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RFHIC

218410 · KOSDAQ · ₩218410 · RFHIC

₩51,500▲ ₩4,600 (9.81%)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

With these assumptions the model gives no positive value.

Enterprise value
₩13B
Equity value
−₩63B
WACC
8.2%

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 ₩51,500, the model needs an operating margin of 44.9% every year (it uses 5.7%).
  • Margins ranged from 0.3% to 16.6% 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.
  • 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.
  • Today's P/E is 41.3× against a typical 46.9× 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
—
Base
—
Bull
₩1,706
−96.7%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (5.7%).

Revenue growth

  • 19.8%

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

    Default: the last 3 years' revenue growth (19.8% a year, annual reports), fading to 3% by year 5.

  • 15.6%

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

    Default: the last 3 years' revenue growth (19.8% a year, annual reports), fading to 3% by year 5.

  • 11.4%

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

    Default: the last 3 years' revenue growth (19.8% a year, annual reports), fading to 3% by year 5.

  • 7.2%

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

    Default: the last 3 years' revenue growth (19.8% 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 (19.8% a year, annual reports), fading to 3% by year 5.

Business

  • 5.7%

    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.

  • 17%

    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).

  • 21.3%

    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).

  • 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.

  • 4.08%

    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.

  • 0.75

    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 0.63, 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)
₩204B
Net debt (borrowings and leases − cash and deposits)
−₩4.2B
− Minority interests
₩81B
Shares
26,577,590
Share price
₩51,500
Market cap
₩1.4T

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₩111B₩115B₩186B₩244B₩282B₩315B₩337B₩347B
Growth3.1%3.1%61.7%19.8%15.6%11.4%7.2%3.0%
EBIT₩303M₩1.5B₩31B₩14B₩16B₩18B₩19B₩20B
EBIT margin0.3%1.3%16.6%5.7%5.7%5.7%5.7%5.7%
After-tax EBIT₩220M₩1.1B₩22B₩10B₩12B₩13B₩14B₩14B
+ Depreciation———₩42B₩48B₩53B₩57B₩59B
− Capital spending₩44B₩25B₩5.2B₩52B₩60B₩67B₩72B₩74B
− Working capital−₩159B₩3.6B₩80B₩16B₩15B₩13B₩9.1B₩4B
Free cash flow———−₩17B−₩16B−₩13B−₩9.6B−₩4.6B
Discount factor———0.9240.8540.7890.7290.674
Present value———−₩15B−₩13B−₩11B−₩7B−₩3.1B

Terminal value ₩93B, worth ₩63B today: 470% 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 ₩13,955 a share)Now 3.69×₩16,8321.21×₩30,9222.22×₩57,2944.11×
Price / earnings (last 12 months: ₩1,248 a share)Now 41.3×₩9,6757.75×₩58,50046.9×₩110,46088.5×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩2,225 a share)Now 23.2×₩17,2437.75×₩104,26446.9×₩196,87288.5×

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%
7.2%—————
7.7%—————
8.2%—————
8.7%—————
9.2%—————

Now (TTM)

Market cap
₩1.4T
Enterprise value
₩1.4T
P/E
41.3×
P/B
3.7×
P/S
6.7×
EV/EBITDA
—
Dividend yield
0.8%

Over time (at each year end)

20252024202320222021
Price₩32,650₩13,100₩18,050₩22,450₩35,650
Market cap₩868B₩348B₩480B₩597B₩947B
P/E30.3×13.6×27.5×214.2×157.2×
P/B2.6×1.1×1.7×2.2×3.4×
P/S4.7×3.0×4.3×5.5×9.3×
EV/EBITDA—————
Dividend yield1.2%0.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
RFHIC41.3×3.7×6.7×—0.8%
Samsung Electronics9.5×2.5×2.9×—0.7%
LG Electronics25.3×1.0×0.3×—0.8%
Hanwha Vision17.0×2.1×1.1×—0.0%
KMW—5.0×8.1×—0.0%
Intellian Technologies13.4×2.0×1.6×—0.4%
Solid9.4×1.4×1.6×13.1×0.6%
Similar companies (median)13.4×2.1×1.6×13.1×0.5%

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

Also known as: RFHIC / 218410 / KRX:218410

Source: KRX statistical information