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Yoosung T&S

024800 · KOSDAQ · ₩024800 · 유성티엔에스

₩3,935▼ ₩40 (1.01%)End-of-day · Oct 30, 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
₩12B
Equity value
−₩32B
WACC
6.5%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩3,935, the model needs an operating margin of 26.5% every year (it uses 1.7%).
  • 99% 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.
  • 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 1.3× against a typical 1.6× 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
—
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 (1.7%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-37.7% 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 (-37.7% 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 (-37.7% 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 (-37.7% 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 (-37.7% a year, annual reports), fading to 3% by year 5.

Business

  • 1.7%

    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.

  • 0.3%

    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).

  • 0.4%

    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).

  • -10%

    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.

  • 4.01%

    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.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.32, 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.

  • 5.51%

    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)
₩55B
Net debt (borrowings and leases − cash and deposits)
₩44B
Shares
35,225,370
Share price
₩3,935
Market cap
₩139B

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₩237B₩153B₩67B₩50B₩46B₩45B₩45B₩46B
Growth−14.3%−35.6%−56.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩2.1B₩4.9B₩1.2B₩842M₩786M₩758M₩757M₩779M
EBIT margin0.9%3.2%1.8%1.7%1.7%1.7%1.7%1.7%
After-tax EBIT₩1.5B₩3.6B₩888M₩610M₩570M₩550M₩548M₩565M
+ Depreciation———₩149M₩139M₩134M₩134M₩138M
− Capital spending₩136M₩253M₩618M₩198M₩185M₩178M₩178M₩183M
− Working capital₩18B₩99B−₩9.5B₩550M₩332M₩162M₩8.9M−₩134M
Free cash flow———₩11M₩191M₩343M₩495M₩653M
Discount factor———0.9390.8820.8280.7770.730
Present value———₩9.9M₩169M₩284M₩385M₩476M

Terminal value ₩15B, worth ₩11B today: 89% 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 ₩16,889 a share)Now 0.23×₩2,5800.15×₩3,5760.21×₩6,0310.36×
Price / earnings (last 12 months: ₩2,964 a share)Now 1.33×₩2,6620.90×₩4,8501.64×₩8,4172.84×
P/E on run-rate earnings (Q2 2026 × 4: ₩6,442 a share)Now 0.61×₩5,7850.90×₩10,5421.64×₩18,2952.84×

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%
5.5%—————
6.0%—————
6.5%—————
7.0%—————
7.5%—————

Now (TTM)

Market cap
₩139B
Enterprise value
₩182B
P/E
1.3×
P/B
0.2×
P/S
2.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,470₩1,877₩2,215₩2,360₩3,140
Market cap₩87B₩66B₩78B₩83B₩111B
P/E1.6×0.9×1.1×1.5×2.5×
P/B0.2×0.1×0.2×0.2×0.4×
P/S1.3×0.4×0.3×0.3×0.4×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Yoosung T&S1.3×0.2×2.5×—0.0%
HMM15.4×0.8×1.9×—3.0%
Hyundai Glovis8.9×1.3×0.4×—3.2%
Pan Ocean9.2×0.5×0.5×—2.6%
CJ Logistics6.8×0.4×0.1×—1.2%
Korea Line3.5×0.3×0.5×—0.0%
Heung-A Shipping17.4×1.5×2.3×—0.0%
Similar companies (median)9.1×0.6×0.5×—1.9%

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

Also known as: Yoosung T&S / 유성티엔에스 / 024800 / KRX:024800

Source: KRX statistical information