Ask Warren

iWIN

090150 · KOSDAQ · ₩090150 · 아이윈

₩5,650▲ ₩100 (1.80%)End-of-day · Oct 28, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩17,357

vs the current price (₩5,650)

Enterprise value
₩82B
Equity value
₩73B
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 207% 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 ₩5,650, the model needs an operating margin of 3.0% every year (it uses 5.3%).
  • 76% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.

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
₩5,243
−7.2%
Base
₩17,357
+207.2%
Bull
₩41,175
+628.8%

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 (5.3%).

Revenue growth

  • 7.1%

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

    Default: the last 3 years' revenue growth (7.1% a year, annual reports), fading to 3% by year 5.

  • 6.1%

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

    Default: the last 3 years' revenue growth (7.1% a year, annual reports), fading to 3% by year 5.

  • 5%

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

    Default: the last 3 years' revenue growth (7.1% a year, annual reports), fading to 3% by year 5.

  • 4%

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

    Default: the last 3 years' revenue growth (7.1% 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 (7.1% a year, annual reports), fading to 3% by year 5.

Business

  • 5.3%

    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.

  • 1.4%

    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).

  • 35.5%

    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 -0.77, 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)
₩112B
Net debt (borrowings and leases − cash and deposits)
₩9.5B
+ Stakes and investments
₩4.5B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩4.4B
Shares
4,187,529
Share price
₩5,650
Market cap
₩24B

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₩108B₩119B₩116B₩120B₩128B₩134B₩139B₩144B
Growth14.7%10.2%−2.9%7.1%6.1%5.0%4.0%3.0%
EBIT₩6.4B₩7.9B₩6.9B₩6.4B₩6.8B₩7.1B₩7.4B₩7.6B
EBIT margin5.9%6.6%5.9%5.3%5.3%5.3%5.3%5.3%
After-tax EBIT₩4.6B₩5.7B₩5B₩4.6B₩4.9B₩5.2B₩5.4B₩5.5B
+ Depreciation———₩1.7B₩1.8B₩1.9B₩2B₩2B
− Capital spending₩2.2B₩1.9B₩2B₩2.2B₩2.3B₩2.4B₩2.5B₩2.6B
− Working capital−₩3B₩4.4B₩21B₩2.8B₩2.6B₩2.3B₩1.9B₩1.5B
Free cash flow———₩1.3B₩1.8B₩2.3B₩2.9B₩3.5B
Discount factor———0.9400.8830.8300.7790.732
Present value———₩1.2B₩1.6B₩1.9B₩2.3B₩2.5B

Terminal value ₩99B, worth ₩73B today: 88% 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 ₩15,010 a share)Now 0.38×₩9,8370.66×₩12,9270.86×₩20,6811.38×

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%₩20,221₩21,686₩23,564₩26,067₩29,584
5.9%₩17,722₩18,765₩20,063₩21,726₩23,941
6.4%₩15,687₩16,442₩17,357₩18,494₩19,949
6.9%₩14,000₩14,551₩15,204₩15,995₩16,977
7.4%₩12,579₩12,982₩13,451₩14,007₩14,678

Now (TTM)

Market cap
₩24B
Enterprise value
₩32B
P/E
1.0×
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,560₩8,450₩12,200₩12,600₩53,399
Market cap₩32B₩35B₩51B₩53B₩224B
P/E3.7×——13.7×111.1×
P/B0.7×1.0×1.3×0.7×3.2×
P/S0.3×0.3×0.5×0.6×2.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
iWIN1.0×0.4×0.2×—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: iWIN / 아이윈 / 090150 / KRX:090150

Source: KRX statistical information