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HuM&C

263920 · KOSDAQ · ₩263920 · 휴엠앤씨

₩2,815▼ ₩85 (2.93%)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

₩4,638

vs the current price (₩2,815)

Enterprise value
₩48B
Equity value
₩45B
WACC
7.1%

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 65% 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 ₩2,815, the model needs an operating margin of 4.8% every year (it uses 6.4%).
  • Or revenue growth −15.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −13.7% to 10.5% 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 8.7× against a typical 9.5× 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
₩1,765
−37.3%
Base
₩4,638
+64.8%
Bull
₩9,852
+250.0%

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 (6.4%).

Revenue growth

  • 13.7%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 11%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 8.3%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (13.7% 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 (13.7% a year, annual reports), fading to 3% by year 5.

Business

  • 6.4%

    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.

  • 4.8%

    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).

  • 6%

    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).

  • 25.9%

    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 -0.39, 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)
₩57B
Net debt (borrowings and leases − cash and deposits)
₩2.7B
Shares
9,809,026
Share price
₩2,815
Market cap
₩28B

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₩48B₩47B₩52B₩64B₩71B₩77B₩82B₩84B
Growth35.9%−2.5%10.8%13.7%11.0%8.3%5.7%3.0%
EBIT₩4.8B₩4.9B₩2.5B₩4.1B₩4.6B₩4.9B₩5.2B₩5.4B
EBIT margin10.0%10.5%4.7%6.4%6.4%6.4%6.4%6.4%
After-tax EBIT₩3.5B₩3.6B₩1.8B₩3B₩3.3B₩3.6B₩3.8B₩3.9B
+ Depreciation———₩3.1B₩3.4B₩3.7B₩3.9B₩4B
− Capital spending₩1.5B₩5B₩2.3B₩3.9B₩4.3B₩4.6B₩4.9B₩5B
− Working capital−₩1.2B₩9.3B−₩7.6B₩2B₩1.8B₩1.5B₩1.1B₩635M
Free cash flow———₩205M₩623M₩1.1B₩1.7B₩2.3B
Discount factor———0.9340.8720.8140.7610.710
Present value———₩192M₩544M₩916M₩1.3B₩1.6B

Terminal value ₩62B, worth ₩44B today: 91% 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 ₩4,604 a share)Now 0.61×₩3,7350.81×₩6,5831.43×₩17,3303.76×
Price / earnings (last 12 months: ₩325 a share)Now 8.67×₩1,7545.40×₩3,0889.51×₩11,40835.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩398 a share)Now 7.07×₩2,1515.40×₩3,7869.51×₩13,98735.1×

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%
6.1%₩5,152₩5,537₩6,014₩6,622₩7,424
6.6%₩4,595₩4,891₩5,250₩5,695₩6,262
7.1%₩4,131₩4,363₩4,638₩4,972₩5,386
7.6%₩3,739₩3,922₩4,137₩4,393₩4,703
8.1%₩3,403₩3,550₩3,720₩3,919₩4,156

Now (TTM)

Market cap
₩28B
Enterprise value
₩30B
P/E
8.7×
P/B
0.6×
P/S
0.5×
EV/EBITDA
—
Dividend yield
7.1%

Over time (at each year end)

20252024202320222021
Price₩3,860₩4,797₩5,624₩4,941₩14,521
Market cap₩38B₩47B₩55B₩48B₩142B
P/E24.1×13.8×5.4×60.7×—
P/B0.8×1.1×1.4×1.6×3.8×
P/S0.7×1.0×1.1×1.4×7.3×
EV/EBITDA—————
Dividend yield5.2%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
HuM&C8.7×0.6×0.5×—7.1%
Spigen Korea3.3×0.3×0.4×—0.0%
Novatech3.5×0.7×2.5×—0.0%
Samick Musical Instruments2.2×0.3×0.4×—4.9%
Alux—1.8×1.1×—0.0%
Xplus—3.4×6.2×—0.0%
E-World—0.3×0.6×—0.0%
Similar companies (median)3.3×0.5×0.9×—0.0%

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

Also known as: HuM&C / 휴엠앤씨 / 263920 / KRX:263920

Source: KRX statistical information