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Yoosung Enterprise

002920 · KOSPI · ₩002920 · 유성기업

₩1,588▲ ₩14 (0.89%)End-of-day · Oct 27, 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

₩656

vs the current price (₩1,588)

Enterprise value
−₩96B
Equity value
₩17B
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 59% 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 ₩1,588, the model needs an operating margin of −0.7% every year (it uses −1.3%).
  • Margins ranged from −9.9% 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.
  • 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
₩656
−58.7%
Bull
₩3,114
+96.1%

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 (−1.3%).

Revenue growth

  • 0.9%

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

    Default: the last 3 years' revenue growth (0.9% a year, annual reports), fading to 3% by year 5.

  • 1.4%

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

    Default: the last 3 years' revenue growth (0.9% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (0.9% a year, annual reports), fading to 3% by year 5.

  • 2.5%

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

    Default: the last 3 years' revenue growth (0.9% 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 (0.9% a year, annual reports), fading to 3% by year 5.

Business

  • -1.3%

    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.

  • 4.1%

    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).

  • 5.1%

    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).

  • 17.4%

    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 0.18, 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)
₩281B
Net debt (borrowings and leases − cash and deposits)
−₩54B
+ Stakes and investments
₩102B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩42B
Shares
25,947,500
Share price
₩1,588
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₩311B₩325B₩305B₩284B₩288B₩293B₩301B₩310B
Growth5.0%4.2%−6.2%0.9%1.4%1.9%2.5%3.0%
EBIT₩8B−₩474M−₩30B−₩3.7B−₩3.7B−₩3.8B−₩3.9B−₩4B
EBIT margin2.6%−0.1%−9.9%−1.3%−1.3%−1.3%−1.3%−1.3%
After-tax EBIT₩5.8B−₩343M−₩22B−₩2.7B−₩2.7B−₩2.8B−₩2.8B−₩2.9B
+ Depreciation———₩12B₩12B₩12B₩12B₩13B
− Capital spending₩23B₩8.4B₩17B₩14B₩15B₩15B₩15B₩16B
− Working capital₩5B−₩12B₩52B₩440M₩691M₩951M₩1.3B₩1.6B
Free cash flow———−₩6B−₩6.3B−₩6.6B−₩7.1B−₩7.6B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩5.5B−₩5.4B−₩5.4B−₩5.3B−₩5.3B

Terminal value −₩99B, worth −₩69B today: 72% 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 ₩10,040 a share)Now 0.16×₩1,7080.17×₩2,3400.23×₩2,8130.28×
P/E on run-rate earnings (Q2 2026 × 4: ₩102 a share)Now 15.6×₩3032.96×₩8198.02×₩1,49814.7×

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%₩810₩385———
6.9%₩1,089₩731₩299——
7.4%₩1,325₩1,020₩656₩217—
7.9%₩1,527₩1,263₩953₩585₩139
8.4%₩1,703₩1,472₩1,204₩890₩517

Now (TTM)

Market cap
₩41B
Enterprise value
−₩13B
P/E
—
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,220₩1,849₩2,870₩2,675₩3,195
Market cap₩58B₩48B₩74B₩69B₩83B
P/E——7.6×3.7×10.4×
P/B0.2×0.2×0.2×0.2×0.3×
P/S0.2×0.1×0.2×0.2×0.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Yoosung Enterprise—0.2×0.1×—0.0%
Hyundai Mobis8.2×0.6×0.5×—2.0%
SL6.0×0.8×0.4×3.7×0.0%
HL Mando10.5×0.6×0.2×—2.0%
Samhyun—13.0×18.3×—0.0%
Hyundai WIA19.0×0.4×0.2×—2.4%
SNT Dynamics13.6×0.7×0.9×—6.7%
Similar companies (median)10.5×0.7×0.4×3.7×2.0%

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

Also known as: Yoosung Enterprise / 유성기업 / 002920 / KRX:002920

Source: KRX statistical information