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Byuksan

007210 · KOSPI · ₩007210 · 벽산

₩1,308 ₩0 (0.00%)End-of-day · Oct 28, 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

₩3,210

vs the current price (₩1,308)

Enterprise value
₩390B
Equity value
₩210B
WACC
5.5%

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 145% 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 ₩1,308, the model needs an operating margin of 3.1% every year (it uses 4.0%).
  • Or revenue growth −12.4 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 6.0× against a typical 6.3× 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
—
Base
₩3,210
+145.4%
Bull
₩13,943
+966.0%

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 (4.0%).

Revenue growth

  • 5.5%

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

    Default: the last 3 years' revenue growth (5.5% 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 (5.5% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (5.5% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (5.5% 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 (5.5% a year, annual reports), fading to 3% by year 5.

Business

  • 4%

    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.

  • 4.2%

    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).

  • 5.2%

    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).

  • 19.5%

    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.

  • 4.08%

    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.

  • 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 0.24, 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.

  • 5.58%

    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)
₩622B
Net debt (borrowings and leases − cash and deposits)
₩110B
+ Stakes and investments
₩3B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩74B
Shares
65,360,000
Share price
₩1,308
Market cap
₩85B

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₩621B₩643B₩611B₩657B₩689B₩719B₩744B₩767B
Growth19.4%3.6%−5.0%5.5%4.9%4.3%3.6%3.0%
EBIT₩45B₩26B₩23B₩26B₩28B₩29B₩30B₩31B
EBIT margin7.2%4.0%3.8%4.0%4.0%4.0%4.0%4.0%
After-tax EBIT₩32B₩19B₩17B₩19B₩20B₩21B₩22B₩22B
+ Depreciation———₩28B₩29B₩30B₩31B₩32B
− Capital spending₩54B₩19B₩25B₩34B₩36B₩37B₩39B₩40B
− Working capital₩63B₩43B−₩34B₩6.7B₩6.3B₩5.8B₩5B₩4.4B
Free cash flow———₩5.8B₩6.8B₩7.9B₩9.1B₩10B
Discount factor———0.9480.8980.8520.8070.765
Present value———₩5.5B₩6.1B₩6.7B₩7.3B₩7.8B

Terminal value ₩467B, worth ₩357B today: 91% 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 ₩4,741 a share)Now 0.28×₩1,7580.37×₩2,6100.55×₩4,3240.91×
Price / earnings (last 12 months: ₩216 a share)Now 6.04×₩9564.42×₩1,3656.31×₩2,98313.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩358 a share)Now 3.66×₩1,5804.42×₩2,2556.31×₩4,92813.8×

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%
4.5%₩3,965₩4,723₩5,780₩7,360₩9,985
5.0%₩3,054₩3,581₩4,280₩5,254₩6,711
5.5%₩2,348₩2,726₩3,210₩3,851₩4,746
6.0%₩1,784₩2,062₩2,408₩2,851₩3,437
6.5%₩1,324₩1,533₩1,786₩2,101₩2,503

Now (TTM)

Market cap
₩85B
Enterprise value
₩192B
P/E
6.0×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
2.3%

Over time (at each year end)

20252024202320222021
Price₩1,742₩1,838₩2,625₩2,020₩3,915
Market cap₩114B₩120B₩172B₩132B₩256B
P/E5.0×7.4×5.2×13.3×—
P/B0.4×0.4×0.6×0.5×1.1×
P/S0.2×0.2×0.3×0.3×0.5×
EV/EBITDA—————
Dividend yield1.7%2.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Byuksan6.0×0.3×0.1×—2.3%
Tokai Carbon Korea31.7×4.5×7.2×—0.7%
Hanilcementco11.9×0.7×0.9×—6.1%
Wonik QnC14.8×1.3×0.7×—0.5%
Sampyo Cement17.4×0.8×0.9×6.1×2.1%
Hanil Holdings9.4×0.3×0.3×—6.0%
IS Dongseo5.1×0.3×0.4×—3.5%
Similar companies (median)13.4×0.7×0.8×6.1×2.8%

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

Also known as: Byuksan / 벽산 / 007210 / KRX:007210

Source: KRX statistical information