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UIL

049520 · KOSDAQ · ₩049520 · 유아이엘

₩3,655▲ ₩10 (0.27%)End-of-day · Oct 27, 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

₩8,719

vs the current price (₩3,655)

Enterprise value
₩182B
Equity value
₩269B
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 139% 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 ₩3,655, the model needs an operating margin of 1.4% every year (it uses 3.9%).
  • Margins ranged from −2.5% to 6.4% 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.
  • Today's P/E is 4.7× against a typical 5.5× 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
₩4,333
+18.5%
Base
₩8,719
+138.5%
Bull
₩16,590
+353.9%

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 (3.9%).

Revenue growth

  • 7.4%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (7.4% 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 (7.4% a year, annual reports), fading to 3% by year 5.

Business

  • 3.9%

    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.

  • 2.9%

    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).

  • 3.6%

    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).

  • 11.3%

    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 0.18, 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)
₩389B
Net debt (borrowings and leases − cash and deposits)
−₩86B
+ Stakes and investments
₩2.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.5B
Shares
30,842,625
Share price
₩3,655
Market cap
₩113B

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₩332B₩425B₩412B₩418B₩444B₩467B₩486B₩501B
Growth−0.2%27.9%−2.9%7.4%6.3%5.2%4.1%3.0%
EBIT₩8.7B₩21B₩26B₩16B₩17B₩18B₩19B₩20B
EBIT margin2.6%5.0%6.4%3.9%3.9%3.9%3.9%3.9%
After-tax EBIT₩6.3B₩15B₩19B₩12B₩13B₩13B₩14B₩14B
+ Depreciation———₩12B₩13B₩14B₩14B₩15B
− Capital spending₩16B₩9.8B₩15B₩15B₩16B₩17B₩18B₩18B
− Working capital₩1.1B₩5.3B−₩9B₩3.3B₩3B₩2.6B₩2.2B₩1.6B
Free cash flow———₩5.6B₩6.5B₩7.3B₩8.2B₩9B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩5.2B₩5.6B₩5.9B₩6.1B₩6.3B

Terminal value ₩218B, worth ₩153B today: 84% 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 ₩6,692 a share)Now 0.55×₩2,6060.39×₩3,8840.58×₩4,7330.71×
Price / earnings (last 12 months: ₩779 a share)Now 4.69×₩3,1934.10×₩4,3175.54×₩29,35437.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩545 a share)Now 6.70×₩2,2354.10×₩3,0215.54×₩20,54437.7×

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%₩9,184₩9,624₩10,161₩10,835₩11,704
6.9%₩8,599₩8,948₩9,366₩9,877₩10,518
7.4%₩8,107₩8,387₩8,719₩9,116₩9,602
7.9%₩7,687₩7,915₩8,182₩8,496₩8,874
8.4%₩7,324₩7,513₩7,730₩7,982₩8,281

Now (TTM)

Market cap
₩113B
Enterprise value
₩27B
P/E
4.7×
P/B
0.5×
P/S
0.3×
EV/EBITDA
—
Dividend yield
10.9%

Over time (at each year end)

20252024202320222021
Price₩3,310₩3,474₩3,664₩2,234₩1,842
Market cap₩102B₩107B₩113B₩69B₩57B
P/E4.5×3.6×10.0×10.0×—
P/B0.5×0.5×0.7×0.5×0.4×
P/S0.2×0.3×0.3×0.2×0.2×
EV/EBITDA—————
Dividend yield12.1%7.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
UIL4.7×0.5×0.3×—10.9%
Samsung Electro-Mechanics89.0×8.8×7.2×—0.2%
Doosan36.8×5.2×0.7×—0.4%
Hanwha Systems67.9×2.7×2.9×—0.8%
LG Innotek13.4×1.4×0.4×—0.5%
Isupetasys32.5×7.6×5.0×—0.0%
Daeduck Electronics41.5×6.5×4.7×—0.4%
Similar companies (median)39.2×5.8×3.8×—0.4%

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

Also known as: UIL / 유아이엘 / 049520 / KRX:049520

Source: KRX statistical information