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Hyundai Movex

319400 · KOSDAQ · ₩319400 · 현대무벡스

₩17,320▼ ₩80 (0.46%)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

₩1,942

vs the current price (₩17,320)

Enterprise value
₩231B
Equity value
₩216B
WACC
9.2%

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 89% 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 ₩17,320, the model needs an operating margin of 31.3% every year (it uses 4.9%).
  • 54% 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 110.6× against a typical 27.5× 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
₩606
−96.5%
Base
₩1,942
−88.8%
Bull
₩4,108
−76.3%

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 (4.9%).

Revenue growth

  • 23.2%

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

    Default: the last 3 years' revenue growth (23.2% a year, annual reports), fading to 3% by year 5.

  • 18.2%

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

    Default: the last 3 years' revenue growth (23.2% a year, annual reports), fading to 3% by year 5.

  • 13.1%

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

    Default: the last 3 years' revenue growth (23.2% a year, annual reports), fading to 3% by year 5.

  • 8.1%

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

    Default: the last 3 years' revenue growth (23.2% 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 (23.2% a year, annual reports), fading to 3% by year 5.

Business

  • 4.9%

    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.

  • 0.7%

    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).

  • 0.9%

    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).

  • 19.6%

    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.

  • 4.03%

    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.

  • 0.96

    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 0.94, 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)
₩393B
Net debt (borrowings and leases − cash and deposits)
₩41B
+ Stakes and investments
₩28B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.9B
Shares
111,376,039
Share price
₩17,320
Market cap
₩1.9T

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₩268B₩341B₩394B₩484B₩572B₩647B₩699B₩720B
Growth27.3%27.5%15.4%23.2%18.2%13.1%8.1%3.0%
EBIT₩4.1B₩25B₩18B₩24B₩28B₩32B₩34B₩35B
EBIT margin1.5%7.2%4.6%4.9%4.9%4.9%4.9%4.9%
After-tax EBIT₩3B₩18B₩13B₩17B₩20B₩23B₩25B₩26B
+ Depreciation———₩3.4B₩4B₩4.5B₩4.9B₩5B
− Capital spending₩886M₩5.2B₩2.9B₩4.4B₩5.1B₩5.8B₩6.3B₩6.5B
− Working capital₩16B−₩31B₩23B₩18B₩17B₩15B₩10B₩4.1B
Free cash flow———−₩1.6B₩1.9B₩7B₩13B₩20B
Discount factor———0.9160.8390.7680.7030.644
Present value———−₩1.5B₩1.6B₩5.4B₩9.3B₩13B

Terminal value ₩315B, worth ₩203B 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 ₩1,480 a share)Now 11.7×₩3,0432.06×₩4,0822.76×₩23,50015.9×
Price / earnings (last 12 months: ₩157 a share)Now 110.6×₩3,17520.3×₩4,30227.5×₩8,42853.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩410 a share)Now 42.2×₩8,31620.3×₩11,26627.5×₩22,07353.8×

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%
8.2%₩2,139₩2,235₩2,345₩2,475₩2,628
8.7%₩1,960₩2,039₩2,128₩2,231₩2,352
9.2%₩1,804₩1,869₩1,942₩2,025₩2,121
9.7%₩1,667₩1,720₩1,780₩1,848₩1,925
10.2%₩1,545₩1,589₩1,639₩1,694₩1,757

Now (TTM)

Market cap
₩1.9T
Enterprise value
₩2T
P/E
110.6×
P/B
11.7×
P/S
4.9×
EV/EBITDA
—
Dividend yield
0.3%

Over time (at each year end)

20252024202320222021
Price₩18,790₩3,385₩3,390₩3,035₩3,145
Market cap₩2.1T₩377B₩378B₩338B₩350B
P/E185.3×14.0×89.7×36.6×43.1×
P/B13.1×2.2×2.3×2.2×2.8×
P/S5.3×1.1×1.4×1.6×1.5×
EV/EBITDA—————
Dividend yield0.3%1.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hyundai Movex110.6×11.7×4.9×—0.3%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Similar companies (median)664.7×19.1×34.5×1,116.1×0.0%

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

Also known as: Hyundai Movex / 현대무벡스 / 319400 / KRX:319400

Source: KRX statistical information