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Hansun Engineering

452280 · KOSDAQ · ₩452280 · 한선엔지니어링

₩13,620▲ ₩520 (3.97%)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

₩2,362

vs the current price (₩13,620)

Enterprise value
₩79B
Equity value
₩45B
WACC
7.0%

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 83% 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 ₩13,620, the model needs an operating margin of 28.4% every year (it uses 15.0%).
  • Or revenue growth +29.3 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.
  • Today's P/E is 39.4× against a typical 31.0× over the last 10 years.

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
₩2,362
−82.7%
Bull
₩8,430
−38.1%

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 (15.0%).

Revenue growth

  • 15.1%

    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.

  • 12%

    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.

  • 9%

    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.

  • 6%

    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.

  • 3%

    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

  • 15%

    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.

  • 4%

    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).

  • 32.5%

    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).

  • 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.

  • 0.6

    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 0.25, 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)
₩81B
Net debt (borrowings and leases − cash and deposits)
₩34B
Shares
19,247,670
Share price
₩13,620
Market cap
₩262B

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₩48B₩49B₩63B₩93B₩104B₩113B₩120B₩124B
Growth—1.7%30.2%15.1%12.0%9.0%6.0%3.0%
EBIT₩6.2B₩4.9B₩9.7B₩14B₩16B₩17B₩18B₩19B
EBIT margin13.0%10.1%15.4%15.0%15.0%15.0%15.0%15.0%
After-tax EBIT₩4.5B₩3.6B₩7.1B₩10B₩11B₩12B₩13B₩13B
+ Depreciation₩2.1B₩2.3B₩1.8B₩3.7B₩4.2B₩4.5B₩4.8B₩4.9B
− Capital spending₩15B₩4.9B₩35B₩30B₩34B₩37B₩39B₩40B
− Working capital—₩5.5B−₩13B₩4.9B₩4.5B₩3.7B₩2.7B₩1.4B
Free cash flow−₩8.8B−₩4.5B−₩13B−₩21B−₩23B−₩24B−₩24B−₩23B
Discount factor———0.9340.8730.8160.7620.712
Present value———−₩20B−₩20B−₩19B−₩18B−₩17B

Terminal value ₩243B, worth ₩173B today: 219% 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 ₩4,878 a share)Now 2.79×₩10,6502.18×₩13,6202.79×₩19,6964.04×
Price / earnings (last 12 months: ₩345 a share)Now 39.4×₩9,00326.1×₩10,69331.0×₩17,24149.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,487 a share)Now 9.16×₩38,78526.1×₩46,06131.0×₩74,26849.9×

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%
6.0%₩2,951₩3,861₩4,994₩6,446₩8,374
6.5%₩1,936₩2,651₩3,522₩4,607₩5,997
7.0%₩1,105₩1,677₩2,362₩3,195₩4,233
7.5%₩415₩880₩1,427₩2,081₩2,878
8.0%—₩217₩661₩1,184₩1,809

Now (TTM)

Market cap
₩262B
Enterprise value
₩295B
P/E
39.4×
P/B
2.8×
P/S
3.3×
EV/EBITDA
15.6×
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩8,540₩6,180₩9,280
Market cap₩164B₩119B₩179B
P/E18.4×28.6×39.3×
P/B2.4×2.0×3.3×
P/S2.6×2.5×3.7×
EV/EBITDA16.6×17.0×21.5×
Dividend yield0.0%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hansun Engineering39.4×2.8×3.3×15.6×0.0%
CS Wind382.1×1.3×0.6×—2.6%
Hankuk Carbon8.0×1.2×0.9×—2.0%
Taewoong68.8×0.8×1.4×21.9×0.0%
YG-15.4×0.8×0.5×—1.8%
Bosung Power Technology19.8×2.2×1.9×9.1×0.0%
HT Robotics42.1×3.0×2.0×—0.0%
Similar companies (median)31.0×1.2×1.1×15.5×0.9%

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

Also known as: Hansun Engineering / 한선엔지니어링 / 452280 / KRX:452280

Source: KRX statistical information