Ewon Comfortech이원컴포텍
088290 · KOSDAQ · ₩088290 · 이원컴포텍
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
₩2,167
vs the current price (₩2,520)
- Enterprise value
- ₩18B
- Equity value
- ₩17B
- WACC
- 8.3%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩345
- −86.3%
- Base
- ₩2,167
- −14.0%
- Bull
- ₩5,233
- +107.7%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (2.8%).
Revenue growth
- 5.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.8% a year, annual reports), fading to 3% by year 5.
- 5.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.8% 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 (5.8% a year, annual reports), fading to 3% by year 5.
- 3.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.8% 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 (5.8% a year, annual reports), fading to 3% by year 5.
Business
- 2.8%
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.
- 1.5%
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).
- 1.8%
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).
- -5.2%
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.
- 0.78
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 0.68, 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)
- ₩50B
- Net debt (borrowings and leases − cash and deposits)
- ₩541M
- + Stakes and investments
- ₩2M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 7,976,072
- Share price
- ₩2,520
- Market cap
- ₩20B
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 | ₩47B | ₩52B | ₩57B | ₩53B | ₩55B | ₩58B | ₩60B | ₩62B |
| Growth | −1.4% | 11.4% | 7.8% | 5.8% | 5.1% | 4.4% | 3.7% | 3.0% |
| EBIT | ₩880M | ₩2.5B | ₩1.6B | ₩1.5B | ₩1.5B | ₩1.6B | ₩1.7B | ₩1.7B |
| EBIT margin | 1.9% | 4.7% | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% |
| After-tax EBIT | ₩638M | ₩1.8B | ₩1.1B | ₩1.1B | ₩1.1B | ₩1.2B | ₩1.2B | ₩1.3B |
| + Depreciation | — | — | — | ₩789M | ₩829M | ₩866M | ₩898M | ₩925M |
| − Capital spending | ₩1.1B | ₩820M | ₩896M | ₩947M | ₩995M | ₩1B | ₩1.1B | ₩1.1B |
| − Working capital | −₩2B | ₩4.8B | −₩1.5B | −₩150M | −₩139M | −₩126M | −₩111M | −₩93M |
| Free cash flow | — | — | — | ₩1.1B | ₩1.1B | ₩1.1B | ₩1.1B | ₩1.2B |
| Discount factor | — | — | — | 0.924 | 0.853 | 0.788 | 0.728 | 0.673 |
| Present value | — | — | — | ₩979M | ₩935M | ₩887M | ₩835M | ₩780M |
Terminal value ₩20B, worth ₩13B today: 75% 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 ₩1,040 a share)Now 2.42× | ₩1,1791.13× | ₩2,6172.52× | ₩8,5108.18× |
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% |
|---|---|---|---|---|---|
| 7.3% | ₩2,199 | ₩2,380 | ₩2,597 | ₩2,859 | ₩3,183 |
| 7.8% | ₩2,030 | ₩2,183 | ₩2,363 | ₩2,578 | ₩2,838 |
| 8.3% | ₩1,884 | ₩2,015 | ₩2,167 | ₩2,346 | ₩2,559 |
| 8.8% | ₩1,756 | ₩1,870 | ₩2,000 | ₩2,151 | ₩2,329 |
| 9.3% | ₩1,645 | ₩1,743 | ₩1,856 | ₩1,985 | ₩2,135 |
Now (TTM)
- Market cap
- ₩20B
- Enterprise value
- ₩20B
- P/E
- —
- P/B
- 2.4×
- P/S
- 0.4×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩3,995 | ₩5,315 | ₩8,995 | ₩35,348 | ₩41,348 |
| Market cap | ₩32B | ₩42B | ₩72B | ₩282B | ₩330B |
| P/E | — | — | — | — | — |
| P/B | 3.3× | 2.1× | 1.4× | 5.7× | 6.7× |
| P/S | 0.6× | 0.8× | 1.5× | 5.9× | 8.7× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | 0.0% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Ewon Comfortech | — | 2.4× | 0.4× | — | 0.0% |
| Hyundai Mobis | 8.7× | 0.6× | 0.5× | — | 1.8% |
| SL | 6.1× | 0.9× | 0.4× | 3.7× | 0.0% |
| HL Mando | 10.7× | 0.6× | 0.2× | — | 1.9% |
| Samhyun | — | 13.4× | 18.9× | — | 0.0% |
| Hyundai WIA | 19.3× | 0.4× | 0.2× | — | 2.4% |
| SNT Dynamics | 13.4× | 0.7× | 0.9× | — | 6.8% |
| Similar companies (median) | 10.7× | 0.7× | 0.5× | 3.7× | 1.9% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Ewon Comfortech / 이원컴포텍 / 088290 / KRX:088290
Source: KRX statistical information