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Okong

045060 · KOSDAQ · ₩045060 · 오공

₩2,045▼ ₩10 (0.49%)End-of-day · Oct 30, 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

₩6,172

vs the current price (₩2,045)

Enterprise value
₩97B
Equity value
₩105B
WACC
7.3%

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 202% 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 ₩2,045, the model needs an operating margin of 2.2% every year (it uses 5.4%).
  • Today's P/E is 3.9× against a typical 6.7× 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
₩3,059
+49.6%
Base
₩6,172
+201.8%
Bull
₩11,812
+477.6%

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 (5.4%).

Revenue growth

  • -2.1%

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

    Default: the last 3 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.

  • -0.8%

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

    Default: the last 3 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.

  • 0.5%

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

    Default: the last 3 years' revenue growth (-2.1% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 3 years' revenue growth (-2.1% 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 (-2.1% a year, annual reports), fading to 3% by year 5.

Business

  • 5.4%

    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.

  • 2.2%

    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).

  • 2.8%

    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).

  • 25.1%

    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.

  • 4.01%

    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.

  • 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 0.08, 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.

  • 5.51%

    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)
₩169B
Net debt (borrowings and leases − cash and deposits)
−₩8.5B
+ Stakes and investments
₩599M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.1B
Shares
16,941,974
Share price
₩2,045
Market cap
₩35B

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₩158B₩163B₩160B₩165B₩164B₩165B₩168B₩173B
Growth−7.0%2.9%−1.8%−2.1%−0.8%0.5%1.7%3.0%
EBIT₩10B₩8.6B₩5.6B₩8.9B₩8.9B₩8.9B₩9.1B₩9.3B
EBIT margin6.4%5.3%3.5%5.4%5.4%5.4%5.4%5.4%
After-tax EBIT₩7.4B₩6.3B₩4.1B₩6.5B₩6.4B₩6.5B₩6.6B₩6.8B
+ Depreciation———₩3.6B₩3.6B₩3.6B₩3.7B₩3.8B
− Capital spending₩2.7B₩5.2B₩5.6B₩4.6B₩4.6B₩4.6B₩4.7B₩4.8B
− Working capital₩2.3B−₩724M₩9.2B−₩891M−₩332M₩206M₩704M₩1.3B
Free cash flow———₩6.4B₩5.8B₩5.3B₩4.9B₩4.5B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩5.9B₩5B₩4.3B₩3.7B₩3.1B

Terminal value ₩106B, worth ₩75B today: 77% 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 ₩7,479 a share)Now 0.27×₩2,3590.32×₩3,4270.46×₩5,3310.71×
Price / earnings (last 12 months: ₩520 a share)Now 3.93×₩2,4454.70×₩3,4656.66×₩3,9667.62×
P/E on run-rate earnings (Q2 2026 × 4: ₩953 a share)Now 2.15×₩4,4794.70×₩6,3466.66×₩7,2647.62×

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%
6.3%₩6,730₩7,070₩7,486₩8,010₩8,688
6.8%₩6,185₩6,446₩6,761₩7,146₩7,629
7.3%₩5,727₩5,931₩6,172₩6,462₩6,816
7.8%₩5,336₩5,497₩5,685₩5,906₩6,172
8.3%₩4,999₩5,128₩5,275₩5,447₩5,649

Now (TTM)

Market cap
₩35B
Enterprise value
₩26B
P/E
3.9×
P/B
0.3×
P/S
0.2×
EV/EBITDA
—
Dividend yield
2.4%

Over time (at each year end)

20252024202320222021
Price₩2,350₩2,535₩3,170₩3,260₩4,280
Market cap₩40B₩43B₩54B₩55B₩73B
P/E7.1×5.4×6.0×7.4×7.8×
P/B0.3×0.4×0.5×0.5×0.8×
P/S0.2×0.3×0.3×0.3×0.4×
EV/EBITDA—————
Dividend yield2.1%2.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Okong3.9×0.3×0.2×—2.4%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha5.9×0.4×0.1×—1.5%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: Okong / 오공 / 045060 / KRX:045060

Source: KRX statistical information