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PHA

043370 · KOSDAQ · ₩043370 · 피에이치에이

₩11,740▲ ₩50 (0.43%)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

₩25,331

vs the current price (₩11,740)

Enterprise value
₩387B
Equity value
₩532B
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 is 116% 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 ₩11,740, the model needs an operating margin of 1.9% every year (it uses 3.5%).
  • 45% 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 4.3× against a typical 4.8× 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
₩8,385
−28.6%
Base
₩25,331
+115.8%
Bull
₩56,612
+382.2%

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 (3.5%).

Revenue growth

  • 5.4%

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

    Default: the last 3 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.

  • 4.8%

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

    Default: the last 3 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.

  • 4.2%

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

    Default: the last 3 years' revenue growth (5.4% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (5.4% 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 (5.4% a year, annual reports), fading to 3% by year 5.

Business

  • 3.5%

    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.

  • 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: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 5.3%

    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).

  • 17.8%

    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 0.27, 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)
₩1.2T
Net debt (borrowings and leases − cash and deposits)
−₩107B
+ Stakes and investments
₩39B
Associates, long-term financial assets and deposits (book value)
Shares
21,000,000
Share price
₩11,740
Market cap
₩247B

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₩1.1T₩1.2T₩1.2T₩1.3T₩1.3T₩1.4T₩1.4T₩1.5T
Growth10.8%1.6%4.1%5.4%4.8%4.2%3.6%3.0%
EBIT₩48B₩51B₩48B₩45B₩47B₩49B₩50B₩52B
EBIT margin4.3%4.5%4.0%3.5%3.5%3.5%3.5%3.5%
After-tax EBIT₩35B₩37B₩35B₩32B₩34B₩35B₩37B₩38B
+ Depreciation———₩53B₩56B₩58B₩60B₩62B
− Capital spending₩69B₩64B₩50B₩67B₩71B₩74B₩76B₩79B
− Working capital−₩70B₩33B₩27B₩12B₩11B₩10B₩8.9B₩7.7B
Free cash flow———₩6.7B₩8.3B₩10B₩12B₩14B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩6.2B₩7.2B₩8.1B₩8.9B₩9.5B

Terminal value ₩495B, worth ₩347B today: 90% 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 ₩42,233 a share)Now 0.28×₩9,4930.22×₩12,1610.29×₩13,9090.33×
Price / earnings (last 12 months: ₩2,734 a share)Now 4.29×₩9,8243.59×₩13,1424.81×₩16,9836.21×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,738 a share)Now 4.29×₩9,8393.59×₩13,1624.81×₩17,0106.21×

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%₩27,742₩28,818₩30,130₩31,768₩33,876
6.9%₩25,709₩26,517₩27,481₩28,656₩30,121
7.4%₩24,000₩24,613₩25,331₩26,188₩27,230
7.9%₩22,546₩23,013₩23,553₩24,184₩24,936
8.4%₩21,294₩21,651₩22,057₩22,526₩23,074

Now (TTM)

Market cap
₩247B
Enterprise value
₩132B
P/E
4.3×
P/B
0.3×
P/S
0.2×
EV/EBITDA
—
Dividend yield
3.4%

Over time (at each year end)

20252024202320222021
Price₩11,740₩10,060₩9,950₩7,040₩10,100
Market cap₩247B₩211B₩209B₩148B₩212B
P/E5.3×3.4×3.4×5.2×5.6×
P/B0.3×0.3×0.3×0.2×0.3×
P/S0.2×0.2×0.2×0.1×0.2×
EV/EBITDA—————
Dividend yield3.4%3.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
PHA4.3×0.3×0.2×—3.4%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.1×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—13.4×18.9×—0.0%
Hyundai WIA19.3×0.4×0.2×—2.4%
SNT Dynamics13.4×0.7×0.9×—6.8%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

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

Also known as: PHA / 피에이치에이 / 043370 / KRX:043370

Source: KRX statistical information