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JOYWORKS&Co

309930 · KOSDAQ · ₩309930 · 조이웍스앤코

₩1,017▲ ₩112 (12.38%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩15B
Equity value
−₩20B
WACC
6.6%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,017, the model needs an operating margin of 2.9% every year (it uses −0.3%).
  • Margins ranged from −19.1% to 11.3% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.

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
—
Base
—
Bull
₩502
−50.7%

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 (−0.3%).

Revenue growth

  • 12.4%

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

    Default: the last 3 years' revenue growth (12.4% a year, annual reports), fading to 3% by year 5.

  • 10%

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

    Default: the last 3 years' revenue growth (12.4% a year, annual reports), fading to 3% by year 5.

  • 7.7%

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

    Default: the last 3 years' revenue growth (12.4% a year, annual reports), fading to 3% by year 5.

  • 5.3%

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

    Default: the last 3 years' revenue growth (12.4% 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 (12.4% a year, annual reports), fading to 3% by year 5.

Business

  • -0.3%

    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.

  • 6.4%

    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%

    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).

  • -4.8%

    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.

  • 4.03%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.32, 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.

  • 5.53%

    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)
₩60B
Net debt (borrowings and leases − cash and deposits)
₩5.2B
Shares
19,255,889
Share price
₩1,017
Market cap
₩20B

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₩41B₩47B₩46B₩67B₩74B₩80B₩84B₩86B
Growth26.6%15.2%−2.7%12.4%10.0%7.7%5.3%3.0%
EBIT₩2.1B−₩2.4B−₩8.8B−₩201M−₩222M−₩239M−₩251M−₩259M
EBIT margin5.0%−5.1%−19.1%−0.3%−0.3%−0.3%−0.3%−0.3%
After-tax EBIT₩1.5B−₩1.7B−₩6.4B−₩146M−₩161M−₩173M−₩182M−₩188M
+ Depreciation———₩4.3B₩4.7B₩5.1B₩5.4B₩5.5B
− Capital spending₩208M₩578M₩10B₩5.4B₩5.9B₩6.4B₩6.7B₩6.9B
− Working capital−₩16B−₩11B−₩1.8B−₩356M−₩322M−₩273M−₩202M−₩121M
Free cash flow———−₩865M−₩1B−₩1.2B−₩1.3B−₩1.4B
Discount factor———0.9380.8790.8250.7730.725
Present value———−₩811M−₩897M−₩967M−₩1B−₩1B

Terminal value −₩14B, worth −₩10B today: 69% 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 ₩1,150 a share)Now 0.88×₩1,1080.96×₩2,7642.40×₩4,9374.29×
P/E on run-rate earnings (Q2 2026 × 4: ₩23 a share)Now 43.9×₩40017.2×₩64828.0×₩1,49164.3×

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%
5.6%—————
6.1%—————
6.6%—————
7.1%—————
7.6%—————

Now (TTM)

Market cap
₩20B
Enterprise value
₩18B
P/E
—
P/B
0.9×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,607₩2,759₩5,728₩3,090₩6,040
Market cap₩50B₩53B₩110B₩59B₩116B
P/E—38.7×44.8×39.6×31.6×
P/B2.6×1.9×3.6×2.1×4.5×
P/S1.1×1.1×2.7×1.8×3.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JOYWORKS&Co—0.9×0.3×—0.0%
Samsung C&T17.5×0.5×1.1×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC41.4×5.5×11.5×—0.6%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.0×1.6×5.1×—4.1%
Shinsegae13.7×0.4×0.3×—2.1%
Similar companies (median)15.6×1.0×0.9×—2.6%

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

Also known as: JOYWORKS&Co / 조이웍스앤코 / 309930 / KRX:309930

Source: KRX statistical information