Ask Warren

Haechitech

0155E0 · KOSDAQ · ₩0155E0 · 해치텍

₩9,770▲ ₩420 (4.49%)End-of-day · Oct 28, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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
−₩25B
Equity value
−₩22B
WACC
9.6%

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 ₩9,770, the model needs an operating margin of 35.8% every year (it uses −17.0%).
  • 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 (−17.0%).

Revenue growth

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

Business

  • -17%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 1 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.

  • 5.5%

    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).

  • 6.8%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).

  • -7.2%

    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 1 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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 1

    How much the share moves when the market moves: 1 means just like the market.

    Default: not enough price history yet, so 1.0 (the market average).

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.61%

    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)
₩14B
Net debt (borrowings and leases − cash and deposits)
−₩3.7B
Shares
5,487,150
Share price
₩9,770
Market cap
₩54B

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.

FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩14B₩15B₩15B₩15B₩16B₩16B
Growth—3.0%3.0%3.0%3.0%3.0%
EBIT−₩2.4B−₩2.5B−₩2.5B−₩2.6B−₩2.7B−₩2.8B
EBIT margin−17.0%−17.0%−17.0%−17.0%−17.0%−17.0%
After-tax EBIT−₩1.7B−₩1.8B−₩1.8B−₩1.9B−₩2B−₩2B
+ Depreciation—₩798M₩821M₩846M₩872M₩898M
− Capital spending₩960M₩986M₩1B₩1B₩1.1B₩1.1B
− Working capital—−₩30M−₩31M−₩32M−₩33M−₩34M
Free cash flow—−₩1.9B−₩2B−₩2.1B−₩2.1B−₩2.2B
Discount factor—0.9120.8320.7590.6930.632
Present value—−₩1.8B−₩1.7B−₩1.6B−₩1.5B−₩1.4B

Terminal value −₩28B, worth −₩18B today: 69% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
8.6%—————
9.1%—————
9.6%—————
10.1%—————
10.6%—————

Now (TTM)

Market cap
₩54B
Enterprise value
₩50B
P/E
—
P/B
6.7×
P/S
3.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

Loading data for this company — check back soon

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Haechitech—6.7×3.8×—0.0%
SK hynix6.7×4.1×5.7×—0.2%
DB HiTek12.6×1.8×2.8×—0.8%
Fadu—40.1×14.0×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.4×5.4×3.6×—0.0%
SFA Semicon—3.1×3.3×—0.0%
Similar companies (median)11.5×4.3×3.4×—0.1%

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

Also known as: Haechitech / 해치텍 / 0155E0 / KRX:0155E0

Source: KRX statistical information