Eco Marketing began as a performance-marketing agency that runs online ad campaigns to grow its clients' sales, and then expanded into buying promising products and brands to build them up directly. Through subsidiaries such as Daily&Co (maker of the Klug mini massager) and the athleisure brand Andar, revenue reached ₩448.8 billion in 2025, up 25.7% year on year, and in the first quarter of 2026 revenue rose another 22.6% while operating and net profit recovered to nearly two to three times the prior-year levels. The most important thing to note is that Bain Capital, the private-equity fund that became the controlling holder, has folded the company into a wholly owned subsidiary through a comprehensive share swap paying ₩16,000 per share in cash. Trading in the shares was suspended from June 11, and the company is going through a voluntary delisting, so the share price is now tied to that acquisition price rather than to earnings.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 25.7% year over year, and the pace is quickening (3-year trend: rising).
- Most recent quarter (Q1 2026) revenue was 22.6% higher than a year earlier.
- ROE is 7.2% (controlling-interest basis). It is above the sector average.
- Operating margin is 10.1%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Cheol-woong 37.04% (individual)
Controlling bloc incl. related parties 45.33%
With the controlling bloc holding 45%, the ownership structure is stable.
🔎 In-depth analysis
- Eco Marketing makes money along two lines.
- The first is online advertising.
- As its core business, it runs performance marketing: it creates ads on behalf of clients, places them across media channels, and then demonstrates results by how much the client's sales actually grew.
- The second line is direct brand operation, which the company calls 'business boosting.' It acquires companies with promising products, holds them as subsidiaries, and grows their sales using its own marketing capabilities.
- Its flagship subsidiaries are Daily&Co (a direct-to-consumer e-commerce operator selling the Klug mini massager, Monzze, and other products) and the athleisure brand Andar.
- As a result, the company's earnings and value now depend more on sales from these consumer-goods subsidiaries than on advertising fees.
- The share price is effectively fixed at ₩16,000.
- The reason is that the stock is not freely trading in the market.
- The controlling holder, Bain Capital, bought the company through a share swap paying ₩16,000 per share in cash, and trading in the shares was suspended from June 11, 2026.
- That is why the 20-day and 60-day moving averages both sit right at ₩16,000 and the one-month return is 0%.
- The high six-month return of 41% simply reflects the share price rising to meet the acquisition price; it does not reflect earnings expectations.
- So the current chart should be read as tied to the acquisition price rather than as normal supply and demand.
- The financial structure is fairly solid.
- The debt-to-equity ratio is 181%, but most of it is operating liabilities such as trade payables, and with more cash than borrowings the net debt (total borrowings less cash) is negative at ₩68.9 billion, meaning a net-cash position.
- The current ratio (assets available now versus debts due within a year) is a comfortable 237%.
- Profitability is moderate: ROE (how much is earned in a year on equity) is 7.2% and the operating margin is 10.1%.
- The P/E ratio (how many times one year's earnings the share price is) looks high at 29.8x.
- That figure, however, is based on 2025 earnings, when net profit fell sharply, so it overstates the company's normal earning power.
- What stands out instead is cash generation: the FCF yield (cash actually generated versus market cap) is a high 6.8%, and EV/EBIT (enterprise value against profit, with debt included) is 9.4x, far below the P/E.
- In other words, adjusting for the net cash, the real value can be seen as lower than the headline P/E suggests.
- The dividend yield was also on the high side at 3.9%.
- The top line has grown steadily.
- Revenue rose from ₩229.7 billion in 2021 to ₩448.8 billion in 2025, including a 25.7% increase in 2025 alone.
- Earnings, by contrast, have been bumpy.
- Net profit fell from ₩40.2 billion in 2023 to ₩16.6 billion in 2025, the result of subsidiary-related items and one-off factors combined.
- What matters is that the direction is changing.
- First-quarter 2026 net profit was ₩5.1 billion, up 177% year on year, and operating profit rose 144%.
- This can be seen as the early stage of a recovery in profit from the consumer-goods businesses such as Andar and Daily&Co.
- If this recovery holds, full-year 2026 net profit of around ₩22 billion is possible, which would bring the earnings-based multiple down to about 22x, below the 29.8x recorded last year.
- As noted below, however, the share price is currently tied to the fixed acquisition price rather than to this earnings recovery.
- Every development in this stock converges on a single event: the private-equity fund Bain Capital buying the entire company and taking it off the exchange.
- Through a special-purpose vehicle, Bain Capital decided in April 2026 on a comprehensive share swap paying ₩16,000 per share in cash.
- An extraordinary shareholder meeting approved it on May 12, and through the share swap on June 15 Eco Marketing became a wholly owned subsidiary.
- In the process, the controlling holder's stake rose to around 95%, the level that allows a voluntary delisting.
- A June 8 filing suspended trading from June 11, with the suspension set to last 'until delisting.' Early on, the Financial Supervisory Service requested a correction to the filing to protect minority shareholders, but a corrected filing was subsequently submitted and the process continued.
- The company said its aim is to cut the cost of maintaining a listing and unify decision-making so it can expand its advertising and athleisure businesses over the medium to long term.
- This stock is not a case to judge on earnings; it is a special situation with an acquisition and delisting under way.
- The ₩16,000 price is not a value set by the market but the cash consideration Bain Capital has agreed to pay.
- So whether the P/E is high or low, and whether net profit recovers, the share price will not follow those earnings.
- Looking at the business alone, the recovery signals are clear.
- First-quarter 2026 operating profit rose 144% and net profit 177%.
- This is a solid consumer-goods and marketing company with a net-cash position, cash generation in the 6% range, and a dividend yield of about 3.9%.
- Its strong phase is when Andar and Daily&Co brand sales revive and profit builds again; its weak phase is when consumption of the acquired brands slows or new boosting efforts underperform.
- But one fact overrides all of this: trading is suspended and a delisting is in progress.
- The path realistically open to remaining minority holders is to receive the ₩16,000 consideration, and any business results after that pass to the controlling holder as an unlisted, wholly owned subsidiary.
🔎 Valuation vs peers Inconclusive
Compared against large listed domestic advertising agencies based on the core online performance-marketing business, while also accounting for the fact that actual earnings are driven by the consumer-goods subsidiaries (Andar and Daily&Co).
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Cheil Worldwide | 11.08x | 1.46x | 13.20% |
| Innocean | 7.92x | 0.68x | 8.62% |
This is a stock to which ordinary valuation yardsticks do not readily apply, because the ₩16,000 share price is not a market-set price but the acquisition consideration Bain Capital is paying. For reference, judged on the advertising business alone, the trailing P/E of 29.8x looks far higher than that of large agencies such as Cheil Worldwide (P/E around 11x) and Innocean (P/E around 8x). But that multiple is based on 2025, when net profit plunged, so it overstates the company's normal earning power. On an EV/EBIT basis (9.4x), which reflects the net cash, the gap narrows considerably. In the end, the company's value is tied to the fixed acquisition price rather than to any remaining earnings recovery, so it is better viewed as a special situation than labeled undervalued or overvalued.
Price history Close · MA20 · MA60
The latest close is ₩16,000 and the market capitalization is ₩496.0 billion. The price sits below its 20-day moving average (₩16,000) and above its 60-day moving average (₩16,000). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 52.6, a neutral level. The one-month change is +0.0%, the three-month change is +0.4%, and the position relative to the 52-week high is -0.2%. Relative strength versus the KOSDAQ is 86 (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 86% of all stocks. Over the past three months it outpaced the index by 24.6%. 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 +24.55% / 6M +41.16% / 12M +83.91%
Key metrics vs sector median
Valuation
The P/E of 29.81x is above the sector median (11.02x). The P/B of 2.14x is above the sector median (0.59x). That said, this P/E is based on last year's (trailing) results. With recent quarterly earnings up sharply, the trailing P/E can look higher than it really is, so a precise read is best done on this year's expected (forward) earnings.
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 10.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis, forward earnings power normalized 1.325x. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 7.2%, in line with the sector average (7.0%). The operating margin is 10.1%. The debt ratio is 181.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $232.3M | $236.7M | $297.5M | +25.65% ↑ faster |
| Operating profit | $36.5M | $31.1M | $30.1M | -3.24% ↑ faster |
| Net profit | $26.6M | $19.9M | $11.0M | -44.70% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $152.2M | $233.8M | $232.3M | $236.7M | $297.5M |
| Operating profit | $26.6M | $37.5M | $36.5M | $31.1M | $30.1M |
| Net profit | $18.4M | $25.3M | $26.6M | $19.9M | $11.0M |
| Revenue CAGR | 4-yr avg 18.23% | ||||
Revenue rose 25.7% year over year (2023 ₩350.5 billion → 2024 ₩357.2 billion → 2025 ₩448.8 billion), and the three-year trend is 'rising'. The pace of growth also quickened from the prior year. Operating profit fell 3.2% year over year. That said, the decline narrowed. Over the 5 years on record, revenue compound annual growth (CAGR) is 18.2%. The two-year revenue CAGR is 13.2%. In the most recent quarter (Q1 2026), revenue was 22.6% 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 3.9%, is on the high side.
- Revenue grew 25.7% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
- The price is near its 52-week high, so chasing it warrants caution around volatility.
Recent news & events searched · sourced
- 2026-06-08FilingTrading in the common shares suspended from June 11, 2026 due to the electronic-registration change and cancellation from the share swap, with the suspension confirmed to last until delistingThe trading halt fixes the share price at the ₩16,000 acquisition price, and the voluntary delisting process has effectively begun. Source
- 2026-05-12FilingExtraordinary shareholder meeting approves the comprehensive share swap into Bain Capital's special-purpose vehicleSecured the legal basis for the share swap to take effect, leading to the wholly-owned-subsidiary conversion on June 15. Source
- 2026-04-27FilingFiling (amended) of the comprehensive share swap and transfer decision on a ₩16,000-per-share cash basisWith the acquisition price and method confirmed, the path to a wholly-owned-subsidiary conversion premised on delisting became clear. Source
- 2026-05-15EarningsFirst-quarter 2026 report filed — revenue ₩89.4 billion (+22.6%), operating profit ₩5.8 billion (+143.9%), net profit ₩5.1 billion (+177.7%)Results confirming an earnings recovery at consumer-goods subsidiaries such as Andar and Daily&Co, but with trading suspended they are not reflected in the share price. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Per-share acquisition (consideration) price | ₩16,000 | ₩16,000 | Confirmed | link |
| Trading-suspension start date | - | 2026-06-11 | Confirmed | link |
| First-quarter 2026 operating profit | ₩5.8 billion | ₩5,808,788,598 | Confirmed | link |
| Estimated full-year 2026 net profit | approx. ₩22.0 billion | — | Unverified | link |
Recent filings
- 2026-06-08Spin-off/split decision
- 2026-06-04Disclosure
- 2026-05-21OwnershipOwnership-change filing
- 2026-05-19Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-05-12Shareholders' meeting notice
- 2026-05-07OwnershipOwnership-change filing
- 2026-05-04Disclosure
- 2026-04-27Shareholders' meeting notice
- 2026-04-27Material-fact report (amended)
- 2026-04-23OwnershipOwnership-change filing
- 2026-04-22Material-fact report (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.