KOSPI · 019180 · Electrical equipment · ₩019180

THN티에이치엔

019180 · KOSPI · ₩019180 · 티에이치엔

₩4,410▼ ₩85 (1.89%)End-of-day · Oct 30, 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

₩82,699

vs the current price (₩4,410)

Enterprise value: ₩1.4T
Equity value: ₩1.5T
WACC: 7.3%

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 1,775% 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 ₩4,410, the model needs an operating margin of 0.6% every year (it uses 5.9%).
Today's P/E is 1.0× against a typical 2.1× 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: ₩40,603; +820.7%
Base: ₩82,699; +1,775.3%
Bull: ₩155,384; +3,423.4%

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 (5.9%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (28.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (28.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (28.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (28.2% 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 (28.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.9%
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 & amortisation2.1%
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 spending2.7%
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 capital3.5%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
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 0.3, 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)5.51%
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): ₩1.1T
Net debt (borrowings and leases − cash and deposits): −₩78B
+ Stakes and investments: ₩8.1B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.2B
Shares: 18,000,000
Share price: ₩4,410
Market cap: ₩79B

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	₩586B	₩651B	₩989B	₩1.4T	₩1.7T	₩1.9T	₩2.1T	₩2.2T
Growth	24.8%	11.0%	51.9%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩43B	₩31B	₩70B	₩83B	₩100B	₩114B	₩123B	₩127B
EBIT margin	7.3%	4.8%	7.1%	5.9%	5.9%	5.9%	5.9%	5.9%
After-tax EBIT	₩31B	₩22B	₩51B	₩60B	₩72B	₩82B	₩89B	₩92B
+ Depreciation	—	—	—	₩30B	₩35B	₩40B	₩44B	₩45B
− Capital spending	₩20B	₩18B	₩18B	₩38B	₩46B	₩52B	₩56B	₩58B
− Working capital	−₩12B	₩9B	₩38B	₩9.9B	₩9.6B	₩8.3B	₩5.7B	₩2.2B
Free cash flow	—	—	—	₩42B	₩52B	₩63B	₩71B	₩77B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩39B	₩46B	₩51B	₩54B	₩54B

Terminal value ₩1.7T, worth ₩1.2T 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 ₩15,034 a share)Now 0.29×	₩5,4200.36×	₩8,9540.60×	₩12,2410.81×
Price / earnings (last 12 months: ₩4,212 a share)Now 1.05×	₩5,8781.40×	₩8,8862.11×	₩13,9093.30×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,974 a share)Now 1.48×	₩4,1511.40×	₩6,2752.11×	₩9,8223.30×

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%
6.3%	₩86,120	₩93,186	₩101,888	₩112,872	₩127,172
6.8%	₩78,670	₩84,387	₩91,291	₩99,792	₩110,523
7.3%	₩72,411	₩77,113	₩82,699	₩89,443	₩97,749
7.8%	₩67,078	₩71,000	₩75,594	₩81,052	₩87,642
8.3%	₩62,482	₩65,792	₩69,624	₩74,113	₩79,446

Now (TTM)

Market cap: ₩79B
Enterprise value: ₩1.8B
P/E: 1.0×
P/B: 0.3×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 2.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,950	₩3,160	₩3,495	₩3,495	₩4,370
Market cap	₩143B	₩57B	₩63B	₩63B	₩79B
P/E	2.1×	1.8×	2.2×	—	4.6×
P/B	0.6×	0.4×	0.6×	0.7×	0.9×
P/S	0.1×	0.1×	0.1×	0.1×	0.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.5%	1.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
THN	1.0×	0.3×	0.1×	—	2.7%
LS Electric	57.7×	10.5×	3.9×	35.7×	0.0%
Hyosung Heavy Industries	28.8×	6.5×	2.6×	—	0.4%
HD Hyundai Electric	18.0×	6.8×	3.5×	—	0.0%
Gaon Cable	105.6×	12.8×	2.3×	55.0×	0.0%
Sanil Electric	24.9×	6.8×	7.6×	—	0.9%
Taihan Cable & Solution	—	2.1×	0.9×	—	0.0%
Similar companies (median)	28.8×	6.8×	3.1×	45.4×	0.0%

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

Also known as: THN / 티에이치엔 / 019180 / KRX:019180

Source: KRX statistical information