KOSPI · 069960 · Retail & Trade · ₩069960

Hyundai Department Store현대백화점

069960 · KOSPI · ₩069960 · 현대백화점

₩75,100▼ ₩700 (0.92%)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

₩7,210

vs the current price (₩75,100)

Enterprise value: ₩4T
Equity value: ₩155B
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 90% 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 ₩75,100, the model needs an operating margin of 9.6% every year (it uses 7.5%).
Or revenue growth +7.7 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩4.3T, operating profit ₩400B (9.4% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩4.5T, operating profit ₩504B (11.2% margin) (1 broker). The model starts from the last 12 months reported.
Today's P/E is 7.0× against a typical 8.6× 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: —
Base: ₩7,210; −90.4%
Bull: ₩221,323; +194.7%

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 (7.5%).

Revenue growth

Revenue growth, year 1-5.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% 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 (-5.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.5%
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 & amortisation9.1%
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 spending11.3%
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 capital17%
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.
Beta0.67
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 0.5, 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): ₩4.1T
Net debt (borrowings and leases − cash and deposits): ₩2.3T
+ Stakes and investments: ₩129B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.7T
Shares: 21,564,912
Share price: ₩75,100
Market cap: ₩1.6T

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	₩4.2T	₩4.2T	₩4.2T	₩3.8T	₩3.7T	₩3.7T	₩3.7T	₩3.8T
Growth	−16.1%	−0.5%	1.0%	−5.5%	−3.4%	−1.3%	0.9%	3.0%
EBIT	₩303B	₩284B	₩378B	₩288B	₩279B	₩275B	₩278B	₩286B
EBIT margin	7.2%	6.8%	8.9%	7.5%	7.5%	7.5%	7.5%	7.5%
After-tax EBIT	₩220B	₩206B	₩274B	₩209B	₩202B	₩199B	₩201B	₩207B
+ Depreciation	—	—	—	₩350B	₩338B	₩334B	₩337B	₩347B
− Capital spending	₩370B	₩478B	₩583B	₩435B	₩420B	₩414B	₩418B	₩431B
− Working capital	₩899B	−₩40B	−₩111B	−₩38B	−₩22B	−₩8.2B	₩5.6B	₩19B
Free cash flow	—	—	—	₩163B	₩143B	₩127B	₩114B	₩105B
Discount factor	—	—	—	0.947	0.897	0.849	0.804	0.762
Present value	—	—	—	₩154B	₩128B	₩108B	₩92B	₩80B

Terminal value ₩4.5T, worth ₩3.4T today: 86% 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 ₩215,626 a share)Now 0.35×	₩50,2990.23×	₩84,3570.39×	₩2,757,88812.8×
Price / earnings (last 12 months: ₩10,742 a share)Now 6.99×	₩65,0586.06×	₩92,8738.65×	₩132,93112.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩12,749 a share)Now 5.89×	₩77,2176.06×	₩110,2308.65×	₩157,77412.4×

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%	₩20,768	₩45,727	₩80,253	₩131,194	₩213,972
5.1%	—	₩13,886	₩37,820	₩70,928	₩119,773
5.6%	—	—	₩7,210	₩30,151	₩61,884
6.1%	—	—	—	₩733	₩22,711
6.6%	—	—	—	—	—

Now (TTM)

Market cap: ₩1.6T
Enterprise value: ₩3.3T
P/E: 7.0×
P/B: 0.3×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 2.9%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩88,600	₩47,250	₩51,800	₩59,000	₩75,100
Market cap	₩1.9T	₩1T	₩1.1T	₩1.3T	₩1.6T
P/E	9.2×	—	—	8.8×	8.6×
P/B	0.4×	0.2×	0.3×	10.9×	13.8×
P/S	0.5×	0.2×	0.3×	0.3×	0.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.4%	3.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hyundai Department Store	7.0×	0.3×	0.4×	—	2.9%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.5×	1.2×	0.3×	—	3.8%
ISC	45.4×	6.1×	12.7×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.2×	1.6×	5.1×	—	4.1%
Shinsegae	13.9×	0.4×	0.3×	—	2.1%
Similar companies (median)	16.3×	1.0×	1.0×	—	2.6%

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

Also known as: Hyundai Department Store / 현대백화점 / 069960 / KRX:069960

Source: KRX statistical information