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Tuksu Construction

026150 · KOSDAQ · ₩026150 · 특수건설

₩3,555▼ ₩20 (0.56%)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
−₩137B
Equity value
−₩156B
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 ₩3,555, the model needs an operating margin of 6.9% every year (it uses −3.7%).
  • Margins ranged from −21.2% to 4.1% 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 (−3.7%).

Revenue growth

  • -9.8%

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

    Default: the last 3 years' revenue growth (-9.8% a year, annual reports), fading to 3% by year 5.

  • -6.6%

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

    Default: the last 3 years' revenue growth (-9.8% a year, annual reports), fading to 3% by year 5.

  • -3.4%

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

    Default: the last 3 years' revenue growth (-9.8% 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 (-9.8% 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 (-9.8% a year, annual reports), fading to 3% by year 5.

Business

  • -3.7%

    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.

  • 4.2%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 12.7%

    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).

  • 12.5%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.17, 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.

  • 5.58%

    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)
₩164B
Net debt (borrowings and leases − cash and deposits)
₩23B
+ Stakes and investments
₩4.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.4B
Shares
17,546,331
Share price
₩3,555
Market cap
₩62B

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₩233B₩213B₩149B₩148B₩138B₩133B₩133B₩137B
Growth14.7%−8.7%−29.9%−9.8%−6.6%−3.4%−0.2%3.0%
EBIT₩2.5B₩8.8B−₩32B−₩5.5B−₩5.1B−₩4.9B−₩4.9B−₩5.1B
EBIT margin1.1%4.1%−21.2%−3.7%−3.7%−3.7%−3.7%−3.7%
After-tax EBIT₩1.8B₩6.3B−₩23B−₩4B−₩3.7B−₩3.6B−₩3.6B−₩3.7B
+ Depreciation₩6.5B₩12B—₩6.2B₩5.8B₩5.6B₩5.6B₩5.7B
− Capital spending₩22B₩22B₩28B₩19B₩18B₩17B₩17B₩17B
− Working capital−₩15B₩35B−₩64B−₩2B−₩1.2B−₩586M−₩33M₩498M
Free cash flow₩1.2B−₩39B—−₩14B−₩14B−₩14B−₩15B−₩16B
Discount factor———0.9390.8820.8280.7780.730
Present value———−₩14B−₩13B−₩12B−₩12B−₩12B

Terminal value −₩104B, worth −₩76B today: 56% 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 ₩5,112 a share)Now 0.70×₩4,3440.85×₩6,3521.24×₩8,8541.73×

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
₩62B
Enterprise value
₩85B
P/E
—
P/B
0.7×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.8%

Over time (at each year end)

20252024202320222021
Price₩6,380₩6,320₩7,880₩7,620₩11,850
Market cap₩112B₩111B₩138B₩134B₩208B
P/E—23.8×—76.6×—
P/B1.3×1.0×1.3×1.3×2.0×
P/S0.8×0.5×0.6×0.7×0.9×
EV/EBITDA—6.7×15.5×14.0×54.9×
Dividend yield0.5%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Tuksu Construction—0.7×0.4×—0.8%
Hyundai Engineering & Construction23.7×1.1×0.4×—0.8%
Daewoo Engineering & Construction—1.5×0.8×—0.0%
GS Engineering & Construction19.7×0.5×0.2×—1.7%
DL E&C3.6×0.4×0.3×—1.5%
KEPCO Plant Service & Engineering14.4×1.4×1.2×8.1×0.0%
Ipark Hyundai Development8.8×0.5×0.4×—2.9%
Similar companies (median)14.4×0.8×0.4×8.1×1.2%

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

Also known as: Tuksu Construction / 특수건설 / 026150 / KRX:026150

Source: KRX statistical information