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Hanpass

408470 · KOSDAQ · ₩408470 · 한패스

₩3,950▲ ₩50 (1.28%)End-of-day · Oct 28, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩13,092

vs the current price (₩3,950)

Enterprise value
₩106B
Equity value
₩138B
WACC
7.4%

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 231% 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 ₩3,950, the model needs an operating margin of 2.2% every year (it uses 12.4%).

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
₩9,250
+134.2%
Base
₩13,092
+231.4%
Bull
₩19,556
+395.1%

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

Assumptions

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Cycle options

Margin path

Every year uses the cycle-average margin (12.4%).

Revenue growth

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

Business

  • 12.4%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 1 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%

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

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

  • 4%

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

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

  • 19.3%

    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 1 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.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 31 weeks of weekly returns against KOSPI (official index); raw beta 0.29, 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)
₩66B
Net debt (borrowings and leases − cash and deposits)
−₩32B
Shares
10,572,000
Share price
₩3,950
Market cap
₩42B

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.

FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩66B₩68B₩70B₩73B₩75B₩77B
Growth—3.0%3.0%3.0%3.0%3.0%
EBIT₩8.2B₩8.5B₩8.7B₩9B₩9.3B₩9.6B
EBIT margin12.4%12.4%12.4%12.4%12.4%12.4%
After-tax EBIT₩6B₩6.2B₩6.3B₩6.5B₩6.7B₩6.9B
+ Depreciation—₩2.1B₩2.1B₩2.2B₩2.2B₩2.3B
− Capital spending—₩2.7B₩2.8B₩2.9B₩3B₩3.1B
− Working capital—₩385M₩396M₩408M₩420M₩433M
Free cash flow—₩5.1B₩5.2B₩5.4B₩5.6B₩5.7B
Discount factor—0.9310.8670.8070.7510.700
Present value—₩4.7B₩4.5B₩4.4B₩4.2B₩4B

Terminal value ₩121B, worth ₩84B today: 79% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
6.4%₩13,642₩14,445₩15,429₩16,664₩18,259
6.9%₩12,716₩13,363₩14,141₩15,095₩16,291
7.4%₩11,935₩12,465₩13,092₩13,846₩14,769
7.9%₩11,268₩11,708₩12,221₩12,828₩13,558
8.4%₩10,692₩11,061₩11,486₩11,983₩12,572

Now (TTM)

Market cap
₩42B
Enterprise value
₩3.7B
P/E
6.3×
P/B
0.7×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

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Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hanpass6.3×0.7×0.6×—0.0%
SK Square3.7×2.2×98.7×3.6×0.0%
KB Financial Group8.7×0.9×—9.5×2.8%
Shinhan Financial Group7.7×0.7×—10.1×2.9%
SK4.9×1.1×0.3×—1.5%
Hana Financial Group7.6×0.7×—9.9×3.6%
Woori Financial Group6.9×0.6×—8.3×4.5%
Similar companies (median)7.3×0.8×49.5×9.5×2.9%

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

Also known as: Hanpass / 한패스 / 408470 / KRX:408470

Source: KRX statistical information