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Haatz

066130 · KOSDAQ · ₩066130 · 하츠

₩3,230▲ ₩120 (3.86%)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

₩9,467

vs the current price (₩3,230)

Enterprise value
₩123B
Equity value
₩121B
WACC
7.0%

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 193% 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 ₩3,230, the model needs an operating margin of 2.8% every year (it uses 5.6%).
  • Today's P/E is 5.5× against a typical 9.1× 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
₩3,832
+18.6%
Base
₩9,467
+193.1%
Bull
₩19,769
+512.0%

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 (5.6%).

Revenue growth

  • 7.3%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 6.2%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (7.3% 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 (7.3% a year, annual reports), fading to 3% by year 5.

Business

  • 5.6%

    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.

  • 2.7%

    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).

  • 3.4%

    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).

  • 23.5%

    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 0.1, 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)
₩171B
Net debt (borrowings and leases − cash and deposits)
₩5B
+ Stakes and investments
₩3B
Associates, long-term financial assets and deposits (book value)
Shares
12,800,000
Share price
₩3,230
Market cap
₩41B

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₩155B₩187B₩177B₩183B₩195B₩205B₩213B₩220B
Growth8.0%20.6%−5.2%7.3%6.2%5.2%4.1%3.0%
EBIT₩6.3B₩11B₩10B₩10B₩11B₩11B₩12B₩12B
EBIT margin4.1%5.7%5.9%5.6%5.6%5.6%5.6%5.6%
After-tax EBIT₩4.6B₩7.8B₩7.5B₩7.4B₩7.9B₩8.3B₩8.7B₩8.9B
+ Depreciation———₩5B₩5.3B₩5.5B₩5.8B₩5.9B
− Capital spending₩2.1B₩2.7B₩13B₩6.2B₩6.6B₩7B₩7.3B₩7.5B
− Working capital₩5.9B₩9.3B−₩11B₩2.9B₩2.7B₩2.4B₩2B₩1.5B
Free cash flow———₩3.2B₩3.9B₩4.5B₩5.2B₩5.9B
Discount factor———0.9340.8730.8150.7620.711
Present value———₩3B₩3.4B₩3.7B₩4B₩4.2B

Terminal value ₩147B, worth ₩105B 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 ₩9,379 a share)Now 0.34×₩4,3300.46×₩6,1010.65×₩11,0041.17×
Price / earnings (last 12 months: ₩591 a share)Now 5.47×₩3,4655.87×₩5,3739.10×₩12,33420.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,113 a share)Now 2.90×₩6,5265.87×₩10,1209.10×₩23,23120.9×

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%
6.0%₩10,422₩11,138₩12,027₩13,163₩14,666
6.5%₩9,386₩9,937₩10,605₩11,435₩12,495
7.0%₩8,523₩8,954₩9,467₩10,089₩10,862
7.5%₩7,794₩8,135₩8,535₩9,012₩9,590
8.0%₩7,170₩7,443₩7,759₩8,129₩8,571

Now (TTM)

Market cap
₩41B
Enterprise value
₩44B
P/E
5.5×
P/B
0.3×
P/S
0.2×
EV/EBITDA
—
Dividend yield
4.3%

Over time (at each year end)

20252024202320222021
Price₩4,490₩5,380₩5,690₩5,170₩9,510
Market cap₩57B₩69B₩73B₩66B₩122B
P/E6.3×7.8×12.1×14.4×15.1×
P/B0.5×0.6×0.7×0.7×1.3×
P/S0.3×0.4×0.5×0.5×0.9×
EV/EBITDA—————
Dividend yield3.1%2.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Haatz5.5×0.3×0.2×—4.3%
LS Electric61.0×11.1×4.2×37.7×0.0%
Hyosung Heavy Industries30.5×6.9×2.8×—0.4%
HD Hyundai Electric19.1×7.2×3.7×—0.0%
Gaon Cable106.8×12.9×2.4×55.6×0.0%
Sanil Electric27.2×7.4×8.3×—0.8%
Taihan Cable & Solution—2.2×1.0×—0.0%
Similar companies (median)30.5×7.3×3.3×46.7×0.0%

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

Also known as: Haatz / 하츠 / 066130 / KRX:066130

Source: KRX statistical information