KOSDAQ · 166090 · Semiconductors · ₩166090

Hana Materials하나머티리얼즈

166090 · KOSDAQ · ₩166090 · 하나머티리얼즈

₩51,700▼ ₩900 (1.71%)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

₩30,467

vs the current price (₩51,700)

Enterprise value: ₩611B
Equity value: ₩603B
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 41% 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 ₩51,700, the model needs an operating margin of 35.1% every year (it uses 22.6%).
Or revenue growth +13.4 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩377B, operating profit ₩102B (27.1% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩474B, operating profit ₩147B (31.0% margin) (1 broker). The model starts from the last 12 months reported.
Margins ranged from 17.3% to 30.5% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 15.9× against a typical 17.8× 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: ₩20,774; −59.8%
Base: ₩30,467; −41.1%
Bull: ₩45,587; −11.8%

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 (22.6%).

Revenue growth

Revenue growth, year 1-3.8%
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.
Revenue growth, year 2-2.1%
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.
Revenue growth, year 3-0.4%
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.
Revenue growth, year 41.3%
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.
Revenue growth, year 53%
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

EBIT margin22.6%
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 & amortisation20.5%
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 spending25.6%
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 capital25.7%
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

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.
Beta0.82
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 0.73, 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): ₩334B
Net debt (borrowings and leases − cash and deposits): ₩7.9B
Shares: 19,777,674
Share price: ₩51,700
Market cap: ₩1T

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	₩234B	₩252B	₩273B	₩322B	₩315B	₩314B	₩318B	₩327B
Growth	−24.0%	7.7%	8.7%	−3.8%	−2.1%	−0.4%	1.3%	3.0%
EBIT	₩41B	₩43B	₩50B	₩73B	₩71B	₩71B	₩72B	₩74B
EBIT margin	17.7%	17.3%	18.3%	22.6%	22.6%	22.6%	22.6%	22.6%
After-tax EBIT	₩30B	₩31B	₩36B	₩53B	₩52B	₩51B	₩52B	₩54B
+ Depreciation	—	—	—	₩66B	₩65B	₩64B	₩65B	₩67B
− Capital spending	₩122B	₩43B	₩20B	₩82B	₩81B	₩80B	₩81B	₩84B
− Working capital	₩167M	−₩14B	−₩9.5B	−₩3.3B	−₩1.7B	−₩324M	₩1B	₩2.4B
Free cash flow	—	—	—	₩40B	₩37B	₩36B	₩35B	₩34B
Discount factor	—	—	—	0.921	0.849	0.782	0.720	0.663
Present value	—	—	—	₩36B	₩32B	₩28B	₩25B	₩23B

Terminal value ₩703B, worth ₩467B today: 76% 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 ₩31,003 a share)Now 1.67×	₩45,1331.46×	₩78,7282.54×	₩136,3064.40×
Price / earnings (last 12 months: ₩3,246 a share)Now 15.9×	₩30,8069.49×	₩57,86617.8×	₩105,32532.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,995 a share)Now 12.9×	₩37,9179.49×	₩71,22217.8×	₩129,63632.4×

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%
7.6%	₩31,986	₩33,930	₩36,221	₩38,962	₩42,302
8.1%	₩29,593	₩31,216	₩33,105	₩35,330	₩37,993
8.6%	₩27,520	₩28,890	₩30,467	₩32,301	₩34,463
9.1%	₩25,707	₩26,874	₩28,205	₩29,737	₩31,519
9.6%	₩24,108	₩25,111	₩26,245	₩27,538	₩29,025

Now (TTM)

Market cap: ₩1T
Enterprise value: ₩1T
P/E: 15.9×
P/B: 1.7×
P/S: 3.1×
EV/EBITDA: —
Dividend yield: 0.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩43,100	₩22,950	₩50,200	₩32,700	₩62,800
Market cap	₩852B	₩454B	₩993B	₩647B	₩1.2T
P/E	22.2×	14.3×	29.0×	8.1×	18.6×
P/B	1.8×	1.3×	2.5×	2.2×	4.8×
P/S	3.1×	1.8×	4.3×	2.1×	4.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.7%	1.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hana Materials	15.9×	1.7×	3.1×	—	0.6%
SK hynix	6.9×	4.2×	5.9×	—	0.2%
DB HiTek	12.5×	1.8×	2.8×	—	0.8%
Fadu	—	39.2×	13.7×	—	0.0%
Hana Micron	14.4×	4.5×	1.2×	—	0.2%
Jeju Semiconductor	10.5×	5.4×	3.6×	—	0.0%
SFA Semicon	—	3.0×	3.2×	—	0.0%
Similar companies (median)	11.5×	4.4×	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: Hana Materials / 하나머티리얼즈 / 166090 / KRX:166090

Source: KRX statistical information