KOSPI · 014830 · Chemicals · ₩014830

Unid유니드

014830 · KOSPI · ₩014830 · 유니드

₩52,800▲ ₩1,500 (2.92%)End-of-day · Oct 27, 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

₩191,584

vs the current price (₩52,800)

Enterprise value: ₩1.3T
Equity value: ₩1.3T
WACC: 6.5%

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 263% 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 ₩52,800, the model needs an operating margin of 3.5% every year (it uses 7.7%).
Margins ranged from 2.8% to 15.3% 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.
37% 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 4.1× 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: ₩92,501; +75.2%
Base: ₩191,584; +262.8%
Bull: ₩378,599; +617.0%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (7.7%).

Revenue growth

Revenue growth, year 1-1.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.6% 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 (-1.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.7%
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 & amortisation7%
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 spending8.7%
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 capital22.9%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.6
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 0.12, 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)5.53%
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): ₩1.5T
Net debt (borrowings and leases − cash and deposits): ₩119B
+ Stakes and investments: ₩83B; Associates, long-term financial assets and deposits (book value)
Shares: 6,767,600
Share price: ₩52,800
Market cap: ₩357B

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	₩1.1T	₩1.1T	₩1.3T	₩1.4T	₩1.4T	₩1.4T	₩1.5T	₩1.5T
Growth	−19.3%	−1.9%	20.4%	−1.6%	−0.4%	0.7%	1.9%	3.0%
EBIT	₩32B	₩95B	₩88B	₩111B	₩110B	₩111B	₩113B	₩116B
EBIT margin	2.8%	8.6%	6.6%	7.7%	7.7%	7.7%	7.7%	7.7%
After-tax EBIT	₩23B	₩69B	₩64B	₩80B	₩80B	₩80B	₩82B	₩84B
+ Depreciation	—	—	—	₩101B	₩100B	₩101B	₩103B	₩106B
− Capital spending	₩99B	₩123B	₩85B	₩125B	₩124B	₩125B	₩128B	₩132B
− Working capital	−₩62B	₩245B	₩7.7B	−₩5.3B	−₩1.3B	₩2.3B	₩6.3B	₩10B
Free cash flow	—	—	—	₩61B	₩57B	₩54B	₩51B	₩49B
Discount factor	—	—	—	0.939	0.882	0.828	0.777	0.730
Present value	—	—	—	₩57B	₩50B	₩44B	₩39B	₩35B

Terminal value ₩1.5T, worth ₩1.1T today: 83% 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 ₩179,377 a share)Now 0.29×	₩75,2210.42×	₩98,6120.55×	₩139,8200.78×
Price / earnings (last 12 months: ₩12,871 a share)Now 4.10×	₩51,5064.00×	₩80,6536.27×	₩205,58816.0×

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%
5.5%	₩207,465	₩225,785	₩249,279	₩280,535	₩324,202
6.0%	₩185,431	₩199,402	₩216,816	₩239,147	₩268,852
6.5%	₩167,425	₩178,316	₩191,584	₩208,120	₩229,325
7.0%	₩152,440	₩161,082	₩171,415	₩184,002	₩199,690
7.5%	₩139,777	₩146,736	₩154,928	₩164,721	₩176,650

Now (TTM)

Market cap: ₩357B
Enterprise value: ₩471B
P/E: 4.1×
P/B: 0.3×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 3.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩67,200	₩72,300	₩67,800	₩81,400	₩116,163
Market cap	₩455B	₩489B	₩459B	₩551B	₩786B
P/E	7.0×	6.4×	28.2×	4.4×	4.3×
P/B	0.4×	0.5×	0.5×	0.6×	0.8×
P/S	0.3×	0.4×	0.4×	0.4×	0.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.0%	2.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Unid	4.1×	0.3×	0.2×	—	3.8%
LG Chem	—	0.5×	0.3×	—	0.9%
Hanwha Solutions	—	0.6×	0.4×	—	0.0%
Hanwha	6.2×	0.4×	0.1×	—	1.4%
SKC	—	2.1×	2.0×	—	0.0%
KCC	0.9×	0.3×	0.5×	8.7×	0.0%
Kumho Petro Chemical	5.2×	0.4×	0.4×	—	1.6%
Similar companies (median)	5.2×	0.4×	0.4×	8.7×	0.4%

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

Also known as: Unid / 유니드 / 014830 / KRX:014830

Source: KRX statistical information