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Hancom With

054920 · KOSDAQ · ₩054920 · 한컴위드

₩3,885▲ ₩90 (2.37%)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

₩1,820

vs the current price (₩3,885)

Enterprise value
₩41B
Equity value
₩51B
WACC
7.3%

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 53% 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 ₩3,885, the model needs an operating margin of 0.6% every year (it uses 0.2%).
  • Or revenue growth +20.9 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −2.4% to 8.0% 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.
  • 76% 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.
  • 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 12.5× against a typical 18.0× 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
₩1,820
−53.2%
Bull
₩18,299
+371.0%

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 (0.2%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (199.5% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (199.5% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (199.5% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (199.5% 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 (199.5% a year, annual reports), fading to 3% by year 5.

Business

  • 0.2%

    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.

  • 0.1%

    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).

  • 0.1%

    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).

  • -1.2%

    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.

  • 0.6

    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 0.36, 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)
₩690B
Net debt (borrowings and leases − cash and deposits)
−₩10B
Shares
28,217,081
Share price
₩3,885
Market cap
₩110B

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₩410B₩448B₩771B₩863B₩1T₩1.2T₩1.3T₩1.3T
Growth1,328.8%9.3%72.1%25.0%19.5%14.0%8.5%3.0%
EBIT−₩2.5B₩1.3B₩6.1B₩1.7B₩2.1B₩2.4B₩2.6B₩2.6B
EBIT margin−0.6%0.3%0.8%0.2%0.2%0.2%0.2%0.2%
After-tax EBIT−₩1.8B₩927M₩4.4B₩1.3B₩1.5B₩1.7B₩1.8B₩1.9B
+ Depreciation———₩863M₩1B₩1.2B₩1.3B₩1.3B
− Capital spending₩1.2B₩198M₩373M₩863M₩1B₩1.2B₩1.3B₩1.3B
− Working capital−₩9.7B−₩4.4B−₩3.5B−₩2.1B−₩2B−₩1.7B−₩1.2B−₩459M
Free cash flow———₩3.3B₩3.5B₩3.4B₩3B₩2.4B
Discount factor———0.9320.8680.8090.7530.702
Present value———₩3.1B₩3.1B₩2.8B₩2.3B₩1.7B

Terminal value ₩40B, worth ₩28B today: 69% 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 ₩5,660 a share)Now 0.69×₩3,1180.55×₩4,1720.74×₩8,8121.56×
Price / earnings (last 12 months: ₩311 a share)Now 12.5×₩2,6968.67×₩5,58918.0×₩13,68044.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,006 a share)Now 3.86×₩8,7198.67×₩18,08118.0×₩44,25144.0×

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%
6.3%₩1,791₩1,938₩2,120₩2,349₩2,648
6.8%₩1,683₩1,806₩1,955₩2,138₩2,369
7.3%₩1,592₩1,696₩1,820₩1,970₩2,155
7.8%₩1,514₩1,603₩1,708₩1,833₩1,984
8.3%₩1,446₩1,524₩1,614₩1,719₩1,845

Now (TTM)

Market cap
₩110B
Enterprise value
₩99B
P/E
12.5×
P/B
0.7×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,410₩3,170₩3,320₩3,300₩9,510
Market cap₩124B₩89B₩94B₩93B₩268B
P/E15.9×—104.1×13.7×51.9×
P/B0.9×0.6×0.7×0.7×2.0×
P/S0.2×0.2×0.2×3.2×7.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hancom With12.5×0.7×0.2×—0.0%
Hyundai Autoever46.8×4.7×2.0×—0.6%
Krafton10.0×1.2×1.9×—1.2%
NC6.9×1.2×2.0×8.3×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss7.9×2.0×3.0×5.1×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.4×1.5×2.0×6.7×0.6%

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

Also known as: Hancom With / 한컴위드 / 054920 / KRX:054920

Source: KRX statistical information