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KolonGlobalCorporation

003070 · KOSPI · ₩003070 · 코오롱글로벌

₩8,220▼ ₩170 (2.03%)End-of-day · Oct 30, 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

₩17,524

vs the current price (₩8,220)

Enterprise value
₩1.1T
Equity value
₩459B
WACC
4.7%

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 113% 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 ₩8,220, the model needs an operating margin of 1.6% every year (it uses 1.9%).
  • Or revenue growth −5.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −1.9% to 6.4% 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
₩17,524
+113.2%
Bull
₩156,859
+1,808.3%

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 (1.9%).

Revenue growth

  • 1%

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

    Default: the last 3 years' revenue growth (1% 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 (1% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (1% 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 (1% 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 (1% a year, annual reports), fading to 3% by year 5.

Business

  • 1.9%

    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.

  • 0.2%

    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).

  • 1.7%

    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).

  • 3.4%

    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.

  • 4.01%

    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.

  • 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 0.3, 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.

  • 5.51%

    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)
₩2.7T
Net debt (borrowings and leases − cash and deposits)
₩752B
+ Stakes and investments
₩103B
Associates, long-term financial assets and deposits (book value)
Shares
26,164,696
incl. 740,737 preferred
Share price
₩8,220
Market cap
₩217B

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₩2.7T₩2.9T₩2.7T₩2.7T₩2.8T₩2.8T₩2.9T₩3T
Growth2.4%9.3%−7.8%1.0%1.5%2.0%2.5%3.0%
EBIT₩13B−₩57B₩3.7B₩52B₩52B₩53B₩55B₩56B
EBIT margin0.5%−1.9%0.1%1.9%1.9%1.9%1.9%1.9%
After-tax EBIT₩9.3B−₩41B₩2.6B₩37B₩38B₩39B₩40B₩41B
+ Depreciation₩4.5B₩4.4B₩4.9B₩5.4B₩5.5B₩5.6B₩5.8B₩5.9B
− Capital spending₩18B₩64B₩57B₩46B₩47B₩48B₩49B₩50B
− Working capital₩182B₩105B−₩371B₩914M₩1.4B₩1.9B₩2.4B₩2.9B
Free cash flow−₩186B−₩206B₩322B−₩4.2B−₩4.8B−₩5.3B−₩5.9B−₩6.6B
Discount factor———0.9550.9120.8700.8310.793
Present value———−₩4B−₩4.3B−₩4.6B−₩4.9B−₩5.2B

Terminal value ₩1.4T, worth ₩1.1T today: 102% 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 ₩28,069 a share)Now 0.29×₩10,1210.36×₩14,1750.50×₩24,0200.86×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,981 a share)Now 1.65×₩13,0722.62×₩17,2423.46×₩109,95522.1×

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%
3.7%₩20,361₩30,217₩45,738₩73,794₩139,897
4.2%₩12,328₩18,922₩28,456₩43,471₩70,612
4.7%₩6,470₩11,146₩17,524₩26,747₩41,271
5.2%₩2,017₩5,476₩9,998₩16,167₩25,088
5.7%—₩1,165₩4,510₩8,884₩14,850

Now (TTM)

Market cap
₩209B
Enterprise value
₩961B
P/E
—
P/B
0.3×
P/S
0.1×
EV/EBITDA
16.3×
Dividend yield
4.9%

Over time (at each year end)

20252024202320222021
Price₩9,080₩8,810₩11,550₩17,930₩21,612
Market cap₩231B₩224B₩294B₩456B₩549B
P/E—9.3×1,035.1×3.1×4.0×
P/B0.3×0.4×0.5×0.8×0.9×
P/S0.1×0.1×0.1×0.2×0.1×
EV/EBITDA103.4×—49.3×3.9×3.8×
Dividend yield4.4%4.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
KolonGlobalCorporation—0.3×0.1×16.3×4.9%
Hyundai Engineering & Construction20.8×1.0×0.3×—1.0%
Daewoo Engineering & Construction—1.2×0.6×—0.0%
GS Engineering & Construction17.1×0.5×0.2×—1.9%
DL E&C3.4×0.4×0.3×—1.6%
KEPCO Plant Service & Engineering14.3×1.4×1.1×8.0×0.0%
Ipark Hyundai Development8.6×0.5×0.4×—2.9%
Similar companies (median)14.3×0.7×0.4×8.0×1.3%

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

Also known as: KolonGlobalCorporation / 코오롱글로벌 / 003070 / KRX:003070

Source: KRX statistical information