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Hanwha Vision

489790 · KOSPI · ₩489790 · 한화비전

₩51,300▲ ₩2,200 (4.48%)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

₩11,411

vs the current price (₩51,300)

Enterprise value
₩1.2T
Equity value
₩576B
WACC
7.3%

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 is 78% 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 ₩51,300, the model needs an operating margin of 10.3% every year (it uses 5.7%).
  • Or revenue growth +45.1 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
₩11,411
−77.8%
Bull
₩45,860
−10.6%

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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (5.7%).

Revenue growth

  • 25%

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

    Default: the last 1 years' revenue growth (263% 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 (263% 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 (263% 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 (263% 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 (263% a year, annual reports), fading to 3% by year 5.

Business

  • 5.7%

    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.

  • 4.6%

    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).

  • 5.7%

    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).

  • 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 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.

  • 4.01%

    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.

  • 0.74

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

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.62, 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)
₩1.9T
Net debt (borrowings and leases − cash and deposits)
₩605B
− Minority interests
₩252M
Shares
50,488,390
Share price
₩51,300
Market cap
₩2.6T

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₩493B₩1.8T₩2.3T₩2.8T₩3.2T₩3.4T₩3.6T
Growth—263.0%25.0%19.5%14.0%8.5%3.0%
EBIT−₩120M₩162B₩133B₩159B₩181B₩196B₩202B
EBIT margin−0.0%9.1%5.7%5.7%5.7%5.7%5.7%
After-tax EBIT−₩87M₩118B₩96B₩115B₩131B₩142B₩147B
+ Depreciation——₩107B₩128B₩146B₩159B₩163B
− Capital spending₩26B₩110B₩133B₩159B₩181B₩196B₩202B
− Working capital—₩111B₩187B₩182B₩156B₩108B₩41B
Free cash flow——−₩116B−₩97B−₩60B−₩3.5B₩66B
Discount factor——0.9320.8680.8090.7540.703
Present value——−₩108B−₩85B−₩48B−₩2.6B₩47B

Terminal value ₩2T, worth ₩1.4T today: 117% 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 ₩18,778 a share)Now 2.73×₩40,1582.14×₩59,3193.16×₩73,4933.91×

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%
6.3%₩16,347₩17,694₩19,329₩21,367₩23,990
6.8%₩12,902₩13,837₩14,946₩16,289₩17,959
7.3%₩10,023₩10,666₩11,411₩12,291₩13,352
7.8%₩7,586₩8,016₩8,505₩9,067₩9,726
8.3%₩5,499₩5,773₩6,076₩6,416₩6,801

Now (TTM)

Market cap
₩2.6T
Enterprise value
₩3.2T
P/E
21.8×
P/B
2.7×
P/S
1.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024
Price₩44,900₩31,600
Market cap₩2.3T₩1.6T
P/E49.7×150.6×
P/B2.6×1.9×
P/S1.3×3.2×
EV/EBITDA——
Dividend yield0.0%—

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Hanwha Vision21.8×2.7×1.4×—0.0%
Samsung Electronics8.8×2.3×2.7×—0.7%
LG Electronics23.6×0.9×0.3×—0.9%
RFHIC39.7×3.5×6.5×—0.8%
KMW—4.9×7.9×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Solid8.9×1.3×1.5×12.3×0.6%
Similar companies (median)12.9×2.2×2.1×12.3×0.7%

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

Also known as: Hanwha Vision / 한화비전 / 489790 / KRX:489790

Source: KRX statistical information