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Hunesion

290270 · KOSDAQ · ₩290270 · 휴네시온

₩2,380▲ ₩60 (2.59%)End-of-day · Oct 30, 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

₩7,287

vs the current price (₩2,380)

Enterprise value
₩57B
Equity value
₩70B
WACC
7.3%

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 206% 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 ₩2,380, the model needs an operating margin of 3.1% every year (it uses 11.1%).
  • 45% 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 4.9× against a typical 5.1× 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
₩4,830
+102.9%
Base
₩7,287
+206.2%
Bull
₩11,443
+380.8%

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 (11.1%).

Revenue growth

  • 7.4%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (7.4% 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 (7.4% a year, annual reports), fading to 3% by year 5.

Business

  • 11.1%

    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.

  • 6.9%

    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).

  • 8.6%

    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).

  • 6%

    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.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 0.27, 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.

  • 5.51%

    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)
₩37B
Net debt (borrowings and leases − cash and deposits)
−₩13B
+ Stakes and investments
₩900M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩550M
Shares
9,607,672
Share price
₩2,380
Market cap
₩23B

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₩36B₩37B₩38B₩39B₩42B₩44B₩46B₩47B
Growth18.8%2.1%2.3%7.4%6.3%5.2%4.1%3.0%
EBIT₩4.7B₩3.2B₩4.8B₩4.4B₩4.6B₩4.9B₩5.1B₩5.2B
EBIT margin12.9%8.5%12.7%11.1%11.1%11.1%11.1%11.1%
After-tax EBIT₩3.4B₩2.3B₩3.5B₩3.2B₩3.4B₩3.5B₩3.7B₩3.8B
+ Depreciation———₩2.7B₩2.9B₩3B₩3.2B₩3.3B
− Capital spending₩6.7B₩2.3B₩425M₩3.4B₩3.6B₩3.8B₩3.9B₩4.1B
− Working capital−₩4B−₩114M₩1.3B₩163M₩149M₩130M₩108M₩82M
Free cash flow———₩2.3B₩2.5B₩2.7B₩2.8B₩2.9B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩2.2B₩2.2B₩2.2B₩2.1B₩2B

Terminal value ₩66B, worth ₩46B today: 81% 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 ₩5,108 a share)Now 0.47×₩3,3760.66×₩4,9160.96×₩6,9681.36×
Price / earnings (last 12 months: ₩488 a share)Now 4.87×₩1,4983.07×₩2,4905.10×₩4,1168.43×
P/E on run-rate earnings (Q2 2026 × 4: ₩460 a share)Now 5.17×₩1,4123.07×₩2,3465.10×₩3,8788.43×

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%
6.3%₩7,541₩8,067₩8,715₩9,533₩10,598
6.8%₩6,987₩7,412₩7,927₩8,560₩9,360
7.3%₩6,521₩6,871₩7,287₩7,790₩8,409
7.8%₩6,124₩6,416₩6,759₩7,166₩7,657
8.3%₩5,782₩6,029₩6,314₩6,649₩7,047

Now (TTM)

Market cap
₩23B
Enterprise value
₩9.7B
P/E
4.9×
P/B
0.5×
P/S
0.6×
EV/EBITDA
—
Dividend yield
2.1%

Over time (at each year end)

20252024202320222021
Price₩3,755₩3,240₩3,880₩4,245₩6,450
Market cap₩36B₩31B₩37B₩41B₩62B
P/E6.3×8.4×5.5×—4.2×
P/B0.7×0.7×0.9×1.2×1.5×
P/S1.0×0.8×1.0×1.3×2.3×
EV/EBITDA—————
Dividend yield1.3%1.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hunesion4.9×0.5×0.6×—2.1%
Krafton10.0×1.2×1.9×—1.2%
Hyundai Autoever41.5×4.2×1.7×—0.7%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.1×2.1×3.0×5.3×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.5×1.5×2.0×6.9×0.6%

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

Also known as: Hunesion / 휴네시온 / 290270 / KRX:290270

Source: KRX statistical information