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HBL

452190 · KOSDAQ · ₩452190 · 한빛레이저

₩4,050▼ ₩215 (5.04%)End-of-day · Oct 30, 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

₩414

vs the current price (₩4,050)

Enterprise value
₩2.4B
Equity value
₩9.9B
WACC
8.8%

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 90% 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 ₩4,050, the model needs an operating margin of 31.3% every year (it uses 2.1%).
  • Margins ranged from −13.8% to 8.1% 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.
  • 39% 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.
  • 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
₩225
−94.4%
Base
₩414
−89.8%
Bull
₩751
−81.5%

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

  • 3.4%

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

    Default: the last 2 years' revenue growth (3.4% 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 (3.4% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

    Default: the last 2 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 2 years' revenue growth (3.4% 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 (3.4% 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 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.

  • 2.5%

    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).

  • 3.2%

    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).

  • 24.7%

    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.

  • 4.01%

    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.

  • 0.88

    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 0.82, 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.

  • 5.51%

    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)
₩26B
Net debt (borrowings and leases − cash and deposits)
−₩7.5B
Shares
23,920,557
Share price
₩4,050
Market cap
₩97B

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₩23B₩19B₩24B₩27B₩28B₩29B₩30B₩31B
Growth—−18.2%30.8%3.4%3.3%3.2%3.1%3.0%
EBIT₩645M−₩2.6B₩2B₩568M₩587M₩606M₩624M₩643M
EBIT margin2.8%−13.8%8.1%2.1%2.1%2.1%2.1%2.1%
After-tax EBIT₩468M−₩1.9B₩1.4B₩412M₩425M₩439M₩453M₩466M
+ Depreciation———₩676M₩698M₩721M₩743M₩765M
− Capital spending₩798M₩316M₩1B₩866M₩894M₩923M₩951M₩980M
− Working capital—−₩1B₩3.4B₩220M₩220M₩221M₩221M₩220M
Free cash flow———₩2.8M₩9.3M₩16M₩24M₩32M
Discount factor———0.9190.8440.7750.7120.654
Present value———₩2.6M₩7.9M₩13M₩17M₩21M

Terminal value ₩3.6B, worth ₩2.3B today: 97% 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 ₩1,325 a share)Now 3.06×₩4,0163.03×₩5,4944.15×₩6,7685.11×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
7.8%₩449₩443₩436₩427₩416
8.3%₩437₩431₩424₩415₩404
8.8%₩427₩421₩414₩405₩395
9.3%₩418₩412₩405₩397₩387
9.8%₩410₩404₩397₩390₩380

Now (TTM)

Market cap
₩97B
Enterprise value
₩89B
P/E
27.5×
P/B
3.1×
P/S
3.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024
Price₩4,740₩3,110
Market cap₩113B₩74B
P/E46.5×—
P/B3.7×2.6×
P/S4.7×4.0×
EV/EBITDA——
Dividend yield0.0%—

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
HBL27.5×3.1×3.7×—0.0%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—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: HBL / 한빛레이저 / 452190 / KRX:452190

Source: KRX statistical information