KOSDAQ · 047080 · Software · ₩047080

Hanbit Soft한빛소프트

047080 · KOSDAQ · ₩047080 · 한빛소프트

₩1,049▼ ₩32 (2.96%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩425

vs the current price (₩1,049)

Enterprise value: −₩546M
Equity value: ₩11B
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 60% 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 ₩1,049, the model needs an operating margin of 4.9% every year (it uses 0.4%).
Margins ranged from −25.2% to 6.3% 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.
75% 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.
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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 3.3× against a typical 21.6× 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: ₩231; −78.0%
Base: ₩425; −59.5%
Bull: ₩802; −23.6%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (0.4%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.4%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation2.9%
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).
Capital spending3.6%
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).
Working capital3.9%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
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.
Beta0.6
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 0.02, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩33B
Net debt (borrowings and leases − cash and deposits): −₩11B
Shares: 24,822,362
Share price: ₩1,049
Market cap: ₩26B

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	₩26B	₩33B	₩38B	₩30B	₩28B	₩27B	₩27B	₩27B
Growth	−54.0%	28.4%	13.8%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩6.5B	−₩1.4B	₩284M	₩119M	₩111M	₩107M	₩107M	₩110M
EBIT margin	−25.2%	−4.2%	0.8%	0.4%	0.4%	0.4%	0.4%	0.4%
After-tax EBIT	−₩4.7B	−₩1B	₩206M	₩86M	₩80M	₩77M	₩77M	₩80M
+ Depreciation	—	—	—	₩860M	₩803M	₩775M	₩773M	₩796M
− Capital spending	₩2.5B	₩268M	₩118M	₩1.1B	₩997M	₩962M	₩960M	₩989M
− Working capital	−₩12B	₩2.2B	₩988M	−₩129M	−₩78M	−₩38M	−₩2.1M	₩31M
Free cash flow	—	—	—	₩6.9M	−₩36M	−₩72M	−₩107M	−₩144M
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩6.4M	−₩31M	−₩58M	−₩81M	−₩101M

Terminal value −₩404M, worth −₩283M today: 52% 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 ₩854 a share)Now 1.23×	₩1,5841.85×	₩3,0733.60×	₩5,7326.71×
Price / earnings (last 12 months: ₩314 a share)Now 3.34×	₩1,0493.34×	₩6,78321.6×	₩16,32452.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩168 a share)Now 6.23×	₩5633.34×	₩3,64221.6×	₩8,76552.0×

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%	₩430	₩426	₩421	₩415	₩407
6.9%	₩430	₩427	₩423	₩418	₩411
7.4%	₩431	₩428	₩425	₩420	₩415
7.9%	₩432	₩429	₩426	₩422	₩418
8.4%	₩432	₩430	₩427	₩424	₩420

Now (TTM)

Market cap: ₩26B
Enterprise value: ₩15B
P/E: 3.3×
P/B: 1.2×
P/S: 0.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,188	₩1,245	₩2,845	₩3,040	₩5,280
Market cap	₩29B	₩31B	₩71B	₩75B	₩131B
P/E	5.7×	18.0×	—	37.1×	516.7×
P/B	1.7×	2.6×	7.0×	3.9×	7.6×
P/S	0.8×	0.9×	2.7×	1.3×	2.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hanbit Soft	3.3×	1.2×	0.8×	—	0.0%
Hyundai Autoever	50.3×	5.1×	2.1×	—	0.5%
Krafton	10.1×	1.2×	1.9×	—	1.2%
NC	7.0×	1.2×	2.1×	8.4×	0.6%
Netmarble	7.0×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.1×	3.0×	5.2×	0.0%
Shift UP	8.9×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.1×	6.8×	0.6%

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

Also known as: Hanbit Soft / 한빛소프트 / 047080 / KRX:047080

Source: KRX statistical information