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Woojin Plaimm

049800 · KOSPI · ₩049800 · 우진플라임

₩1,816▲ ₩4 (0.22%)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

With these assumptions the model gives no positive value.

Enterprise value
₩68B
Equity value
−₩56B
WACC
4.8%

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 ₩1,816, the model needs an operating margin of 5.5% every year (it uses 3.4%).
  • Or revenue growth +47.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 0.7% to 8.9% 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.
  • 100% 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 14.5× against a typical 8.4× 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
—
Base
—
Bull
₩7,374
+306.1%

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 (3.4%).

Revenue growth

  • -6%

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

    Default: the last 3 years' revenue growth (-6% a year, annual reports), fading to 3% by year 5.

  • -3.7%

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

    Default: the last 3 years' revenue growth (-6% a year, annual reports), fading to 3% by year 5.

  • -1.5%

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

    Default: the last 3 years' revenue growth (-6% 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 (-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 (-6% a year, annual reports), fading to 3% by year 5.

Business

  • 3.4%

    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.

  • 7.6%

    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).

  • 9.5%

    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).

  • 29.6%

    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 0.21, 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)
₩201B
Net debt (borrowings and leases − cash and deposits)
₩125B
+ Stakes and investments
₩340M
Associates, long-term financial assets and deposits (book value)
Shares
20,000,000
Share price
₩1,816
Market cap
₩36B

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₩212B₩210B₩212B₩189B₩182B₩179B₩181B₩186B
Growth−16.7%−1.2%1.0%−6.0%−3.7%−1.5%0.8%3.0%
EBIT₩9.1B₩1.4B₩2.9B₩6.4B₩6.2B₩6.1B₩6.1B₩6.3B
EBIT margin4.3%0.7%1.4%3.4%3.4%3.4%3.4%3.4%
After-tax EBIT₩6.6B₩1B₩2.1B₩4.7B₩4.5B₩4.4B₩4.5B₩4.6B
+ Depreciation———₩14B₩14B₩14B₩14B₩14B
− Capital spending₩29B₩25B₩6.7B₩18B₩17B₩17B₩17B₩18B
− Working capital₩7.5B₩3.4B₩884M−₩3.6B−₩2.1B−₩808M₩424M₩1.6B
Free cash flow———₩4.6B₩3.1B₩1.8B₩596M−₩553M
Discount factor———0.9540.9100.8680.8280.790
Present value———₩4.4B₩2.8B₩1.6B₩494M−₩437M

Terminal value ₩75B, worth ₩59B today: 87% 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 ₩5,355 a share)Now 0.34×₩1,9670.37×₩2,9260.55×₩5,8821.10×
Price / earnings (last 12 months: ₩125 a share)Now 14.5×₩3252.60×₩1,0588.45×₩3,59328.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩185 a share)Now 9.83×₩4802.60×₩1,5608.45×₩5,29928.7×

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%
3.8%———₩5₩2,141
4.3%—————
4.8%—————
5.3%—————
5.8%—————

Now (TTM)

Market cap
₩36B
Enterprise value
₩160B
P/E
14.5×
P/B
0.3×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,910₩2,060₩3,035₩3,530₩4,570
Market cap₩38B₩41B₩61B₩71B₩91B
P/E16.7×17.1×10.0×3.2×4.1×
P/B0.3×0.4×0.6×0.7×1.1×
P/S0.2×0.2×0.3×0.3×0.4×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Woojin Plaimm14.5×0.3×0.2×—0.0%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Similar companies (median)664.7×19.1×34.5×1,116.1×0.0%

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

Also known as: Woojin Plaimm / 우진플라임 / 049800 / KRX:049800

Source: KRX statistical information