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JW Holdings

096760 · KOSPI · ₩096760 · JW홀딩스

₩4,000▲ ₩70 (1.78%)End-of-day · Oct 29, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩26,829

vs the current price (₩4,000)

Enterprise value
₩2.4T
Equity value
₩2T
WACC
6.7%

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 571% 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 ₩4,000, the model needs an operating margin of 5.4% every year (it uses 15.3%).
  • Or revenue growth −27.7 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 8.7% 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 3.5× against a typical 6.3× 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
₩14,612
+265.3%
Base
₩26,829
+570.7%
Bull
₩48,203
+1,105.1%

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 (15.3%).

Revenue growth

  • 3.9%

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

    Default: the last 3 years' revenue growth (3.9% a year, annual reports), fading to 3% by year 5.

  • 3.7%

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

    Default: the last 3 years' revenue growth (3.9% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (3.9% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

    Default: the last 3 years' revenue growth (3.9% 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 (3.9% a year, annual reports), fading to 3% by year 5.

Business

  • 15.3%

    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.

  • 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).

  • 6.3%

    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).

  • 13.4%

    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.

  • 0.6

    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 0.17, 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)
₩1T
Net debt (borrowings and leases − cash and deposits)
₩69B
+ Stakes and investments
₩24B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩356B
Shares
73,924,942
Share price
₩4,000
Market cap
₩296B

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₩928B₩888B₩970B₩1.1T₩1.1T₩1.1T₩1.2T₩1.2T
Growth7.3%−4.3%9.2%3.9%3.7%3.4%3.2%3.0%
EBIT₩145B₩147B₩168B₩161B₩167B₩172B₩178B₩183B
EBIT margin15.6%16.5%17.3%15.3%15.3%15.3%15.3%15.3%
After-tax EBIT₩105B₩106B₩122B₩117B₩121B₩125B₩129B₩133B
+ Depreciation———₩53B₩54B₩56B₩58B₩60B
− Capital spending₩85B₩36B₩55B₩66B₩69B₩71B₩73B₩75B
− Working capital−₩86B₩24B−₩35B₩5.3B₩5.2B₩5B₩4.8B₩4.7B
Free cash flow———₩98B₩101B₩105B₩109B₩113B
Discount factor———0.9370.8790.8240.7720.724
Present value———₩92B₩89B₩87B₩84B₩82B

Terminal value ₩2.7T, worth ₩2T today: 82% 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 ₩3,922 a share)Now 1.02×₩4,1171.05×₩7,3741.88×₩11,2062.86×
Price / earnings (last 12 months: ₩1,143 a share)Now 3.50×₩4,0003.50×₩7,1786.28×₩18,43416.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,052 a share)Now 3.80×₩3,6833.50×₩6,6106.28×₩16,97416.1×

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%
5.7%₩28,352₩31,628₩35,793₩41,265₩48,779
6.2%₩25,003₩27,581₩30,774₩34,832₩40,166
6.7%₩22,246₩24,317₩26,829₩29,941₩33,897
7.2%₩19,936₩21,630₩23,649₩26,098₩29,131
7.7%₩17,975₩19,379₩21,030₩22,998₩25,385

Now (TTM)

Market cap
₩296B
Enterprise value
₩343B
P/E
3.5×
P/B
1.0×
P/S
0.3×
EV/EBITDA
—
Dividend yield
5.4%

Over time (at each year end)

20252024202320222021
Price₩3,590₩3,020₩3,490₩2,980₩3,430
Market cap₩265B₩223B₩258B₩220B₩254B
P/E4.5×3.6×13.6×9.9×—
P/B1.0×1.0×2.1×2.1×2.7×
P/S0.3×0.3×0.3×0.3×0.3×
EV/EBITDA—————
Dividend yield6.0%3.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JW Holdings3.5×1.0×0.3×—5.4%
SK Square3.8×2.3×102.1×3.7×0.0%
KB Financial Group8.9×0.9×—9.6×2.8%
Shinhan Financial Group7.7×0.7×—10.1×2.9%
SK4.8×1.0×0.3×—1.5%
Hana Financial Group7.9×0.7×—10.0×3.4%
Woori Financial Group7.1×0.6×—8.5×4.4%
Similar companies (median)7.4×0.8×51.2×9.6×2.9%

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

Also known as: JW Holdings / JW홀딩스 / 096760 / KRX:096760

Source: KRX statistical information