KOSDAQ · 092300 · Electronic components · ₩092300

Hyunwooindustrialco현우산업

092300 · KOSDAQ · ₩092300 · 현우산업

₩2,315▼ ₩55 (2.32%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩9,240

vs the current price (₩2,315)

Enterprise value: ₩157B
Equity value: ₩186B
WACC: 7.4%

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 299% 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 ₩2,315, the model needs an operating margin of 0.9% every year (it uses 4.5%).
Today's P/E is 4.0× against a typical 9.5× 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: ₩4,428; +91.3%
Base: ₩9,240; +299.1%
Bull: ₩17,730; +665.9%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (4.5%).

Revenue growth

Revenue growth, year 14.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.5%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation1.5%
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).
Capital spending1.8%
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).
Working capital5.7%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.61
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.42, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩261B
Net debt (borrowings and leases − cash and deposits): −₩25B
+ Stakes and investments: ₩3.8B; Associates, long-term financial assets and deposits (book value)
Shares: 20,149,871
Share price: ₩2,315
Market cap: ₩47B

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	₩237B	₩206B	₩237B	₩272B	₩283B	₩293B	₩303B	₩312B
Growth	13.1%	−13.1%	15.1%	4.2%	3.9%	3.6%	3.3%	3.0%
EBIT	₩14B	₩7.7B	₩11B	₩12B	₩13B	₩13B	₩14B	₩14B
EBIT margin	5.9%	3.8%	4.7%	4.5%	4.5%	4.5%	4.5%	4.5%
After-tax EBIT	₩10B	₩5.6B	₩8B	₩8.9B	₩9.2B	₩9.6B	₩9.9B	₩10B
+ Depreciation	—	—	—	₩4.1B	₩4.2B	₩4.4B	₩4.5B	₩4.7B
− Capital spending	₩5.9B	₩4.2B	₩2.2B	₩4.9B	₩5.1B	₩5.3B	₩5.4B	₩5.6B
− Working capital	₩4.5B	−₩2.7B	−₩6.4B	₩625M	₩605M	₩580M	₩551M	₩517M
Free cash flow	—	—	—	₩7.4B	₩7.8B	₩8.1B	₩8.4B	₩8.7B
Discount factor	—	—	—	0.931	0.868	0.808	0.753	0.701
Present value	—	—	—	₩6.9B	₩6.7B	₩6.5B	₩6.3B	₩6.1B

Terminal value ₩178B, worth ₩125B 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:

	Low	Typical	High
Price / book (book value ₩6,323 a share)Now 0.37×	₩3,1250.49×	₩4,9870.79×	₩7,9711.26×
Price / earnings (last 12 months: ₩572 a share)Now 4.05×	₩2,9345.13×	₩5,4179.48×	₩11,94520.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩403 a share)Now 5.74×	₩2,0705.13×	₩3,8229.48×	₩8,42720.9×

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%
6.4%	₩9,640	₩10,281	₩11,067	₩12,056	₩13,339
6.9%	₩8,921	₩9,438	₩10,060	₩10,823	₩11,784
7.4%	₩8,315	₩8,739	₩9,240	₩9,844	₩10,586
7.9%	₩7,798	₩8,150	₩8,561	₩9,048	₩9,635
8.4%	₩7,352	₩7,647	₩7,989	₩8,388	₩8,861

Now (TTM)

Market cap: ₩47B
Enterprise value: ₩21B
P/E: 4.0×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 3.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,200	₩2,575	₩4,130	₩4,400	₩5,350
Market cap	₩64B	₩52B	₩83B	₩89B	₩108B
P/E	8.5×	6.2×	8.0×	19.0×	—
P/B	0.6×	0.5×	0.8×	1.0×	1.3×
P/S	0.3×	0.3×	0.4×	0.4×	0.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.2%	1.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hyunwooindustrialco	4.0×	0.4×	0.2×	—	3.0%
Samsung Electro-Mechanics	88.7×	8.7×	7.2×	—	0.2%
Doosan	34.5×	4.9×	0.6×	—	0.4%
Hanwha Systems	65.1×	2.5×	2.8×	—	0.8%
LG Innotek	11.6×	1.2×	0.3×	—	0.6%
Isupetasys	30.8×	7.2×	4.7×	—	0.0%
Daeduck Electronics	38.8×	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: Hyunwooindustrialco / 현우산업 / 092300 / KRX:092300

Source: KRX statistical information