KOSPI · 000700 · Business services · ₩000700

Eusu Holdings유수홀딩스

000700 · KOSPI · ₩000700 · 유수홀딩스

₩5,900▼ ₩120 (1.99%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩13,823

vs the current price (₩5,900)

Enterprise value: ₩238B
Equity value: ₩360B
WACC: 7.3%

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 134% 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 ₩5,900, the model needs an operating margin of 0.8% every year (it uses 5.2%).
Today's P/E is 10.0× against a typical 9.9× 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: ₩8,864; +50.2%
Base: ₩13,823; +134.3%
Bull: ₩22,589; +282.9%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (5.2%).

Revenue growth

Revenue growth, year 1-9.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.2%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation0.6%
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).
Capital spending0.8%
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).
Working capital6.5%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.6
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 0.11, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩436B
Net debt (borrowings and leases − cash and deposits): −₩191B
+ Stakes and investments: ₩14B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩83B
Shares: 26,041,812
Share price: ₩5,900
Market cap: ₩154B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩342B	₩436B	₩418B	₩397B	₩373B	₩361B	₩361B	₩372B
Growth	−38.7%	27.5%	−4.0%	−9.1%	−6.1%	−3.1%	0.0%	3.0%
EBIT	₩21B	₩18B	₩21B	₩21B	₩19B	₩19B	₩19B	₩19B
EBIT margin	6.1%	4.2%	5.1%	5.2%	5.2%	5.2%	5.2%	5.2%
After-tax EBIT	₩15B	₩13B	₩15B	₩15B	₩14B	₩14B	₩14B	₩14B
+ Depreciation	—	—	—	₩2.4B	₩2.2B	₩2.2B	₩2.2B	₩2.2B
− Capital spending	₩4.5B	₩1.1B	₩3B	₩3.2B	₩3B	₩2.9B	₩2.9B	₩3B
− Working capital	−₩36B	₩30B	−₩17B	−₩2.6B	−₩1.6B	−₩751M	₩0	₩704M
Free cash flow	—	—	—	₩17B	₩15B	₩14B	₩13B	₩13B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩16B	₩13B	₩11B	₩9.7B	₩8.8B

Terminal value ₩256B, worth ₩180B today: 76% 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:

	Low	Typical	High
Price / book (book value ₩13,108 a share)Now 0.45×	₩5,5490.42×	₩6,0750.46×	₩6,8920.53×
Price / earnings (last 12 months: ₩592 a share)Now 9.97×	₩3,1215.27×	₩5,8739.92×	₩9,38715.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩908 a share)Now 6.50×	₩4,7845.27×	₩9,0029.92×	₩14,38915.9×

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%
6.3%	₩14,270	₩14,996	₩15,890	₩17,018	₩18,486
6.8%	₩13,459	₩14,043	₩14,749	₩15,618	₩16,714
7.3%	₩12,776	₩13,254	₩13,823	₩14,508	₩15,352
7.8%	₩12,193	₩12,590	₩13,055	₩13,608	₩14,274
8.3%	₩11,690	₩12,024	₩12,410	₩12,862	₩13,398

Now (TTM)

Market cap: ₩154B
Enterprise value: −₩56B
P/E: 10.0×
P/B: 0.5×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 5.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,820	₩5,330	₩5,790	₩6,400	₩6,300
Market cap	₩152B	₩139B	₩151B	₩167B	₩164B
P/E	33.2×	8.4×	14.8×	5.7×	6.8×
P/B	0.5×	0.4×	0.4×	0.5×	0.5×
P/S	0.4×	0.3×	0.4×	0.3×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	6.0%	6.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Eusu Holdings	10.0×	0.5×	0.4×	—	5.9%
S-1	24.3×	2.2×	1.3×	—	0.0%
Cheil Worldwide	8.5×	1.2×	0.4×	—	6.7%
Doosan Tesna	50.9×	3.9×	5.3×	—	0.2%
Lotte Tour Development	15.2×	2.1×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.2×	—	1.3%
Innocean Worldwide	5.4×	0.6×	0.3×	—	6.8%
Similar companies (median)	11.8×	1.6×	1.2×	—	0.8%

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

Also known as: Eusu Holdings / 유수홀딩스 / 000700 / KRX:000700

Source: KRX statistical information