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Taewoong Logistics

124560 · KOSDAQ · ₩124560 · 태웅로직스

₩1,920▲ ₩17 (0.89%)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

₩16,258

vs the current price (₩1,920)

Enterprise value
₩663B
Equity value
₩630B
WACC
6.0%

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 747% 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 ₩1,920, the model needs an operating margin of 1.3% every year (it uses 4.3%).
  • Margins ranged from 0.2% to 8.8% 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.

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
₩4,641
+141.7%
Base
₩16,258
+746.8%
Bull
₩39,810
+1,973.4%

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 (4.3%).

Revenue growth

  • -5.6%

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

    Default: the last 3 years' revenue growth (-5.6% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-5.6% a year, annual reports), fading to 3% by year 5.

  • -1.3%

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

    Default: the last 3 years' revenue growth (-5.6% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (-5.6% 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 (-5.6% a year, annual reports), fading to 3% by year 5.

Business

  • 4.3%

    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.

  • 3.4%

    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).

  • 4.2%

    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).

  • 8.5%

    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 0.09, 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)
₩1.2T
Net debt (borrowings and leases − cash and deposits)
₩49B
+ Stakes and investments
₩17B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩2.1B
Shares
38,720,811
Share price
₩1,920
Market cap
₩74B

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₩770B₩1T₩1.1T₩1.1T₩1.1T₩1.1T₩1.1T₩1.1T
Growth−42.0%35.5%7.0%−5.6%−3.5%−1.3%0.8%3.0%
EBIT₩36B₩41B₩2.2B₩48B₩47B₩46B₩46B₩48B
EBIT margin4.7%3.9%0.2%4.3%4.3%4.3%4.3%4.3%
After-tax EBIT₩26B₩30B₩1.6B₩35B₩34B₩33B₩34B₩35B
+ Depreciation———₩38B₩37B₩36B₩37B₩38B
− Capital spending₩37B₩33B₩52B₩47B₩46B₩45B₩45B₩47B
− Working capital₩52B₩4.3B−₩88B−₩5.7B−₩3.3B−₩1.2B₩728M₩2.8B
Free cash flow———₩32B₩28B₩26B₩24B₩23B
Discount factor———0.9430.8900.8390.7920.747
Present value———₩30B₩25B₩22B₩19B₩17B

Terminal value ₩736B, worth ₩549B today: 83% 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 ₩6,646 a share)Now 0.29×₩2,6630.40×₩4,0490.61×₩9,9681.50×
P/E on run-rate earnings (Q2 2026 × 4: ₩274 a share)Now 7.00×₩4981.81×₩1,0843.95×₩1,7386.33×

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%
5.0%₩17,357₩19,329₩21,951₩25,610₩31,078
5.5%₩15,318₩16,799₩18,699₩21,226₩24,751
6.0%₩13,686₩14,830₩16,258₩18,088₩20,521
6.5%₩12,351₩13,255₩14,357₩15,731₩17,494
7.0%₩11,238₩11,965₩12,836₩13,897₩15,220

Now (TTM)

Market cap
₩74B
Enterprise value
₩72B
P/E
—
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
6.8%

Over time (at each year end)

20252024202320222021
Price₩2,660₩2,890₩3,500₩4,385₩4,476
Market cap₩103B₩112B₩136B₩170B₩173B
P/E—3.7×5.0×1.8×2.7×
P/B0.4×0.4×0.6×0.8×1.4×
P/S0.1×0.1×0.2×0.1×0.2×
EV/EBITDA—————
Dividend yield4.9%3.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Taewoong Logistics—0.3×0.1×—6.8%
HMM14.8×0.7×1.8×—3.1%
Hyundai Glovis8.8×1.2×0.4×—3.2%
Pan Ocean9.2×0.5×0.5×—2.6%
CJ Logistics6.5×0.3×0.1×—1.3%
Korea Line3.4×0.2×0.5×—0.0%
Heung-A Shipping17.3×1.5×2.3×—0.0%
Similar companies (median)9.0×0.6×0.5×—1.9%

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

Also known as: Taewoong Logistics / 태웅로직스 / 124560 / KRX:124560

Source: KRX statistical information