Wits

459100 · KOSDAQ · ₩459100 · 위츠

₩3,745▲ ₩10 (0.27%)End-of-day · Oct 27, 2026 · End-of-day prices.
Trade
Alert me

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

₩369

vs the current price (₩3,745)

Enterprise value
₩17B
Equity value
₩5B
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 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 ₩3,745, the model needs an operating margin of 2.2% every year (it uses 1.3%).
  • Or revenue growth +37.8 points a year higher than assumed in each of the 5 years.
  • 100% 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
—
Base
₩369
−90.1%
Bull
₩11,556
+208.6%

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 (1.3%).

Revenue growth

  • 25%

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

    Default: the last 1 years' revenue growth (85.9% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 1 years' revenue growth (85.9% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 1 years' revenue growth (85.9% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 1 years' revenue growth (85.9% 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 1 years' revenue growth (85.9% a year, annual reports), fading to 3% by year 5.

Business

  • 1.3%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 2 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.

  • 4.4%

    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).

  • 5.5%

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

    Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).

  • 3.1%

    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 2 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.

  • 0.65

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

    Default: 101 weeks of weekly returns against KOSPI (official index); raw beta 0.47, 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)
₩198B
Net debt (borrowings and leases − cash and deposits)
₩12B
− Minority interests
₩388M
Shares
13,466,100
Share price
₩3,745
Market cap
₩50B

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.

FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩91B₩169B₩247B₩296B₩337B₩366B₩377B
Growth—85.9%25.0%19.5%14.0%8.5%3.0%
EBIT₩2.2B₩2.6B₩3.2B₩3.8B₩4.4B₩4.8B₩4.9B
EBIT margin2.4%1.5%1.3%1.3%1.3%1.3%1.3%
After-tax EBIT₩1.6B₩1.9B₩2.3B₩2.8B₩3.2B₩3.4B₩3.6B
+ Depreciation——₩11B₩13B₩15B₩16B₩17B
− Capital spending₩3.6B₩12B₩14B₩16B₩19B₩20B₩21B
− Working capital—−₩46B₩1.5B₩1.5B₩1.3B₩888M₩340M
Free cash flow——−₩1.9B−₩2B−₩1.8B−₩1.5B−₩933M
Discount factor——0.9350.8740.8170.7630.714
Present value——−₩1.8B−₩1.7B−₩1.5B−₩1.1B−₩666M

Terminal value ₩34B, worth ₩24B today: 139% 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%
6.0%₩556₩717₩917₩1,173₩1,515
6.5%₩338₩461₩611₩798₩1,037
7.0%₩158₩254₩369₩509₩683
7.5%₩8₩84₩173₩280₩410
8.0%——₩12₩95₩194

Now (TTM)

Market cap
₩50B
Enterprise value
₩62B
P/E
40.2×
P/B
1.2×
P/S
0.3×
EV/EBITDA
—
Dividend yield
8.0%

Over time (at each year end)

20252024
Price₩6,820₩9,730
Market cap₩92B₩131B
P/E47.5×84.7×
P/B2.0×3.2×
P/S0.5×1.4×
EV/EBITDA——
Dividend yield4.4%3.1%

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Wits40.2×1.2×0.3×—8.0%
Samsung Electro-Mechanics89.0×8.8×7.2×—0.2%
Doosan36.8×5.2×0.7×—0.4%
Hanwha Systems67.9×2.7×2.9×—0.8%
LG Innotek13.4×1.4×0.4×—0.5%
Isupetasys32.5×7.6×5.0×—0.0%
Daeduck Electronics41.5×6.5×4.7×—0.4%
Similar companies (median)39.2×5.8×3.8×—0.4%

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

Also known as: Wits / 위츠 / 459100 / KRX:459100

Source: KRX statistical information