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Bumhan Fuel Cell

382900 · KOSDAQ · ₩382900 · 범한퓨얼셀

₩19,120▲ ₩620 (3.35%)End-of-day · Oct 28, 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
−₩19B
Equity value
−₩122B
WACC
7.2%

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 ₩19,120, the model needs an operating margin of 46.6% every year (it uses −2.1%).
  • Margins ranged from −17.2% to 6.7% 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.
  • 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 (−2.1%).

Revenue growth

  • -5.1%

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

    Default: the last 3 years' revenue growth (-5.1% 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 (-5.1% a year, annual reports), fading to 3% by year 5.

  • -1%

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

    Default: the last 3 years' revenue growth (-5.1% a year, annual reports), fading to 3% by year 5.

  • 1%

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

    Default: the last 3 years' revenue growth (-5.1% 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 (-5.1% a year, annual reports), fading to 3% by year 5.

Business

  • -2.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 3.9%

    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).

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.92

    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 0.89, 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.

  • 5.61%

    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)
₩49B
Net debt (borrowings and leases − cash and deposits)
₩102B
+ Stakes and investments
₩736M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.2B
Shares
8,761,000
Share price
₩19,120
Market cap
₩168B

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₩31B₩36B₩43B₩46B₩45B₩44B₩45B₩46B
Growth−39.8%18.6%19.8%−5.1%−3.0%−1.0%1.0%3.0%
EBIT−₩5.2B₩2.4B₩858M−₩971M−₩942M−₩933M−₩942M−₩970M
EBIT margin−17.2%6.7%2.0%−2.1%−2.1%−2.1%−2.1%−2.1%
After-tax EBIT−₩3.8B₩1.7B₩622M−₩704M−₩683M−₩676M−₩683M−₩703M
+ Depreciation₩1.1B₩1.5B₩1.7B₩1.8B₩1.7B₩1.7B₩1.7B₩1.8B
− Capital spending———₩1.8B₩1.8B₩1.8B₩1.8B₩1.8B
− Working capital−₩26B₩4.7B−₩14B−₩994M−₩555M−₩179M₩178M₩538M
Free cash flow———₩244M−₩173M−₩541M−₩905M−₩1.3B
Discount factor———0.9330.8700.8110.7560.705
Present value———₩227M−₩150M−₩439M−₩685M−₩908M

Terminal value −₩24B, worth −₩17B today: 90% 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 ₩17,792 a share)Now 1.07×₩17,2240.97×₩27,7471.56×₩40,4302.27×

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%
6.2%—————
6.7%—————
7.2%—————
7.7%—————
8.2%—————

Now (TTM)

Market cap
₩168B
Enterprise value
₩269B
P/E
—
P/B
1.1×
P/S
3.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩26,200₩12,830₩20,250₩26,100
Market cap₩230B₩112B₩177B₩229B
P/E144.3×134.7×—101.3×
P/B1.4×0.7×1.7×2.1×
P/S5.3×3.1×5.8×4.5×
EV/EBITDA119.0×51.6×—102.5×
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Bumhan Fuel Cell—1.1×3.4×—0.0%
LS Electric63.5×11.6×4.3×39.3×0.0%
Hyosung Heavy Industries31.8×7.2×2.9×—0.4%
HD Hyundai Electric19.6×7.4×3.8×—0.0%
Gaon Cable117.0×14.2×2.6×61.1×0.0%
Sanil Electric27.9×7.6×8.5×—0.8%
Taihan Cable & Solution—2.3×1.0×—0.0%
Similar companies (median)31.8×7.5×3.4×50.2×0.0%

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

Also known as: Bumhan Fuel Cell / 범한퓨얼셀 / 382900 / KRX:382900

Source: KRX statistical information