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Huvitz

065510 · KOSDAQ · ₩065510 · 휴비츠

₩6,560▼ ₩40 (0.61%)End-of-day · Oct 26, 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

₩9,158

vs the current price (₩6,560)

Enterprise value
₩180B
Equity value
₩100B
WACC
5.6%

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 40% 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 ₩6,560, the model needs an operating margin of 8.9% every year (it uses 10.0%).
  • Or revenue growth −5.0 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 4.7% to 17.4% 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.
  • Today's P/E is 49.8× against a typical 12.9× 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
₩1,065
−83.8%
Base
₩9,158
+39.6%
Bull
₩26,022
+296.7%

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 (10.0%).

Revenue growth

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.

  • 2.7%

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

    Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.6% a year, annual reports), fading to 3% by year 5.

  • 2.9%

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

    Default: the last 3 years' revenue growth (2.6% 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 (2.6% a year, annual reports), fading to 3% by year 5.

Business

  • 10%

    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.

  • 10.4%

    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).

  • 13%

    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).

  • 40%

    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 0.13, 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)
₩121B
Net debt (borrowings and leases − cash and deposits)
₩74B
+ Stakes and investments
₩217M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩6.9B
Shares
10,877,895
Share price
₩6,560
Market cap
₩71B

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₩118B₩118B₩118B₩124B₩128B₩131B₩135B₩139B
Growth7.6%0.1%0.1%2.6%2.7%2.8%2.9%3.0%
EBIT₩16B₩13B₩5.6B₩12B₩13B₩13B₩14B₩14B
EBIT margin13.9%11.3%4.7%10.0%10.0%10.0%10.0%10.0%
After-tax EBIT₩12B₩9.7B₩4B₩9B₩9.3B₩9.5B₩9.8B₩10B
+ Depreciation———₩13B₩13B₩14B₩14B₩14B
− Capital spending₩22B₩17B₩7.6B₩16B₩17B₩17B₩18B₩18B
− Working capital₩7.3B₩14B₩2.1B₩1.3B₩1.3B₩1.4B₩1.5B₩1.6B
Free cash flow———₩4.5B₩4.6B₩4.7B₩4.8B₩4.9B
Discount factor———0.9470.8960.8480.8030.760
Present value———₩4.3B₩4.1B₩4B₩3.8B₩3.7B

Terminal value ₩211B, worth ₩160B today: 89% 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 ₩9,924 a share)Now 0.66×₩6,9750.70×₩10,2761.04×₩17,2501.74×
Price / earnings (last 12 months: ₩132 a share)Now 49.8×₩9487.20×₩1,69612.9×₩7,92960.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩424 a share)Now 15.5×₩3,0557.20×₩5,46812.9×₩25,56060.2×

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%
4.6%₩10,907₩12,956₩15,772₩19,893₩26,511
5.1%₩8,558₩10,019₩11,937₩14,574₩18,433
5.6%₩6,719₩7,794₩9,158₩10,951₩13,415
6.1%₩5,240₩6,051₩7,054₩8,326₩9,997
6.6%₩4,026₩4,650₩5,405₩6,337₩7,520

Now (TTM)

Market cap
₩71B
Enterprise value
₩144B
P/E
49.8×
P/B
0.7×
P/S
0.6×
EV/EBITDA
—
Dividend yield
3.8%

Over time (at each year end)

20252024202320222021
Price₩9,160₩8,140₩19,050₩10,250₩8,940
Market cap₩100B₩89B₩207B₩111B₩97B
P/E—10.6×21.6×6.7×10.7×
P/B0.9×0.8×1.9×1.1×1.1×
P/S0.8×0.8×1.8×1.0×1.0×
EV/EBITDA—————
Dividend yield2.7%2.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Huvitz49.8×0.7×0.6×—3.8%
TSE25.5×5.6×4.7×—0.2%
Classys12.9×3.2×4.8×10.1×3.7%
Kctech19.6×3.0×3.6×15.1×0.5%
Park Systems67.3×4.6×8.0×—0.2%
Seers25.5×15.6×11.0×—0.0%
DI35.0×4.8×2.1×—0.7%
Similar companies (median)25.5×4.7×4.8×12.6×0.4%

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

Also known as: Huvitz / 휴비츠 / 065510 / KRX:065510

Source: KRX statistical information