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Yooshin Engineering

054930 · KOSDAQ · ₩054930 · 유신

₩16,760▼ ₩480 (2.78%)End-of-day · Oct 30, 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

₩77,991

vs the current price (₩16,760)

Enterprise value
₩179B
Equity value
₩234B
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 365% 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 ₩16,760, the model needs an operating margin of 0.8% every year (it uses 3.4%).
  • 38% 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 3.6× against a typical 5.1× 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
₩26,536
+58.3%
Base
₩77,991
+365.3%
Bull
₩170,113
+915.0%

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 (3.4%).

Revenue growth

  • 8.2%

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

    Default: the last 3 years' revenue growth (8.2% a year, annual reports), fading to 3% by year 5.

  • 6.9%

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

    Default: the last 3 years' revenue growth (8.2% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (8.2% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (8.2% 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 (8.2% 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.

  • 5.1%

    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).

  • 6.4%

    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).

  • -2.4%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 0.03, 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.

  • 5.51%

    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)
₩429B
Net debt (borrowings and leases − cash and deposits)
−₩25B
+ Stakes and investments
₩29B
Associates, long-term financial assets and deposits (book value)
Shares
3,000,000
Share price
₩16,760
Market cap
₩50B

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₩341B₩340B₩386B₩464B₩496B₩524B₩547B₩563B
Growth12.2%−0.4%13.5%8.2%6.9%5.6%4.3%3.0%
EBIT₩18B₩6B₩9.2B₩16B₩17B₩18B₩19B₩19B
EBIT margin5.4%1.8%2.4%3.4%3.4%3.4%3.4%3.4%
After-tax EBIT₩13B₩4.4B₩6.7B₩11B₩12B₩13B₩13B₩14B
+ Depreciation———₩24B₩25B₩27B₩28B₩29B
− Capital spending₩1.4B₩63B₩1.1B₩30B₩32B₩34B₩35B₩36B
− Working capital−₩65B−₩10B−₩32B−₩845M−₩769M−₩667M−₩541M−₩394M
Free cash flow———₩6.3B₩6.6B₩6.8B₩6.9B₩7B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩5.8B₩5.7B₩5.5B₩5.2B₩4.9B

Terminal value ₩217B, worth ₩152B today: 85% 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 ₩52,640 a share)Now 0.32×₩21,7300.41×₩31,6510.60×₩49,0170.93×
Price / earnings (last 12 months: ₩4,654 a share)Now 3.60×₩12,7952.75×₩23,9515.15×₩38,2108.21×
P/E on run-rate earnings (Q2 2026 × 4: ₩6,342 a share)Now 2.64×₩17,4362.75×₩32,6375.15×₩52,0678.21×

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%₩79,522₩85,572₩93,029₩102,450₩114,723
6.8%₩73,810₩78,750₩84,721₩92,082₩101,380
7.3%₩69,014₩73,115₩77,991₩83,885₩91,150
7.8%₩64,932₩68,383₩72,431₩77,245₩83,063
8.3%₩61,417₩64,356₩67,763₩71,759₩76,511

Now (TTM)

Market cap
₩50B
Enterprise value
₩16B
P/E
3.6×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
5.4%

Over time (at each year end)

20252024202320222021
Price₩22,650₩23,400₩33,000₩32,200₩18,000
Market cap₩68B₩70B₩99B₩97B₩54B
P/E6.5×2.9×4.9×5.3×4.5×
P/B0.4×0.5×0.8×0.9×0.6×
P/S0.2×0.2×0.3×0.3×0.2×
EV/EBITDA—————
Dividend yield4.0%3.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Yooshin Engineering3.6×0.3×0.1×—5.4%
Samsung E&A18.2×2.4×1.3×—1.3%
HD Hyundai Marine Solution22.0×8.3×3.4×—2.4%
KEPCO Engineering & Construction91.7×5.6×6.1×45.6×1.6%
POSCO DX88.7×5.0×2.9×—0.0%
Hanyang ENG7.3×0.7×0.4×3.5×0.0%
SemiFive—1.9×3.5×—0.0%
Similar companies (median)22.0×3.7×3.1×24.5×0.6%

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

Also known as: Yooshin Engineering / 유신 / 054930 / KRX:054930

Source: KRX statistical information