Ask Warren

Haein

003010 · KOSPI · ₩003010 · 혜인

₩8,140▲ ₩370 (4.76%)End-of-day · Oct 27, 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

₩11,895

vs the current price (₩8,140)

Enterprise value
₩161B
Equity value
₩151B
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 is 46% 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 ₩8,140, the model needs an operating margin of 4.0% every year (it uses 5.2%).
  • Or revenue growth −14.8 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 5.8× against a typical 10.8× 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
₩4,512
−44.6%
Base
₩11,895
+46.1%
Bull
₩25,503
+213.3%

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 (5.2%).

Revenue growth

  • 10.7%

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

    Default: the last 3 years' revenue growth (10.7% a year, annual reports), fading to 3% by year 5.

  • 8.8%

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

    Default: the last 3 years' revenue growth (10.7% a year, annual reports), fading to 3% by year 5.

  • 6.9%

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

    Default: the last 3 years' revenue growth (10.7% a year, annual reports), fading to 3% by year 5.

  • 4.9%

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

    Default: the last 3 years' revenue growth (10.7% 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 (10.7% a year, annual reports), fading to 3% by year 5.

Business

  • 5.2%

    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.

  • 0.9%

    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).

  • 0.2%

    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).

  • 30.1%

    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.

  • 4.03%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 0.62

    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 0.43, 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.

  • 5.53%

    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)
₩214B
Net debt (borrowings and leases − cash and deposits)
₩15B
+ Stakes and investments
₩5.3B
Associates, long-term financial assets and deposits (book value)
Shares
12,712,747
Share price
₩8,140
Market cap
₩103B

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₩276B₩249B₩242B₩237B₩257B₩275B₩289B₩297B
Growth55.1%−9.9%−2.9%10.7%8.8%6.9%4.9%3.0%
EBIT₩9.1B₩14B₩18B₩12B₩13B₩14B₩15B₩15B
EBIT margin3.3%5.7%7.3%5.2%5.2%5.2%5.2%5.2%
After-tax EBIT₩6.6B₩10B₩13B₩8.9B₩9.7B₩10B₩11B₩11B
+ Depreciation₩2.2B₩2.5B₩2.5B₩2.1B₩2.3B₩2.5B₩2.6B₩2.7B
− Capital spending₩309M₩776M₩303M₩473M₩515M₩550M₩577M₩594M
− Working capital₩12B₩35B−₩26B₩6.9B₩6.3B₩5.3B₩4.1B₩2.6B
Free cash flow−₩3.3B−₩23B₩41B₩3.7B₩5.2B₩7B₩8.8B₩11B
Discount factor———0.9340.8730.8160.7630.713
Present value———₩3.4B₩4.6B₩5.7B₩6.7B₩7.6B

Terminal value ₩186B, worth ₩133B today: 83% 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 ₩10,681 a share)Now 0.76×₩5,7080.53×₩6,9260.65×₩9,2940.87×
Price / earnings (last 12 months: ₩1,409 a share)Now 5.78×₩7,3545.22×₩15,21510.8×₩31,02722.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,905 a share)Now 2.80×₩15,1645.22×₩31,37210.8×₩63,97422.0×

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%₩13,420₩14,213₩15,196₩16,452₩18,116
6.5%₩12,054₩12,645₩13,362₩14,252₩15,387
7.0%₩10,916₩11,363₩11,895₩12,539₩13,338
7.5%₩9,954₩10,296₩10,695₩11,169₩11,743
8.0%₩9,130₩9,393₩9,695₩10,048₩10,467

Now (TTM)

Market cap
₩103B
Enterprise value
₩115B
P/E
5.8×
P/B
0.8×
P/S
0.5×
EV/EBITDA
5.0×
Dividend yield
2.5%

Over time (at each year end)

20252024202320222021
Price₩5,310₩4,895₩5,680₩6,050₩5,710
Market cap₩68B₩62B₩72B₩77B₩73B
P/E4.7×8.6×9.8×—12.7×
P/B0.5×0.5×0.6×0.7×0.7×
P/S0.3×0.3×0.3×0.4×0.4×
EV/EBITDA4.0×6.6×8.0×16.2×6.8×
Dividend yield3.8%3.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Haein5.8×0.8×0.5×5.0×2.5%
Samsung C&T17.5×0.5×1.1×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC41.4×5.5×11.5×—0.6%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.0×1.6×5.1×—4.1%
Shinsegae13.7×0.4×0.3×—2.1%
Similar companies (median)15.6×1.0×0.9×—2.6%

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

Also known as: Haein / 혜인 / 003010 / KRX:003010

Source: KRX statistical information