Ask Warren

Polaris UNO

114630 · KOSDAQ · ₩114630 · 폴라리스우노

₩1,385▼ ₩95 (6.42%)End-of-day · Oct 27, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩4,799

vs the current price (₩1,385)

Enterprise value
₩88B
Equity value
₩83B
WACC
6.8%

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 247% 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 ₩1,385, the model needs an operating margin of 3.7% every year (it uses 7.7%).
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
  • Today's P/E is 4.4× against a typical 9.2× 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
₩2,324
+67.8%
Base
₩4,799
+246.5%
Bull
₩9,380
+577.3%

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 (7.7%).

Revenue growth

  • 1.6%

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

    Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

  • 2.7%

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

    Default: the last 3 years' revenue growth (1.6% 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 (1.6% a year, annual reports), fading to 3% by year 5.

Business

  • 7.7%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.6%

    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).

  • 3.5%

    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).

  • 36.2%

    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.

  • 4.11%

    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.

  • 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 0.35, 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.

  • 5.61%

    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)
₩95B
Net debt (borrowings and leases − cash and deposits)
₩4.9B
Shares
17,235,248
Share price
₩1,385
Market cap
₩24B

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₩78B₩80B₩102B₩96B₩98B₩101B₩103B₩106B
Growth−19.6%2.7%27.1%1.6%2.0%2.3%2.7%3.0%
EBIT₩5.5B₩2.3B₩7.8B₩7.4B₩7.6B₩7.7B₩8B₩8.2B
EBIT margin7.0%2.9%7.7%7.7%7.7%7.7%7.7%7.7%
After-tax EBIT₩4B₩1.7B₩5.6B₩5.4B₩5.5B₩5.6B₩5.8B₩5.9B
+ Depreciation₩1.1B₩1.5B₩1.6B₩1.5B₩1.6B₩1.6B₩1.7B₩1.7B
− Capital spending₩3.9B₩4.2B₩132M₩3.4B₩3.4B₩3.5B₩3.6B₩3.7B
− Working capital−₩15B−₩11B₩13B₩550M₩698M₩819M₩983M₩1.1B
Free cash flow₩16B₩9.9B−₩6.1B₩3B₩2.9B₩2.9B₩2.8B₩2.8B
Discount factor———0.9360.8760.8200.7670.718
Present value———₩2.8B₩2.6B₩2.4B₩2.2B₩2B

Terminal value ₩105B, worth ₩76B today: 86% 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 ₩7,512 a share)Now 0.18×₩2,3810.32×₩4,2460.57×₩9,7391.30×
Price / earnings (last 12 months: ₩317 a share)Now 4.37×₩2,1706.84×₩2,9179.20×₩6,85321.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩322 a share)Now 4.30×₩2,2026.84×₩2,9619.20×₩6,95521.6×

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%
5.8%₩5,336₩5,731₩6,228₩6,871₩7,738
6.3%₩4,763₩5,063₩5,431₩5,892₩6,489
6.8%₩4,289₩4,521₩4,799₩5,140₩5,567
7.3%₩3,891₩4,073₩4,287₩4,544₩4,858
7.8%₩3,553₩3,697₩3,864₩4,060₩4,296

Now (TTM)

Market cap
₩24B
Enterprise value
₩29B
P/E
4.4×
P/B
0.2×
P/S
0.3×
EV/EBITDA
3.0×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,505₩2,565₩3,330₩4,040₩6,464
Market cap₩43B₩44B₩57B₩70B₩111B
P/E18.0×7.2×7.5×18.8×23.6×
P/B0.3×0.4×0.6×0.8×1.5×
P/S0.4×0.6×0.7×0.7×1.7×
EV/EBITDA2.1×9.8×5.4×6.9×17.7×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Polaris UNO4.4×0.2×0.3×3.0×0.0%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.6×0.4×—0.0%
Hanwha6.2×0.4×0.1×—1.4%
SKC—2.1×2.0×—0.0%
KCC0.9×0.3×0.5×8.7×0.0%
Kumho Petro Chemical5.2×0.4×0.4×—1.6%
Similar companies (median)5.2×0.4×0.4×8.7×0.4%

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

Also known as: Polaris UNO / 폴라리스우노 / 114630 / KRX:114630

Source: KRX statistical information