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Insun Environmental New Technology

060150 · KOSDAQ · ₩060150 · 인선이엔티

₩2,785▲ ₩5 (0.18%)End-of-day · Oct 28, 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

₩6,545

vs the current price (₩2,785)

Enterprise value
₩244B
Equity value
₩298B
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 135% 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 ₩2,785, the model needs an operating margin of 3.3% every year (it uses 11.6%).

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
₩4,693
+68.5%
Base
₩6,545
+135.0%
Bull
₩9,656
+246.7%

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 (11.6%).

Revenue growth

  • -7.6%

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

    Default: the last 3 years' revenue growth (-7.6% a year, annual reports), fading to 3% by year 5.

  • -5%

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

    Default: the last 3 years' revenue growth (-7.6% a year, annual reports), fading to 3% by year 5.

  • -2.3%

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

    Default: the last 3 years' revenue growth (-7.6% a year, annual reports), fading to 3% by year 5.

  • 0.3%

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

    Default: the last 3 years' revenue growth (-7.6% 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 (-7.6% a year, annual reports), fading to 3% by year 5.

Business

  • 11.6%

    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.

  • 7.4%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 3.5%

    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).

  • 20.9%

    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.

  • 4.11%

    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.

  • 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 0.17, 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.

  • 5.61%

    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)
₩186B
Net debt (borrowings and leases − cash and deposits)
−₩51B
+ Stakes and investments
₩3.3B
Associates, long-term financial assets and deposits (book value)
Shares
45,563,612
Share price
₩2,785
Market cap
₩127B

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₩221B₩209B₩187B₩172B₩163B₩160B₩160B₩165B
Growth−7.0%−5.5%−10.4%−7.6%−5.0%−2.3%0.3%3.0%
EBIT₩26B₩23B₩18B₩20B₩19B₩19B₩19B₩19B
EBIT margin11.7%11.1%9.7%11.6%11.6%11.6%11.6%11.6%
After-tax EBIT₩19B₩17B₩13B₩14B₩14B₩13B₩13B₩14B
+ Depreciation₩16B₩16B—₩13B₩12B₩12B₩12B₩12B
− Capital spending₩13B₩3.6B₩5B₩6B₩5.7B₩5.6B₩5.6B₩5.8B
− Working capital₩14B−₩1.3B−₩2.4B−₩3B−₩1.8B−₩786M₩100M₩1B
Free cash flow₩6.7B₩30B—₩24B₩22B₩20B₩20B₩19B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩22B₩19B₩16B₩15B₩14B

Terminal value ₩226B, worth ₩158B today: 65% 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 ₩6,846 a share)Now 0.41×₩4,0840.60×₩6,1500.90×₩9,6681.41×
P/E on run-rate earnings (Q2 2026 × 4: ₩109 a share)Now 25.6×₩1,63315.0×₩1,98518.3×₩2,25020.7×

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%₩6,828₩7,168₩7,584₩8,106₩8,780
6.9%₩6,412₩6,685₩7,013₩7,414₩7,918
7.4%₩6,059₩6,282₩6,545₩6,862₩7,249
7.9%₩5,756₩5,941₩6,155₩6,409₩6,715
8.4%₩5,493₩5,647₩5,825₩6,032₩6,277

Now (TTM)

Market cap
₩127B
Enterprise value
₩76B
P/E
—
P/B
0.4×
P/S
0.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,490₩5,380₩7,360₩8,270₩11,100
Market cap₩205B₩245B₩335B₩377B₩506B
P/E——195.9×17.2×20.3×
P/B0.7×0.8×1.0×1.1×1.5×
P/S1.1×1.2×1.5×1.6×2.1×
EV/EBITDA—8.1×10.3×9.2×8.8×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Insun Environmental New Technology—0.4×0.7×—0.0%
Korea Electric Power2.3×0.4×0.2×5.7×5.4%
Korea Gas6.0×0.3×0.1×8.6×3.1%
Korea District Heating2.3×0.3×0.2×4.8×8.6%
SGC Energy—0.7×0.2×—3.9%
Samchully3.2×0.2×0.1×—2.5%
Seoul City Gas11.4×0.2×0.1×—0.0%
Similar companies (median)3.2×0.3×0.2×5.7×3.5%

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

Also known as: Insun Environmental New Technology / 인선이엔티 / 060150 / KRX:060150

Source: KRX statistical information