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Techwing

089030 · KOSDAQ · ₩089030 · 테크윙

₩37,100▼ ₩2,600 (6.55%)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

₩4,002

vs the current price (₩37,100)

Enterprise value
₩161B
Equity value
₩148B
WACC
7.6%

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 89% 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 ₩37,100, the model needs an operating margin of 78.4% every year (it uses 13.2%).
  • Margins ranged from 2.4% to 21.6% 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
₩2,320
−93.7%
Base
₩4,002
−89.2%
Bull
₩6,944
−81.3%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (13.2%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-15.9% 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 (-15.9% 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 (-15.9% 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 (-15.9% 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 (-15.9% a year, annual reports), fading to 3% by year 5.

Business

  • 13.2%

    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.

  • 23.5%

    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).

  • 29.4%

    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).

  • 40%

    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.

  • 0.65

    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 0.48, 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)
₩185B
Net debt (borrowings and leases − cash and deposits)
₩12B
Shares
37,053,645
Share price
₩37,100
Market cap
₩1.4T

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₩134B₩186B₩159B₩166B₩155B₩150B₩149B₩154B
Growth−50.1%38.8%−14.2%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩3.2B₩23B₩16B₩22B₩20B₩20B₩20B₩20B
EBIT margin2.4%12.6%10.0%13.2%13.2%13.2%13.2%13.2%
After-tax EBIT₩2.3B₩17B₩11B₩16B₩15B₩14B₩14B₩15B
+ Depreciation———₩39B₩36B₩35B₩35B₩36B
− Capital spending₩53B₩54B₩31B₩49B₩46B₩44B₩44B₩45B
− Working capital−₩19B−₩26B₩113B−₩7.4B−₩4.5B−₩2.2B−₩120M₩1.8B
Free cash flow———₩13B₩10B₩7.7B₩5.6B₩3.9B
Discount factor———0.9300.8650.8040.7470.695
Present value———₩13B₩8.8B₩6.2B₩4.2B₩2.7B

Terminal value ₩182B, worth ₩126B today: 79% 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 ₩5,670 a share)Now 6.54×₩6,1961.09×₩33,4145.89×₩52,5039.26×

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%
6.6%₩4,370₩4,641₩4,969₩5,377₩5,899
7.1%₩3,970₩4,183₩4,437₩4,746₩5,129
7.6%₩3,632₩3,802₩4,002₩4,240₩4,530
8.1%₩3,342₩3,480₩3,639₩3,826₩4,049
8.6%₩3,092₩3,204₩3,332₩3,481₩3,656

Now (TTM)

Market cap
₩1.4T
Enterprise value
₩1.4T
P/E
—
P/B
6.5×
P/S
7.4×
EV/EBITDA
—
Dividend yield
0.4%

Over time (at each year end)

20252024202320222021
Price₩45,800₩38,450₩11,450₩5,640₩11,443
Market cap₩1.7T₩1.4T₩424B₩209B₩424B
P/E180.5×——6.4×23.6×
P/B7.9×7.5×2.0×0.9×2.0×
P/S10.7×7.7×3.2×0.8×1.7×
EV/EBITDA—————
Dividend yield0.3%0.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Techwing—6.5×7.4×—0.4%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—3.5%
Similar companies (median)626.0×18.1×32.8×1,053.3×0.0%

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

Also known as: Techwing / 테크윙 / 089030 / KRX:089030

Source: KRX statistical information