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Unison

018000 · KOSDAQ · ₩018000 · 유니슨

₩1,044 ₩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
−₩90B
Equity value
−₩162B
WACC
6.6%

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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −48.6% to 3.3% 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.
  • 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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-44.8% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-44.8% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-44.8% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-44.8% 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 (-44.8% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 20.7%

    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).

  • 25.8%

    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).

  • 12.7%

    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.

  • 4.11%

    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.

  • 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 0.29, 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.

  • 5.61%

    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)
₩30B
Net debt (borrowings and leases − cash and deposits)
₩104B
+ Stakes and investments
₩31B
Associates, long-term financial assets and deposits (book value)
Shares
291,912,077
Share price
₩1,044
Market cap
₩305B

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₩108B₩26B₩40B₩27B₩26B₩25B₩25B₩25B
Growth−55.0%−76.1%56.5%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩20B−₩13B−₩9.5B−₩5.5B−₩5.1B−₩4.9B−₩4.9B−₩5.1B
EBIT margin−18.2%−48.6%−23.7%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩14B−₩9.1B−₩6.9B−₩4B−₩3.7B−₩3.6B−₩3.6B−₩3.7B
+ Depreciation———₩5.7B₩5.3B₩5.1B₩5.1B₩5.2B
− Capital spending₩6.9B₩9.9B₩13B₩7.1B₩6.6B₩6.4B₩6.3B₩6.5B
− Working capital₩2.9B−₩8.2B₩15B−₩386M−₩233M−₩114M−₩6.3M₩94M
Free cash flow———−₩5B−₩4.8B−₩4.7B−₩4.8B−₩5.1B
Discount factor———0.9380.8810.8260.7760.728
Present value———−₩4.7B−₩4.2B−₩3.9B−₩3.7B−₩3.7B

Terminal value −₩95B, worth −₩69B today: 77% 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 ₩360 a share)Now 2.90×₩1,0442.90×₩1,8365.10×₩3,0258.41×

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%
5.6%—————
6.1%—————
6.6%—————
7.1%—————
7.6%—————

Now (TTM)

Market cap
₩305B
Enterprise value
₩403B
P/E
—
P/B
2.9×
P/S
10.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,201₩702₩1,112₩1,373₩2,379
Market cap₩351B₩205B₩325B₩401B₩694B
P/E—————
P/B3.3×3.1×5.5×6.0×9.0×
P/S8.7×8.0×3.0×1.7×4.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Unison—2.9×10.0×—0.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
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: Unison / 유니슨 / 018000 / KRX:018000

Source: KRX statistical information