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Woojin I&S

010400 · KOSPI · ₩010400 · 우진아이엔에스

₩3,700 ₩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

With these assumptions the model gives no positive value.

Enterprise value
−₩275B
Equity value
−₩271B
WACC
7.1%

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 ₩3,700, the model needs an operating margin of 1.9% every year (it uses −4.2%).
  • Margins ranged from −13.0% to 3.0% 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.
  • 83% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−4.2%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (25.1% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (25.1% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (25.1% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (25.1% 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 (25.1% a year, annual reports), fading to 3% by year 5.

Business

  • -4.2%

    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.

  • 0.3%

    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).

  • 0.4%

    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).

  • 25.3%

    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 0.17, 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)
₩202B
Net debt (borrowings and leases − cash and deposits)
₩2.5B
+ Stakes and investments
₩7B
Associates, long-term financial assets and deposits (book value)
Shares
7,622,000
Share price
₩3,700
Market cap
₩28B

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₩100B₩138B₩164B₩252B₩301B₩343B₩372B₩384B
Growth19.2%37.4%19.5%25.0%19.5%14.0%8.5%3.0%
EBIT−₩3.3B−₩18B₩5B−₩11B−₩13B−₩14B−₩16B−₩16B
EBIT margin−3.3%−13.0%3.0%−4.2%−4.2%−4.2%−4.2%−4.2%
After-tax EBIT−₩2.4B−₩13B₩3.6B−₩7.7B−₩9.2B−₩10B−₩11B−₩12B
+ Depreciation———₩756M₩903M₩1B₩1.1B₩1.2B
− Capital spending₩482M₩696M₩376M₩1B₩1.2B₩1.4B₩1.5B₩1.5B
− Working capital−₩7.6B−₩8.7B₩4B₩13B₩12B₩11B₩7.4B₩2.8B
Free cash flow———−₩21B−₩22B−₩21B−₩19B−₩15B
Discount factor———0.9340.8720.8140.7600.709
Present value———−₩19B−₩19B−₩17B−₩15B−₩11B

Terminal value −₩274B, worth −₩195B today: 71% 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 ₩10,308 a share)Now 0.36×₩2,8570.28×₩4,0500.39×₩5,6900.55×

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%
6.1%—————
6.6%—————
7.1%—————
7.6%—————
8.1%—————

Now (TTM)

Market cap
₩28B
Enterprise value
₩30B
P/E
6.7×
P/B
0.4×
P/S
0.1×
EV/EBITDA
—
Dividend yield
4.1%

Over time (at each year end)

20252024202320222021
Price₩4,020₩3,295₩5,120₩5,110₩7,120
Market cap₩31B₩25B₩39B₩39B₩54B
P/E4.0×—20.2×——
P/B0.4×0.3×0.4×0.4×0.6×
P/S0.2×0.2×0.4×0.5×0.6×
EV/EBITDA—————
Dividend yield3.7%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Woojin I&S6.7×0.4×0.1×—4.1%
Hyundai Engineering & Construction23.7×1.1×0.4×—0.8%
Daewoo Engineering & Construction—1.5×0.8×—0.0%
GS Engineering & Construction19.7×0.5×0.2×—1.7%
DL E&C3.6×0.4×0.3×—1.5%
KEPCO Plant Service & Engineering14.4×1.4×1.2×8.1×0.0%
Ipark Hyundai Development8.8×0.5×0.4×—2.9%
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: Woojin I&S / 우진아이엔에스 / 010400 / KRX:010400

Source: KRX statistical information