KOSDAQ · 372170 · Machinery · ₩372170

Yunsung F&C윤성에프앤씨

372170 · KOSDAQ · ₩372170 · 윤성에프앤씨

₩19,320▼ ₩490 (2.47%)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

₩7,675

vs the current price (₩19,320)

Enterprise value: ₩36B
Equity value: ₩61B
WACC: 8.1%

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 is 60% 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 ₩19,320, the model needs an operating margin of 12.2% every year (it uses 4.1%).
Margins ranged from −31.6% to 15.3% 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.
100% 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 23.1× against a typical 24.0× 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: ₩5,207; −73.1%
Base: ₩7,675; −60.3%
Bull: ₩12,263; −36.5%

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 (4.1%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-21.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-21.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-21.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-21.9% 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 (-21.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.1%
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.
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 & amortisation3.9%
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 spending4.9%
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).
Working capital40%
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.
Beta0.74
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 0.61, 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): ₩123B
Net debt (borrowings and leases − cash and deposits): −₩17B
+ Stakes and investments: ₩7.9B; Associates, long-term financial assets and deposits (book value)
Shares: 7,979,048
Share price: ₩19,320
Market cap: ₩154B

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	₩313B	₩271B	₩100B	₩111B	₩103B	₩100B	₩100B	₩103B
Growth	48.8%	−13.3%	−63.1%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩26B	₩32B	−₩32B	₩4.5B	₩4.2B	₩4.1B	₩4.1B	₩4.2B
EBIT margin	8.5%	11.8%	−31.6%	4.1%	4.1%	4.1%	4.1%	4.1%
After-tax EBIT	₩19B	₩23B	−₩23B	₩3.3B	₩3.1B	₩3B	₩3B	₩3.1B
+ Depreciation	—	—	—	₩4.3B	₩4B	₩3.9B	₩3.9B	₩4B
− Capital spending	₩16B	₩15B	₩3.9B	₩5.4B	₩5.1B	₩4.9B	₩4.9B	₩5B
− Working capital	₩22B	₩17B	−₩43B	−₩4.9B	−₩3B	−₩1.4B	−₩80M	₩1.2B
Free cash flow	—	—	—	₩7.1B	₩5B	₩3.4B	₩2B	₩829M
Discount factor	—	—	—	0.925	0.856	0.792	0.733	0.678
Present value	—	—	—	₩6.6B	₩4.3B	₩2.7B	₩1.5B	₩562M

Terminal value ₩31B, worth ₩21B today: 57% 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 ₩24,305 a share)Now 0.79×	₩21,9500.90×	₩39,7161.63×	₩206,2478.49×
Price / earnings (last 12 months: ₩837 a share)Now 23.1×	₩6,9538.30×	₩20,10024.0×	₩41,82749.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩8,016 a share)Now 2.41×	₩66,5478.30×	₩192,38824.0×	₩400,35349.9×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
7.1%	₩8,417	₩8,400	₩8,375	₩8,341	₩8,294
7.6%	₩8,076	₩8,040	₩7,994	₩7,936	₩7,861
8.1%	₩7,782	₩7,734	₩7,675	₩7,602	₩7,512
8.6%	₩7,527	₩7,470	₩7,403	₩7,322	₩7,223
9.1%	₩7,302	₩7,241	₩7,169	₩7,083	₩6,981

Now (TTM)

Market cap: ₩154B
Enterprise value: ₩137B
P/E: 23.1×
P/B: 0.8×
P/S: 1.3×
EV/EBITDA: —
Dividend yield: 0.4%

Over time (at each year end)

	2025	2024	2023	2022
Price	₩29,600	₩35,450	₩113,000	₩44,400
Market cap	₩236B	₩283B	₩902B	₩354B
P/E	—	7.6×	36.8×	14.3×
P/B	1.3×	1.4×	5.6×	2.6×
P/S	2.4×	1.0×	2.9×	1.7×
EV/EBITDA	—	—	—	—
Dividend yield	0.3%	0.6%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Yunsung F&C	23.1×	0.8×	1.3×	—	0.4%
Doosan Enerbility	193.9×	4.3×	2.0×	—	0.0%
Hanmi Semiconductor	78.4×	23.3×	31.6×	70.6×	0.4%
Jusung Engineering	1,058.2×	13.0×	34.0×	2,036.0×	0.0%
Rainbow Robotics	4,137.6×	53.0×	156.2×	—	0.0%
EO Technics	44.1×	6.4×	10.8×	—	0.0%
Doosan Bobcat	13,622.5×	911.6×	733.9×	—	3.5%
Similar companies (median)	626.0×	18.1×	32.8×	1,053.3×	0.0%

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

Also known as: Yunsung F&C / 윤성에프앤씨 / 372170 / KRX:372170

Source: KRX statistical information