KOSPI · 143210 · Auto parts · ₩143210

Hands핸즈코퍼레이션

143210 · KOSPI · ₩143210 · 핸즈코퍼레이션

₩1,199 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩1.5T
Equity value: −₩1.9T
WACC: 4.3%

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 ₩1,199, the model needs an operating margin of 2.8% every year (it uses −6.0%).
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

Cycle options

Margin path

Every year uses the cycle-average margin (−6.0%).

Revenue growth

Revenue growth, year 10.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (0.3% 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 (0.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-6%
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 & amortisation2.1%
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 spending2.6%
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).
Working capital16.4%
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.
Beta0.6
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.
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): ₩702B
Net debt (borrowings and leases − cash and deposits): ₩409B
+ Stakes and investments: ₩7M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩183,482
Shares: 27,999,783
Share price: ₩1,199
Market cap: ₩34B

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	₩749B	₩764B	₩785B	₩704B	₩711B	₩722B	₩739B	₩761B
Growth	−3.7%	2.0%	2.7%	0.3%	1.0%	1.6%	2.3%	3.0%
EBIT	−₩21B	−₩46B	−₩39B	−₩42B	−₩43B	−₩43B	−₩44B	−₩46B
EBIT margin	−2.9%	−6.1%	−4.9%	−6.0%	−6.0%	−6.0%	−6.0%	−6.0%
After-tax EBIT	−₩16B	−₩34B	−₩28B	−₩31B	−₩31B	−₩31B	−₩32B	−₩33B
+ Depreciation	—	—	—	₩15B	₩15B	₩15B	₩16B	₩16B
− Capital spending	₩35B	₩8.4B	₩16B	₩18B	₩18B	₩19B	₩19B	₩20B
− Working capital	−₩48B	−₩49B	−₩58B	₩345M	₩1.2B	₩1.9B	₩2.7B	₩3.6B
Free cash flow	—	—	—	−₩34B	−₩36B	−₩37B	−₩39B	−₩41B
Discount factor	—	—	—	0.959	0.919	0.881	0.845	0.810
Present value	—	—	—	−₩33B	−₩33B	−₩33B	−₩33B	−₩33B

Terminal value −₩1.7T, worth −₩1.3T today: 89% 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 ₩3,185 a share)Now 0.38×	₩7410.23×	₩9230.29×	₩1,6560.52×

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%
3.3%	—	—	—	—	—
3.8%	—	—	—	—	—
4.3%	—	—	—	—	—
4.8%	—	—	—	—	—
5.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩34B
Enterprise value: ₩443B
P/E: —
P/B: 0.4×
P/S: 0.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,344	₩1,832	₩2,890	₩3,305	₩4,995
Market cap	₩38B	₩51B	₩81B	₩93B	₩140B
P/E	—	—	—	—	—
P/B	0.4×	0.3×	0.3×	0.5×	0.5×
P/S	0.0×	0.1×	0.1×	0.1×	0.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hands	—	0.4×	0.0×	—	0.0%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.0×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	12.1×	17.1×	—	0.0%
Hyundai WIA	19.4×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.0×	0.7×	0.8×	—	7.0%
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: Hands / 핸즈코퍼레이션 / 143210 / KRX:143210

Source: KRX statistical information