Ewon Comfortech

088290 · KOSDAQ · ₩088290 · 이원컴포텍

₩2,520▲ ₩60 (2.44%)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

₩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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 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 margin1.9%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———0.9240.8530.7880.7280.673
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:

LowTypicalHigh
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)

20252024202320222021
Price₩3,995₩5,315₩8,995₩35,348₩41,348
Market cap₩32B₩42B₩72B₩282B₩330B
P/E—————
P/B3.3×2.1×1.4×5.7×6.7×
P/S0.6×0.8×1.5×5.9×8.7×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ewon Comfortech—2.4×0.4×—0.0%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.1×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—13.4×18.9×—0.0%
Hyundai WIA19.3×0.4×0.2×—2.4%
SNT Dynamics13.4×0.7×0.9×—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