KOSDAQ · 037400 · Retail & Trade · ₩037400

Wooree Enterprise우리엔터프라이즈

037400 · KOSDAQ · ₩037400 · 우리엔터프라이즈

₩4,035▲ ₩85 (2.15%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: ₩129B
Equity value: −₩78B
WACC: 6.7%

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 ₩4,035, the model needs an operating margin of 2.2% every year (it uses 1.5%).
Or revenue growth +35.2 points a year higher than assumed in each of the 5 years.
100% 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.
Today's P/E is 161.6× against a typical 7.4× 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: ₩70,818; +1,655.1%

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 (1.5%).

Revenue growth

Revenue growth, year 1-8.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-5.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.3% 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 (-8.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.5%
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 & amortisation2.6%
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 spending3.2%
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 capital10%
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 rate4.08%
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.
Beta0.75
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 0.63, 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)5.58%
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): ₩1.1T
Net debt (borrowings and leases − cash and deposits): ₩12B
+ Stakes and investments: ₩174M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩195B
Shares: 5,244,669
Share price: ₩4,035
Market cap: ₩21B

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	₩1.3T	₩1.3T	₩1.1T	₩1T	₩973B	₩948B	₩949B	₩978B
Growth	−6.6%	−2.2%	−15.4%	−8.3%	−5.4%	−2.6%	0.2%	3.0%
EBIT	₩26B	₩16B	₩1.1B	₩15B	₩15B	₩14B	₩14B	₩15B
EBIT margin	2.1%	1.3%	0.1%	1.5%	1.5%	1.5%	1.5%	1.5%
After-tax EBIT	₩19B	₩12B	₩827M	₩11B	₩11B	₩10B	₩10B	₩11B
+ Depreciation	—	—	—	₩27B	₩25B	₩25B	₩25B	₩25B
− Capital spending	₩11B	₩84B	₩22B	₩33B	₩31B	₩30B	₩30B	₩31B
− Working capital	₩20B	−₩28B	−₩24B	−₩9.3B	−₩5.6B	−₩2.5B	₩190M	₩2.8B
Free cash flow	—	—	—	₩14B	₩10B	₩7.1B	₩4.4B	₩1.9B
Discount factor	—	—	—	0.937	0.878	0.823	0.771	0.722
Present value	—	—	—	₩13B	₩9B	₩5.9B	₩3.4B	₩1.4B

Terminal value ₩132B, worth ₩96B today: 74% 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 ₩26,257 a share)Now 0.15×	₩4,8350.18×	₩7,3940.28×	₩18,6470.71×
Price / earnings (last 12 months: ₩25 a share)Now 161.6×	₩763.04×	₩1857.43×	₩33713.5×

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%
5.7%	—	—	—	—	—
6.2%	—	—	—	—	—
6.7%	—	—	—	—	—
7.2%	—	—	—	—	—
7.7%	—	—	—	—	—

Now (TTM)

Market cap: ₩21B
Enterprise value: ₩33B
P/E: 161.6×
P/B: 0.2×
P/S: 0.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,960	₩5,210	₩8,565	₩8,900	₩13,650
Market cap	₩26B	₩27B	₩45B	₩47B	₩72B
P/E	—	13.3×	9.0×	6.6×	3.4×
P/B	0.2×	0.2×	0.3×	0.4×	0.7×
P/S	0.0×	0.0×	0.0×	0.0×	0.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Wooree Enterprise	161.6×	0.2×	0.0×	—	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	45.3×	6.0×	12.6×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	18.9×	1.6×	5.1×	—	4.2%
Shinsegae	14.4×	0.5×	0.3×	—	2.0%
Similar companies (median)	16.6×	1.0×	1.0×	—	2.6%

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

Also known as: Wooree Enterprise / 우리엔터프라이즈 / 037400 / KRX:037400

Source: KRX statistical information