Wits위츠
459100 · KOSDAQ · ₩459100 · 위츠
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
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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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 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 margin | 2.4% | 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 | — | — | 0.935 | 0.874 | 0.817 | 0.763 | 0.714 |
| 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)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩6,820 | ₩9,730 |
| Market cap | ₩92B | ₩131B |
| P/E | 47.5× | 84.7× |
| P/B | 2.0× | 3.2× |
| P/S | 0.5× | 1.4× |
| EV/EBITDA | — | — |
| Dividend yield | 4.4% | 3.1% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Wits | 40.2× | 1.2× | 0.3× | — | 8.0% |
| Samsung Electro-Mechanics | 89.0× | 8.8× | 7.2× | — | 0.2% |
| Doosan | 36.8× | 5.2× | 0.7× | — | 0.4% |
| Hanwha Systems | 67.9× | 2.7× | 2.9× | — | 0.8% |
| LG Innotek | 13.4× | 1.4× | 0.4× | — | 0.5% |
| Isupetasys | 32.5× | 7.6× | 5.0× | — | 0.0% |
| Daeduck Electronics | 41.5× | 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