KOSDAQ · 136540 · IT services · ₩136540

Wins Technet윈스테크넷

136540 · KOSDAQ · ₩136540 · 윈스테크넷

₩11,190▼ ₩140 (1.24%)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

₩29,132

vs the current price (₩11,190)

Enterprise value: ₩262B
Equity value: ₩358B
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 is 160% 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 ₩11,190, the model needs an operating margin of 3.8% every year (it uses 21.2%).
Today's P/E is 7.5× against a typical 7.5× 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: ₩22,080; +97.3%
Base: ₩29,132; +160.3%
Bull: ₩40,632; +263.1%

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 (21.2%).

Revenue growth

Revenue growth, year 1-0.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% 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 (-0.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin21.2%
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 & amortisation1.8%
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).
Capital spending2.3%
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 capital7.8%
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

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.
Beta0.6
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 0.07, 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): ₩97B
Net debt (borrowings and leases − cash and deposits): −₩96B
+ Stakes and investments: ₩82M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩353M
Shares: 12,279,746
Share price: ₩11,190
Market cap: ₩137B

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	₩107B	₩101B	₩99B	₩96B	₩96B	₩97B	₩99B	₩102B
Growth	5.4%	−5.0%	−2.8%	−0.9%	0.0%	1.0%	2.0%	3.0%
EBIT	₩23B	₩20B	₩21B	₩20B	₩20B	₩21B	₩21B	₩22B
EBIT margin	21.6%	20.1%	21.5%	21.2%	21.2%	21.2%	21.2%	21.2%
After-tax EBIT	₩17B	₩15B	₩15B	₩15B	₩15B	₩15B	₩15B	₩16B
+ Depreciation	—	—	—	₩1.7B	₩1.7B	₩1.7B	₩1.8B	₩1.8B
− Capital spending	₩3.5B	₩2.8B	₩841M	₩2.2B	₩2.2B	₩2.2B	₩2.3B	₩2.3B
− Working capital	−₩97B	₩1.7B	₩4.8B	−₩68M	₩0	₩75M	₩151M	₩231M
Free cash flow	—	—	—	₩14B	₩14B	₩14B	₩15B	₩15B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩13B	₩12B	₩12B	₩11B	₩10B

Terminal value ₩290B, worth ₩203B today: 78% 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 ₩14,705 a share)Now 0.76×	₩10,7740.73×	₩12,8890.88×	₩19,3531.32×
Price / earnings (last 12 months: ₩1,496 a share)Now 7.48×	₩9,9646.66×	₩11,2787.54×	₩13,1058.76×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,454 a share)Now 7.70×	₩9,6826.66×	₩10,9597.54×	₩12,7348.76×

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%	₩29,974	₩31,787	₩34,013	₩36,811	₩40,437
6.9%	₩28,075	₩29,548	₩31,322	₩33,501	₩36,240
7.4%	₩26,474	₩27,690	₩29,132	₩30,869	₩33,002
7.9%	₩25,106	₩26,124	₩27,315	₩28,726	₩30,426
8.4%	₩23,924	₩24,786	₩25,782	₩26,948	₩28,330

Now (TTM)

Market cap: ₩137B
Enterprise value: ₩41B
P/E: 7.5×
P/B: 0.8×
P/S: 1.4×
EV/EBITDA: —
Dividend yield: 7.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩11,350	₩12,250	₩12,130	₩12,700	₩16,600
Market cap	₩139B	₩150B	₩149B	₩156B	₩204B
P/E	7.6×	7.6×	7.1×	8.1×	11.1×
P/B	0.8×	0.9×	0.8×	0.9×	1.3×
P/S	1.4×	1.5×	1.4×	1.5×	2.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	7.0%	6.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Wins Technet	7.5×	0.8×	1.4×	—	7.1%
Samsung SDS	24.6×	1.5×	1.1×	—	1.5%
LG CNS	15.5×	2.5×	1.2×	—	2.4%
Itcenglobal	7.0×	3.0×	0.0×	—	0.0%
DB	7.2×	1.0×	0.7×	16.4×	0.0%
Lotte Innovate	15.0×	0.6×	0.2×	—	4.1%
Shinsegae Information & Communication	6.3×	0.4×	0.3×	0.8×	0.0%
Similar companies (median)	11.1×	1.3×	0.5×	8.6×	0.8%

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

Also known as: Wins Technet / 윈스테크넷 / 136540 / KRX:136540

Source: KRX statistical information