KOSDAQ · 019210 · Metal products · ₩019210

YG-1와이지-원

019210 · KOSDAQ · ₩019210 · 와이지-원

₩10,270▼ ₩420 (3.93%)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

₩26,780

vs the current price (₩10,270)

Enterprise value: ₩1.1T
Equity value: ₩996B
WACC: 6.9%

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 161% 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 ₩10,270, the model needs an operating margin of 6.0% every year (it uses 10.8%).
Today's P/E is 5.1× against a typical 10.8× 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: ₩14,641; +42.6%
Base: ₩26,780; +160.8%
Bull: ₩48,692; +374.1%

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 (10.8%).

Revenue growth

Revenue growth, year 15.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.2% 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 (5.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin10.8%
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 & amortisation7%
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 spending8.7%
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 capital40%
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 0.36, 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): ₩768B
Net debt (borrowings and leases − cash and deposits): ₩61B
+ Stakes and investments: ₩1.5B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩4.1B
Shares: 37,193,728
Share price: ₩10,270
Market cap: ₩382B

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	₩553B	₩575B	₩639B	₩808B	₩845B	₩880B	₩911B	₩938B
Growth	0.6%	3.9%	11.2%	5.2%	4.6%	4.1%	3.5%	3.0%
EBIT	₩55B	₩56B	₩67B	₩87B	₩91B	₩95B	₩98B	₩101B
EBIT margin	9.9%	9.7%	10.4%	10.8%	10.8%	10.8%	10.8%	10.8%
After-tax EBIT	₩40B	₩40B	₩48B	₩63B	₩66B	₩69B	₩71B	₩73B
+ Depreciation	—	—	—	₩57B	₩59B	₩62B	₩64B	₩66B
− Capital spending	₩58B	₩38B	₩57B	₩70B	₩74B	₩77B	₩79B	₩82B
− Working capital	₩43B	₩56B	₩49B	₩16B	₩15B	₩14B	₩12B	₩11B
Free cash flow	—	—	—	₩34B	₩37B	₩40B	₩44B	₩47B
Discount factor	—	—	—	0.936	0.876	0.820	0.767	0.718
Present value	—	—	—	₩31B	₩32B	₩33B	₩33B	₩33B

Terminal value ₩1.2T, worth ₩896B today: 85% 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 ₩13,500 a share)Now 0.76×	₩6,6680.49×	₩8,8020.65×	₩14,4801.07×
Price / earnings (last 12 months: ₩2,014 a share)Now 5.10×	₩13,1846.55×	₩21,71810.8×	₩33,65816.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,269 a share)Now 3.14×	₩21,4006.55×	₩35,25310.8×	₩54,63316.7×

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%
5.9%	₩29,400	₩31,715	₩34,622	₩38,385	₩43,454
6.4%	₩26,290	₩28,069	₩30,248	₩32,983	₩36,523
6.9%	₩23,717	₩25,109	₩26,780	₩28,827	₩31,395
7.4%	₩21,553	₩22,658	₩23,964	₩25,530	₩27,449
7.9%	₩19,709	₩20,597	₩21,632	₩22,853	₩24,320

Now (TTM)

Market cap: ₩382B
Enterprise value: ₩430B
P/E: 5.1×
P/B: 0.8×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 1.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,300	₩5,120	₩5,750	₩6,380	₩7,400
Market cap	₩197B	₩190B	₩214B	₩237B	₩275B
P/E	7.8×	11.4×	9.1×	7.4×	12.8×
P/B	0.5×	0.5×	0.6×	0.7×	0.9×
P/S	0.3×	0.3×	0.4×	0.4×	0.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.6%	3.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
YG-1	5.1×	0.8×	0.5×	—	1.9%
CS Wind	373.3×	1.3×	0.6×	—	2.6%
Hankuk Carbon	7.6×	1.2×	0.9×	—	2.1%
Taewoong	60.7×	0.7×	1.2×	19.5×	0.0%
Bosung Power Technology	18.2×	2.1×	1.8×	8.2×	0.0%
HT Robotics	39.3×	2.8×	1.9×	—	0.0%
Hansun Engineering	32.5×	2.3×	2.7×	13.1×	0.0%
Similar companies (median)	35.9×	1.7×	1.5×	13.1×	0.0%

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

Also known as: YG-1 / 와이지-원 / 019210 / KRX:019210

Source: KRX statistical information