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Pungkangco

093380 · KOSDAQ · ₩093380 · 풍강

₩2,515▼ ₩65 (2.52%)End-of-day · Oct 27, 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

₩3,556

vs the current price (₩2,515)

Enterprise value
₩33B
Equity value
₩35B
WACC
7.3%

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 41% 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 ₩2,515, the model needs an operating margin of 2.7% every year (it uses 3.5%).
  • Or revenue growth −26.3 points a year higher than assumed in each of the 5 years.
  • 42% 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.
  • Today's P/E is 5.8× against a typical 9.2× 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
₩981
−61.0%
Base
₩3,556
+41.4%
Bull
₩8,327
+231.1%

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 (3.5%).

Revenue growth

  • 2.7%

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

    Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.

  • 2.7%

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

    Default: the last 3 years' revenue growth (2.7% 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 (2.7% a year, annual reports), fading to 3% by year 5.

  • 2.9%

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

    Default: the last 3 years' revenue growth (2.7% 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 (2.7% a year, annual reports), fading to 3% by year 5.

Business

  • 3.5%

    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.

  • 1.2%

    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).

  • 1.5%

    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).

  • 23%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.22, 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.

  • 5.53%

    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)
₩89B
Net debt (borrowings and leases − cash and deposits)
−₩459M
+ Stakes and investments
₩1.6B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩153M
Shares
9,879,313
Share price
₩2,515
Market cap
₩25B

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₩97B₩93B₩90B₩91B₩94B₩96B₩99B₩102B
Growth16.7%−4.4%−3.0%2.7%2.7%2.8%2.9%3.0%
EBIT₩5.2B₩1.1B₩728M₩3.2B₩3.3B₩3.4B₩3.5B₩3.6B
EBIT margin5.4%1.2%0.8%3.5%3.5%3.5%3.5%3.5%
After-tax EBIT₩3.8B₩833M₩528M₩2.3B₩2.4B₩2.4B₩2.5B₩2.6B
+ Depreciation———₩1.1B₩1.1B₩1.2B₩1.2B₩1.2B
− Capital spending₩1.1B₩2.3B₩675M₩1.4B₩1.4B₩1.4B₩1.5B₩1.5B
− Working capital−₩6.1B₩702M−₩2.2B₩553M₩568M₩605M₩644M₩685M
Free cash flow———₩1.5B₩1.5B₩1.6B₩1.6B₩1.6B
Discount factor———0.9320.8680.8090.7530.702
Present value———₩1.4B₩1.3B₩1.3B₩1.2B₩1.1B

Terminal value ₩38B, worth ₩27B today: 81% 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 ₩7,436 a share)Now 0.34×₩2,6750.36×₩3,7520.50×₩4,5840.62×
Price / earnings (last 12 months: ₩436 a share)Now 5.76×₩2,6135.99×₩4,0339.24×₩13,93831.9×

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%
6.3%₩4,008₩4,167₩4,362₩4,605₩4,919
6.8%₩3,661₩3,778₩3,917₩4,086₩4,297
7.3%₩3,370₩3,456₩3,556₩3,675₩3,819
7.8%₩3,122₩3,185₩3,257₩3,341₩3,441
8.3%₩2,908₩2,954₩3,005₩3,064₩3,133

Now (TTM)

Market cap
₩25B
Enterprise value
₩24B
P/E
5.8×
P/B
0.3×
P/S
0.3×
EV/EBITDA
—
Dividend yield
3.2%

Over time (at each year end)

20252024202320222021
Price₩2,715₩2,265₩3,840₩3,580₩4,420
Market cap₩27B₩22B₩38B₩35B₩44B
P/E33.4×—6.8×8.3×9.9×
P/B0.4×0.3×0.5×0.5×0.7×
P/S0.3×0.2×0.4×0.4×0.6×
EV/EBITDA—————
Dividend yield2.9%3.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Pungkangco5.8×0.3×0.3×—3.2%
CS Wind385.5×1.3×0.6×—2.5%
Hankuk Carbon7.8×1.2×0.9×—2.1%
Taewoong65.8×0.8×1.3×21.0×0.0%
YG-15.1×0.8×0.5×—1.8%
Bosung Power Technology18.8×2.1×1.8×8.5×0.0%
HT Robotics44.6×3.2×2.1×—0.0%
Similar companies (median)31.7×1.2×1.1×14.7×0.9%

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

Also known as: Pungkangco / 풍강 / 093380 / KRX:093380

Source: KRX statistical information