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Wonpoong

008370 · KOSDAQ · ₩008370 · 원풍

₩5,430▲ ₩90 (1.69%)End-of-day · Oct 29, 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

₩9,572

vs the current price (₩5,430)

Enterprise value
₩71B
Equity value
₩115B
WACC
7.3%

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 is 76% 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 ₩5,430, the model needs an operating margin of 2.8% every year (it uses 7.1%).
  • 46% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 6.9× against a typical 7.1× 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
₩6,823
+25.7%
Base
₩9,572
+76.3%
Bull
₩14,446
+166.0%

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 (7.1%).

Revenue growth

  • -0.7%

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

    Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.

  • 0.2%

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

    Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.

  • 2.1%

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

    Default: the last 3 years' revenue growth (-0.7% 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 (-0.7% a year, annual reports), fading to 3% by year 5.

Business

  • 7.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.7%

    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).

  • 2.1%

    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).

  • 27.2%

    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 0.05, 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)
₩87B
Net debt (borrowings and leases − cash and deposits)
−₩41B
+ Stakes and investments
₩3.1B
Associates, long-term financial assets and deposits (book value)
Shares
12,000,000
Share price
₩5,430
Market cap
₩65B

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₩74B₩80B₩88B₩86B₩86B₩87B₩89B₩92B
Growth−17.5%7.9%10.1%−0.7%0.2%1.2%2.1%3.0%
EBIT₩5.1B₩4.5B₩6.6B₩6.1B₩6.1B₩6.2B₩6.3B₩6.5B
EBIT margin6.9%5.7%7.5%7.1%7.1%7.1%7.1%7.1%
After-tax EBIT₩3.7B₩3.3B₩4.8B₩4.4B₩4.4B₩4.5B₩4.6B₩4.7B
+ Depreciation———₩1.5B₩1.5B₩1.5B₩1.5B₩1.6B
− Capital spending₩2B₩988M₩2.2B₩1.8B₩1.8B₩1.8B₩1.9B₩1.9B
− Working capital−₩26B₩5.2B₩526M−₩165M₩47M₩281M₩498M₩726M
Free cash flow———₩4.2B₩4B₩3.9B₩3.7B₩3.6B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩4B₩3.5B₩3.1B₩2.8B₩2.5B

Terminal value ₩78B, worth ₩55B today: 77% 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 ₩8,052 a share)Now 0.67×₩4,5580.57×₩5,1480.64×₩5,9790.74×
Price / earnings (last 12 months: ₩786 a share)Now 6.91×₩4,2085.35×₩5,6197.15×₩10,17812.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩973 a share)Now 5.58×₩5,2105.35×₩6,9577.15×₩12,60112.9×

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%
6.3%₩10,071₩10,460₩10,939₩11,541₩12,323
6.8%₩9,513₩9,818₩10,184₩10,635₩11,201
7.3%₩9,043₩9,286₩9,572₩9,917₩10,340
7.8%₩8,643₩8,838₩9,065₩9,334₩9,657
8.3%₩8,298₩8,457₩8,639₩8,852₩9,104

Now (TTM)

Market cap
₩65B
Enterprise value
₩24B
P/E
6.9×
P/B
0.7×
P/S
0.8×
EV/EBITDA
—
Dividend yield
8.3%

Over time (at each year end)

20252024202320222021
Price₩4,845₩3,980₩4,345₩4,965₩5,310
Market cap₩58B₩48B₩52B₩60B₩64B
P/E8.3×6.2×7.7×7.1×12.4×
P/B0.6×0.5×0.6×0.7×0.8×
P/S0.7×0.6×0.7×0.7×0.7×
EV/EBITDA—————
Dividend yield9.3%6.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Wonpoong6.9×0.7×0.8×—8.3%
Hankook Tire & Technology5.8×0.5×0.3×—4.0%
Kumho Tire3.1×0.6×0.3×—0.0%
Pum-Tech Korea19.8×2.5×2.1×—0.7%
Dongwon Systems9.7×0.7×0.4×5.7×2.8%
Nexen Tire3.6×0.3×0.2×—3.5%
PI Advanced Materials12.4×1.2×1.7×5.0×2.3%
Similar companies (median)7.7×0.6×0.4×5.4×2.6%

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

Also known as: Wonpoong / 원풍 / 008370 / KRX:008370

Source: KRX statistical information