KOSPI · 002420 · Retail & Trade · ₩002420

Wooyang P&L우양피앤엘

002420 · KOSPI · ₩002420 · 우양피앤엘

₩5,060▼ ₩100 (1.94%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩15B
Equity value: −₩31B
WACC: 7.0%

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 ₩5,060, the model needs an operating margin of 43.3% every year (it uses −3.3%).
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

Cycle options

Margin path

Every year uses the cycle-average margin (−3.3%).

Revenue growth

Revenue growth, year 1-4.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.6% 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 (-4.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-3.3%
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.
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 & amortisation3.6%
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).
Capital spending3.2%
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 capital3%
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 0.08, 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): ₩31B
Net debt (borrowings and leases − cash and deposits): ₩16B
+ Stakes and investments: ₩2M; Associates, long-term financial assets and deposits (book value)
Shares: 31,167,884
Share price: ₩5,060
Market cap: ₩158B

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	₩31B	₩32B	₩29B	₩30B	₩29B	₩29B	₩29B	₩30B
Growth	−7.1%	2.2%	−8.7%	−4.6%	−2.7%	−0.8%	1.1%	3.0%
EBIT	−₩816M	−₩2B	−₩570M	−₩987M	−₩961M	−₩953M	−₩963M	−₩992M
EBIT margin	−2.6%	−6.2%	−1.9%	−3.3%	−3.3%	−3.3%	−3.3%	−3.3%
After-tax EBIT	−₩591M	−₩1.4B	−₩413M	−₩716M	−₩696M	−₩691M	−₩698M	−₩719M
+ Depreciation	₩896M	₩1.1B	₩1.4B	₩1.1B	₩1B	₩1B	₩1.1B	₩1.1B
− Capital spending	₩1.9B	₩805M	₩236M	₩957M	₩931M	₩924M	₩934M	₩962M
− Working capital	−₩5.3B	−₩178M	₩1.9B	−₩43M	−₩24M	−₩7M	₩9.5M	₩26M
Free cash flow	₩3.7B	−₩1B	−₩1.1B	−₩553M	−₩556M	−₩568M	−₩591M	−₩625M
Discount factor	—	—	—	0.935	0.874	0.816	0.763	0.713
Present value	—	—	—	−₩517M	−₩485M	−₩464M	−₩451M	−₩446M

Terminal value −₩17B, worth −₩12B today: 84% 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 ₩779 a share)Now 6.50×	₩4,9786.39×	₩5,8097.46×	₩12,18115.6×

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%
6.0%	—	—	—	—	—
6.5%	—	—	—	—	—
7.0%	—	—	—	—	—
7.5%	—	—	—	—	—
8.0%	—	—	—	—	—

Now (TTM)

Market cap: ₩158B
Enterprise value: ₩173B
P/E: —
P/B: 6.5×
P/S: 5.0×
EV/EBITDA: 128.3×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,380	₩5,030	₩6,190	₩7,570	₩10,122
Market cap	₩168B	₩157B	₩193B	₩236B	₩315B
P/E	—	—	—	—	—
P/B	6.8×	6.4×	7.1×	8.9×	17.0×
P/S	5.7×	4.9×	6.2×	7.0×	17.6×
EV/EBITDA	224.9×	—	2,537.0×	2,434.3×	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Wooyang P&L	—	6.5×	5.0×	128.3×	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.5×	1.2×	0.3×	—	3.8%
ISC	45.4×	6.1×	12.7×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.2×	1.6×	5.1×	—	4.1%
Shinsegae	13.9×	0.4×	0.3×	—	2.1%
Similar companies (median)	16.3×	1.0×	1.0×	—	2.6%

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

Also known as: Wooyang P&L / 우양피앤엘 / 002420 / KRX:002420

Source: KRX statistical information