KOSPI · 452260 · Retail & Trade · ₩452260

Hanwha Galleria한화갤러리아

452260 · KOSPI · ₩452260 · 한화갤러리아

₩2,410▼ ₩20 (0.82%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: ₩105B
Equity value: −₩111B
WACC: 6.3%

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 ₩2,410, the model needs an operating margin of 7.0% every year (it uses 2.8%).
Or revenue growth +37.0 points a year higher than assumed in each of the 5 years.
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: ₩1,946; −19.3%

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 (2.8%).

Revenue growth

Revenue growth, year 115.1%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 212%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.1% 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 2 years' revenue growth (15.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.8%
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.
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 & amortisation14.3%
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 spending17.8%
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 capital-10%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.6
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 0.32, 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)5.58%
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): ₩596B
Net debt (borrowings and leases − cash and deposits): ₩226B
+ Stakes and investments: ₩10B; Associates, long-term financial assets and deposits (book value)
Shares: 196,764,080; incl. 2,904,470 preferred
Share price: ₩2,410
Market cap: ₩480B

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	₩434B	₩538B	₩575B	₩686B	₩768B	₩837B	₩888B	₩914B
Growth	—	23.9%	6.8%	15.1%	12.0%	9.0%	6.0%	3.0%
EBIT	₩9.8B	₩3.1B	₩9.4B	₩19B	₩22B	₩23B	₩25B	₩26B
EBIT margin	2.3%	0.6%	1.6%	2.8%	2.8%	2.8%	2.8%	2.8%
After-tax EBIT	₩7.1B	₩2.3B	₩6.8B	₩14B	₩16B	₩17B	₩18B	₩19B
+ Depreciation	—	—	—	₩98B	₩110B	₩120B	₩127B	₩131B
− Capital spending	₩134B	₩56B	₩70B	₩122B	₩137B	₩149B	₩158B	₩163B
− Working capital	—	₩28B	₩6.7B	−₩9B	−₩8.2B	−₩6.9B	−₩5B	−₩2.7B
Free cash flow	—	—	—	−₩1.1B	−₩3.1B	−₩5.4B	−₩8B	−₩11B
Discount factor	—	—	—	0.941	0.885	0.832	0.783	0.736
Present value	—	—	—	−₩1B	−₩2.7B	−₩4.5B	−₩6.3B	−₩7.9B

Terminal value ₩173B, worth ₩127B today: 121% 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 ₩4,313 a share)Now 0.56×	₩1,1410.26×	₩1,3180.31×	₩2,4100.56×

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%
5.3%	—	—	—	—	₩223
5.8%	—	—	—	—	—
6.3%	—	—	—	—	—
6.8%	—	—	—	—	—
7.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩467B
Enterprise value: ₩693B
P/E: 17.8×
P/B: 0.6×
P/S: 0.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023
Price	₩1,368	₩1,094	₩1,358
Market cap	₩265B	₩212B	₩263B
P/E	80.1×	—	—
P/B	0.3×	0.3×	0.3×
P/S	0.5×	0.4×	0.6×
EV/EBITDA	—	—	—
Dividend yield	0.0%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Hanwha Galleria	17.8×	0.6×	0.8×	—	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	45.3×	6.0×	12.6×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	18.9×	1.6×	5.1×	—	4.2%
Shinsegae	14.4×	0.5×	0.3×	—	2.0%
Similar companies (median)	16.6×	1.0×	1.0×	—	2.6%

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

Also known as: Hanwha Galleria / 한화갤러리아 / 452260 / KRX:452260

Source: KRX statistical information