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Huons Global

084110 · KOSDAQ · ₩084110 · 휴온스글로벌

₩21,950▲ ₩1,350 (6.55%)End-of-day · Oct 27, 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

₩77,093

vs the current price (₩21,950)

Enterprise value
₩1.6T
Equity value
₩976B
WACC
6.4%

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 251% 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 ₩21,950, the model needs an operating margin of 8.0% every year (it uses 12.1%).
  • Or revenue growth −14.7 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 12.3× against a typical 16.6× 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
₩22,502
+2.5%
Base
₩77,093
+251.2%
Bull
₩177,461
+708.5%

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 (12.1%).

Revenue growth

  • 8.5%

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

    Default: the last 3 years' revenue growth (8.5% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (8.5% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (8.5% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (8.5% 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 (8.5% a year, annual reports), fading to 3% by year 5.

Business

  • 12.1%

    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.

  • 8.9%

    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).

  • 11.2%

    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).

  • 26.3%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.18, 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.

  • 5.53%

    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)
₩847B
Net debt (borrowings and leases − cash and deposits)
₩106B
+ Stakes and investments
₩7.7B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩534B
Shares
12,659,812
Share price
₩21,950
Market cap
₩278B

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₩758B₩813B₩847B₩919B₩984B₩1T₩1.1T₩1.1T
Growth14.2%7.3%4.2%8.5%7.1%5.7%4.4%3.0%
EBIT₩114B₩97B₩91B₩111B₩119B₩126B₩131B₩135B
EBIT margin15.0%11.9%10.7%12.1%12.1%12.1%12.1%12.1%
After-tax EBIT₩83B₩70B₩66B₩81B₩86B₩91B₩95B₩98B
+ Depreciation———₩82B₩88B₩93B₩97B₩100B
− Capital spending₩81B₩136B₩52B₩103B₩110B₩116B₩122B₩125B
− Working capital−₩17B₩36B₩115B₩19B₩17B₩15B₩12B₩8.6B
Free cash flow———₩41B₩47B₩53B₩58B₩64B
Discount factor———0.9400.8830.8300.7800.733
Present value———₩38B₩41B₩44B₩45B₩47B

Terminal value ₩1.9T, worth ₩1.4T 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 ₩43,765 a share)Now 0.50×₩21,6990.50×₩27,0540.62×₩53,3711.22×
Price / earnings (last 12 months: ₩1,783 a share)Now 12.3×₩12,7117.13×₩29,51716.6×₩62,55635.1×

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%
5.4%₩85,876₩99,349₩116,744₩140,080₩173,052
5.9%₩71,086₩81,420₩94,372₩111,095₩133,529
6.4%₩59,050₩67,162₩77,093₩89,541₩105,612
6.9%₩49,068₩55,558₩63,352₩72,893₩84,852
7.4%₩40,660₩45,934₩52,167₩59,652₩68,816

Now (TTM)

Market cap
₩278B
Enterprise value
₩380B
P/E
12.3×
P/B
0.5×
P/S
0.3×
EV/EBITDA
—
Dividend yield
4.0%

Over time (at each year end)

20252024202320222021
Price₩51,200₩43,250₩23,650₩18,750₩38,500
Market cap₩648B₩548B₩299B₩237B₩487B
P/E22.5×21.2×7.8×—122.0×
P/B1.2×1.1×0.6×0.5×0.9×
P/S0.8×0.7×0.4×0.4×0.8×
EV/EBITDA—————
Dividend yield1.7%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Huons Global12.3×0.5×0.3×—4.0%
Samsung Biologics32.1×7.6×14.0×—0.0%
Celltrion27.8×2.4×8.9×—0.0%
Alteogen78.8×28.4×59.9×—0.1%
Yuhan24.8×2.5×2.6×32.5×0.8%
SK biopharmaceuticals14.6×5.7×6.8×—0.0%
HLB—15.4×54.6×—0.0%
Similar companies (median)27.8×6.7×11.5×32.5×0.0%

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

Also known as: Huons Global / 휴온스글로벌 / 084110 / KRX:084110

Source: KRX statistical information