KOSDAQ · 353190 · Food & Beverage · ₩353190

Hurum휴럼

353190 · KOSDAQ · ₩353190 · 휴럼

₩2,095▼ ₩90 (4.12%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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: −₩320M
Equity value: −₩7.2B
WACC: 12.9%

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 ₩2,095, the model needs an operating margin of 4.0% every year (it uses 1.2%).
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: ₩1,721; −17.8%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (1.2%).

Revenue growth

Revenue growth, year 114%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.2%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation4.1%
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).
Capital spending5.1%
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).
Working capital6.2%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta2
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 2.65, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩95B
Net debt (borrowings and leases − cash and deposits): ₩3.9B
+ Stakes and investments: ₩98M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩3.1B
Shares: 7,875,684
Share price: ₩2,095
Market cap: ₩16B

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	₩88B	₩98B	₩99B	₩108B	₩120B	₩131B	₩138B	₩142B
Growth	32.1%	11.0%	0.9%	14.0%	11.2%	8.5%	5.7%	3.0%
EBIT	₩3.8B	₩1B	₩1.9B	₩1.3B	₩1.4B	₩1.6B	₩1.7B	₩1.7B
EBIT margin	4.2%	1.1%	1.9%	1.2%	1.2%	1.2%	1.2%	1.2%
After-tax EBIT	₩2.7B	₩761M	₩1.4B	₩941M	₩1B	₩1.1B	₩1.2B	₩1.2B
+ Depreciation	—	—	—	₩4.4B	₩4.9B	₩5.4B	₩5.7B	₩5.8B
− Capital spending	₩3.9M	₩12B	₩2.7B	₩5.5B	₩6.1B	₩6.7B	₩7B	₩7.2B
− Working capital	−₩12B	−₩1.3B	₩830M	₩824M	₩751M	₩634M	₩461M	₩257M
Free cash flow	—	—	—	−₩964M	−₩908M	−₩804M	−₩641M	−₩441M
Discount factor	—	—	—	0.886	0.785	0.695	0.616	0.545
Present value	—	—	—	−₩854M	−₩712M	−₩559M	−₩394M	−₩241M

Terminal value ₩4.5B, worth ₩2.4B today: -761% 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 ₩4,951 a share)Now 0.42×	₩2,8590.58×	₩5,1531.04×	₩8,1511.65×
P/E on run-rate earnings (Q2 2026 × 4: ₩8 a share)Now 250.5×	₩10312.3×	₩17220.6×	₩59070.5×

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%
11.9%	—	—	—	—	—
12.4%	—	—	—	—	—
12.9%	—	—	—	—	—
13.4%	—	—	—	—	—
13.9%	—	—	—	—	—

Now (TTM)

Market cap: ₩16B
Enterprise value: ₩20B
P/E: —
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 19.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,420	₩3,535	₩5,645	₩5,800	₩8,525
Market cap	₩27B	₩28B	₩44B	₩46B	₩67B
P/E	23.2×	15.9×	13.6×	—	—
P/B	0.6×	0.7×	1.2×	1.3×	1.9×
P/S	0.3×	0.3×	0.5×	0.7×	1.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	11.7%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hurum	—	0.4×	0.2×	—	19.1%
Samyang Foods	17.6×	5.6×	3.1×	—	0.4%
Orion	10.8×	1.1×	1.3×	5.4×	3.0%
CJ Cheiljedang	—	0.3×	0.1×	—	3.5%
Nongshim	12.3×	0.8×	0.7×	—	1.5%
Otoki	17.4×	0.6×	0.3×	—	2.8%
Hite Jinro	23.7×	1.0×	0.5×	6.4×	4.4%
Similar companies (median)	17.4×	0.9×	0.6×	5.9×	2.9%

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

Also known as: Hurum / 휴럼 / 353190 / KRX:353190

Source: KRX statistical information