Ask Warren

WiSoL

122990 · KOSDAQ · ₩122990 · 와이솔

₩6,360 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩77B
Equity value
−₩77B
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 ₩6,360, the model needs an operating margin of 5.4% every year (it uses −0.3%).
  • Margins ranged from −11.3% to 3.8% 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.
  • 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.

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
—

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 (−0.3%).

Revenue growth

  • -2.4%

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

    Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.

  • -1.1%

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

    Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.

  • 0.3%

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

    Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (-2.4% 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 (-2.4% a year, annual reports), fading to 3% by year 5.

Business

  • -0.3%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

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

  • 4.5%

    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).

  • 5.6%

    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).

  • 31.8%

    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

  • 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 0.32, 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)
₩336B
Net debt (borrowings and leases − cash and deposits)
−₩302M
− Minority interests
₩362M
Shares
25,648,079
Share price
₩6,360
Market cap
₩163B

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₩370B₩375B₩321B₩328B₩325B₩326B₩331B₩341B
Growth6.9%1.4%−14.3%−2.4%−1.1%0.3%1.6%3.0%
EBIT₩13B₩461M−₩36B−₩985M−₩974M−₩977M−₩993M−₩1B
EBIT margin3.6%0.1%−11.3%−0.3%−0.3%−0.3%−0.3%−0.3%
After-tax EBIT₩9.8B₩334M−₩26B−₩714M−₩706M−₩708M−₩720M−₩741M
+ Depreciation———₩15B₩15B₩15B₩15B₩15B
− Capital spending₩8.5B₩29B₩22B₩18B₩18B₩18B₩19B₩19B
− Working capital₩21B₩33B₩35B−₩2.6B−₩1.1B₩310M₩1.7B₩3.2B
Free cash flow———−₩1.8B−₩3.1B−₩4.6B−₩6B−₩7.6B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩1.6B−₩2.7B−₩3.7B−₩4.5B−₩5.3B

Terminal value −₩84B, worth −₩59B today: 77% 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 ₩11,083 a share)Now 0.57×₩4,9220.44×₩5,7180.52×₩8,2680.75×
P/E on run-rate earnings (Q2 2026 × 4: ₩281 a share)Now 22.6×₩1,9646.98×₩3,08611.0×₩5,41919.3×

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

Now (TTM)

Market cap
₩163B
Enterprise value
₩159B
P/E
—
P/B
0.6×
P/S
0.5×
EV/EBITDA
—
Dividend yield
7.9%

Over time (at each year end)

20252024202320222021
Price₩5,740₩5,100₩7,770₩6,710₩10,900
Market cap₩147B₩131B₩199B₩172B₩280B
P/E—11.8×15.1×—10.3×
P/B0.5×0.4×0.6×0.5×0.8×
P/S0.5×0.3×0.5×0.5×0.8×
EV/EBITDA—————
Dividend yield8.7%9.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
WiSoL—0.6×0.5×—7.9%
Samsung Electro-Mechanics89.0×8.8×7.2×—0.2%
Doosan36.8×5.2×0.7×—0.4%
Hanwha Systems67.9×2.7×2.9×—0.8%
LG Innotek13.4×1.4×0.4×—0.5%
Isupetasys32.5×7.6×5.0×—0.0%
Daeduck Electronics41.5×6.5×4.7×—0.4%
Similar companies (median)39.2×5.8×3.8×—0.4%

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

Also known as: WiSoL / 와이솔 / 122990 / KRX:122990

Source: KRX statistical information