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Hanatour Service

039130 · KOSPI · ₩039130 · 하나투어

₩28,150▲ ₩1,050 (3.87%)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
−₩2T
Equity value
−₩1.9T
WACC
7.4%

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 ₩28,150, the model needs an operating margin of 2.0% every year (it uses −15.4%).
  • Margins ranged from −316.2% to 9.8% 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.
  • Today's P/E is 11.1× against a typical 13.8× 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 (−15.4%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (72.2% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (72.2% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (72.2% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (72.2% 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 (72.2% a year, annual reports), fading to 3% by year 5.

Business

  • -15.4%

    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%

    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).

  • 1.2%

    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).

  • -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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.31, 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.

  • 5.61%

    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)
₩589B
Net debt (borrowings and leases − cash and deposits)
−₩128B
+ Stakes and investments
₩6.5B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩23B
Shares
15,489,932
Share price
₩28,150
Market cap
₩436B

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₩412B₩617B₩587B₩736B₩879B₩1T₩1.1T₩1.1T
Growth258.0%49.8%−4.8%25.0%19.5%14.0%8.5%3.0%
EBIT₩34B₩51B₩58B−₩113B−₩135B−₩154B−₩168B−₩173B
EBIT margin8.3%8.3%9.8%−15.4%−15.4%−15.4%−15.4%−15.4%
After-tax EBIT₩25B₩37B₩42B−₩82B−₩98B−₩112B−₩121B−₩125B
+ Depreciation———₩7.4B₩8.8B₩10B₩11B₩11B
− Capital spending₩7.4B₩5.5B₩5.2B₩8.8B₩11B₩12B₩13B₩13B
− Working capital−₩139B₩11B−₩21B−₩15B−₩14B−₩12B−₩8.5B−₩3.3B
Free cash flow———−₩69B−₩86B−₩102B−₩115B−₩124B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩64B−₩74B−₩82B−₩86B−₩87B

Terminal value −₩2.3T, worth −₩1.6T today: 81% 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 ₩9,207 a share)Now 3.06×₩39,3564.27×₩57,1716.21×₩104,06411.3×
Price / earnings (last 12 months: ₩2,538 a share)Now 11.1×₩26,79110.6×₩35,01713.8×₩56,71222.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,242 a share)Now 22.7×₩13,11610.6×₩17,14313.8×₩27,76322.3×

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%
6.4%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩436B
Enterprise value
₩199B
P/E
11.1×
P/B
3.1×
P/S
0.7×
EV/EBITDA
—
Dividend yield
4.3%

Over time (at each year end)

20252024202320222021
Price₩48,750₩54,300₩52,100₩60,500₩74,600
Market cap₩755B₩841B₩807B₩937B₩1.2T
P/E23.7×10.3×17.2×——
P/B5.1×4.8×4.7×7.6×13.5×
P/S1.3×1.4×2.0×8.2×28.7×
EV/EBITDA—————
Dividend yield2.5%4.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hanatour Service11.1×3.1×0.7×—4.3%
S-123.7×2.1×1.3×—0.0%
Cheil Worldwide9.7×1.3×0.5×—6.6%
Doosan Tesna59.6×4.5×6.2×—0.2%
Lotte Tour Development16.0×2.2×1.2×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—6.7%
Similar companies (median)12.9×1.7×1.2×—0.7%

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

Also known as: Hanatour Service / 하나투어 / 039130 / KRX:039130

Source: KRX statistical information