KOSDAQ · 059270 · Metal products · ₩059270

Haisung Aero-Robotics해성에어로보틱스

059270 · KOSDAQ · ₩059270 · 해성에어로보틱스

₩4,400▼ ₩180 (3.93%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩17B
Equity value: −₩1.2B
WACC: 7.9%

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 ₩4,400, the model needs an operating margin of 19.0% every year (it uses −7.5%).
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.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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: ₩83; −98.1%
Base: —
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 (−7.5%).

Revenue growth

Revenue growth, year 12.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% 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 (2.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-7.5%
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 & amortisation2.4%
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 spending3%
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 rate4.01%
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.
Beta0.71
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 0.56, 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)5.51%
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): ₩15B
Net debt (borrowings and leases − cash and deposits): −₩12B
+ Stakes and investments: ₩3.8B; Associates, long-term financial assets and deposits (book value)
Shares: 11,165,299
Share price: ₩4,400
Market cap: ₩49B

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	₩14B	₩15B	₩15B	₩15B	₩15B	₩16B	₩16B	₩17B
Growth	−1.7%	9.2%	0.9%	2.7%	2.8%	2.9%	2.9%	3.0%
EBIT	−₩1.5B	−₩716M	−₩621M	−₩1.1B	−₩1.2B	−₩1.2B	−₩1.2B	−₩1.3B
EBIT margin	−10.9%	−4.8%	−4.1%	−7.5%	−7.5%	−7.5%	−7.5%	−7.5%
After-tax EBIT	−₩1.1B	−₩519M	−₩450M	−₩816M	−₩839M	−₩863M	−₩888M	−₩915M
+ Depreciation	—	—	—	₩360M	₩370M	₩381M	₩392M	₩404M
− Capital spending	₩433M	₩776M	₩87M	₩450M	₩463M	₩476M	₩490M	₩505M
− Working capital	−₩7.8B	₩1.1B	−₩540M	₩158M	₩168M	₩179M	₩184M	₩196M
Free cash flow	—	—	—	−₩1.1B	−₩1.1B	−₩1.1B	−₩1.2B	−₩1.2B
Discount factor	—	—	—	0.927	0.859	0.796	0.737	0.683
Present value	—	—	—	−₩986M	−₩944M	−₩905M	−₩863M	−₩828M

Terminal value −₩19B, worth −₩13B today: 74% 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 ₩3,642 a share)Now 1.21×	₩5,4801.50×	₩7,4342.04×	₩11,2423.09×

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%
6.9%	—	—	—	—	—
7.4%	₩32	—	—	—	—
7.9%	₩132	₩23	—	—	—
8.4%	₩219	₩124	₩15	—	—
8.9%	₩294	₩212	₩117	₩8	—

Now (TTM)

Market cap: ₩49B
Enterprise value: ₩37B
P/E: 65.4×
P/B: 1.2×
P/S: 3.4×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,520	₩5,230	₩7,720	₩5,440	₩9,350
Market cap	₩106B	₩58B	₩86B	₩61B	₩104B
P/E	718.9×	—	—	—	—
P/B	2.7×	1.5×	2.2×	1.5×	2.6×
P/S	7.0×	3.9×	6.3×	4.4×	6.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Haisung Aero-Robotics	65.4×	1.2×	3.4×	—	0.0%
CS Wind	372.3×	1.3×	0.6×	—	2.6%
Hankuk Carbon	7.8×	1.2×	0.9×	—	2.1%
Taewoong	63.8×	0.8×	1.3×	20.4×	0.0%
YG-1	5.3×	0.8×	0.5×	—	1.8%
Bosung Power Technology	18.9×	2.1×	1.8×	8.6×	0.0%
Hansun Engineering	36.1×	2.6×	3.0×	14.4×	0.0%
Similar companies (median)	27.5×	1.2×	1.1×	14.4×	0.9%

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

Also known as: Haisung Aero-Robotics / 해성에어로보틱스 / 059270 / KRX:059270

Source: KRX statistical information