KOSPI · 017370 · Machinery · ₩017370

Wooshin Systems우신시스템

017370 · KOSPI · ₩017370 · 우신시스템

₩3,620▲ ₩120 (3.43%)End-of-day · Oct 28, 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

₩7,794

vs the current price (₩3,620)

Enterprise value: ₩264B
Equity value: ₩143B
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 115% 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 ₩3,620, the model needs an operating margin of 3.2% every year (it uses 3.9%).
Or revenue growth −10.6 points a year higher than assumed in each of the 5 years.
Margins ranged from −4.4% to 6.4% 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.
65% 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.
Today's P/E is 4.8× against a typical 7.3× 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: —
Base: ₩7,794; +115.3%
Bull: ₩37,831; +945.0%

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 (3.9%).

Revenue growth

Revenue growth, year 115.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 212.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (15.1% 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 (15.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.9%
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 & amortisation4.5%
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).
Capital spending5.6%
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 capital20.1%
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

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 rate4.11%
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.
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 0.22, 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)5.61%
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): ₩354B
Net debt (borrowings and leases − cash and deposits): ₩122B
+ Stakes and investments: ₩257M; Associates, long-term financial assets and deposits (book value)
Shares: 18,314,054
Share price: ₩3,620
Market cap: ₩66B

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	₩242B	₩564B	₩389B	₩408B	₩457B	₩499B	₩529B	₩545B
Growth	−4.8%	132.7%	−31.0%	15.1%	12.1%	9.1%	6.0%	3.0%
EBIT	₩12B	₩36B	₩21B	₩16B	₩18B	₩19B	₩21B	₩21B
EBIT margin	5.1%	6.4%	5.4%	3.9%	3.9%	3.9%	3.9%	3.9%
After-tax EBIT	₩9B	₩26B	₩15B	₩12B	₩13B	₩14B	₩15B	₩15B
+ Depreciation	—	—	—	₩18B	₩21B	₩22B	₩24B	₩25B
− Capital spending	₩19B	₩20B	₩21B	₩23B	₩26B	₩28B	₩30B	₩31B
− Working capital	−₩27B	₩122B	−₩37B	₩11B	₩9.9B	₩8.4B	₩6B	₩3.2B
Free cash flow	—	—	—	−₩3.7B	−₩2B	₩254M	₩3.1B	₩6.2B
Discount factor	—	—	—	0.950	0.903	0.858	0.815	0.774
Present value	—	—	—	−₩3.5B	−₩1.8B	₩218M	₩2.5B	₩4.8B

Terminal value ₩338B, worth ₩262B today: 99% 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 ₩8,580 a share)Now 0.42×	₩4,2220.49×	₩6,9370.81×	₩12,7071.48×
Price / earnings (last 12 months: ₩749 a share)Now 4.84×	₩3,0364.06×	₩5,4687.31×	₩18,76025.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩38 a share)Now 95.7×	₩1534.06×	₩2767.31×	₩94825.1×

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%	₩9,872	₩12,051	₩15,189	₩20,110	₩28,963
4.7%	₩7,345	₩8,816	₩10,813	₩13,690	₩18,201
5.2%	₩5,420	₩6,451	₩7,794	₩9,617	₩12,242
5.7%	₩3,906	₩4,650	₩5,588	₩6,806	₩8,461
6.2%	₩2,686	₩3,234	₩3,906	₩4,752	₩5,852

Now (TTM)

Market cap: ₩66B
Enterprise value: ₩188B
P/E: 4.8×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,200	₩5,700	₩8,840	₩3,200	₩4,095
Market cap	₩114B	₩104B	₩162B	₩59B	₩75B
P/E	7.6×	3.1×	21.8×	21.2×	—
P/B	0.7×	0.8×	1.7×	0.7×	0.9×
P/S	0.3×	0.2×	0.7×	0.2×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.5%	0.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Wooshin Systems	4.8×	0.4×	0.2×	—	0.8%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	4.5×	5.3×	42.7×	0.2%
Similar companies (median)	152.3×	10.7×	23.4×	78.7×	0.0%

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

Also known as: Wooshin Systems / 우신시스템 / 017370 / KRX:017370

Source: KRX statistical information