KOSPI · 005320 · Retail & Trade · ₩005320

Ontide온타이드

005320 · KOSPI · ₩005320 · 온타이드

₩1,242▼ ₩44 (3.42%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

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

With these assumptions the model gives no positive value.

Enterprise value: −₩31B
Equity value: −₩31B
WACC: 7.1%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩1,242, the model needs an operating margin of 1.8% every year (it uses −1.0%).

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: —
Bull: ₩613; −50.7%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (−1.0%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation0%
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).
Capital spending0%
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).
Working capital20.9%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.6
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 0.26, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.58%
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): ₩239B
Net debt (borrowings and leases − cash and deposits): ₩3.9B
+ Stakes and investments: ₩3B; Associates, long-term financial assets and deposits (book value)
Shares: 34,187,845
Share price: ₩1,242
Market cap: ₩42B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩224B	₩266B	₩231B	₩215B	₩200B	₩193B	₩193B	₩199B
Growth	−32.0%	18.5%	−12.9%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩3.6B	−₩4.3B	−₩1.9B	−₩2.1B	−₩2B	−₩1.9B	−₩1.9B	−₩2B
EBIT margin	−1.6%	−1.6%	−0.8%	−1.0%	−1.0%	−1.0%	−1.0%	−1.0%
After-tax EBIT	−₩2.6B	−₩3.2B	−₩1.3B	−₩1.6B	−₩1.5B	−₩1.4B	−₩1.4B	−₩1.4B
+ Depreciation	—	—	—	₩0	₩0	₩0	₩0	₩0
− Capital spending	₩0	₩30M	—	₩0	₩0	₩0	₩0	₩0
− Working capital	−₩9.8B	₩9.1B	−₩5.9B	−₩5B	−₩3B	−₩1.5B	−₩81M	₩1.2B
Free cash flow	—	—	—	₩3.4B	₩1.6B	₩64M	−₩1.3B	−₩2.7B
Discount factor	—	—	—	0.934	0.872	0.814	0.760	0.710
Present value	—	—	—	₩3.2B	₩1.4B	₩52M	−₩1B	−₩1.9B

Terminal value −₩45B, worth −₩32B today: 106% 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:

	Low	Typical	High
Price / book (book value ₩3,129 a share)Now 0.40×	₩8770.28×	₩1,2420.40×	₩4,7961.53×

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%
6.1%	—	—	—	—	—
6.6%	—	—	—	—	—
7.1%	—	—	—	—	—
7.6%	—	—	—	—	—
8.1%	—	—	—	—	—

Now (TTM)

Market cap: ₩42B
Enterprise value: ₩45B
P/E: —
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩912	₩850	₩1,558	₩2,170	₩5,470
Market cap	₩31B	₩29B	₩53B	₩74B	₩187B
P/E	—	—	—	53.4×	—
P/B	0.3×	0.3×	0.5×	0.7×	1.8×
P/S	0.1×	0.1×	0.2×	0.2×	0.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ontide	—	0.4×	0.2×	—	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.5×	1.2×	0.3×	—	3.8%
ISC	45.4×	6.1×	12.7×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.2×	1.6×	5.1×	—	4.1%
Shinsegae	13.9×	0.4×	0.3×	—	2.1%
Similar companies (median)	16.3×	1.0×	1.0×	—	2.6%

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

Also known as: Ontide / 온타이드 / 005320 / KRX:005320

Source: KRX statistical information