KOSDAQ · 125490 · Auto parts · ₩125490

Hallacast한라캐스트

125490 · KOSDAQ · ₩125490 · 한라캐스트

₩11,440▲ ₩1,630 (16.62%)End-of-day · Oct 28, 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

₩170

vs the current price (₩11,440)

Enterprise value: ₩87B
Equity value: ₩6.2B
WACC: 8.6%

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 99% 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 ₩11,440, the model needs an operating margin of 29.2% every year (it uses 6.6%).

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: ₩170; −98.5%
Bull: ₩2,166; −81.1%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (6.6%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin6.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital36.6%
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 1 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 rate4.11%
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.
Beta0.98
How much the share moves when the market moves: 1 means just like the market.
Default: 62 weeks of weekly returns against KOSPI (official index); raw beta 0.97, 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)5.61%
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): ₩156B
Net debt (borrowings and leases − cash and deposits): ₩81B
− Minority interests: ₩165M
Shares: 36,502,352
Share price: ₩11,440
Market cap: ₩418B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩156B	₩161B	₩165B	₩170B	₩175B	₩181B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩10B	₩11B	₩11B	₩11B	₩12B	₩12B
EBIT margin	6.6%	6.6%	6.6%	6.6%	6.6%	6.6%
After-tax EBIT	₩7.5B	₩7.7B	₩7.9B	₩8.2B	₩8.4B	₩8.6B
+ Depreciation	—	₩4.8B	₩5B	₩5.1B	₩5.3B	₩5.4B
− Capital spending	—	₩6.4B	₩6.6B	₩6.8B	₩7B	₩7.2B
− Working capital	—	₩1.7B	₩1.8B	₩1.8B	₩1.9B	₩1.9B
Free cash flow	—	₩4.4B	₩4.5B	₩4.6B	₩4.8B	₩4.9B
Discount factor	—	0.921	0.848	0.780	0.718	0.661
Present value	—	₩4B	₩3.8B	₩3.6B	₩3.4B	₩3.3B

Terminal value ₩105B, worth ₩69B today: 79% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
7.6%	₩446	₩529	₩627	₩742	₩881
8.1%	₩241	₩306	₩380	₩466	₩567
8.6%	₩64	₩114	₩170	₩235	₩310
9.1%	—	—	—	₩39	₩95
9.6%	—	—	—	—	—

Now (TTM)

Market cap: ₩418B
Enterprise value: ₩498B
P/E: 114.2×
P/B: 3.8×
P/S: 2.7×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩19,350
Market cap	₩706B
P/E	193.1×
P/B	6.7×
P/S	4.5×
EV/EBITDA	—
Dividend yield	0.0%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hallacast	114.2×	3.8×	2.7×	—	0.0%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.1×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	13.4×	18.9×	—	0.0%
Hyundai WIA	19.3×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.4×	0.7×	0.9×	—	6.8%
Similar companies (median)	10.7×	0.7×	0.5×	3.7×	1.9%

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

Also known as: Hallacast / 한라캐스트 / 125490 / KRX:125490

Source: KRX statistical information