Ask Warren

TYM

002900 · KOSPI · ₩002900 · TYM

₩5,680▼ ₩10 (0.18%)End-of-day · Oct 28, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩18,759

vs the current price (₩5,680)

Enterprise value
₩882B
Equity value
₩777B
WACC
6.3%

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 230% 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 ₩5,680, the model needs an operating margin of 3.4% every year (it uses 7.3%).
  • Margins ranged from 2.0% to 10.5% 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.
  • Today's P/E is 3.2× against a typical 4.9× 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
₩8,779
+54.6%
Base
₩18,759
+230.3%
Bull
₩38,125
+571.2%

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 (7.3%).

Revenue growth

  • -7.3%

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

    Default: the last 3 years' revenue growth (-7.3% a year, annual reports), fading to 3% by year 5.

  • -4.7%

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

    Default: the last 3 years' revenue growth (-7.3% a year, annual reports), fading to 3% by year 5.

  • -2.1%

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

    Default: the last 3 years' revenue growth (-7.3% a year, annual reports), fading to 3% by year 5.

  • 0.4%

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

    Default: the last 3 years' revenue growth (-7.3% 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 (-7.3% a year, annual reports), fading to 3% by year 5.

Business

  • 7.3%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 2.8%

    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).

  • 3.5%

    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).

  • 30.9%

    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 0.25, 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)
₩993B
Net debt (borrowings and leases − cash and deposits)
₩116B
+ Stakes and investments
₩11B
Associates, long-term financial assets and deposits (book value)
Shares
41,400,000
Share price
₩5,680
Market cap
₩235B

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₩836B₩789B₩929B₩921B₩877B₩859B₩862B₩888B
Growth−28.3%−5.7%17.8%−7.3%−4.7%−2.1%0.4%3.0%
EBIT₩76B₩16B₩64B₩67B₩64B₩63B₩63B₩65B
EBIT margin9.1%2.0%6.9%7.3%7.3%7.3%7.3%7.3%
After-tax EBIT₩55B₩12B₩46B₩49B₩46B₩45B₩46B₩47B
+ Depreciation———₩26B₩25B₩24B₩24B₩25B
− Capital spending₩34B₩34B₩21B₩32B₩31B₩30B₩30B₩31B
− Working capital₩64B−₩50B−₩82B−₩22B−₩13B−₩5.7B₩1.1B₩8B
Free cash flow———₩65B₩54B₩45B₩39B₩33B
Discount factor———0.9410.8850.8320.7830.737
Present value———₩61B₩47B₩38B₩30B₩24B

Terminal value ₩926B, worth ₩682B today: 77% 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 ₩11,452 a share)Now 0.50×₩5,2060.45×₩7,0470.62×₩12,6561.11×
Price / earnings (last 12 months: ₩1,787 a share)Now 3.18×₩5,6783.18×₩8,6714.85×₩22,51012.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,558 a share)Now 2.22×₩8,1283.18×₩12,4134.85×₩32,22412.6×

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%
5.3%₩20,707₩22,532₩24,902₩28,109₩32,697
5.8%₩18,358₩19,717₩21,427₩23,647₩26,651
6.3%₩16,452₩17,488₩18,759₩20,357₩22,432
6.8%₩14,874₩15,678₩16,644₩17,830₩19,321
7.3%₩13,546₩14,180₩14,928₩15,827₩16,930

Now (TTM)

Market cap
₩235B
Enterprise value
₩351B
P/E
3.2×
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
5.1%

Over time (at each year end)

20252024202320222021
Price₩6,290₩4,390₩5,520₩9,740₩5,969
Market cap₩260B₩182B₩229B₩403B₩247B
P/E6.5×10.0×3.8×4.1×6.3×
P/B0.6×0.4×0.6×1.2×1.0×
P/S0.3×0.2×0.3×0.3×0.3×
EV/EBITDA—————
Dividend yield4.6%2.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TYM3.2×0.5×0.2×—5.1%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
Similar companies (median)152.3×10.7×23.4×78.7×0.0%

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

Also known as: TYM / 002900 / KRX:002900

Source: KRX statistical information