Hanssak한싹
430690 · KOSDAQ · ₩430690 · 한싹
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
- −₩41B
- Equity value
- −₩49B
- 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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩2,590, the model needs an operating margin of 15.0% every year (it uses −3.6%).
- Margins ranged from −13.2% to 10.9% over the last 3 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 (−3.6%).
Revenue growth
- 4.4%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.
- 4%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.
- 3.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.
- 3.3%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (4.4% 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 2 years' revenue growth (4.4% a year, annual reports), fading to 3% by year 5.
Business
- -3.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 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.
- 29%
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).
- 36.3%
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).
- 27.6%
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.
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 0.75
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 0.63, 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.
- 5.53%
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)
- ₩28B
- Net debt (borrowings and leases − cash and deposits)
- ₩6.6B
- − Minority interests
- ₩1.3B
- Shares
- 10,895,304
- Share price
- ₩2,590
- Market cap
- ₩28B
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 | ₩24B | ₩21B | ₩26B | ₩29B | ₩30B | ₩31B | ₩32B | ₩33B |
| Growth | — | −14.8% | 28.0% | 4.4% | 4.0% | 3.7% | 3.3% | 3.0% |
| EBIT | ₩2.6B | −₩2.7B | −₩1.9B | −₩1B | −₩1.1B | −₩1.1B | −₩1.2B | −₩1.2B |
| EBIT margin | 10.9% | −13.2% | −7.4% | −3.6% | −3.6% | −3.6% | −3.6% | −3.6% |
| After-tax EBIT | ₩1.9B | −₩2B | −₩1.4B | −₩760M | −₩791M | −₩820M | −₩847M | −₩873M |
| + Depreciation | — | — | — | ₩8.4B | ₩8.8B | ₩9.1B | ₩9.4B | ₩9.7B |
| − Capital spending | ₩5.3B | ₩11B | ₩9.1B | ₩11B | ₩11B | ₩11B | ₩12B | ₩12B |
| − Working capital | — | −₩14B | −₩881M | ₩339M | ₩322M | ₩309M | ₩286M | ₩269M |
| Free cash flow | — | — | — | −₩3.2B | −₩3.3B | −₩3.4B | −₩3.5B | −₩3.6B |
| Discount factor | — | — | — | 0.931 | 0.867 | 0.808 | 0.753 | 0.701 |
| Present value | — | — | — | −₩3B | −₩2.9B | −₩2.8B | −₩2.6B | −₩2.5B |
Terminal value −₩39B, worth −₩27B today: 66% 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 ₩3,041 a share)Now 0.85× | ₩2,5900.85× | ₩4,9011.61× | ₩7,7892.56× |
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% |
|---|---|---|---|---|---|
| 6.4% | — | — | — | — | — |
| 6.9% | — | — | — | — | — |
| 7.4% | — | — | — | — | — |
| 7.9% | — | — | — | — | — |
| 8.4% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩28B
- Enterprise value
- ₩35B
- P/E
- —
- P/B
- 0.9×
- P/S
- 1.0×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩4,795 | ₩3,820 | ₩9,571 |
| Market cap | ₩52B | ₩42B | ₩104B |
| P/E | — | 333.2× | 32.3× |
| P/B | 1.5× | 1.2× | 977.3× |
| P/S | 2.0× | 2.0× | 4.3× |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Hanssak | — | 0.9× | 1.0× | — | 0.0% |
| Hyundai Autoever | 44.9× | 4.5× | 1.9× | — | 0.6% |
| Krafton | 10.1× | 1.2× | 1.9× | — | 1.2% |
| NC | 7.0× | 1.2× | 2.1× | 8.5× | 0.6% |
| Netmarble | 7.0× | 0.5× | 1.0× | — | 2.6% |
| PearlAbyss | 8.0× | 2.1× | 3.0× | 5.2× | 0.0% |
| Shift UP | 9.0× | 1.8× | 7.1× | — | 0.0% |
| Similar companies (median) | 8.5× | 1.5× | 2.0× | 6.8× | 0.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Hanssak / 한싹 / 430690 / KRX:430690
Source: KRX statistical information