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Union

000910 · KOSPI · ₩000910 · 유니온

₩2,655▼ ₩20 (0.75%)End-of-day · Oct 28, 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
−₩10B
Equity value
−₩172B
WACC
4.8%

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 ₩2,655, the model needs an operating margin of 5.9% every year (it uses 1.1%).
  • Margins ranged from −5.3% to 2.7% 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.
  • 96% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.

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 (1.1%).

Revenue growth

  • -4.9%

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

    Default: the last 3 years' revenue growth (-4.9% a year, annual reports), fading to 3% by year 5.

  • -2.9%

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

    Default: the last 3 years' revenue growth (-4.9% a year, annual reports), fading to 3% by year 5.

  • -0.9%

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

    Default: the last 3 years' revenue growth (-4.9% a year, annual reports), fading to 3% by year 5.

  • 1%

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

    Default: the last 3 years' revenue growth (-4.9% 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 (-4.9% a year, annual reports), fading to 3% by year 5.

Business

  • 1.1%

    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.

  • 4.3%

    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).

  • 4%

    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).

  • 40%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 -0.05, 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.

  • 5.61%

    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)
₩197B
Net debt (borrowings and leases − cash and deposits)
₩140B
+ Stakes and investments
₩42M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩21B
Shares
15,611,619
Share price
₩2,655
Market cap
₩41B

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₩225B₩218B₩202B₩187B₩182B₩180B₩182B₩187B
Growth−4.4%−2.9%−7.2%−4.9%−2.9%−0.9%1.0%3.0%
EBIT−₩2B−₩11B₩5.5B₩2.1B₩2B₩2B₩2B₩2.1B
EBIT margin−0.9%−5.3%2.7%1.1%1.1%1.1%1.1%1.1%
After-tax EBIT−₩1.4B−₩8.3B₩4B₩1.5B₩1.4B₩1.4B₩1.4B₩1.5B
+ Depreciation₩12B₩11B₩5.6B₩8B₩7.8B₩7.7B₩7.8B₩8.1B
− Capital spending₩10B₩8.3B₩7.4B₩7.5B₩7.3B₩7.2B₩7.3B₩7.5B
− Working capital₩1.6B−₩6B−₩7.2B−₩3.9B−₩2.2B−₩654M₩720M₩2.2B
Free cash flow−₩1.6B₩130M₩9.5B₩5.9B₩4.2B₩2.6B₩1.3B−₩126M
Discount factor———0.9540.9100.8680.8280.790
Present value———₩5.6B₩3.8B₩2.3B₩1.1B−₩100M

Terminal value −₩29B, worth −₩23B today: 222% 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 ₩9,431 a share)Now 0.28×₩4,6690.50×₩6,2020.66×₩8,0810.86×

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%
3.8%—————
4.3%—————
4.8%—————
5.3%—————
5.8%—————

Now (TTM)

Market cap
₩41B
Enterprise value
₩180B
P/E
0.6×
P/B
0.3×
P/S
0.2×
EV/EBITDA
19.8×
Dividend yield
4.7%

Over time (at each year end)

20252024202320222021
Price₩4,180₩5,030₩5,530₩4,705₩7,540
Market cap₩65B₩79B₩86B₩73B₩118B
P/E2.8×—11.8×—13.4×
P/B0.6×0.9×0.7×0.6×0.9×
P/S0.3×0.4×0.4×0.3×0.5×
EV/EBITDA18.0×—22.3×16.7×15.1×
Dividend yield3.0%2.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Union0.6×0.3×0.2×19.8×4.7%
Tokai Carbon Korea31.7×4.5×7.2×—0.7%
Hanilcementco11.9×0.7×0.9×—6.1%
Wonik QnC14.8×1.3×0.7×—0.5%
Sampyo Cement17.4×0.8×0.9×6.1×2.1%
Hanil Holdings9.4×0.3×0.3×—6.0%
IS Dongseo5.1×0.3×0.4×—3.5%
Similar companies (median)13.4×0.7×0.8×6.1×2.8%

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

Also known as: Union / 유니온 / 000910 / KRX:000910

Source: KRX statistical information