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Hansol HomeDeco

025750 · KOSPI · ₩025750 · 한솔홈데코

₩1,613▼ ₩86 (5.06%)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

₩2,643

vs the current price (₩1,613)

Enterprise value
₩65B
Equity value
₩43B
WACC
5.8%

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 64% 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 ₩1,613, the model needs an operating margin of 1.5% every year (it uses 1.8%).
  • Or revenue growth −14.4 points a year higher than assumed in each of the 5 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
₩2,643
+63.9%
Bull
₩14,828
+819.3%

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 (1.8%).

Revenue growth

  • -0.4%

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

    Default: the last 3 years' revenue growth (-0.4% a year, annual reports), fading to 3% by year 5.

  • 0.4%

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

    Default: the last 3 years' revenue growth (-0.4% a year, annual reports), fading to 3% by year 5.

  • 1.3%

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

    Default: the last 3 years' revenue growth (-0.4% a year, annual reports), fading to 3% by year 5.

  • 2.1%

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

    Default: the last 3 years' revenue growth (-0.4% 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 (-0.4% a year, annual reports), fading to 3% by year 5.

Business

  • 1.8%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.4%

    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).

  • 1.7%

    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).

  • 12.6%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.28, 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)
₩276B
Net debt (borrowings and leases − cash and deposits)
₩23B
+ Stakes and investments
₩7M
Associates, long-term financial assets and deposits (book value)
Shares
16,113,029
Share price
₩1,613
Market cap
₩26B

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₩300B₩327B₩280B₩275B₩276B₩280B₩286B₩294B
Growth5.9%9.1%−14.5%−0.4%0.4%1.3%2.1%3.0%
EBIT−₩2.1B₩11B₩2.3B₩5B₩5B₩5B₩5.1B₩5.3B
EBIT margin−0.7%3.5%0.8%1.8%1.8%1.8%1.8%1.8%
After-tax EBIT−₩1.5B₩8.3B₩1.7B₩3.6B₩3.6B₩3.7B₩3.7B₩3.8B
+ Depreciation———₩3.9B₩3.9B₩3.9B₩4B₩4.1B
− Capital spending₩5.7B₩4.8B₩4.9B₩4.7B₩4.7B₩4.8B₩4.9B₩5B
− Working capital−₩7.6B−₩13B−₩6.2B−₩139M₩139M₩453M₩741M₩1.1B
Free cash flow———₩2.9B₩2.6B₩2.4B₩2.1B₩1.9B
Discount factor———0.9460.8940.8450.7990.756
Present value———₩2.7B₩2.4B₩2B₩1.7B₩1.4B

Terminal value ₩73B, worth ₩55B today: 84% 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 ₩6,214 a share)Now 0.26×₩2,3200.37×₩2,9270.47×₩4,7200.76×

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%
4.8%₩3,280₩3,639₩4,124₩4,819₩5,903
5.3%₩2,714₩2,956₩3,270₩3,693₩4,300
5.8%₩2,268₩2,434₩2,643₩2,913₩3,277
6.3%₩1,906₩2,022₩2,164₩2,340₩2,568
6.8%₩1,608₩1,689₩1,785₩1,902₩2,048

Now (TTM)

Market cap
₩26B
Enterprise value
₩48B
P/E
—
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,185₩3,215₩4,325₩5,125₩8,425
Market cap₩51B₩52B₩70B₩83B₩136B
P/E————24.9×
P/B0.5×0.4×0.5×0.5×0.8×
P/S0.2×0.2×0.2×0.3×0.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hansol HomeDeco—0.3×0.1×—0.0%
SM Kukil—3.3×6.2×—0.0%
Shindaeyang Paper10.0×0.5×0.5×—2.8%
Asia Paper Manufacturing10.3×0.3×0.3×—2.8%
Dongwha Enterprise—0.3×0.3×—0.0%
Hansol Paper7.3×0.2×0.1×—7.4%
Sambo Corrugated Board4.5×0.2×0.2×—2.4%
Similar companies (median)8.7×0.3×0.3×—2.6%

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

Also known as: Hansol HomeDeco / 한솔홈데코 / 025750 / KRX:025750

Source: KRX statistical information