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Hite Jinro

000080 · KOSPI · ₩000080 · 하이트진로

₩15,600▲ ₩150 (0.97%)End-of-day · Oct 29, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩27,928

vs the current price (₩15,600)

Enterprise value
₩2.8T
Equity value
₩2T
WACC
5.9%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Why the model and the price differ

The model is 79% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩15,600, the model needs an operating margin of 5.4% every year (it uses 7.3%).
  • Or revenue growth −7.0 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 23.6× against a typical 20.1× over the last 10 years.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩5,796
−62.8%
Base
₩27,928
+79.0%
Bull
₩71,386
+357.6%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (7.3%).

Revenue growth

  • 0%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 0.8%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 1.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 2.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

Business

  • 7.3%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 4.8%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 7.9%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • -8.3%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta 0, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.51%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩2.4T
Net debt (borrowings and leases − cash and deposits)
₩826B
+ Stakes and investments
₩25B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩41B
Shares
71,263,749
incl. 1,130,138 preferred
Share price
₩15,600
Market cap
₩1.1T

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩2.5T₩2.6T₩2.5T₩2.4T₩2.5T₩2.5T₩2.6T₩2.6T
Growth0.9%3.1%−3.9%0.0%0.8%1.5%2.3%3.0%
EBIT₩124B₩208B₩172B₩179B₩180B₩183B₩187B₩193B
EBIT margin4.9%8.0%6.9%7.3%7.3%7.3%7.3%7.3%
After-tax EBIT₩90B₩151B₩125B₩130B₩131B₩133B₩136B₩140B
+ Depreciation₩121B₩120B₩122B₩118B₩118B₩120B₩123B₩127B
− Capital spending₩159B₩298B₩146B₩193B₩195B₩198B₩202B₩209B
− Working capital₩34B−₩7.2B₩76B₩0−₩1.6B−₩3.1B−₩4.8B−₩6.4B
Free cash flow₩19B−₩20B₩25B₩54B₩56B₩58B₩61B₩64B
Discount factor———0.9440.8920.8420.7950.751
Present value———₩51B₩50B₩49B₩48B₩48B

Terminal value ₩3.4T, worth ₩2.6T today: 91% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩16,208 a share)Now 0.96×₩17,2071.06×₩21,4551.32×₩32,5532.01×
Price / earnings (last 12 months: ₩661 a share)Now 23.6×₩8,99513.6×₩13,29520.1×₩31,98048.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,283 a share)Now 6.83×₩31,08513.6×₩45,94220.1×₩110,51448.4×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
4.9%₩28,790₩34,824₩42,950₩54,477₩72,101
5.4%₩23,749₩28,356₩34,324₩42,360₩53,760
5.9%₩19,750₩23,372₩27,928₩33,831₩41,779
6.4%₩16,501₩19,417₩23,000₩27,506₩33,344
6.9%₩13,811₩16,204₩19,089₩22,633₩27,090

Now (TTM)

Market cap
₩1.1T
Enterprise value
₩1.8T
P/E
23.2×
P/B
0.9×
P/S
0.4×
EV/EBITDA
6.4×
Dividend yield
4.5%

Over time (at each year end)

20252024202320222021
Price₩18,440₩19,520₩22,500₩25,550₩30,150
Market cap₩1.3T₩1.4T₩1.6T₩1.8T₩2.1T
P/E31.2×14.3×44.3×20.6×29.5×
P/B1.2×1.2×1.4×1.5×1.9×
P/S0.5×0.5×0.6×0.7×1.0×
EV/EBITDA6.8×6.4×9.2×12.0×8.8×
Dividend yield3.8%3.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hite Jinro23.2×0.9×0.4×6.4×4.5%
Samyang Foods17.6×5.6×3.1×—0.4%
Orion10.6×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.0×0.8×0.6×—1.5%
Otoki17.3×0.6×0.3×—2.9%
Lotte Wellfood12.7×0.5×0.2×—2.8%
Similar companies (median)12.7×0.7×0.5×5.3×2.8%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Hite Jinro / 하이트진로 / 000080 / KRX:000080

Source: KRX statistical information