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YC

232140 · KOSDAQ · ₩232140 · 와이씨

₩14,040▲ ₩1,260 (9.86%)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

₩1,454

vs the current price (₩14,040)

Enterprise value
₩150B
Equity value
₩119B
WACC
9.1%

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 90% 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 ₩14,040, the model needs an operating margin of 44.9% every year (it uses 8.8%).
  • Margins ranged from 3.4% to 17.5% 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.
  • Today's P/E is 36.9× against a typical 32.0× 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
₩628
−95.5%
Base
₩1,454
−89.6%
Bull
₩2,838
−79.8%

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 (8.8%).

Revenue growth

  • -1.5%

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

    Default: the last 3 years' revenue growth (-1.5% 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 (-1.5% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (-1.5% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (-1.5% 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 (-1.5% a year, annual reports), fading to 3% by year 5.

Business

  • 8.8%

    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.

  • 13.8%

    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).

  • 17.2%

    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.

  • 4.08%

    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.

  • 0.91

    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 0.87, 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)
₩292B
Net debt (borrowings and leases − cash and deposits)
−₩24B
+ Stakes and investments
₩74B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩129B
Shares
82,045,350
Share price
₩14,040
Market cap
₩1.2T

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₩255B₩211B₩273B₩287B₩286B₩288B₩294B₩303B
Growth−10.5%−17.2%29.1%−1.5%−0.4%0.8%1.9%3.0%
EBIT₩8.6B₩11B₩17B₩25B₩25B₩25B₩26B₩27B
EBIT margin3.4%5.0%6.2%8.8%8.8%8.8%8.8%8.8%
After-tax EBIT₩6.2B₩7.7B₩12B₩18B₩18B₩18B₩19B₩19B
+ Depreciation———₩40B₩39B₩40B₩41B₩42B
− Capital spending₩84B₩27B₩17B₩49B₩49B₩50B₩51B₩52B
− Working capital−₩110B₩95B−₩32B−₩1.7B−₩460M₩915M₩2.2B₩3.5B
Free cash flow———₩10B₩9B₩7.7B₩6.6B₩5.5B
Discount factor———0.9170.8400.7700.7060.647
Present value———₩9.4B₩7.5B₩5.9B₩4.6B₩3.6B

Terminal value ₩183B, worth ₩118B today: 79% 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 ₩4,696 a share)Now 2.99×₩4,7521.01×₩9,3521.99×₩17,6013.75×
Price / earnings (last 12 months: ₩380 a share)Now 36.9×₩3,0598.05×₩12,15332.0×₩31,47182.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩513 a share)Now 27.4×₩4,1318.05×₩16,41232.0×₩42,50182.8×

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%
8.1%₩1,659₩1,715₩1,779₩1,855₩1,944
8.6%₩1,511₩1,555₩1,604₩1,661₩1,727
9.1%₩1,382₩1,416₩1,454₩1,497₩1,546
9.6%₩1,269₩1,295₩1,324₩1,357₩1,393
10.1%₩1,168₩1,188₩1,211₩1,235₩1,262

Now (TTM)

Market cap
₩1.2T
Enterprise value
₩1.1T
P/E
36.9×
P/B
3.0×
P/S
4.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩14,480₩10,210₩4,985₩2,805₩6,200
Market cap₩1.2T₩838B₩409B₩230B₩509B
P/E61.6×76.0×30.2×8.8×11.3×
P/B3.2×2.6×1.3×0.8×1.8×
P/S4.4×4.0×1.6×0.8×1.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
YC36.9×3.0×4.0×—0.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
Similar companies (median)152.3×10.7×23.4×78.7×0.0%

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

Also known as: YC / 와이씨 / 232140 / KRX:232140

Source: KRX statistical information