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WOOREE E&L Haroutine

153490 · KOSDAQ · ₩153490 · 우리이앤엘하루틴

₩3,100▼ ₩90 (2.82%)End-of-day · Oct 28, 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

₩4,545

vs the current price (₩3,100)

Enterprise value
₩25B
Equity value
₩47B
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 47% 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 ₩3,100, the model needs an operating margin of 1.5% every year (it uses 2.6%).
  • Margins ranged from 0.2% to 8.7% 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
₩2,196
−29.2%
Base
₩4,545
+46.6%
Bull
₩9,002
+190.4%

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 (2.6%).

Revenue growth

  • -3.8%

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

    Default: the last 3 years' revenue growth (-3.8% a year, annual reports), fading to 3% by year 5.

  • -2.1%

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

    Default: the last 3 years' revenue growth (-3.8% a year, annual reports), fading to 3% by year 5.

  • -0.4%

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

    Default: the last 3 years' revenue growth (-3.8% 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 (-3.8% 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 (-3.8% a year, annual reports), fading to 3% by year 5.

Business

  • 2.6%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

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

  • 2.2%

    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).

  • 2.7%

    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).

  • 21.7%

    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.

  • 4.08%

    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.

  • 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 0.04, 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.

  • 5.58%

    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)
₩114B
Net debt (borrowings and leases − cash and deposits)
−₩780M
+ Stakes and investments
₩23B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩2.3B
Shares
10,296,000
Share price
₩3,100
Market cap
₩32B

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₩142B₩147B₩121B₩110B₩108B₩107B₩109B₩112B
Growth4.3%3.4%−17.5%−3.8%−2.1%−0.4%1.3%3.0%
EBIT₩5B₩6.9B₩287M₩2.9B₩2.8B₩2.8B₩2.8B₩2.9B
EBIT margin3.6%4.7%0.2%2.6%2.6%2.6%2.6%2.6%
After-tax EBIT₩3.7B₩5B₩208M₩2.1B₩2B₩2B₩2B₩2.1B
+ Depreciation———₩2.4B₩2.4B₩2.4B₩2.4B₩2.5B
− Capital spending₩3.2B₩2.9B₩4.8B₩3B₩2.9B₩2.9B₩2.9B₩3B
− Working capital−₩28B₩6.5B−₩8.3B−₩943M−₩501M−₩93M₩303M₩707M
Free cash flow———₩2.5B₩2B₩1.6B₩1.2B₩843M
Discount factor———0.9310.8670.8080.7520.700
Present value———₩2.3B₩1.7B₩1.3B₩904M₩590M

Terminal value ₩26B, worth ₩18B today: 73% 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 ₩7,743 a share)Now 0.40×₩3,0000.39×₩4,5570.59×₩7,7941.01×

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%₩4,951₩5,005₩5,070₩5,148₩5,248
6.9%₩4,714₩4,745₩4,780₩4,822₩4,873
7.4%₩4,513₩4,528₩4,545₩4,563₩4,583
7.9%₩4,342₩4,346₩4,349₩4,352₩4,353
8.4%₩4,194₩4,190₩4,184₩4,176₩4,165

Now (TTM)

Market cap
₩32B
Enterprise value
₩30B
P/E
—
P/B
0.4×
P/S
0.3×
EV/EBITDA
—
Dividend yield
3.2%

Over time (at each year end)

20252024202320222021
Price₩3,425₩3,555₩5,225₩5,050₩8,400
Market cap₩35B₩37B₩54B₩52B₩86B
P/E—6.6×9.9×9.8×4.8×
P/B0.4×0.4×0.7×0.7×1.2×
P/S0.3×0.2×0.4×0.4×0.6×
EV/EBITDA—————
Dividend yield2.9%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
WOOREE E&L Haroutine—0.4×0.3×—3.2%
SK hynix6.7×4.1×5.7×—0.2%
DB HiTek12.6×1.8×2.8×—0.8%
Fadu—40.1×14.0×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.4×5.4×3.6×—0.0%
SFA Semicon—3.1×3.3×—0.0%
Similar companies (median)11.5×4.3×3.4×—0.1%

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

Also known as: WOOREE E&L Haroutine / 우리이앤엘하루틴 / 153490 / KRX:153490

Source: KRX statistical information