Wing's Foot윙스풋
335870 · KOSDAQ · ₩335870 · 윙스풋
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
- ₩2.9B
- Equity value
- −₩2.7B
- WACC
- 6.1%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩3,050, the model needs an operating margin of 4.4% every year (it uses 1.4%).
- Margins ranged from −6.7% to 7.7% over the last 4 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.
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
- ₩2,881
- −5.6%
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 (1.4%).
Revenue growth
- -8.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.3% a year, annual reports), fading to 3% by year 5.
- -5.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.3% a year, annual reports), fading to 3% by year 5.
- -2.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.3% 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 (-8.3% 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 (-8.3% a year, annual reports), fading to 3% by year 5.
Business
- 1.4%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 4 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.
- 1.2%
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).
- 1.5%
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).
- 35.8%
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.
- 4.08%
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 -0.51, 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)
- ₩29B
- Net debt (borrowings and leases − cash and deposits)
- ₩6.7B
- + Stakes and investments
- ₩1.1B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 3,350,094
- Share price
- ₩3,050
- Market cap
- ₩10B
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.
| FY2023 | FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₩52B | ₩46B | ₩42B | ₩27B | ₩25B | ₩25B | ₩25B | ₩26B |
| Growth | −5.1% | −9.9% | −9.8% | −8.3% | −5.4% | −2.6% | 0.2% | 3.0% |
| EBIT | ₩4B | ₩1.9B | −₩2.8B | ₩377M | ₩357M | ₩347M | ₩348M | ₩359M |
| EBIT margin | 7.7% | 4.1% | −6.7% | 1.4% | 1.4% | 1.4% | 1.4% | 1.4% |
| After-tax EBIT | ₩2.9B | ₩1.4B | −₩2B | ₩273M | ₩259M | ₩252M | ₩252M | ₩260M |
| + Depreciation | — | — | — | ₩323M | ₩306M | ₩298M | ₩298M | ₩307M |
| − Capital spending | — | — | ₩635M | ₩404M | ₩382M | ₩372M | ₩373M | ₩384M |
| − Working capital | ₩24B | −₩10B | ₩1B | −₩873M | −₩521M | −₩237M | ₩18M | ₩267M |
| Free cash flow | — | — | — | ₩1.1B | ₩703M | ₩415M | ₩160M | −₩84M |
| Discount factor | — | — | — | 0.943 | 0.889 | 0.838 | 0.790 | 0.745 |
| Present value | — | — | — | ₩1B | ₩625M | ₩348M | ₩126M | −₩63M |
Terminal value ₩1.2B, worth ₩858M today: 30% 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:
| Low | Typical | High | |
|---|---|---|---|
| Price / book (book value ₩7,577 a share)Now 0.40× | ₩5,2760.70× | ₩7,6951.02× | ₩13,1531.74× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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% |
|---|---|---|---|---|---|
| 5.1% | — | — | — | — | — |
| 5.6% | — | — | — | — | — |
| 6.1% | — | — | — | — | — |
| 6.6% | — | — | — | — | — |
| 7.1% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩10B
- Enterprise value
- ₩17B
- P/E
- —
- P/B
- 0.4×
- P/S
- 0.3×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Price | ₩8,355 | ₩6,160 | ₩8,265 | ₩15,675 |
| Market cap | ₩28B | ₩21B | ₩28B | ₩53B |
| P/E | — | 17.2× | 8.3× | — |
| P/B | 0.9× | 0.7× | 0.9× | 2.1× |
| P/S | 0.7× | 0.4× | 0.5× | 1.0× |
| EV/EBITDA | — | — | — | — |
| Dividend yield | 0.0% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Wing's Foot | — | 0.4× | 0.3× | — | 0.0% |
| Samsung C&T | 18.8× | 0.5× | 1.2× | — | 0.9% |
| POSCO International | 10.6× | 1.3× | 0.3× | — | 3.7% |
| ISC | 45.3× | 6.0× | 12.6× | — | 0.5% |
| Youngone | 5.1× | 0.7× | 0.7× | — | 3.1% |
| Dong SUH Companies | 18.9× | 1.6× | 5.1× | — | 4.2% |
| Shinsegae | 14.4× | 0.5× | 0.3× | — | 2.0% |
| Similar companies (median) | 16.6× | 1.0× | 1.0× | — | 2.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Wing's Foot / 윙스풋 / 335870 / KRX:335870
Source: KRX statistical information