the results it is more accurate to view the company not as an apparel wholesaler but as a holding company that owns the FILA brand plus a stake in a listed golf company.
- The latest close is ₩52,400 and the market cap is ₩2.8 trillion.
- The price sits above the 20-day line (₩42,778) and above the 60-day line (₩40,934).
- Trading above both the short- and medium-term moving averages, the trend is fairly firm.
- The RSI (a supplementary gauge that weighs upward against downward force over the past 14 days on a 0-100 scale) is 74.6, close to overheated territory.
- The one-month change is +29.9%, the three-month change is +26.1%, and the position versus the 52-week high is -3.3%.
- Relative strength against the KOSPI is 50 (1-99, computed from returns versus the index over the past year with more weight on recent performance; higher means stronger than the market).
- That places it in roughly the top 50% of all stocks by strength.
- Over the past three months it outpaced the index by 1.3%.
- Chart readings are best interpreted alongside trading volume and disclosure dates.
- With a P/E (how many times one year's net profit the share price is) of 12.40x, a P/B (how many times book net assets the share price is) of 1.44x and a dividend yield of 4.6%, the dividend appeal is large.
- ROE (how much is earned in a year on shareholders' equity) is a healthy 11.6% and the operating margin is 10.6%.
- Given its holding-company nature, though, two points warrant care.
- First, the debt ratio (debt versus equity) of 151% is a figure that consolidates even the debt of the listed subsidiary Acushnet, so it differs in character from the financial burden of the holding company itself.
- Second, the reason a P/B of 1.18x looks "not cheap" is that book equity carries the Acushnet stake at close to its low acquisition cost.
- If the held stake is re-marked to its current market value (NAV), net assets are far larger than book, and in that case the real P/B falls well below 1.44x (see the valuation section).
- Revenue has grown modestly for three straight years (₩4.01 trillion in 2023 to ₩4.47 trillion in 2025, around 4% a year), so the growth pace itself is not large.
- The profit recovery, by contrast, stands out.
- Operating profit rose from ₩303.5 billion in 2023 to ₩474.8 billion in 2025, accelerating for two straight years (+19% then +32%), and net profit attributable to owners recovered clearly from ₩42.6 billion in 2023 to ₩84.2 billion in 2024 to ₩224.3 billion in 2025.
- Cumulative operating profit in Q1 2026 was up +19% year on year, so the operating trend remains solid, while net profit was -3.6% on exchange-rate and non-operating factors.
- This business is highly seasonal, and the fourth quarter typically posts a small loss on marketing and inventory adjustments.
- Taking this seasonality together with the Q1 operating improvement, this year's net profit attributable to owners can be seen as tracking similar to or slightly above last year (₩224.3 billion), and the forward P/E derived by dividing this into the market cap is about 9.7x.
- That is not far from the 10.2x on last year's confirmed figures, and as a holding company the essence lies less in the earnings multiple than in the NAV view below.
- Recent disclosures center on shareholder returns and governance.
- In March 2025 the company announced a "2025-2027 medium-term shareholder-return policy" (₩500 billion in total), then cancelled all of its treasury shares (about ₩268.2 billion), acquired additional treasury shares, and added a special dividend (₩940 per share).
- Disclosures of treasury-share acquisition decisions and completions continued in May 2026, and in June a partial disposal of the Acushnet stake through Magnus Holdings (participating in Acushnet's own buyback program, about USD 52.5 million) was disclosed.
- This reads as monetizing a subsidiary stake to fund holding-company shareholder returns while keeping control intact.
- Regular IR sessions were also held back to back in May and June, with the company explaining its business status directly.
- The watch points are clear.
- The strengths are (1) distinct shareholder returns, with a 4.6% dividend alongside ongoing treasury-share cancellations and buybacks, (2) an NAV-discount structure in which the market value of the listed subsidiary Acushnet's stake exceeds Misto Holdings' own market cap, and (3) two straight years of accelerating operating-profit recovery.
- The cautions are (1) that holding-company net profit swings sharply quarter to quarter, driven by Acushnet's results, exchange rates and the equity method, (2) that financial investors hold part of Magnus Holdings, so Misto's real economic interest is lower than the nominal 52% and a holding-company discount also exists, and (3) that FILA's own growth momentum is modest.
- The stock is strong when golf and sports consumption holds firm and shareholder returns continue, and consolidated profit and NAV can both be pressured if Acushnet's share price or the dollar weakens.
🔎 Valuation vs peers Undervalued
Domestic branded-apparel and sportswear companies; note, however, that Misto Holdings is an operating holding company that owns a stake in a listed subsidiary, so the market value (NAV) of that held stake matters more than a simple earnings-multiple comparison.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| F&F | 7.55x | 1.60x | 21.21% |
| Youngone Corporation | 7.42x | 0.89x | 12.03% |
| Handsome | 10.43x | 0.34x | 3.22% |
Compared with domestic branded-apparel peers (F&F at a P/E of 7.4, Youngone at 6.7, Handsome at 10.1), the trailing P/E of 10.2x looks somewhat high, but that is the wrong yardstick for a holding company. The key is NAV. Acushnet, a New York-listed company, has a market cap of about USD 5.3 billion, and the market value of the roughly 52% stake Misto controls through Magnus is estimated at around ₩3.8 trillion, well above Misto Holdings' own market cap of ₩2.29 trillion. Even halving this stake value to account for the financial-investor interest within Magnus and a typical holding-company discount (about ₩1.9 trillion), it still matches Misto's market cap, in which case one effectively receives the dividend-generating FILA domestic brand business for free. On a held-stake (NAV) basis rather than an earnings multiple or P/B, then, the stock is judged to be in undervalued territory.
Price history Close · MA20 · MA60
The latest close is ₩52,400 and the market capitalization is ₩2.8 trillion. The price sits above its 20-day moving average (₩42,778) and above its 60-day moving average (₩40,934). 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 74.6, near overbought territory. The one-month change is +29.9%, the three-month change is +26.1%, and the position relative to the 52-week high is -3.3%. Relative strength versus the KOSPI is 50 (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 50% of all stocks. Over the past three months it outpaced the index by 1.3%. 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 +1.32% / 6M -22.66% / 12M -41.45%
Key metrics vs sector median
Valuation
The P/E of 12.40x is above the sector median (9.68x). The P/B of 1.44x is above the sector median (0.80x).
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)
DCF (discounted cash flow) estimate — discount rate 9.2%, initial growth 5.2%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.052x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 11.6%, above the sector average (7.0%). The operating margin is 10.6%. The debt ratio is 151.4%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $2.7B | $2.8B | $3.0B | +4.68% ↓ slower |
| Operating profit | $201.1M | $239.1M | $314.7M | +31.59% ↑ faster |
| Net profit | $28.2M | $55.8M | $148.7M | +166.33% ↑ faster |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.8B | $2.7B | $2.8B | $3.0B |
| Operating profit | $326.6M | $288.4M | $201.1M | $239.1M | $314.7M |
| Net profit | $155.9M | $227.8M | $28.2M | $55.8M | $148.7M |
| Revenue CAGR | 4-yr avg 4.18% | ||||
Revenue rose 4.7% year over year (2023 ₩4.0 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 31.6% year over year. Profit is growing at an accelerating pace. Over the 5 years on record, revenue compound annual growth (CAGR) is 4.2%. The two-year revenue CAGR is 5.6%. In the most recent quarter (Q1 2026), revenue was 4.2% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- The dividend yield, at 3.8%, is on the high side.
- ROE of 11.6% points to solid profitability.
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
- 2025-12-18UpdateDecision to cancel all held treasury shares (about ₩268.2 billion, roughly 11.7% of shares outstanding) plus an additional treasury-share acquisition of ₩10 billion, and a confirmed special dividend of ₩940 per share. Part of the 2025-2027 total ₩500 billion shareholder-return policy.Short term: fewer shares outstanding lift per-share value and EPS. Medium term: pairing dividends with cancellations builds confidence in medium- to long-term shareholder returns. Source
- 2026-06-08FilingSubsidiary Magnus Holdings disposed of part of its Acushnet stake by participating in Acushnet's own buyback program (about USD 52.5 million). A controlling stake of about 52% is retained after the disposal.Short term: monetizing the subsidiary stake secures holding-company liquidity and funds for shareholder returns. Medium term: control is retained, but the stake contributing to consolidated profit declines slightly. Source
- 2026-05-13UpdateDecision to acquire treasury shares (material report). An additional buyback under the medium- to long-term shareholder-return policy.Short term: a smaller free float is favorable for supply-demand and per-share value. Medium term: a signal of strengthened returns on top of the dividend. Source
- 2026-05-15EarningsQ1 2026 quarterly report filed. Cumulative revenue of ₩1.29 trillion (+4.2%), operating profit of ₩193.7 billion (+19.1%), and net profit of -3.6% on exchange-rate and non-operating factors.Short term: confirms operating strength. Medium term: the key is whether this carries through to the full year, offsetting the seasonally weak quarter (a Q4 loss). Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-09Disclosure
- 2026-06-08Disclosure
- 2026-05-27OwnershipOwnership-change filing
- 2026-05-27Corporate governance report
- 2026-05-19OwnershipLargest-shareholder ownership change report
- 2026-05-15PeriodicQuarterly report
- 2026-05-13TreasuryMaterial-fact report
- 2026-05-12TreasuryTreasury-stock acquisition decision
- 2026-05-11Disclosure
- 2026-05-07OwnershipOwnership-change filing
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-23Fair-disclosure notice (amended)
📖 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.