KOSDAQ · 240810 · Machinery · ₩240810

Wonik IPS원익IPS

240810 · KOSDAQ · ₩240810 · 원익IPS

₩95,900▼ ₩3,600 (3.62%)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

₩16,729

vs the current price (₩95,900)

Enterprise value: ₩470B
Equity value: ₩821B
WACC: 8.8%

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 83% 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 ₩95,900, the model needs an operating margin of 49.9% every year (it uses 6.8%).
Margins ranged from −2.6% to 13.3% 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.
69% 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.
Today's P/E is 27.2× against a typical 31.6× 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: ₩12,518; −86.9%
Base: ₩16,729; −82.6%
Bull: ₩23,873; −75.1%

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 (6.8%).

Revenue growth

Revenue growth, year 1-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.5% 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 (-3.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin6.8%
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.
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 & amortisation4.6%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending5.7%
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 capital39.5%
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.
Beta0.86
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 0.79, 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): ₩925B
Net debt (borrowings and leases − cash and deposits): −₩305B
+ Stakes and investments: ₩46B; Associates, long-term financial assets and deposits (book value)
Shares: 49,083,901
Share price: ₩95,900
Market cap: ₩4.7T

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	₩690B	₩748B	₩910B	₩892B	₩875B	₩874B	₩886B	₩913B
Growth	−31.8%	8.4%	21.6%	−3.5%	−1.9%	−0.2%	1.4%	3.0%
EBIT	−₩18B	₩11B	₩74B	₩61B	₩60B	₩59B	₩60B	₩62B
EBIT margin	−2.6%	1.4%	8.1%	6.8%	6.8%	6.8%	6.8%	6.8%
After-tax EBIT	−₩13B	₩7.7B	₩54B	₩44B	₩43B	₩43B	₩44B	₩45B
+ Depreciation	₩36B	₩37B	₩34B	₩41B	₩40B	₩40B	₩41B	₩42B
− Capital spending	₩65B	₩32B	₩32B	₩51B	₩50B	₩50B	₩50B	₩52B
− Working capital	₩75B	−₩51B	₩46B	−₩13B	−₩6.7B	−₩692M	₩4.8B	₩10B
Free cash flow	−₩117B	₩64B	₩9.1B	₩47B	₩40B	₩34B	₩29B	₩24B
Discount factor	—	—	—	0.919	0.845	0.776	0.713	0.656
Present value	—	—	—	₩43B	₩34B	₩27B	₩21B	₩16B

Terminal value ₩503B, worth ₩330B today: 70% 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 ₩21,872 a share)Now 4.38×	₩29,2751.34×	₩43,1051.97×	₩115,8755.30×
Price / earnings (last 12 months: ₩3,526 a share)Now 27.2×	₩45,44112.9×	₩111,50031.6×	₩222,65863.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩7,329 a share)Now 13.1×	₩94,44812.9×	₩231,75131.6×	₩462,79263.1×

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%
7.8%	₩17,793	₩18,040	₩18,325	₩18,659	₩19,057
8.3%	₩17,067	₩17,253	₩17,464	₩17,707	₩17,992
8.8%	₩16,435	₩16,574	₩16,729	₩16,906	₩17,109
9.3%	₩15,879	₩15,982	₩16,095	₩16,223	₩16,366
9.8%	₩15,386	₩15,461	₩15,543	₩15,632	₩15,732

Now (TTM)

Market cap: ₩4.7T
Enterprise value: ₩4.4T
P/E: 27.2×
P/B: 4.4×
P/S: 5.1×
EV/EBITDA: 41.0×
Dividend yield: 0.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩67,900	₩22,350	₩33,950	₩24,750	₩42,300
Market cap	₩3.3T	₩1.1T	₩1.7T	₩1.2T	₩2.1T
P/E	39.7×	52.9×	—	13.6×	14.3×
P/B	3.4×	1.2×	1.9×	1.4×	2.6×
P/S	3.7×	1.5×	2.4×	1.2×	1.7×
EV/EBITDA	29.1×	19.9×	89.6×	8.6×	10.5×
Dividend yield	0.3%	0.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Wonik IPS	27.2×	4.4×	5.1×	41.0×	0.2%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

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

Also known as: Wonik IPS / 원익IPS / 240810 / KRX:240810

Source: KRX statistical information