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Woongjin

016880 · KOSPI · ₩016880 · 웅진

₩1,597▲ ₩2 (0.13%)End-of-day · Oct 27, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩13,272

vs the current price (₩1,597)

Enterprise value
₩1.2T
Equity value
₩1.1T
WACC
5.5%

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 731% 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 ₩1,597, the model needs an operating margin of 1.3% every year (it uses 4.6%).
  • Or revenue growth −26.5 points a year higher than assumed in each of the 5 years.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
  • Today's P/E is 1.0× against a typical 6.0× 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
₩3,408
+113.4%
Base
₩13,272
+731.0%
Bull
₩34,240
+2,044.0%

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 (4.6%).

Revenue growth

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.1% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.1% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.1% 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 (3.1% 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 (3.1% a year, annual reports), fading to 3% by year 5.

Business

  • 4.6%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 2.5%

    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).

  • 3.1%

    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).

  • -3.1%

    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.

  • 4.03%

    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.

  • 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 0.37, 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.

  • 5.53%

    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)
₩1.3T
Net debt (borrowings and leases − cash and deposits)
₩159B
Shares
79,927,080
Share price
₩1,597
Market cap
₩128B

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₩1T₩1T₩1.2T₩1.3T₩1.4T₩1.4T₩1.4T₩1.5T
Growth−3.0%−1.0%14.1%3.1%3.1%3.1%3.0%3.0%
EBIT₩22B₩31B₩78B₩61B₩63B₩65B₩67B₩69B
EBIT margin2.2%3.1%6.8%4.6%4.6%4.6%4.6%4.6%
After-tax EBIT₩16B₩23B₩57B₩44B₩45B₩47B₩48B₩50B
+ Depreciation———₩33B₩34B₩35B₩36B₩37B
− Capital spending₩47B₩26B₩24B₩41B₩42B₩44B₩45B₩46B
− Working capital−₩22B₩3B−₩263B−₩1.2B−₩1.3B−₩1.3B−₩1.3B−₩1.3B
Free cash flow———₩37B₩39B₩40B₩41B₩42B
Discount factor———0.9480.8990.8520.8080.765
Present value———₩35B₩35B₩34B₩33B₩32B

Terminal value ₩1.4T, worth ₩1.1T today: 86% 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 ₩2,257 a share)Now 0.71×₩2,0240.90×₩2,9931.33×₩4,7642.11×
Price / earnings (last 12 months: ₩1,650 a share)Now 0.97×₩2,8991.76×₩9,9006.00×₩38,61623.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩590 a share)Now 2.71×₩1,0371.76×₩3,5426.00×₩13,81423.4×

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%
4.5%₩13,704₩16,119₩19,505₩24,593₩33,096
5.0%₩11,702₩13,486₩15,867₩19,205₩24,221
5.5%₩10,146₩11,513₩13,272₩15,619₩18,910
6.0%₩8,903₩9,980₩11,328₩13,062₩15,376
6.5%₩7,887₩8,755₩9,817₩11,146₩12,856

Now (TTM)

Market cap
₩128B
Enterprise value
₩286B
P/E
1.0×
P/B
0.7×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,340₩837₩1,264₩1,185₩1,710
Market cap₩187B₩67B₩101B₩95B₩137B
P/E1.5×——11.5×5.9×
P/B1.1×0.9×1.6×1.2×2.2×
P/S0.2×0.1×0.1×0.1×0.1×
EV/EBITDA————8.9×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Woongjin1.0×0.7×0.1×—0.0%
SK Square3.3×2.0×88.7×3.2×0.0%
KB Financial Group8.3×0.9×—9.3×3.0%
Shinhan Financial Group7.5×0.7×—10.0×3.0%
SK4.5×1.0×0.3×—1.6%
Hana Financial Group7.5×0.7×—9.8×3.6%
Woori Financial Group6.7×0.5×—8.2×4.7%
Similar companies (median)7.1×0.8×44.5×9.3×3.0%

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

Also known as: Woongjin / 웅진 / 016880 / KRX:016880

Source: KRX statistical information