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Hyundai Everdigm

041440 · KOSDAQ · ₩041440 · 현대에버다임

₩6,020▲ ₩80 (1.35%)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

₩102

vs the current price (₩6,020)

Enterprise value
₩75B
Equity value
₩1.8B
WACC
6.0%

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 98% 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 ₩6,020, the model needs an operating margin of 5.0% every year (it uses 2.6%).
  • 38% 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 12.4× against a typical 18.5× 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
₩102
−98.3%
Bull
₩8,580
+42.5%

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 (2.6%).

Revenue growth

  • -8.2%

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

    Default: the last 3 years' revenue growth (-8.2% a year, annual reports), fading to 3% by year 5.

  • -5.4%

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

    Default: the last 3 years' revenue growth (-8.2% a year, annual reports), fading to 3% by year 5.

  • -2.6%

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

    Default: the last 3 years' revenue growth (-8.2% 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 (-8.2% 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 (-8.2% a year, annual reports), fading to 3% by year 5.

Business

  • 2.6%

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

  • 2.1%

    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).

  • 40%

    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 0.3, 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)
₩304B
Net debt (borrowings and leases − cash and deposits)
₩74B
+ Stakes and investments
₩572M
Associates, long-term financial assets and deposits (book value)
Shares
17,841,712
Share price
₩6,020
Market cap
₩107B

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₩358B₩355B₩290B₩279B₩264B₩257B₩258B₩265B
Growth−4.4%−0.8%−18.5%−8.2%−5.4%−2.6%0.2%3.0%
EBIT₩12B₩9.9B₩5.4B₩7.3B₩6.9B₩6.7B₩6.7B₩6.9B
EBIT margin3.3%2.8%1.9%2.6%2.6%2.6%2.6%2.6%
After-tax EBIT₩8.7B₩7.2B₩3.9B₩5.3B₩5B₩4.8B₩4.9B₩5B
+ Depreciation₩4.1B₩4.8B₩4.8B₩3.9B₩3.7B₩3.6B₩3.6B₩3.7B
− Capital spending₩9.8B₩8.8B₩3B₩5.9B₩5.5B₩5.4B₩5.4B₩5.6B
− Working capital−₩25B₩12B₩13B−₩10B−₩6B−₩2.7B₩206M₩3.1B
Free cash flow₩28B−₩8.8B−₩6.7B₩13B₩9.2B₩5.8B₩2.8B₩53M
Discount factor———0.9430.8890.8380.7910.746
Present value———₩13B₩8.1B₩4.9B₩2.3B₩39M

Terminal value ₩63B, worth ₩47B today: 63% 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 ₩10,930 a share)Now 0.55×₩6,1240.56×₩8,4370.77×₩9,4850.87×
Price / earnings (last 12 months: ₩486 a share)Now 12.4×₩5,28510.9×₩9,00318.5×₩27,92757.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩664 a share)Now 9.07×₩7,21310.9×₩12,28718.5×₩38,11557.4×

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%
5.0%₩1,391₩1,297₩1,165₩973₩675
5.5%₩866₩735₩559₩319—
6.0%₩445₩295₩102——
6.5%₩100————
7.0%—————

Now (TTM)

Market cap
₩107B
Enterprise value
₩179B
P/E
12.4×
P/B
0.6×
P/S
0.4×
EV/EBITDA
14.4×
Dividend yield
1.2%

Over time (at each year end)

20252024202320222021
Price₩8,220₩8,250₩6,350₩8,220₩5,200
Market cap₩147B₩147B₩113B₩147B₩93B
P/E31.6×22.4×17.7×13.7×—
P/B0.8×0.8×0.6×0.8×0.6×
P/S0.5×0.4×0.3×0.4×0.3×
EV/EBITDA18.1×11.9×8.6×10.6×18.0×
Dividend yield0.9%0.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hyundai Everdigm12.4×0.6×0.4×14.4×1.2%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
Similar companies (median)152.3×10.7×23.4×78.7×0.0%

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

Also known as: Hyundai Everdigm / 현대에버다임 / 041440 / KRX:041440

Source: KRX statistical information