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HanmiGlobal

053690 · KOSPI · ₩053690 · 한미글로벌

₩17,840▲ ₩500 (2.88%)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

₩44,686

vs the current price (₩17,840)

Enterprise value
₩459B
Equity value
₩490B
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 150% 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 ₩17,840, the model needs an operating margin of 3.1% every year (it uses 7.3%).
  • Or revenue growth −28.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 13.6× against a typical 11.6× 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
₩25,026
+40.3%
Base
₩44,686
+150.5%
Bull
₩78,663
+340.9%

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 (7.3%).

Revenue growth

  • 6.2%

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

    Default: the last 3 years' revenue growth (6.2% a year, annual reports), fading to 3% by year 5.

  • 5.4%

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

    Default: the last 3 years' revenue growth (6.2% a year, annual reports), fading to 3% by year 5.

  • 4.6%

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

    Default: the last 3 years' revenue growth (6.2% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 3 years' revenue growth (6.2% 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 (6.2% a year, annual reports), fading to 3% by year 5.

Business

  • 7.3%

    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.

  • 0.7%

    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).

  • 0.9%

    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).

  • 15.8%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 0.61

    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 0.42, 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.

  • 5.53%

    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)
₩450B
Net debt (borrowings and leases − cash and deposits)
−₩18B
+ Stakes and investments
₩32B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩18B
Shares
10,957,550
Share price
₩17,840
Market cap
₩195B

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₩413B₩425B₩449B₩477B₩503B₩526B₩546B₩563B
Growth10.3%2.9%5.7%6.2%5.4%4.6%3.8%3.0%
EBIT₩30B₩34B₩31B₩35B₩37B₩38B₩40B₩41B
EBIT margin7.2%8.0%6.8%7.3%7.3%7.3%7.3%7.3%
After-tax EBIT₩21B₩25B₩22B₩25B₩27B₩28B₩29B₩30B
+ Depreciation———₩3.3B₩3.5B₩3.7B₩3.8B₩3.9B
− Capital spending₩1.1B₩4.5B₩5.5B₩4.3B₩4.5B₩4.7B₩4.9B₩5.1B
− Working capital₩26B₩7.5B−₩12B₩4.4B₩4.1B₩3.7B₩3.2B₩2.6B
Free cash flow———₩20B₩22B₩23B₩25B₩26B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩19B₩19B₩19B₩19B₩18B

Terminal value ₩523B, worth ₩366B today: 80% 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 ₩22,074 a share)Now 0.81×₩18,9040.86×₩22,7501.03×₩41,1201.86×
Price / earnings (last 12 months: ₩1,310 a share)Now 13.6×₩11,1748.53×₩15,24511.6×₩21,38816.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,010 a share)Now 8.88×₩17,1428.53×₩23,38811.6×₩32,81216.3×

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%₩47,300₩50,538₩54,507₩59,489₩65,934
6.9%₩43,380₩45,974₩49,093₩52,915₩57,714
7.4%₩40,077₩42,188₩44,686₩47,689₩51,369
7.9%₩37,257₩38,998₩41,030₩43,434₩46,325
8.4%₩34,820₩36,272₩37,948₩39,904₩42,218

Now (TTM)

Market cap
₩195B
Enterprise value
₩167B
P/E
13.6×
P/B
0.8×
P/S
0.4×
EV/EBITDA
—
Dividend yield
2.2%

Over time (at each year end)

20252024202320222021
Price₩17,960₩16,630₩20,550₩26,900₩12,150
Market cap₩197B₩182B₩225B₩295B₩133B
P/E10.6×9.1×15.8×12.6×9.2×
P/B0.9×0.9×1.2×1.7×1.0×
P/S0.4×0.4×0.5×0.8×0.5×
EV/EBITDA—————
Dividend yield2.2%2.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
HanmiGlobal13.6×0.8×0.4×—2.2%
Samsung E&A18.4×2.4×1.3×—1.3%
HD Hyundai Marine Solution23.7×8.9×3.6×—2.2%
KEPCO Engineering & Construction97.3×5.9×6.5×48.4×1.5%
POSCO DX90.5×5.1×3.0×—0.0%
Hanyang ENG7.4×0.7×0.4×3.6×0.0%
SemiFive—2.1×3.9×—0.0%
Similar companies (median)23.7×3.8×3.3×26.0×0.6%

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

Also known as: HanmiGlobal / 한미글로벌 / 053690 / KRX:053690

Source: KRX statistical information