KOSDAQ · 066980 · Engineering services · ₩066980

Hansung Cleantech한성크린텍

066980 · KOSDAQ · ₩066980 · 한성크린텍

₩1,279▼ ₩47 (3.54%)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: ₩11B
Equity value: −₩4.5B
WACC: 7.7%

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 ₩1,279, the model needs an operating margin of 4.6% every year (it uses 0.8%).
Or revenue growth +52.4 points a year higher than assumed in each of the 5 years.
Margins ranged from −32.7% to 2.4% 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.

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: —
Base: —
Bull: ₩992; −22.4%

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 (0.8%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-14.7% 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 (-14.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.8%
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 & amortisation1.1%
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).
Capital spending1.4%
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).
Working capital0.4%
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

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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.83
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 0.75, 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)5.58%
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): ₩194B
Net debt (borrowings and leases − cash and deposits): ₩17B
+ Stakes and investments: ₩4.8B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩3.1B
Shares: 53,771,203
Share price: ₩1,279
Market cap: ₩69B

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	₩368B	₩155B	₩200B	₩175B	₩163B	₩157B	₩157B	₩162B
Growth	14.2%	−57.9%	28.8%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩1.4B	−₩51B	₩2.8B	₩1.4B	₩1.3B	₩1.3B	₩1.3B	₩1.3B
EBIT margin	0.4%	−32.7%	1.4%	0.8%	0.8%	0.8%	0.8%	0.8%
After-tax EBIT	₩987M	−₩37B	₩2.1B	₩1B	₩945M	₩912M	₩911M	₩938M
+ Depreciation	—	—	—	₩1.9B	₩1.8B	₩1.7B	₩1.7B	₩1.8B
− Capital spending	₩1.3B	₩3.5B	₩2.9B	₩2.4B	₩2.3B	₩2.2B	₩2.2B	₩2.3B
− Working capital	₩21B	−₩68B	₩7.8B	−₩78M	−₩47M	−₩23M	−₩1.3M	₩19M
Free cash flow	—	—	—	₩567M	₩503M	₩463M	₩441M	₩434M
Discount factor	—	—	—	0.928	0.862	0.800	0.743	0.689
Present value	—	—	—	₩526M	₩434M	₩371M	₩327M	₩299M

Terminal value ₩13B, worth ₩9.2B today: 82% 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 ₩1,105 a share)Now 1.16×	₩8100.73×	₩1,3201.19×	₩2,2482.03×

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%
6.7%	—	—	—	—	₩21
7.2%	—	—	—	—	—
7.7%	—	—	—	—	—
8.2%	—	—	—	—	—
8.7%	—	—	—	—	—

Now (TTM)

Market cap: ₩69B
Enterprise value: ₩81B
P/E: —
P/B: 1.2×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,223	₩1,686	₩1,647	₩3,595	₩4,630
Market cap	₩66B	₩91B	₩89B	₩193B	₩249B
P/E	621.8×	—	99.1×	—	11.9×
P/B	1.1×	1.5×	0.7×	1.7×	2.6×
P/S	0.3×	0.6×	0.2×	0.6×	1.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hansung Cleantech	—	1.2×	0.4×	—	0.0%
Samsung E&A	18.6×	2.5×	1.3×	—	1.3%
HD Hyundai Marine Solution	22.1×	8.3×	3.4×	—	2.4%
KEPCO Engineering & Construction	94.3×	5.7×	6.3×	46.9×	1.5%
POSCO DX	90.9×	5.2×	3.0×	—	0.0%
Hanyang ENG	7.5×	0.7×	0.4×	3.7×	0.0%
SemiFive	—	2.0×	3.8×	—	0.0%
Similar companies (median)	22.1×	3.8×	3.2×	25.3×	0.6%

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

Also known as: Hansung Cleantech / 한성크린텍 / 066980 / KRX:066980

Source: KRX statistical information