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Hanssem

009240 · KOSPI · ₩009240 · 한샘

₩38,800▲ ₩350 (0.91%)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

₩10,037

vs the current price (₩38,800)

Enterprise value
₩215B
Equity value
₩236B
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 74% 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 ₩38,800, the model needs an operating margin of 4.5% every year (it uses 1.2%).
  • Or revenue growth +34.1 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 76.6× against a typical 24.6× 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
—
Base
₩10,037
−74.1%
Bull
₩38,245
−1.4%

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 (1.2%).

Revenue growth

  • -4.5%

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

    Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.

  • -2.6%

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

    Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.

  • -0.7%

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

    Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.

  • 1.1%

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

    Default: the last 3 years' revenue growth (-4.5% 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 (-4.5% a year, annual reports), fading to 3% by year 5.

Business

  • 1.2%

    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.

  • 0.8%

    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).

  • 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).

  • -0.6%

    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 0.16, 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)
₩1.7T
Net debt (borrowings and leases − cash and deposits)
−₩21B
Shares
23,533,928
Share price
₩38,800
Market cap
₩913B

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₩2T₩1.9T₩1.7T₩1.6T₩1.5T₩1.5T₩1.5T₩1.6T
Growth−1.7%−3.0%−8.6%−4.5%−2.6%−0.7%1.1%3.0%
EBIT₩1.9B₩31B₩18B₩19B₩19B₩18B₩19B₩19B
EBIT margin0.1%1.6%1.1%1.2%1.2%1.2%1.2%1.2%
After-tax EBIT₩1.4B₩23B₩13B₩14B₩13B₩13B₩13B₩14B
+ Depreciation———₩13B₩12B₩12B₩12B₩13B
− Capital spending₩28B₩11B₩15B₩16B₩15B₩15B₩15B₩16B
− Working capital−₩136B₩278B₩23B₩448M₩247M₩65M−₩101M−₩279M
Free cash flow———₩10B₩10B₩10B₩10B₩11B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩9.5B₩8.8B₩8.3B₩7.9B₩7.7B

Terminal value ₩246B, worth ₩173B today: 80% 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 ₩17,035 a share)Now 2.28×₩36,6802.15×₩45,5292.67×₩55,5683.26×
Price / earnings (last 12 months: ₩507 a share)Now 76.6×₩4,1308.15×₩12,47524.6×₩39,05077.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩811 a share)Now 47.9×₩6,6058.15×₩19,95324.6×₩62,45877.1×

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%
6.3%₩10,306₩11,165₩12,224₩13,561₩15,303
6.8%₩9,470₩10,170₩11,016₩12,059₩13,377
7.3%₩8,767₩9,347₩10,037₩10,871₩11,898
7.8%₩8,168₩8,655₩9,227₩9,907₩10,728
8.3%₩7,651₩8,066₩8,546₩9,109₩9,779

Now (TTM)

Market cap
₩913B
Enterprise value
₩892B
P/E
76.6×
P/B
2.3×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩46,150₩47,550₩53,500₩44,600₩92,600
Market cap₩1.1T₩1.1T₩1.3T₩1T₩2.2T
P/E23.5×7.4×——38.1×
P/B2.7×3.2×3.7×2.4×3.5×
P/S0.6×0.6×0.6×0.5×1.0×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hanssem76.6×2.3×0.6×—0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.5×1.2×0.3×—3.8%
ISC45.4×6.1×12.7×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.2×1.6×5.1×—4.1%
Shinsegae13.9×0.4×0.3×—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: Hanssem / 한샘 / 009240 / KRX:009240

Source: KRX statistical information