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HanWool Semiconductor

320000 · KOSDAQ · ₩320000 · 한울반도체

₩7,880▲ ₩110 (1.42%)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
−₩47B
Equity value
−₩82B
WACC
9.6%

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 ₩7,880, the model needs an operating margin of 38.6% every year (it uses −16.4%).
  • Margins ranged from −46.5% to 8.9% 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
—

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 (−16.4%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-17.3% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-17.3% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-17.3% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-17.3% 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 (-17.3% a year, annual reports), fading to 3% by year 5.

Business

  • -16.4%

    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.

  • 12.6%

    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).

  • 15.7%

    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).

  • 40%

    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.

  • 2

    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 4.14, 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)
₩33B
Net debt (borrowings and leases − cash and deposits)
₩52B
+ Stakes and investments
₩29B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩11B
Shares
6,913,670
Share price
₩7,880
Market cap
₩54B

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₩16B₩9.5B₩11B₩30B₩28B₩27B₩27B₩28B
Growth−21.2%−40.8%21.3%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩392M−₩4.4B−₩5B−₩4.9B−₩4.6B−₩4.4B−₩4.4B−₩4.6B
EBIT margin2.5%−46.5%−44.0%−16.4%−16.4%−16.4%−16.4%−16.4%
After-tax EBIT₩284M−₩3.2B−₩3.7B−₩3.6B−₩3.3B−₩3.2B−₩3.2B−₩3.3B
+ Depreciation———₩3.8B₩3.5B₩3.4B₩3.4B₩3.5B
− Capital spending₩627M₩3.6B₩603M₩4.7B₩4.4B₩4.2B₩4.2B₩4.4B
− Working capital₩2.9B−₩7.9B₩29B−₩1.3B−₩803M−₩392M−₩22M₩323M
Free cash flow———−₩3.2B−₩3.4B−₩3.7B−₩4B−₩4.5B
Discount factor———0.9120.8320.7590.6920.632
Present value———−₩2.9B−₩2.8B−₩2.8B−₩2.8B−₩2.8B

Terminal value −₩52B, worth −₩33B today: 70% 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 ₩2,815 a share)Now 2.80×₩4,6311.65×₩9,1553.25×₩14,5495.17×

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%
8.6%—————
9.1%—————
9.6%—————
10.1%—————
10.6%—————

Now (TTM)

Market cap
₩54B
Enterprise value
₩107B
P/E
—
P/B
2.8×
P/S
1.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩10,607₩12,758₩10,582₩11,332₩13,483
Market cap₩73B₩88B₩73B₩78B₩93B
P/E——46.8×44.2×139.0×
P/B2.2×2.4×3.0×3.4×4.4×
P/S6.4×9.3×4.6×3.9×6.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
HanWool Semiconductor—2.8×1.6×—0.0%
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: HanWool Semiconductor / 한울반도체 / 320000 / KRX:320000

Source: KRX statistical information