KOSDAQ · 114810 · Machinery · ₩114810

Hansol Iones한솔아이원스

114810 · KOSDAQ · ₩114810 · 한솔아이원스

₩10,800▼ ₩360 (3.23%)End-of-day · Oct 29, 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

₩11,005

vs the current price (₩10,800)

Enterprise value: ₩319B
Equity value: ₩310B
WACC: 8.4%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Bear / Base / Bull

Bear: ₩6,677; −38.2%
Base: ₩11,005; +1.9%
Bull: ₩18,004; +66.7%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (16.5%).

Revenue growth

Revenue growth, year 16.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.6% 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 (6.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin16.5%
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.
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 & amortisation3.4%
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 spending12.3%
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 capital35.4%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.8
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 0.7, 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)5.58%
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): ₩206B
Net debt (borrowings and leases − cash and deposits): ₩9B
Shares: 28,143,174
Share price: ₩10,800
Market cap: ₩304B

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	₩124B	₩157B	₩199B	₩219B	₩232B	₩243B	₩253B	₩260B
Growth	−24.4%	26.8%	26.5%	6.6%	5.7%	4.8%	3.9%	3.0%
EBIT	₩8.2B	₩23B	₩33B	₩36B	₩38B	₩40B	₩42B	₩43B
EBIT margin	6.6%	14.7%	16.8%	16.5%	16.5%	16.5%	16.5%	16.5%
After-tax EBIT	₩6B	₩17B	₩24B	₩26B	₩28B	₩29B	₩30B	₩31B
+ Depreciation	₩7.4B	₩15M	₩8.5B	₩7.5B	₩7.9B	₩8.3B	₩8.6B	₩8.8B
− Capital spending	₩27B	₩8.1B	₩20B	₩27B	₩29B	₩30B	₩31B	₩32B
− Working capital	−₩7B	₩12B	₩15B	₩4.8B	₩4.4B	₩3.9B	₩3.4B	₩2.7B
Free cash flow	−₩6.5B	−₩3.8B	−₩2.9B	₩1.9B	₩2.7B	₩3.5B	₩4.4B	₩5.3B
Discount factor	—	—	—	0.923	0.852	0.786	0.725	0.670
Present value	—	—	—	₩1.8B	₩2.3B	₩2.8B	₩3.2B	₩3.5B

Terminal value ₩456B, worth ₩305B today: 96% 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 ₩7,666 a share)Now 1.41×	₩8,2811.08×	₩12,2571.60×	₩17,3822.27×
Price / earnings (last 12 months: ₩743 a share)Now 14.5×	₩5,1006.86×	₩7,69410.4×	₩17,31223.3×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩1,359 a share)Now 7.94×	₩9,3286.86×	₩14,07510.4×	₩31,66623.3×

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%
7.4%	₩11,788	₩12,644	₩13,657	₩14,876	₩16,374
7.9%	₩10,686	₩11,391	₩12,214	₩13,189	₩14,363
8.4%	₩9,739	₩10,327	₩11,005	₩11,797	₩12,736
8.9%	₩8,918	₩9,412	₩9,978	₩10,630	₩11,392
9.4%	₩8,199	₩8,619	₩9,095	₩9,638	₩10,266

Now (TTM)

Market cap: ₩304B
Enterprise value: ₩312B
P/E: 14.5×
P/B: 1.4×
P/S: 1.5×
EV/EBITDA: 8.0×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩11,970	₩6,410	₩9,900	₩6,630	₩10,550
Market cap	₩337B	₩180B	₩279B	₩187B	₩297B
P/E	11.8×	5.8×	130.7×	6.6×	10.8×
P/B	1.6×	1.0×	1.8×	1.2×	3.7×
P/S	1.7×	1.1×	2.2×	1.1×	1.8×
EV/EBITDA	8.4×	8.3×	20.4×	4.9×	7.2×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hansol Iones	14.5×	1.4×	1.5×	8.0×	0.0%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

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

Also known as: Hansol Iones / 한솔아이원스 / 114810 / KRX:114810

Source: KRX statistical information