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Worldexindustry&Tradingco

101160 · KOSDAQ · ₩101160 · 월덱스

₩24,700▼ ₩1,000 (3.89%)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

₩61,779

vs the current price (₩24,700)

Enterprise value
₩810B
Equity value
₩1T
WACC
7.8%

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 150% 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 ₩24,700, the model needs an operating margin of 6.5% every year (it uses 21.5%).
  • 37% 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 5.4× against a typical 8.0× 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
₩46,354
+87.7%
Base
₩61,779
+150.1%
Bull
₩86,531
+250.3%

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 (21.5%).

Revenue growth

  • 4.5%

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

    Default: the last 3 years' revenue growth (4.5% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (4.5% 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 (4.5% 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 (4.5% 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 (4.5% a year, annual reports), fading to 3% by year 5.

Business

  • 21.5%

    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.

  • 2.6%

    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).

  • 3.2%

    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).

  • 34.3%

    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.

  • 0.69

    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 0.54, 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)
₩296B
Net debt (borrowings and leases − cash and deposits)
−₩210B
+ Stakes and investments
₩1.5M
Associates, long-term financial assets and deposits (book value)
Shares
16,510,993
Share price
₩24,700
Market cap
₩408B

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₩288B₩307B₩292B₩309B₩321B₩333B₩345B₩355B
Growth12.6%6.5%−4.9%4.5%4.1%3.7%3.4%3.0%
EBIT₩65B₩70B₩59B₩66B₩69B₩72B₩74B₩76B
EBIT margin22.5%22.9%20.1%21.5%21.5%21.5%21.5%21.5%
After-tax EBIT₩47B₩51B₩42B₩48B₩50B₩52B₩54B₩55B
+ Depreciation———₩8B₩8.4B₩8.7B₩9B₩9.2B
− Capital spending₩11B₩6.4B₩11B₩9.9B₩10B₩11B₩11B₩11B
− Working capital−₩14B₩42B−₩15B₩4.6B₩4.3B₩4.1B₩3.9B₩3.5B
Free cash flow———₩42B₩44B₩46B₩48B₩50B
Discount factor———0.9280.8600.7980.7400.687
Present value———₩39B₩38B₩37B₩35B₩34B

Terminal value ₩914B, worth ₩628B today: 77% 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 ₩22,994 a share)Now 1.07×₩22,8320.99×₩36,9811.61×₩66,4682.89×
Price / earnings (last 12 months: ₩4,594 a share)Now 5.38×₩24,6265.36×₩36,9478.04×₩59,40112.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,646 a share)Now 6.77×₩19,5435.36×₩29,3228.04×₩47,14112.9×

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%
6.8%₩64,433₩67,949₩72,191₩77,412₩84,000
7.3%₩60,219₩63,088₩66,493₩70,602₩75,659
7.8%₩56,626₩59,000₩61,779₩65,077₩69,056
8.3%₩53,528₩55,516₩57,815₩60,506₩63,700
8.8%₩50,829₩52,510₩54,435₩56,661₩59,267

Now (TTM)

Market cap
₩408B
Enterprise value
₩194B
P/E
5.4×
P/B
1.1×
P/S
1.4×
EV/EBITDA
—
Dividend yield
0.4%

Over time (at each year end)

20252024202320222021
Price₩21,550₩16,940₩25,600₩18,600₩28,650
Market cap₩356B₩280B₩423B₩307B₩473B
P/E8.7×4.3×7.8×7.4×14.1×
P/B1.0×0.9×1.8×1.6×3.3×
P/S1.2×0.9×1.5×1.2×2.5×
EV/EBITDA—————
Dividend yield0.5%0.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Worldexindustry&Tradingco5.4×1.1×1.4×—0.4%
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: Worldexindustry&Tradingco / 월덱스 / 101160 / KRX:101160

Source: KRX statistical information