KOSDAQ · 101170 · Machinery · ₩101170

Woorim Power Train Solution우림피티에스

101170 · KOSDAQ · ₩101170 · 우림피티에스

₩7,190▼ ₩1,260 (14.91%)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

₩822

vs the current price (₩7,190)

Enterprise value: ₩4.4B
Equity value: ₩11B
WACC: 8.8%

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 89% 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 ₩7,190, the model needs an operating margin of 20.5% every year (it uses 3.7%).
Margins ranged from −2.2% to 7.9% 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.
63% 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.
In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
Today's P/E is 17.3× against a typical 17.5× 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: ₩306; −95.7%
Base: ₩822; −88.6%
Bull: ₩1,787; −75.1%

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 (3.7%).

Revenue growth

Revenue growth, year 1-5.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% 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 (-5.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.7%
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 & amortisation12.3%
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 spending15.4%
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 capital33.8%
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.
Beta0.88
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 0.83, 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): ₩56B
Net debt (borrowings and leases − cash and deposits): −₩6.7B
Shares: 13,500,000
Share price: ₩7,190
Market cap: ₩97B

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	₩57B	₩72B	₩57B	₩53B	₩51B	₩50B	₩50B	₩52B
Growth	−16.1%	25.1%	−20.4%	−5.8%	−3.6%	−1.4%	0.8%	3.0%
EBIT	₩2.5B	−₩1.6B	₩1.2B	₩2B	₩1.9B	₩1.9B	₩1.9B	₩1.9B
EBIT margin	4.3%	−2.2%	2.1%	3.7%	3.7%	3.7%	3.7%	3.7%
After-tax EBIT	₩1.8B	−₩1.2B	₩862M	₩1.4B	₩1.4B	₩1.3B	₩1.4B	₩1.4B
+ Depreciation	—	—	—	₩6.5B	₩6.2B	₩6.2B	₩6.2B	₩6.4B
− Capital spending	₩15B	₩3.2B	₩9.3B	₩8.1B	₩7.8B	₩7.7B	₩7.8B	₩8B
− Working capital	₩2.6B	−₩14B	₩2.7B	−₩1.1B	−₩641M	−₩240M	₩135M	₩512M
Free cash flow	—	—	—	₩877M	₩429M	₩31M	−₩346M	−₩729M
Discount factor	—	—	—	0.919	0.844	0.775	0.712	0.654
Present value	—	—	—	₩805M	₩362M	₩24M	−₩247M	−₩477M

Terminal value ₩6B, worth ₩3.9B today: 89% 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 ₩6,275 a share)Now 1.15×	₩4,9140.78×	₩6,1720.98×	₩10,3661.65×
Price / earnings (last 12 months: ₩417 a share)Now 17.3×	₩5,14412.3×	₩7,31017.5×	₩15,13436.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩545 a share)Now 13.2×	₩6,72612.3×	₩9,55917.5×	₩19,79036.3×

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%
7.8%	₩963	₩928	₩886	₩836	₩775
8.3%	₩925	₩891	₩851	₩804	₩747
8.8%	₩892	₩859	₩822	₩777	₩725
9.3%	₩863	₩832	₩796	₩755	₩706
9.8%	₩838	₩808	₩774	₩735	₩690

Now (TTM)

Market cap: ₩97B
Enterprise value: ₩90B
P/E: 17.3×
P/B: 1.1×
P/S: 1.7×
EV/EBITDA: —
Dividend yield: 0.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩17,360	₩4,760	₩6,330	₩5,810	₩4,050
Market cap	₩234B	₩64B	₩85B	₩78B	₩55B
P/E	97.9×	—	17.0×	15.4×	15.5×
P/B	2.8×	0.8×	1.0×	0.9×	0.7×
P/S	4.1×	0.9×	1.5×	1.1×	0.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.3%	0.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Woorim Power Train Solution	17.3×	1.1×	1.7×	—	0.7%
Doosan Enerbility	193.9×	4.3×	2.0×	—	0.0%
Hanmi Semiconductor	78.4×	23.3×	31.6×	70.6×	0.4%
Jusung Engineering	1,058.2×	13.0×	34.0×	2,036.0×	0.0%
Rainbow Robotics	4,137.6×	53.0×	156.2×	—	0.0%
EO Technics	44.1×	6.4×	10.8×	—	0.0%
Doosan Bobcat	13,622.5×	911.6×	733.9×	—	3.5%
Similar companies (median)	626.0×	18.1×	32.8×	1,053.3×	0.0%

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

Also known as: Woorim Power Train Solution / 우림피티에스 / 101170 / KRX:101170

Source: KRX statistical information