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Foosung

093370 · KOSPI · ₩093370 · 후성

₩10,300▼ ₩260 (2.46%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value
₩223B
Equity value
−₩82B
WACC
8.0%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩10,300, the model needs an operating margin of 27.6% every year (it uses 6.5%).
  • Or revenue growth +58.2 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −8.8% to 17.3% 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.
  • Today's P/E is 30.3× against a typical 30.3× 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
—
Base
—
Bull
₩1,375
−86.6%

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 (6.5%).

Revenue growth

  • -8.3%

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

    Default: the last 3 years' revenue growth (-8.3% a year, annual reports), fading to 3% by year 5.

  • -5.4%

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

    Default: the last 3 years' revenue growth (-8.3% 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 (-8.3% 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 (-8.3% 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 (-8.3% a year, annual reports), fading to 3% by year 5.

Business

  • 6.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 12.5%

    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).

  • 15.6%

    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).

  • 17.7%

    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.

  • 4.08%

    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.

  • 0.87

    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 0.81, 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)
₩570B
Net debt (borrowings and leases − cash and deposits)
₩245B
+ Stakes and investments
₩8.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩69B
Shares
107,255,330
Share price
₩10,300
Market cap
₩1.1T

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₩523B₩438B₩472B₩523B₩494B₩482B₩482B₩497B
Growth−14.3%−16.3%7.7%−8.3%−5.4%−2.6%0.2%3.0%
EBIT−₩46B−₩9.6B₩25B₩34B₩32B₩31B₩31B₩32B
EBIT margin−8.8%−2.2%5.4%6.5%6.5%6.5%6.5%6.5%
After-tax EBIT−₩33B−₩6.9B₩18B₩25B₩23B₩23B₩23B₩23B
+ Depreciation———₩65B₩62B₩60B₩60B₩62B
− Capital spending₩106B₩81B₩39B₩82B₩77B₩75B₩75B₩78B
− Working capital₩5.1B−₩7.5B−₩43B−₩8.4B−₩5B−₩2.3B₩170M₩2.6B
Free cash flow———₩17B₩13B₩10B₩7.6B₩5.5B
Discount factor———0.9260.8570.7940.7350.681
Present value———₩16B₩11B₩8B₩5.6B₩3.7B

Terminal value ₩263B, worth ₩179B today: 80% 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 ₩3,408 a share)Now 3.02×₩5,0481.48×₩10,8813.19×₩28,2558.29×
Price / earnings (last 12 months: ₩340 a share)Now 30.3×₩5,79517.1×₩10,30030.3×₩28,05882.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩799 a share)Now 12.9×₩13,61717.1×₩24,20230.3×₩65,93082.6×

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%
7.0%————₩72
7.5%—————
8.0%—————
8.5%—————
9.0%—————

Now (TTM)

Market cap
₩1.1T
Enterprise value
₩1.3T
P/E
30.3×
P/B
3.0×
P/S
1.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,530₩4,975₩11,980₩10,700₩23,100
Market cap₩808B₩534B₩1.3T₩1.1T₩2.5T
P/E152.0×——11.8×109.8×
P/B2.4×1.6×4.1×3.1×10.0×
P/S1.7×1.2×2.5×1.9×6.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Foosung30.3×3.0×1.9×—0.0%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha6.1×0.4×0.1×—1.4%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×9.0×0.0%
Kumho Petro Chemical5.2×0.4×0.4×—1.6%
Similar companies (median)5.2×0.4×0.4×9.0×0.4%

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

Also known as: Foosung / 후성 / 093370 / KRX:093370

Source: KRX statistical information