Wooriro우리로
046970 · KOSDAQ · ₩046970 · 우리로
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
- −₩5.7B
- Equity value
- −₩5.4B
- 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 ₩7,860, the model needs an operating margin of 62.5% every year (it uses −0.7%).
- Margins ranged from −6.3% to 3.6% 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
- ₩75
- −99.1%
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 (−0.7%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-24.6% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-24.6% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-24.6% 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 (-24.6% 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 (-24.6% a year, annual reports), fading to 3% by year 5.
Business
- -0.7%
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.
- 2.5%
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).
- 1.9%
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.
- 4.08%
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 0.03, 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)
- ₩53B
- Net debt (borrowings and leases − cash and deposits)
- −₩246M
- Shares
- 43,824,999
- Share price
- ₩7,860
- Market cap
- ₩344B
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 | ₩55B | ₩47B | ₩42B | ₩47B | ₩44B | ₩43B | ₩43B | ₩44B |
| Growth | −44.8% | −13.3% | −10.3% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | −₩3.5B | −₩3B | −₩677M | −₩332M | −₩310M | −₩299M | −₩299M | −₩308M |
| EBIT margin | −6.3% | −6.3% | −1.6% | −0.7% | −0.7% | −0.7% | −0.7% | −0.7% |
| After-tax EBIT | −₩2.5B | −₩2.2B | −₩491M | −₩241M | −₩225M | −₩217M | −₩217M | −₩223M |
| + Depreciation | ₩1.4B | ₩1.3B | ₩991M | ₩1.2B | ₩1.1B | ₩1.1B | ₩1.1B | ₩1.1B |
| − Capital spending | ₩1.7B | ₩878M | ₩245M | ₩902M | ₩842M | ₩812M | ₩811M | ₩835M |
| − Working capital | −₩4B | ₩2.4B | −₩2B | −₩2.1B | −₩1.3B | −₩620M | −₩34M | ₩512M |
| Free cash flow | ₩1.1B | −₩4.1B | ₩2.3B | ₩2.2B | ₩1.3B | ₩660M | ₩74M | −₩471M |
| Discount factor | — | — | — | 0.931 | 0.867 | 0.808 | 0.752 | 0.700 |
| Present value | — | — | — | ₩2B | ₩1.1B | ₩533M | ₩55M | −₩330M |
Terminal value −₩13B, worth −₩9.1B today: 160% 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 ₩956 a share)Now 8.22× | ₩1,2261.28× | ₩1,5151.58× | ₩4,9555.18× |
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
- ₩344B
- Enterprise value
- ₩344B
- P/E
- 94.8×
- P/B
- 8.2×
- P/S
- 6.5×
- EV/EBITDA
- 61.1×
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩1,245 | ₩1,434 | ₩1,750 | ₩1,155 | ₩1,910 |
| Market cap | ₩55B | ₩63B | ₩77B | ₩51B | ₩84B |
| P/E | — | — | — | — | 6.1× |
| P/B | 1.4× | 1.6× | 1.7× | 1.3× | 2.1× |
| P/S | 1.3× | 1.3× | 1.4× | 0.5× | 0.8× |
| EV/EBITDA | 169.6× | — | — | 22.5× | 17.9× |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Wooriro | 94.8× | 8.2× | 6.5× | 61.1× | 0.0% |
| Samsung C&T | 18.8× | 0.5× | 1.2× | — | 0.9% |
| POSCO International | 10.6× | 1.3× | 0.3× | — | 3.7% |
| ISC | 45.3× | 6.0× | 12.6× | — | 0.5% |
| Youngone | 5.1× | 0.7× | 0.7× | — | 3.1% |
| Dong SUH Companies | 18.9× | 1.6× | 5.1× | — | 4.2% |
| Shinsegae | 14.4× | 0.5× | 0.3× | — | 2.0% |
| Similar companies (median) | 16.6× | 1.0× | 1.0× | — | 2.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Wooriro / 우리로 / 046970 / KRX:046970
Source: KRX statistical information