KOSPI · 005870 · Electronics · ₩005870

Huneed Technologies휴니드

005870 · KOSPI · ₩005870 · 휴니드

₩4,930▲ ₩10 (0.20%)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: ₩24B
Equity value: −₩86B
WACC: 5.3%

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 ₩4,930, the model needs an operating margin of 9.4% every year (it uses 1.8%).
Margins ranged from −8.8% to 7.6% 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.

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: —

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 (1.8%).

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 (-14.9% 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 (-14.9% 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 (-14.9% 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 (-14.9% 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 (-14.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.8%
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 & amortisation1.7%
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).
Capital spending1.1%
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).
Working capital40%
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 -0.01, 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): ₩122B
Net debt (borrowings and leases − cash and deposits): ₩114B
+ Stakes and investments: ₩3.4B; Associates, long-term financial assets and deposits (book value)
Shares: 14,116,015
Share price: ₩4,930
Market cap: ₩70B

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	₩229B	₩231B	₩137B	₩109B	₩102B	₩99B	₩98B	₩101B
Growth	2.9%	0.9%	−40.6%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩17B	₩9.1B	−₩12B	₩2B	₩1.8B	₩1.8B	₩1.8B	₩1.8B
EBIT margin	7.6%	4.0%	−8.8%	1.8%	1.8%	1.8%	1.8%	1.8%
After-tax EBIT	₩13B	₩6.6B	−₩8.7B	₩1.4B	₩1.3B	₩1.3B	₩1.3B	₩1.3B
+ Depreciation	₩3.9B	₩3.8B	—	₩1.9B	₩1.7B	₩1.7B	₩1.7B	₩1.7B
− Capital spending	₩879M	₩1.3B	₩3.4B	₩1.2B	₩1.1B	₩1.1B	₩1.1B	₩1.1B
− Working capital	₩15B	₩34B	₩83B	−₩4.9B	−₩2.9B	−₩1.4B	−₩79M	₩1.2B
Free cash flow	₩349M	−₩25B	—	₩7B	₩4.9B	₩3.3B	₩2B	₩750M
Discount factor	—	—	—	0.950	0.902	0.856	0.813	0.772
Present value	—	—	—	₩6.6B	₩4.4B	₩2.8B	₩1.6B	₩579M

Terminal value ₩10B, worth ₩8.1B today: 34% 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 ₩11,366 a share)Now 0.43×	₩6,1630.54×	₩7,5890.67×	₩9,8250.86×
P/E on run-rate earnings (Q2 2026 × 4: ₩755 a share)Now 6.53×	₩3,3394.42×	₩6,9629.22×	₩25,75134.1×

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%
4.3%	—	—	—	—	—
4.8%	—	—	—	—	—
5.3%	—	—	—	—	—
5.8%	—	—	—	—	—
6.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩70B
Enterprise value: ₩184B
P/E: —
P/B: 0.4×
P/S: 0.6×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,640	₩7,710	₩6,150	₩6,050	₩8,590
Market cap	₩108B	₩109B	₩87B	₩85B	₩121B
P/E	—	10.1×	4.9×	9.2×	9.3×
P/B	0.7×	0.6×	0.5×	0.6×	0.9×
P/S	0.8×	0.5×	0.4×	0.4×	0.5×
EV/EBITDA	—	5.9×	1.5×	2.1×	4.5×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Huneed Technologies	—	0.4×	0.6×	—	0.0%
Samsung Electronics	9.1×	2.4×	2.8×	—	0.7%
LG Electronics	24.3×	0.9×	0.3×	—	0.9%
Hanwha Vision	20.8×	2.6×	1.3×	—	0.0%
RFHIC	41.5×	3.7×	6.8×	—	0.8%
KMW	—	5.3×	8.6×	—	0.0%
Intellian Technologies	13.9×	2.1×	1.7×	—	0.4%
Similar companies (median)	20.8×	2.5×	2.2×	—	0.5%

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

Also known as: Huneed Technologies / 휴니드 / 005870 / KRX:005870

Source: KRX statistical information