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Huons

243070 · KOSDAQ · ₩243070 · 휴온스

₩17,030▼ ₩300 (1.73%)End-of-day · Oct 29, 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

₩51,995

vs the current price (₩17,030)

Enterprise value
₩763B
Equity value
₩623B
WACC
6.2%

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 is 205% 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 ₩17,030, the model needs an operating margin of 4.8% every year (it uses 8.1%).
  • Or revenue growth −21.8 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 10.8× against a typical 10.3× 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
₩19,042
+11.8%
Base
₩51,995
+205.3%
Bull
₩115,421
+577.8%

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 (8.1%).

Revenue growth

  • 8%

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

    Default: the last 3 years' revenue growth (8% a year, annual reports), fading to 3% by year 5.

  • 6.8%

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

    Default: the last 3 years' revenue growth (8% a year, annual reports), fading to 3% by year 5.

  • 5.5%

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

    Default: the last 3 years' revenue growth (8% 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% 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% a year, annual reports), fading to 3% by year 5.

Business

  • 8.1%

    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.

  • 7%

    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).

  • 8.8%

    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).

  • 22%

    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.

  • 0.6

    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 0.18, 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)
₩608B
Net debt (borrowings and leases − cash and deposits)
₩110B
+ Stakes and investments
₩6.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩37B
Shares
11,979,665
Share price
₩17,030
Market cap
₩204B

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₩552B₩590B₩621B₩656B₩701B₩740B₩771B₩795B
Growth12.1%6.9%5.2%8.0%6.8%5.5%4.3%3.0%
EBIT₩56B₩40B₩46B₩53B₩57B₩60B₩62B₩64B
EBIT margin10.1%6.7%7.3%8.1%8.1%8.1%8.1%8.1%
After-tax EBIT₩41B₩29B₩33B₩39B₩41B₩43B₩45B₩47B
+ Depreciation———₩46B₩49B₩52B₩54B₩56B
− Capital spending₩45B₩84B₩24B₩58B₩62B₩65B₩68B₩70B
− Working capital₩1.1B₩5.7B₩36B₩11B₩9.8B₩8.5B₩7B₩5.1B
Free cash flow———₩16B₩19B₩22B₩24B₩27B
Discount factor———0.9420.8860.8350.7860.740
Present value———₩15B₩17B₩18B₩19B₩20B

Terminal value ₩911B, worth ₩674B 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 ₩30,749 a share)Now 0.55×₩26,1390.85×₩38,5411.25×₩57,3301.86×
Price / earnings (last 12 months: ₩1,575 a share)Now 10.8×₩12,9208.21×₩16,22410.3×₩26,64216.9×

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%
5.2%₩57,081₩64,112₩73,315₩85,892₩104,133
5.7%₩49,201₩54,499₩61,210₩69,995₩82,000
6.2%₩42,845₩46,940₩51,995₩58,397₩66,776
6.7%₩37,615₩40,844₩44,748₩49,566₩55,669
7.2%₩33,236₩35,826₩38,902₩42,621₩47,211

Now (TTM)

Market cap
₩204B
Enterprise value
₩312B
P/E
10.8×
P/B
0.6×
P/S
0.3×
EV/EBITDA
—
Dividend yield
5.4%

Over time (at each year end)

20252024202320222021
Price₩27,400₩27,400₩38,400₩29,150₩47,700
Market cap₩328B₩328B₩460B₩349B₩571B
P/E7.7×11.1×9.1×15.6×18.6×
P/B0.9×0.9×1.4×1.2×2.1×
P/S0.5×0.6×0.8×0.7×1.3×
EV/EBITDA—————
Dividend yield3.4%2.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Huons10.8×0.6×0.3×—5.4%
Samsung Biologics31.9×7.6×13.9×—0.0%
Celltrion27.9×2.5×9.0×—0.0%
Alteogen79.4×28.6×60.3×—0.1%
SK biopharmaceuticals15.2×6.0×7.1×—0.0%
Yuhan23.2×2.3×2.4×30.2×0.8%
HLB—15.4×54.3×—0.0%
Similar companies (median)27.9×6.8×11.4×30.2×0.0%

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

Also known as: Huons / 휴온스 / 243070 / KRX:243070

Source: KRX statistical information