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CS Wind

112610 · KOSPI · ₩112610 · 씨에스윈드

₩39,550▼ ₩1,000 (2.47%)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

₩114,012

vs the current price (₩39,550)

Enterprise value
₩5.2T
Equity value
₩4.8T
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 188% 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 ₩39,550, the model needs an operating margin of 4.3% every year (it uses 8.6%).
  • Or revenue growth −22.1 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 385.5× against a typical 38.1× 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
₩54,525
+37.9%
Base
₩114,012
+188.3%
Bull
₩220,130
+456.6%

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 (8.6%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (28.7% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (28.7% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (28.7% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (28.7% 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 (28.7% a year, annual reports), fading to 3% by year 5.

Business

  • 8.6%

    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.

  • 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).

  • 7.5%

    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).

  • 8.3%

    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.

  • 4.03%

    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 0.31, 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)
₩2.8T
Net debt (borrowings and leases − cash and deposits)
₩373B
+ Stakes and investments
₩27B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩54B
Shares
42,171,403
Share price
₩39,550
Market cap
₩1.7T

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₩1.5T₩3.1T₩2.9T₩3.5T₩4.1T₩4.7T₩5.1T₩5.3T
Growth10.6%102.1%−4.6%25.0%19.5%14.0%8.5%3.0%
EBIT₩105B₩255B₩320B₩299B₩357B₩407B₩441B₩455B
EBIT margin6.9%8.3%10.9%8.6%8.6%8.6%8.6%8.6%
After-tax EBIT₩76B₩185B₩232B₩216B₩259B₩295B₩320B₩330B
+ Depreciation———₩208B₩249B₩284B₩308B₩317B
− Capital spending₩193B₩202B₩93B₩260B₩311B₩355B₩385B₩396B
− Working capital−₩235B−₩123B₩106B₩58B₩56B₩48B₩33B₩13B
Free cash flow———₩107B₩140B₩176B₩210B₩237B
Discount factor———0.9370.8780.8230.7710.722
Present value———₩100B₩123B₩145B₩162B₩172B

Terminal value ₩6.2T, worth ₩4.5T today: 87% 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 ₩30,488 a share)Now 1.30×₩43,4301.42×₩75,0052.46×₩102,3083.36×
Price / earnings (last 12 months: ₩103 a share)Now 385.5×₩8708.48×₩3,90838.1×₩7,52773.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩5,652 a share)Now 7.00×₩47,9468.48×₩215,29238.1×₩414,66373.4×

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%₩120,266₩133,267₩149,747₩171,325₩200,805
6.2%₩106,856₩117,097₩129,752₩145,794₩166,798
6.7%₩95,809₩104,043₩114,012₩126,331₩141,947
7.2%₩86,555₩93,289₩101,304₩111,009₩123,001
7.7%₩78,693₩84,279₩90,834₩98,638₩108,085

Now (TTM)

Market cap
₩1.7T
Enterprise value
₩1.8T
P/E
385.5×
P/B
1.3×
P/S
0.6×
EV/EBITDA
—
Dividend yield
2.5%

Over time (at each year end)

20252024202320222021
Price₩41,600₩41,900₩70,200₩68,800₩65,700
Market cap₩1.8T₩1.8T₩3T₩2.9T₩2.8T
P/E50.6×12.4×149.0×—41.8×
P/B1.5×1.5×3.3×3.3×3.1×
P/S0.6×0.6×1.9×2.1×2.3×
EV/EBITDA—————
Dividend yield2.4%2.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
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%
Hansun Engineering37.9×2.7×3.1×15.0×0.0%
Similar companies (median)28.4×1.7×1.6×15.0×0.0%

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

Also known as: CS Wind / 씨에스윈드 / 112610 / KRX:112610

Source: KRX statistical information