KOSDAQ · 052300 · Retail & Trade · ₩052300

Ocean In W오션인더블유

052300 · KOSDAQ · ₩052300 · 오션인더블유

₩1,352▼ ₩28 (2.03%)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

₩1,324

vs the current price (₩1,352)

Enterprise value: −₩107B
Equity value: ₩22B
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.

Bear / Base / Bull

Bear: ₩2,717; +101.0%
Base: ₩1,324; −2.1%
Bull: —

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 (−10.9%).

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 (-67.2% 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 (-67.2% 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 (-67.2% 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 (-67.2% 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 (-67.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-10.9%
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.
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 & amortisation151.8%
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 spending189.8%
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).
Working capital40%
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 -0.06, 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): ₩26B
Net debt (borrowings and leases − cash and deposits): −₩92B
+ Stakes and investments: ₩107B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩71B
Shares: 16,244,128
Share price: ₩1,352
Market cap: ₩22B

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	₩12B	₩6.8B	₩7.6B	₩23B	₩22B	₩21B	₩21B	₩22B
Growth	−94.5%	−42.7%	11.3%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩683M	−₩3.3B	−₩2.5B	−₩2.5B	−₩2.4B	−₩2.3B	−₩2.3B	−₩2.3B
EBIT margin	−5.8%	−48.0%	−32.4%	−10.9%	−10.9%	−10.9%	−10.9%	−10.9%
After-tax EBIT	−₩495M	−₩2.4B	−₩1.8B	−₩1.8B	−₩1.7B	−₩1.7B	−₩1.7B	−₩1.7B
+ Depreciation	—	—	—	₩35B	₩33B	₩32B	₩32B	₩33B
− Capital spending	₩875M	₩38B	₩160M	₩44B	₩41B	₩40B	₩40B	₩41B
− Working capital	₩282B	−₩322B	₩40B	−₩1B	−₩624M	−₩304M	−₩17M	₩251M
Free cash flow	—	—	—	−₩9.7B	−₩9.3B	−₩9.3B	−₩9.6B	−₩10B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩9B	−₩8.1B	−₩7.5B	−₩7.2B	−₩7.1B

Terminal value −₩97B, worth −₩68B today: 64% 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 ₩16,923 a share)Now 0.08×	₩1,4680.09×	₩3,8970.23×	₩10,0140.59×

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%	₩1,174	₩676	₩65	—	—
6.9%	₩1,658	₩1,249	₩757	₩152	—
7.4%	₩2,069	₩1,728	₩1,324	₩837	₩239
7.9%	₩2,422	₩2,134	₩1,797	₩1,397	₩915
8.4%	₩2,730	₩2,483	₩2,198	₩1,865	₩1,469

Now (TTM)

Market cap: ₩22B
Enterprise value: −₩72B
P/E: —
P/B: 0.1×
P/S: 0.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,765	₩2,413	₩3,876	₩4,109	₩10,696
Market cap	₩29B	₩39B	₩63B	₩67B	₩174B
P/E	—	1.9×	—	—	2.7×
P/B	0.1×	0.1×	0.3×	0.3×	0.6×
P/S	3.8×	5.8×	5.3×	0.3×	2.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ocean In W	—	0.1×	0.8×	—	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: Ocean In W / 오션인더블유 / 052300 / KRX:052300

Source: KRX statistical information