E-World이월드
084680 · KOSPI · ₩084680 · 이월드
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
- ₩23B
- Equity value
- −₩113B
- WACC
- 5.1%
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 ₩2,185, the model needs an operating margin of 12.2% every year (it uses 2.4%).
- Margins ranged from −3.6% to 11.6% 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.
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 (2.4%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-11.1% 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 (-11.1% 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 (-11.1% 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 (-11.1% 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 (-11.1% a year, annual reports), fading to 3% by year 5.
Business
- 2.4%
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.
- 5.9%
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).
- 7.4%
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).
- 7.5%
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.
- 4.08%
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.
- 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 0.08, 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.
- 5.58%
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)
- ₩98B
- Net debt (borrowings and leases − cash and deposits)
- ₩137B
- + Stakes and investments
- ₩84M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 28,361,238
- Share price
- ₩2,185
- Market cap
- ₩62B
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 | ₩115B | ₩108B | ₩89B | ₩88B | ₩82B | ₩80B | ₩79B | ₩82B |
| Growth | −8.8% | −5.9% | −18.2% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩7.9B | −₩420M | −₩3.2B | ₩2.1B | ₩2B | ₩1.9B | ₩1.9B | ₩2B |
| EBIT margin | 6.9% | −0.4% | −3.6% | 2.4% | 2.4% | 2.4% | 2.4% | 2.4% |
| After-tax EBIT | ₩5.7B | −₩304M | −₩2.3B | ₩1.5B | ₩1.4B | ₩1.4B | ₩1.4B | ₩1.4B |
| + Depreciation | — | — | — | ₩5.2B | ₩4.9B | ₩4.7B | ₩4.7B | ₩4.8B |
| − Capital spending | ₩9B | ₩12B | ₩2.9B | ₩6.5B | ₩6.1B | ₩5.9B | ₩5.9B | ₩6B |
| − Working capital | −₩2.8B | −₩3.8B | −₩5.4B | −₩736M | −₩444M | −₩216M | −₩12M | ₩179M |
| Free cash flow | — | — | — | ₩948M | ₩641M | ₩407M | ₩202M | ₩18M |
| Discount factor | — | — | — | 0.952 | 0.906 | 0.862 | 0.820 | 0.780 |
| Present value | — | — | — | ₩902M | ₩581M | ₩351M | ₩166M | ₩14M |
Terminal value ₩27B, worth ₩21B today: 91% 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 ₩7,525 a share)Now 0.29× | ₩5,5570.74× | ₩7,2890.97× | ₩9,5561.27× |
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% |
|---|---|---|---|---|---|
| 4.1% | — | — | — | — | — |
| 4.6% | — | — | — | — | — |
| 5.1% | — | — | — | — | — |
| 5.6% | — | — | — | — | — |
| 6.1% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩62B
- Enterprise value
- ₩197B
- P/E
- —
- P/B
- 0.3×
- P/S
- 0.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩7,255 | ₩7,500 | ₩8,650 | ₩7,550 | ₩13,400 |
| Market cap | ₩206B | ₩213B | ₩245B | ₩214B | ₩380B |
| P/E | — | — | — | 38.0× | — |
| P/B | 1.0× | 0.9× | 1.0× | 0.9× | 1.6× |
| P/S | 2.3× | 2.0× | 2.1× | 1.7× | 3.0× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| E-World | — | 0.3× | 0.6× | — | 0.0% |
| Spigen Korea | 3.3× | 0.3× | 0.4× | — | 0.0% |
| Novatech | 3.5× | 0.7× | 2.5× | — | 0.0% |
| Samick Musical Instruments | 2.2× | 0.3× | 0.4× | — | 4.9% |
| Alux | — | 1.8× | 1.1× | — | 0.0% |
| Xplus | — | 3.4× | 6.2× | — | 0.0% |
| Envioneer | — | 1.1× | 2.4× | — | 0.0% |
| Similar companies (median) | 3.3× | 0.9× | 1.7× | — | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: E-World / 이월드 / 084680 / KRX:084680
Source: KRX statistical information