KOSPI · 009410 · Construction · ₩009410

Taeyoung Engineering & Construction태영건설

009410 · KOSPI · ₩009410 · 태영건설

₩1,490▼ ₩18 (1.19%)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

₩272

vs the current price (₩1,490)

Enterprise value: ₩860B
Equity value: ₩90B
WACC: 5.2%

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 82% 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 ₩1,490, the model needs an operating margin of 3.8% every year (it uses 2.6%).
Or revenue growth +7.8 points a year higher than assumed in each of the 5 years.
Margins ranged from −12.1% to 6.3% 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.
73% 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 2.9× against a typical 30.2× 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: ₩272; −81.7%
Bull: ₩5,413; +263.3%

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 (2.6%).

Revenue growth

Revenue growth, year 1-5.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% 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 (-5.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.6%
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 & amortisation0.1%
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 spending0.2%
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).
Working capital-4.2%
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

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 rate4.01%
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.
Beta0.62
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 0.44, 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)5.51%
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): ₩935B
+ Stakes and investments: ₩203B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩38B
Shares: 330,254,624; incl. 649,974 preferred
Share price: ₩1,490
Market cap: ₩495B

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	₩3.4T	₩2.7T	₩2.2T	₩1.6T	₩1.5T	₩1.5T	₩1.5T	₩1.5T
Growth	28.7%	−19.9%	−19.0%	−5.8%	−3.6%	−1.4%	0.8%	3.0%
EBIT	−₩405B	₩21B	₩53B	₩40B	₩39B	₩38B	₩39B	₩40B
EBIT margin	−12.1%	0.8%	2.4%	2.6%	2.6%	2.6%	2.6%	2.6%
After-tax EBIT	−₩293B	₩15B	₩38B	₩29B	₩28B	₩28B	₩28B	₩29B
+ Depreciation	—	—	—	₩1.6B	₩1.5B	₩1.5B	₩1.5B	₩1.5B
− Capital spending	₩6.4B	₩1.7B	₩4.4B	₩3.1B	₩3B	₩3B	₩3B	₩3.1B
− Working capital	−₩573B	−₩61B	−₩381B	₩4B	₩2.4B	₩881M	−₩496M	−₩1.9B
Free cash flow	—	—	—	₩24B	₩24B	₩25B	₩27B	₩29B
Discount factor	—	—	—	0.951	0.904	0.859	0.817	0.777
Present value	—	—	—	₩23B	₩22B	₩22B	₩22B	₩23B

Terminal value ₩964B, worth ₩749B today: 87% 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 ₩1,773 a share)Now 0.84×	₩1,6890.95×	₩4,9862.81×	₩16,2159.15×
Price / earnings (last 12 months: ₩508 a share)Now 2.93×	₩2,6305.18×	₩15,31530.2×	₩39,10377.0×

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%
4.2%	₩319	₩793	₩1,484	₩2,588	₩4,628
4.7%	—	₩295	₩765	₩1,450	₩2,544
5.2%	—	—	₩272	₩737	₩1,417
5.7%	—	—	—	₩249	₩710
6.2%	—	—	—	—	₩226

Now (TTM)

Market cap: ₩491B
Enterprise value: ₩1.4T
P/E: 2.9×
P/B: 0.8×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,756	₩2,410	₩4,630	₩8,060	₩21,000
Market cap	₩579B	₩794B	₩1.5T	₩2.7T	₩6.9T
P/E	9.1×	22.7×	—	42.3×	92.1×
P/B	1.0×	1.5×	—	3.5×	9.7×
P/S	0.3×	0.3×	0.5×	1.0×	2.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Taeyoung Engineering & Construction	2.9×	0.8×	0.3×	—	0.0%
Hyundai Engineering & Construction	22.7×	1.1×	0.4×	—	0.9%
Daewoo Engineering & Construction	—	1.3×	0.6×	—	0.0%
GS Engineering & Construction	19.3×	0.5×	0.2×	—	1.7%
DL E&C	3.6×	0.4×	0.3×	—	1.5%
KEPCO Plant Service & Engineering	14.4×	1.4×	1.2×	8.1×	0.0%
Ipark Hyundai Development	8.9×	0.5×	0.4×	—	2.8%
Similar companies (median)	14.4×	0.8×	0.4×	8.1×	1.2%

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

Also known as: Taeyoung Engineering & Construction / 태영건설 / 009410 / KRX:009410

Source: KRX statistical information