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Ildong Holdings

000230 · KOSPI · ₩000230 · 일동홀딩스

₩5,730▼ ₩30 (0.52%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩831B
Equity value
−₩1.1T
WACC
5.1%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩5,730, the model needs an operating margin of 3.3% every year (it uses −6.1%).
  • Margins ranged from −14.6% to 2.5% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
—
Base
—
Bull
—

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 (−6.1%).

Revenue growth

  • -4.4%

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

    Default: the last 3 years' revenue growth (-4.4% a year, annual reports), fading to 3% by year 5.

  • -2.5%

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

    Default: the last 3 years' revenue growth (-4.4% a year, annual reports), fading to 3% by year 5.

  • -0.7%

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

    Default: the last 3 years' revenue growth (-4.4% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (-4.4% 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 (-4.4% a year, annual reports), fading to 3% by year 5.

Business

  • -6.1%

    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.

  • 2.3%

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

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 2.8%

    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).

  • 9.4%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.03, 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.

  • 5.58%

    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)
₩601B
Net debt (borrowings and leases − cash and deposits)
₩137B
+ Stakes and investments
₩45B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩183B
Shares
11,540,400
Share price
₩5,730
Market cap
₩66B

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₩638B₩658B₩591B₩575B₩560B₩556B₩563B₩580B
Growth−5.5%3.0%−10.1%−4.4%−2.5%−0.7%1.2%3.0%
EBIT−₩80B−₩2.4B₩15B−₩35B−₩34B−₩34B−₩34B−₩35B
EBIT margin−12.5%−0.4%2.5%−6.1%−6.1%−6.1%−6.1%−6.1%
After-tax EBIT−₩58B−₩1.7B₩11B−₩25B−₩25B−₩25B−₩25B−₩26B
+ Depreciation———₩13B₩13B₩13B₩13B₩13B
− Capital spending₩19B₩16B₩18B₩16B₩16B₩16B₩16B₩16B
− Working capital−₩58B−₩11B−₩16B−₩2.5B−₩1.4B−₩369M₩627M₩1.6B
Free cash flow———−₩26B−₩26B−₩27B−₩28B−₩30B
Discount factor———0.9510.9050.8610.8190.779
Present value———−₩25B−₩24B−₩23B−₩23B−₩23B

Terminal value −₩915B, worth −₩712B today: 86% 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 ₩15,066 a share)Now 0.38×₩7,7350.51×₩22,1621.47×₩98,0776.51×

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%
4.1%—————
4.6%—————
5.1%—————
5.6%—————
6.1%—————

Now (TTM)

Market cap
₩66B
Enterprise value
₩198B
P/E
3.1×
P/B
0.4×
P/S
0.1×
EV/EBITDA
—
Dividend yield
1.7%

Over time (at each year end)

20252024202320222021
Price₩13,290₩8,140₩10,520₩20,150₩14,800
Market cap₩153B₩94B₩121B₩233B₩171B
P/E14.0×1.5×———
P/B0.9×0.7×3.1×19.7×3.2×
P/S0.3×0.1×0.2×0.3×0.3×
EV/EBITDA—————
Dividend yield0.8%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ildong Holdings3.1×0.4×0.1×—1.7%
Samsung Biologics31.9×7.6×13.9×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen79.4×28.6×60.3×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.2×2.3×2.4×30.2×0.8%
HLB—15.4×54.3×—0.0%
Similar companies (median)27.9×6.8×11.4×30.2×0.0%

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

Also known as: Ildong Holdings / 일동홀딩스 / 000230 / KRX:000230

Source: KRX statistical information