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WON Tech

336570 · KOSDAQ · ₩336570 · 원텍

₩3,750▼ ₩80 (2.09%)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

₩14,074

vs the current price (₩3,750)

Enterprise value
₩1.1T
Equity value
₩1.3T
WACC
7.5%

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 275% 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 ₩3,750, the model needs an operating margin of 7.1% every year (it uses 32.0%).
  • Margins ranged from 30.2% to 39.8% 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.
  • Today's P/E is 8.4× against a typical 21.3× 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
₩10,326
+175.4%
Base
₩14,074
+275.3%
Bull
₩20,037
+434.3%

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 (32.0%).

Revenue growth

  • 24.4%

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

    Default: the last 3 years' revenue growth (24.4% a year, annual reports), fading to 3% by year 5.

  • 19%

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

    Default: the last 3 years' revenue growth (24.4% a year, annual reports), fading to 3% by year 5.

  • 13.7%

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

    Default: the last 3 years' revenue growth (24.4% a year, annual reports), fading to 3% by year 5.

  • 8.3%

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

    Default: the last 3 years' revenue growth (24.4% 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 (24.4% a year, annual reports), fading to 3% by year 5.

Business

  • 32%

    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%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 1.8%

    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).

  • 32.5%

    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.

  • 0.64

    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 0.47, 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)
₩167B
Net debt (borrowings and leases − cash and deposits)
−₩117B
+ Stakes and investments
₩32B
Associates, long-term financial assets and deposits (book value)
Shares
89,280,646
Share price
₩3,750
Market cap
₩335B

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₩116B₩115B₩157B₩208B₩248B₩282B₩305B₩314B
Growth41.9%−0.3%36.1%24.4%19.0%13.7%8.3%3.0%
EBIT₩46B₩35B₩52B₩67B₩79B₩90B₩98B₩101B
EBIT margin39.8%30.2%33.0%32.0%32.0%32.0%32.0%32.0%
After-tax EBIT₩33B₩25B₩37B₩48B₩57B₩65B₩71B₩73B
+ Depreciation₩1.2B₩1.3B₩1.4B₩2.1B₩2.5B₩2.8B₩3.1B₩3.1B
− Capital spending₩3.2B₩2B₩1.3B₩3.7B₩4.5B₩5.1B₩5.5B₩5.7B
− Working capital−₩11B₩14B−₩8.5B₩13B₩13B₩11B₩7.6B₩3B
Free cash flow₩43B₩10B₩46B₩33B₩43B₩52B₩61B₩67B
Discount factor———0.9300.8650.8040.7480.696
Present value———₩31B₩37B₩42B₩45B₩47B

Terminal value ₩1.3T, worth ₩905B today: 82% 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 ₩1,938 a share)Now 1.94×₩6,4283.32×₩11,3765.87×₩20,62210.6×
Price / earnings (last 12 months: ₩448 a share)Now 8.37×₩6,89415.4×₩9,53721.3×₩17,04338.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩692 a share)Now 5.42×₩10,65315.4×₩14,73721.3×₩26,33438.1×

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%
6.5%₩14,676₩15,711₩16,975₩18,550₩20,572
7.0%₩13,529₩14,371₩15,379₩16,609₩18,144
7.5%₩12,559₩13,254₩14,074₩15,056₩16,254
8.0%₩11,728₩12,309₩12,986₩13,784₩14,741
8.5%₩11,009₩11,500₩12,066₩12,725₩13,502

Now (TTM)

Market cap
₩335B
Enterprise value
₩216B
P/E
8.4×
P/B
1.9×
P/S
2.0×
EV/EBITDA
4.9×
Dividend yield
1.3%

Over time (at each year end)

2025202420232022
Price₩7,750₩4,395₩9,330₩4,645
Market cap₩692B₩392B₩833B₩415B
P/E19.6×13.5×21.5×31.0×
P/B4.4×3.1×8.4×7.3×
P/S4.4×3.4×7.2×5.1×
EV/EBITDA11.5×9.1×16.5×14.8×
Dividend yield0.6%1.1%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
WON Tech8.4×1.9×2.0×4.9×1.3%
TSE23.5×5.2×4.3×—0.2%
Kctech19.8×3.0×3.6×15.3×0.5%
Classys12.4×3.1×4.6×9.7×3.8%
Park Systems66.3×4.5×7.9×—0.2%
DI37.8×5.2×2.3×—0.6%
LivsMed—6.1×19.4×—0.0%
Similar companies (median)23.5×4.8×4.5×12.5×0.4%

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

Also known as: WON Tech / 원텍 / 336570 / KRX:336570

Source: KRX statistical information