KOSPI · 109070 · Electronics · ₩109070

Joosung주성코퍼레이션

109070 · KOSPI · ₩109070 · 주성코퍼레이션

₩5,790▲ ₩10 (0.17%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩39B
Equity value: −₩26B
WACC: 7.4%

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 ₩5,790, the model needs an operating margin of 3.7% every year (it uses −1.3%).
Margins ranged from −16.7% to 5.5% 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.
74% 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 30.0× against a typical 19.0× 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: —
Base: —
Bull: ₩1,107; −80.9%

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 (−1.3%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (43.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (43.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (43.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (43.7% 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 (43.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.3%
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.
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 & amortisation1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending0.6%
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).
Working capital11.9%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.6
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 0.2, 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)5.61%
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): ₩87B
Net debt (borrowings and leases − cash and deposits): −₩13B
+ Stakes and investments: ₩36M; Associates, long-term financial assets and deposits (book value)
Shares: 12,549,640
Share price: ₩5,790
Market cap: ₩73B

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	₩24B	₩69B	₩85B	₩108B	₩129B	₩147B	₩160B	₩165B
Growth	−16.8%	187.5%	24.0%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	−₩1.3B	₩3.8B	₩3.2B	−₩1.4B	−₩1.7B	−₩1.9B	−₩2.1B	−₩2.1B
EBIT margin	−5.6%	5.5%	3.7%	−1.3%	−1.3%	−1.3%	−1.3%	−1.3%
After-tax EBIT	−₩968M	₩2.7B	₩2.3B	−₩1B	−₩1.2B	−₩1.4B	−₩1.5B	−₩1.6B
+ Depreciation	₩461M	₩417M	₩305M	₩1.1B	₩1.3B	₩1.5B	₩1.6B	₩1.6B
− Capital spending	₩240M	₩204M	₩476M	₩649M	₩776M	₩884M	₩959M	₩988M
− Working capital	₩628M	₩6.3B	₩4.5B	₩2.6B	₩2.5B	₩2.2B	₩1.5B	₩571M
Free cash flow	−₩1.4B	−₩3.4B	−₩2.4B	−₩3.2B	−₩3.2B	−₩3B	−₩2.4B	−₩1.5B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩2.9B	−₩2.8B	−₩2.4B	−₩1.8B	−₩1B

Terminal value −₩40B, worth −₩28B today: 72% 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 ₩2,449 a share)Now 2.36×	₩4,7821.95×	₩8,5243.48×	₩19,9798.16×
Price / earnings (last 12 months: ₩193 a share)Now 30.0×	₩2,33912.1×	₩3,67119.0×	₩10,18152.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩167 a share)Now 34.7×	₩2,02212.1×	₩3,17519.0×	₩8,80552.7×

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%
6.4%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—
7.9%	—	—	—	—	—
8.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩73B
Enterprise value: ₩58B
P/E: 30.0×
P/B: 2.4×
P/S: 0.8×
EV/EBITDA: 49.2×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,960	₩5,925	₩5,925	₩5,925	₩5,925
Market cap	₩50B	₩74B	₩74B	₩74B	₩74B
P/E	24.4×	16.2×	—	—	—
P/B	1.7×	2.8×	3.3×	5.0×	7.7×
P/S	0.6×	1.1×	3.1×	2.6×	1.8×
EV/EBITDA	11.1×	14.5×	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Joosung	30.0×	2.4×	0.8×	49.2×	0.0%
Samsung Electronics	9.5×	2.5×	2.9×	—	0.7%
LG Electronics	25.3×	1.0×	0.3×	—	0.8%
Hanwha Vision	17.0×	2.1×	1.1×	—	0.0%
RFHIC	41.3×	3.7×	6.7×	—	0.8%
KMW	—	5.0×	8.1×	—	0.0%
Intellian Technologies	13.4×	2.0×	1.6×	—	0.4%
Similar companies (median)	17.0×	2.3×	2.3×	—	0.5%

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

Also known as: Joosung / 주성코퍼레이션 / 109070 / KRX:109070

Source: KRX statistical information