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Hantop

002680 · KOSDAQ · ₩002680 · 한탑

₩2,900▼ ₩45 (1.53%)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

₩1,587

vs the current price (₩2,900)

Enterprise value
₩8B
Equity value
₩12B
WACC
7.4%

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 45% 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 ₩2,900, the model needs an operating margin of 2.1% every year (it uses 1.0%).
  • Or revenue growth +11.4 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −5.8% to 4.4% 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
₩1,587
−45.3%
Bull
₩5,525
+90.5%

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 (1.0%).

Revenue growth

  • -6%

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

    Default: the last 3 years' revenue growth (-6% a year, annual reports), fading to 3% by year 5.

  • -3.7%

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

    Default: the last 3 years' revenue growth (-6% 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 (-6% 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 (-6% 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 (-6% a year, annual reports), fading to 3% by year 5.

Business

  • 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.

  • 1.4%

    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).

  • 1.8%

    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).

  • -10%

    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 -1.47, 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)
₩79B
Net debt (borrowings and leases − cash and deposits)
−₩3.3B
+ Stakes and investments
₩1.1B
Associates, long-term financial assets and deposits (book value)
Shares
7,756,030
Share price
₩2,900
Market cap
₩22B

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₩95B₩85B₩82B₩74B₩71B₩70B₩71B₩73B
Growth−4.3%−10.5%−2.9%−6.0%−3.7%−1.5%0.8%3.0%
EBIT₩912M₩3.7B₩2.9B₩739M₩711M₩701M₩706M₩728M
EBIT margin1.0%4.4%3.5%1.0%1.0%1.0%1.0%1.0%
After-tax EBIT₩661M₩2.7B₩2.1B₩536M₩516M₩508M₩512M₩528M
+ Depreciation———₩1B₩996M₩981M₩989M₩1B
− Capital spending₩1.4B₩2B₩1.3B₩1.3B₩1.3B₩1.3B₩1.3B₩1.3B
− Working capital−₩5.6B−₩2.1B−₩62M₩472M₩273M₩107M−₩56M−₩212M
Free cash flow———−₩231M−₩42M₩121M₩286M₩448M
Discount factor———0.9310.8670.8080.7520.700
Present value———−₩216M−₩37M₩98M₩215M₩314M

Terminal value ₩11B, worth ₩7.6B today: 95% 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 ₩2,325 a share)Now 1.25×₩1,2840.55×₩1,9510.84×₩3,4901.50×

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%
6.4%₩1,498₩1,665₩1,871₩2,131₩2,469
6.9%₩1,402₩1,543₩1,714₩1,925₩2,191
7.4%₩1,322₩1,443₩1,587₩1,762₩1,977
7.9%₩1,254₩1,359₩1,482₩1,629₩1,807
8.4%₩1,195₩1,287₩1,394₩1,520₩1,669

Now (TTM)

Market cap
₩22B
Enterprise value
₩19B
P/E
—
P/B
1.2×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,575₩3,570₩6,195₩5,900₩6,300
Market cap₩28B₩28B₩48B₩46B₩49B
P/E13.3×————
P/B0.6×0.6×1.0×0.9×1.0×
P/S0.3×0.3×0.5×0.5×0.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hantop—1.2×0.3×—0.0%
Samyang Foods18.4×5.9×3.3×—0.4%
Orion10.5×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.0×0.8×0.7×—1.5%
Otoki16.9×0.6×0.3×—2.9%
Hite Jinro23.0×0.9×0.4×6.3×4.5%
Similar companies (median)16.9×0.9×0.5×5.8×3.0%

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

Also known as: Hantop / 한탑 / 002680 / KRX:002680

Source: KRX statistical information