KOSDAQ · 039020 · Wood & Paper · ₩039020

Eagon Holdings이건홀딩스

039020 · KOSDAQ · ₩039020 · 이건홀딩스

₩2,595▼ ₩25 (0.95%)End-of-day · Oct 29, 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: ₩147B
Equity value: −₩237B
WACC: 4.7%

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 ₩2,595, the model needs an operating margin of 4.8% every year (it uses 2.0%).
Or revenue growth +37.2 points a year higher than assumed in each of the 5 years.
Margins ranged from −0.3% to 8.1% 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.

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: ₩11,088; +327.3%

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 (2.0%).

Revenue growth

Revenue growth, year 1-4.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.1% 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 (-4.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2%
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 & amortisation1.4%
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).
Capital spending1.7%
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 capital16.2%
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 0.1, 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): ₩437B
Net debt (borrowings and leases − cash and deposits): ₩207B
+ Stakes and investments: ₩53M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩177B
Shares: 22,584,709
Share price: ₩2,595
Market cap: ₩59B

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	₩459B	₩497B	₩447B	₩419B	₩409B	₩406B	₩411B	₩424B
Growth	−9.7%	8.5%	−10.1%	−4.1%	−2.4%	−0.6%	1.2%	3.0%
EBIT	₩3.2B	₩6.6B	−₩1.2B	₩8.4B	₩8.2B	₩8.1B	₩8.2B	₩8.5B
EBIT margin	0.7%	1.3%	−0.3%	2.0%	2.0%	2.0%	2.0%	2.0%
After-tax EBIT	₩2.3B	₩4.8B	−₩901M	₩6.1B	₩5.9B	₩5.9B	₩6B	₩6.1B
+ Depreciation	—	—	—	₩5.9B	₩5.7B	₩5.7B	₩5.8B	₩5.9B
− Capital spending	₩10B	₩7.7B	₩6.4B	₩7.1B	₩6.9B	₩6.9B	₩7B	₩7.2B
− Working capital	₩8.9B	₩1.1B	₩7.9B	−₩2.9B	−₩1.6B	−₩397M	₩790M	₩2B
Free cash flow	—	—	—	₩7.7B	₩6.3B	₩5.1B	₩3.9B	₩2.9B
Discount factor	—	—	—	0.955	0.912	0.871	0.831	0.794
Present value	—	—	—	₩7.4B	₩5.8B	₩4.4B	₩3.3B	₩2.3B

Terminal value ₩156B, worth ₩124B 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:

	Low	Typical	High
Price / book (book value ₩8,563 a share)Now 0.30×	₩2,6300.31×	₩3,7570.44×	₩5,5240.65×

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%
3.7%	—	—	—	—	₩2,305
4.2%	—	—	—	—	—
4.7%	—	—	—	—	—
5.2%	—	—	—	—	—
5.7%	—	—	—	—	—

Now (TTM)

Market cap: ₩59B
Enterprise value: ₩264B
P/E: 48.2×
P/B: 0.3×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 1.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,340	₩4,160	₩2,840	₩3,230	₩5,300
Market cap	₩98B	₩94B	₩64B	₩73B	₩120B
P/E	—	—	—	35.0×	16.3×
P/B	0.5×	0.5×	0.3×	0.5×	0.8×
P/S	0.2×	0.2×	0.1×	0.1×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.2%	1.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Eagon Holdings	48.2×	0.3×	0.1×	—	1.9%
SM Kukil	—	3.2×	6.1×	—	0.0%
Shindaeyang Paper	10.0×	0.5×	0.5×	—	2.8%
Dongwha Enterprise	—	0.3×	0.3×	—	0.0%
Asia Paper Manufacturing	10.4×	0.3×	0.3×	—	2.8%
Hansol Paper	7.4×	0.2×	0.1×	—	7.3%
Sambo Corrugated Board	4.5×	0.2×	0.2×	—	2.5%
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: Eagon Holdings / 이건홀딩스 / 039020 / KRX:039020

Source: KRX statistical information