Kweather케이웨더
068100 · KOSDAQ · ₩068100 · 케이웨더
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
- −₩36B
- Equity value
- −₩31B
- WACC
- 7.3%
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 ₩2,285, the model needs an operating margin of 8.6% every year (it uses −10.1%).
- 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
- —
- Base
- —
- Bull
- —
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 (−10.1%).
Revenue growth
- 9.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.
- 8.1%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.
- 6.4%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.
- 4.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (9.7% 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 2 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.
Business
- -10.1%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 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.
- 2.8%
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).
- 3.5%
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).
- 22%
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.
- 4.01%
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.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.2, 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.
- 5.51%
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)
- ₩18B
- Net debt (borrowings and leases − cash and deposits)
- −₩4.8B
- − Minority interests
- ₩168M
- Shares
- 11,927,536
- Share price
- ₩2,285
- Market cap
- ₩27B
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 | ₩15B | ₩16B | ₩18B | ₩20B | ₩22B | ₩23B | ₩24B | ₩25B |
| Growth | — | 6.1% | 13.5% | 9.7% | 8.1% | 6.4% | 4.7% | 3.0% |
| EBIT | −₩2.5B | −₩2.1B | −₩1.7B | −₩2B | −₩2.2B | −₩2.3B | −₩2.5B | −₩2.5B |
| EBIT margin | −16.8% | −13.2% | −9.8% | −10.1% | −10.1% | −10.1% | −10.1% | −10.1% |
| After-tax EBIT | −₩1.8B | −₩1.5B | −₩1.3B | −₩1.5B | −₩1.6B | −₩1.7B | −₩1.8B | −₩1.8B |
| + Depreciation | — | — | — | ₩564M | ₩610M | ₩649M | ₩680M | ₩700M |
| − Capital spending | ₩481M | ₩1.1B | ₩51M | ₩705M | ₩763M | ₩811M | ₩850M | ₩875M |
| − Working capital | — | ₩3.4B | −₩1.4B | ₩392M | ₩359M | ₩307M | ₩240M | ₩160M |
| Free cash flow | — | — | — | −₩2B | −₩2.1B | −₩2.2B | −₩2.2B | −₩2.2B |
| Discount factor | — | — | — | 0.932 | 0.868 | 0.809 | 0.754 | 0.703 |
| Present value | — | — | — | −₩1.9B | −₩1.8B | −₩1.8B | −₩1.6B | −₩1.5B |
Terminal value −₩39B, worth −₩27B today: 76% 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 ₩1,509 a share)Now 1.51× | ₩2,3151.53× | ₩4,7623.16× | ₩5,9973.98× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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% |
|---|---|---|---|---|---|
| 6.3% | — | — | — | — | — |
| 6.8% | — | — | — | — | — |
| 7.3% | — | — | — | — | — |
| 7.8% | — | — | — | — | — |
| 8.3% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩27B
- Enterprise value
- ₩22B
- P/E
- —
- P/B
- 1.5×
- P/S
- 1.5×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩3,050 | ₩3,000 |
| Market cap | ₩36B | ₩36B |
| P/E | — | — |
| P/B | 3.2× | 2.8× |
| P/S | 2.1× | 2.3× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Kweather | — | 1.5× | 1.5× | — | 0.0% |
| Doosan Enerbility | 193.9× | 4.3× | 2.0× | — | 0.0% |
| Hanmi Semiconductor | 78.4× | 23.3× | 31.6× | 70.6× | 0.4% |
| Jusung Engineering | 1,058.2× | 13.0× | 34.0× | 2,036.0× | 0.0% |
| Rainbow Robotics | 4,137.6× | 53.0× | 156.2× | — | 0.0% |
| EO Technics | 44.1× | 6.4× | 10.8× | — | 0.0% |
| Doosan Bobcat | 13,622.5× | 911.6× | 733.9× | — | 3.5% |
| Similar companies (median) | 626.0× | 18.1× | 32.8× | 1,053.3× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Kweather / 케이웨더 / 068100 / KRX:068100
Source: KRX statistical information