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Hanil Holdings

003300 · KOSPI · ₩003300 · 한일홀딩스

₩17,050▲ ₩40 (0.24%)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

₩57,516

vs the current price (₩17,050)

Enterprise value
₩2.7T
Equity value
₩1.8T
WACC
5.8%

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 237% 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 ₩17,050, the model needs an operating margin of 5.4% every year (it uses 8.7%).
  • Or revenue growth −14.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 9.6× against a typical 4.6× 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
₩13,989
−18.0%
Base
₩57,516
+237.3%
Bull
₩144,362
+746.7%

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 (8.7%).

Revenue growth

  • 3%

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

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

Business

  • 8.7%

    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.

  • 7.1%

    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).

  • 8.9%

    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).

  • 14.1%

    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.

  • 4.01%

    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 0.06, 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)
₩1.9T
Net debt (borrowings and leases − cash and deposits)
₩430B
+ Stakes and investments
₩186B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩664B
Shares
30,831,444
Share price
₩17,050
Market cap
₩526B

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₩2.4T₩2.2T₩1.9T₩1.9T₩2T₩2T₩2.1T₩2.2T
Growth—−4.8%−14.2%3.0%3.0%3.0%3.0%3.0%
EBIT₩262B₩279B₩123B₩168B₩173B₩178B₩184B₩189B
EBIT margin11.1%12.4%6.4%8.7%8.7%8.7%8.7%8.7%
After-tax EBIT₩190B₩203B₩89B₩122B₩125B₩129B₩133B₩137B
+ Depreciation———₩137B₩141B₩145B₩150B₩154B
− Capital spending₩223B₩188B₩170B₩172B₩177B₩182B₩188B₩193B
− Working capital−₩58B₩50B−₩53B₩7.9B₩8.2B₩8.4B₩8.7B₩8.9B
Free cash flow———₩79B₩81B₩84B₩86B₩89B
Discount factor———0.9450.8930.8440.7980.754
Present value———₩75B₩73B₩71B₩69B₩67B

Terminal value ₩3.1T, worth ₩2.3T today: 87% 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 ₩54,841 a share)Now 0.31×₩13,0060.24×₩14,7840.27×₩17,6680.32×
Price / earnings (last 12 months: ₩1,771 a share)Now 9.63×₩5,8663.31×₩8,1514.60×₩20,62211.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,421 a share)Now 3.86×₩14,6473.31×₩20,3514.60×₩51,48911.6×

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%
4.8%₩62,817₩74,205₩89,622₩111,677₩145,854
5.3%₩51,658₩60,128₩71,141₩86,051₩107,381
5.8%₩42,827₩49,325₩57,516₩68,166₩82,583
6.3%₩35,667₩40,775₩47,058₩54,978₩65,275
6.8%₩29,747₩33,843₩38,781₩44,855₩52,512

Now (TTM)

Market cap
₩526B
Enterprise value
₩898B
P/E
9.6×
P/B
0.3×
P/S
0.3×
EV/EBITDA
—
Dividend yield
5.9%

Over time (at each year end)

20252024202320222021
Price₩16,380₩14,000₩11,170₩10,800₩13,500
Market cap₩505B₩432B₩344B₩333B₩416B
P/E16.0×3.6×3.3×3.7×9.3×
P/B0.3×0.3×0.2×0.2×0.3×
P/S0.3×0.2×0.1×—0.2×
EV/EBITDA—————
Dividend yield6.1%6.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hanil Holdings9.6×0.3×0.3×—5.9%
Tokai Carbon Korea27.9×3.9×6.4×—0.7%
Hanilcementco11.6×0.6×0.9×—6.3%
Wonik QnC14.0×1.3×0.7×—0.5%
Sampyo Cement16.4×0.7×0.8×5.9×2.2%
IS Dongseo5.0×0.3×0.4×—3.7%
KCC Glass—0.3×0.2×—0.0%
Similar companies (median)14.0×0.7×0.8×5.9×1.5%

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

Also known as: Hanil Holdings / 한일홀딩스 / 003300 / KRX:003300

Source: KRX statistical information