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Welcron Hantec

076080 · KOSDAQ · ₩076080 · 웰크론한텍

₩995▼ ₩2 (0.20%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩44B
Equity value
−₩61B
WACC
5.8%

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 ₩995, the model needs an operating margin of 1.7% every year (it uses −2.1%).
  • Margins ranged from −10.9% to 0.7% 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.
  • 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 (−2.1%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-20.1% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-20.1% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-20.1% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-20.1% 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 (-20.1% a year, annual reports), fading to 3% by year 5.

Business

  • -2.1%

    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.

  • 0.5%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 0%

    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).

  • -1.3%

    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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.03, 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)
₩149B
Net debt (borrowings and leases − cash and deposits)
₩18B
+ Stakes and investments
₩1.5B
Associates, long-term financial assets and deposits (book value)
Shares
22,594,156
Share price
₩995
Market cap
₩22B

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₩333B₩262B₩167B₩134B₩125B₩121B₩120B₩124B
Growth2.0%−21.4%−36.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩1.2B₩1.9B−₩18B−₩2.8B−₩2.6B−₩2.5B−₩2.5B−₩2.6B
EBIT margin0.4%0.7%−10.9%−2.1%−2.1%−2.1%−2.1%−2.1%
After-tax EBIT₩887M₩1.4B−₩13B−₩2B−₩1.9B−₩1.8B−₩1.8B−₩1.9B
+ Depreciation₩1.6B₩1.5B—₩670M₩625M₩603M₩602M₩620M
− Capital spending₩246M₩103M₩57M₩0₩0₩0₩0₩0
− Working capital₩19B−₩1.2B−₩48B₩193M₩117M₩57M₩3.1M−₩47M
Free cash flow−₩16B₩4.1B—−₩1.6B−₩1.4B−₩1.3B−₩1.2B−₩1.2B
Discount factor———0.9450.8930.8440.7970.753
Present value———−₩1.5B−₩1.2B−₩1.1B−₩984M−₩920M

Terminal value −₩51B, worth −₩39B today: 87% 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 ₩1,344 a share)Now 0.74×₩7520.56×₩1,4161.05×₩2,5141.87×

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%
4.8%—————
5.3%—————
5.8%—————
6.3%—————
6.8%—————

Now (TTM)

Market cap
₩22B
Enterprise value
₩40B
P/E
—
P/B
0.7×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,180₩1,038₩3,410₩4,840₩4,525
Market cap₩27B₩23B₩77B₩109B₩102B
P/E—————
P/B2.0×0.4×1.2×1.7×1.5×
P/S0.2×0.1×0.2×0.3×0.4×
EV/EBITDA—11.4×24.5×30.1×83.1×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Welcron Hantec—0.7×0.2×—0.0%
Hyundai Engineering & Construction20.8×1.0×0.3×—1.0%
Daewoo Engineering & Construction—1.2×0.6×—0.0%
GS Engineering & Construction17.1×0.5×0.2×—1.9%
DL E&C3.4×0.4×0.3×—1.6%
KEPCO Plant Service & Engineering14.3×1.4×1.1×8.0×0.0%
Ipark Hyundai Development8.6×0.5×0.4×—2.9%
Similar companies (median)14.3×0.7×0.4×8.0×1.3%

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

Also known as: Welcron Hantec / 웰크론한텍 / 076080 / KRX:076080

Source: KRX statistical information