KOSDAQ · 178780 · Retail & Trade · ₩178780

Ilwoul GML일월지엠엘

178780 · KOSDAQ · ₩178780 · 일월지엠엘

₩2,070▼ ₩30 (1.43%)End-of-day · Oct 30, 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: −₩53B
Equity value: −₩49B
WACC: 7.3%

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 ₩2,070, the model needs an operating margin of 7.7% every year (it uses −3.9%).
Margins ranged from −52.3% to 10.3% 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.
68% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
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 (−3.9%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (37.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (37.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (37.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (37.2% 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 (37.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-3.9%
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 & amortisation5.8%
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 spending7.3%
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 capital38.2%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
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 0.08, 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)5.51%
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): ₩32B
Net debt (borrowings and leases − cash and deposits): −₩4B
Shares: 18,639,195
Share price: ₩2,070
Market cap: ₩39B

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	₩29B	₩46B	₩34B	₩40B	₩48B	₩55B	₩60B	₩61B
Growth	119.6%	58.0%	−25.5%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	−₩851M	₩4.7B	₩2B	−₩1.6B	−₩1.9B	−₩2.1B	−₩2.3B	−₩2.4B
EBIT margin	−3.0%	10.3%	6.0%	−3.9%	−3.9%	−3.9%	−3.9%	−3.9%
After-tax EBIT	−₩617M	₩3.4B	₩1.5B	−₩1.1B	−₩1.4B	−₩1.6B	−₩1.7B	−₩1.7B
+ Depreciation	—	—	—	₩2.3B	₩2.8B	₩3.2B	₩3.5B	₩3.6B
− Capital spending	₩4.7B	₩150M	₩1.8B	₩2.9B	₩3.5B	₩4B	₩4.4B	₩4.5B
− Working capital	−₩628M	₩14B	₩13B	₩3.1B	₩3B	₩2.6B	₩1.8B	₩684M
Free cash flow	—	—	—	−₩4.8B	−₩5.1B	−₩5B	−₩4.4B	−₩3.3B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩4.5B	−₩4.4B	−₩4B	−₩3.3B	−₩2.3B

Terminal value −₩49B, worth −₩35B today: 65% 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 ₩1,991 a share)Now 1.04×	₩2,4251.22×	₩9,1034.57×	₩14,6297.35×

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%
6.3%	—	—	—	—	—
6.8%	—	—	—	—	—
7.3%	—	—	—	—	—
7.8%	—	—	—	—	—
8.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩39B
Enterprise value: ₩34B
P/E: 9.1×
P/B: 1.0×
P/S: 1.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,800	₩4,750	₩4,750	₩4,750	₩4,750
Market cap	₩52B	₩89B	₩89B	₩89B	₩89B
P/E	9.9×	11.8×	—	—	—
P/B	1.2×	2.6×	6.6×	14.0×	8.7×
P/S	1.5×	1.9×	3.1×	6.7×	4.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ilwoul GML	9.1×	1.0×	1.2×	—	0.0%
Samsung C&T	18.1×	0.5×	1.2×	—	0.9%
POSCO International	10.3×	1.2×	0.3×	—	3.8%
ISC	42.6×	5.7×	11.9×	—	0.5%
Youngone	5.2×	0.7×	0.7×	—	3.0%
Dong SUH Companies	19.6×	1.7×	5.3×	—	4.0%
SK Gas	7.4×	0.6×	0.3×	—	3.5%
Similar companies (median)	14.2×	1.0×	0.9×	—	3.3%

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

Also known as: Ilwoul GML / 일월지엠엘 / 178780 / KRX:178780

Source: KRX statistical information