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BHCo

090460 · KOSPI · ₩090460 · 비에이치

₩16,180▼ ₩750 (4.43%)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

₩28,443

vs the current price (₩16,180)

Enterprise value
₩901B
Equity value
₩959B
WACC
8.6%

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 76% 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 ₩16,180, the model needs an operating margin of 3.5% every year (it uses 5.4%).
  • Or revenue growth −18.8 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 6.6× against a typical 6.9× over the last 10 years.

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
₩12,908
−20.2%
Base
₩28,443
+75.8%
Bull
₩54,279
+235.5%

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 (5.4%).

Revenue growth

  • 2.2%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.2% 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 (2.2% a year, annual reports), fading to 3% by year 5.

Business

  • 5.4%

    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.

  • 4.4%

    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).

  • 5.5%

    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).

  • 11.7%

    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.

  • 0.83

    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 0.75, 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)
₩1.9T
Net debt (borrowings and leases − cash and deposits)
−₩3.1B
+ Stakes and investments
₩107B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩52B
Shares
33,711,538
Share price
₩16,180
Market cap
₩545B

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₩1.6T₩1.8T₩1.8T₩1.9T₩1.9T₩2T₩2T₩2.1T
Growth−5.3%10.2%2.2%2.2%2.4%2.6%2.8%3.0%
EBIT₩85B₩87B₩54B₩102B₩105B₩108B₩111B₩114B
EBIT margin5.3%5.0%3.0%5.4%5.4%5.4%5.4%5.4%
After-tax EBIT₩61B₩63B₩39B₩74B₩76B₩78B₩80B₩83B
+ Depreciation———₩83B₩85B₩88B₩90B₩93B
− Capital spending₩71B₩87B₩124B₩104B₩107B₩110B₩113B₩116B
− Working capital₩47B₩934M−₩36B₩4.8B₩5.3B₩5.9B₩6.5B₩7.2B
Free cash flow———₩49B₩49B₩50B₩51B₩52B
Discount factor———0.9210.8480.7810.7200.663
Present value———₩45B₩42B₩39B₩37B₩35B

Terminal value ₩1.1T, worth ₩704B today: 78% 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 ₩23,710 a share)Now 0.68×₩17,1550.72×₩27,1221.14×₩47,8042.02×
Price / earnings (last 12 months: ₩2,436 a share)Now 6.64×₩13,2955.46×₩16,7576.88×₩44,25318.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩304 a share)Now 53.2×₩1,6615.46×₩2,0946.88×₩5,53018.2×

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%
7.6%₩30,157₩31,698₩33,512₩35,678₩38,312
8.1%₩28,014₩29,288₩30,767₩32,508₩34,586
8.6%₩26,158₩27,221₩28,443₩29,863₩31,532
9.1%₩24,534₩25,431₩26,451₩27,623₩28,984
9.6%₩23,103₩23,865₩24,725₩25,702₩26,826

Now (TTM)

Market cap
₩545B
Enterprise value
₩541B
P/E
6.6×
P/B
0.7×
P/S
0.3×
EV/EBITDA
—
Dividend yield
1.5%

Over time (at each year end)

20252024202320222021
Price₩16,100₩17,370₩21,150₩22,450₩23,200
Market cap₩543B₩586B₩713B₩757B₩782B
P/E17.5×8.7×7.9×5.3×9.6×
P/B0.7×0.8×1.1×1.3×1.9×
P/S0.3×0.3×0.4×0.5×0.8×
EV/EBITDA———4.6×7.9×
Dividend yield1.6%1.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BHCo6.6×0.7×0.3×—1.5%
Samsung Electro-Mechanics88.7×8.7×7.2×—0.2%
Doosan34.5×4.9×0.6×—0.4%
Hanwha Systems65.1×2.5×2.8×—0.8%
LG Innotek11.6×1.2×0.3×—0.6%
Isupetasys30.8×7.2×4.7×—0.0%
Daeduck Electronics38.8×6.0×4.4×—0.4%
Similar companies (median)36.6×5.5×3.6×—0.4%

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

Also known as: BHCo / 비에이치 / 090460 / KRX:090460

Source: KRX statistical information