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Waps

196700 · KOSDAQ · ₩196700 · 웹스

₩1,305▲ ₩62 (4.99%)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

₩3,210

vs the current price (₩1,305)

Enterprise value
₩59B
Equity value
₩46B
WACC
6.1%

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 146% 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 ₩1,305, the model needs an operating margin of 5.0% every year (it uses 7.9%).
  • Or revenue growth −21.7 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −3.2% to 12.9% 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.
  • Today's P/E is 3.8× against a typical 9.9× 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
₩1,167
−10.6%
Base
₩3,210
+146.0%
Bull
₩7,256
+456.0%

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 (7.9%).

Revenue growth

  • 8.3%

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

    Default: the last 3 years' revenue growth (8.3% a year, annual reports), fading to 3% by year 5.

  • 6.9%

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

    Default: the last 3 years' revenue growth (8.3% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (8.3% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (8.3% 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 (8.3% a year, annual reports), fading to 3% by year 5.

Business

  • 7.9%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

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

  • 1.6%

    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%

    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).

  • 40%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 -0.15, 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.

  • 5.61%

    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)
₩44B
Net debt (borrowings and leases − cash and deposits)
₩13B
Shares
14,364,144
Share price
₩1,305
Market cap
₩19B

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₩36B₩34B₩43B₩48B₩51B₩54B₩56B₩58B
Growth6.5%−6.0%26.7%8.3%6.9%5.6%4.3%3.0%
EBIT₩2.6B₩3.1B₩5.5B₩3.8B₩4B₩4.3B₩4.4B₩4.6B
EBIT margin7.1%9.1%12.9%7.9%7.9%7.9%7.9%7.9%
After-tax EBIT₩1.9B₩2.2B₩4B₩2.7B₩2.9B₩3.1B₩3.2B₩3.3B
+ Depreciation———₩764M₩816M₩862M₩899M₩926M
− Capital spending₩883M₩468M₩972M₩954M₩1B₩1.1B₩1.1B₩1.2B
− Working capital₩10B−₩1.4B₩1B₩1.5B₩1.3B₩1.1B₩927M₩674M
Free cash flow———₩1.1B₩1.4B₩1.7B₩2.1B₩2.4B
Discount factor———0.9430.8890.8380.7900.745
Present value———₩1B₩1.2B₩1.4B₩1.6B₩1.8B

Terminal value ₩69B, worth ₩52B today: 88% 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 ₩3,058 a share)Now 0.43×₩1,4400.47×₩2,2800.75×₩4,7281.55×
Price / earnings (last 12 months: ₩339 a share)Now 3.85×₩1,3053.85×₩3,3539.89×₩5,56216.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩363 a share)Now 3.60×₩1,3963.85×₩3,5879.89×₩5,95016.4×

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%
5.1%₩3,676₩4,088₩4,633₩5,388₩6,507
5.6%₩3,140₩3,439₩3,821₩4,326₩5,025
6.1%₩2,710₩2,933₩3,210₩3,562₩4,028
6.6%₩2,359₩2,528₩2,733₩2,988₩3,312
7.1%₩2,066₩2,196₩2,352₩2,540₩2,773

Now (TTM)

Market cap
₩19B
Enterprise value
₩30B
P/E
3.8×
P/B
0.4×
P/S
0.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,135₩1,160₩1,906₩3,400₩4,740
Market cap₩31B₩17B₩27B₩49B₩68B
P/E7.5×13.9×27.4×—130.4×
P/B0.8×0.4×0.8×1.5×1.6×
P/S0.7×0.5×0.8×1.4×1.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Waps3.8×0.4×0.4×—0.0%
LG Chem—0.5×0.3×—0.8%
Hanwha Solutions—0.6×0.4×—0.0%
Hanwha6.3×0.4×0.1×—1.4%
SKC—2.1×2.0×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: Waps / 웹스 / 196700 / KRX:196700

Source: KRX statistical information