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Woorison F&G

073560 · KOSDAQ · ₩073560 · 우리손에프앤지

₩1,457▼ ₩2 (0.14%)End-of-day · Oct 28, 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

₩5,850

vs the current price (₩1,457)

Enterprise value
₩485B
Equity value
₩405B
WACC
5.9%

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 301% 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 ₩1,457, the model needs an operating margin of 5.1% every year (it uses 10.7%).
  • Margins ranged from 1.7% to 15.0% 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 3.7× against a typical 6.0× 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
₩2,799
+92.1%
Base
₩5,850
+301.5%
Bull
₩11,901
+716.8%

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 (10.7%).

Revenue growth

  • 0%

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

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 1.5%

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

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0% 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 (0% a year, annual reports), fading to 3% by year 5.

Business

  • 10.7%

    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.

  • 4.6%

    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).

  • 5.7%

    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.

  • 4.11%

    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 0.11, 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)
₩295B
Net debt (borrowings and leases − cash and deposits)
₩84B
+ Stakes and investments
₩18B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩14B
Shares
69,237,643
Share price
₩1,457
Market cap
₩101B

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₩279B₩293B₩287B₩295B₩297B₩302B₩309B₩318B
Growth−2.6%4.8%−1.9%0.0%0.8%1.5%2.3%3.0%
EBIT₩4.6B₩28B₩33B₩32B₩32B₩32B₩33B₩34B
EBIT margin1.7%9.4%11.4%10.7%10.7%10.7%10.7%10.7%
After-tax EBIT₩3.4B₩20B₩24B₩23B₩23B₩23B₩24B₩25B
+ Depreciation———₩14B₩14B₩14B₩14B₩15B
− Capital spending₩18B₩19B₩13B₩17B₩17B₩17B₩18B₩18B
− Working capital−₩13B₩9.2B−₩61B₩0₩944M₩1.8B₩2.8B₩3.7B
Free cash flow———₩20B₩19B₩18B₩18B₩17B
Discount factor———0.9440.8920.8420.7950.751
Present value———₩19B₩17B₩15B₩14B₩13B

Terminal value ₩541B, worth ₩407B today: 84% 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 ₩4,863 a share)Now 0.30×₩1,5140.31×₩1,9520.40×₩2,9370.60×
Price / earnings (last 12 months: ₩394 a share)Now 3.70×₩1,6684.23×₩2,3706.02×₩7,00317.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩730 a share)Now 1.99×₩3,0934.23×₩4,3956.02×₩12,98617.8×

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%
4.9%₩6,481₩7,255₩8,295₩9,766₩12,012
5.4%₩5,593₩6,160₩6,892₩7,874₩9,264
5.9%₩4,888₩5,315₩5,850₩6,540₩7,466
6.4%₩4,314₩4,643₩5,045₩5,549₩6,199
6.9%₩3,838₩4,096₩4,405₩4,783₩5,257

Now (TTM)

Market cap
₩101B
Enterprise value
₩185B
P/E
3.7×
P/B
0.3×
P/S
0.3×
EV/EBITDA
—
Dividend yield
10.3%

Over time (at each year end)

20252024202320222021
Price₩1,510₩1,249₩1,528₩1,795₩2,115
Market cap₩105B₩86B₩106B₩124B₩146B
P/E4.4×5.7×68.3×5.0×5.3×
P/B0.3×0.3×0.4×0.5×0.6×
P/S0.4×0.3×0.4×0.4×0.6×
EV/EBITDA—————
Dividend yield9.9%5.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Woorison F&G3.7×0.3×0.3×—10.3%
Samyang Foods18.4×5.9×3.3×—0.4%
Orion10.5×1.1×1.2×5.3×3.1%
CJ Cheiljedang—0.3×0.1×—3.5%
Nongshim12.0×0.8×0.7×—1.5%
Otoki16.9×0.6×0.3×—2.9%
Hite Jinro23.0×0.9×0.4×6.3×4.5%
Similar companies (median)16.9×0.9×0.5×5.8×3.0%

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

Also known as: Woorison F&G / 우리손에프앤지 / 073560 / KRX:073560

Source: KRX statistical information