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Rothwell International

900260 · KOSDAQ · ₩900260 · 로스웰

₩1,959 ₩0 (0.00%)End-of-day · Oct 27, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩14

vs the current price (₩1,959)

Enterprise value
₩531M
Equity value
₩660M
WACC
7.4%

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 99% 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 ₩1,959, the model needs an operating margin of 80.0% every year (it uses −0.1%).
  • Margins ranged from −8.4% to 4.0% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • 48% 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.

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
₩14
−99.3%
Bull
₩84
−95.7%

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 (−0.1%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (104.8% 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 3 years' revenue growth (104.8% 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 3 years' revenue growth (104.8% 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 3 years' revenue growth (104.8% 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 3 years' revenue growth (104.8% a year, annual reports), fading to 3% by year 5.

Business

  • -0.1%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 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.

  • 1.3%

    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).

  • 0.5%

    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).

  • -8.9%

    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 0.06, 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)
₩4.9B
Net debt (borrowings and leases − cash and deposits)
−₩129M
Shares
46,029,706
Share price
₩1,959
Market cap
₩90B

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₩2B₩2.7B₩3.8B₩6.1B₩7.3B₩8.3B₩9B₩9.3B
Growth343.5%36.7%41.8%25.0%19.5%14.0%8.5%3.0%
EBIT₩79M₩103M₩56M−₩6.1M−₩7.3M−₩8.3M−₩9M−₩9.3M
EBIT margin4.0%3.8%1.5%−0.1%−0.1%−0.1%−0.1%−0.1%
After-tax EBIT₩57M₩75M₩41M−₩4.4M−₩5.3M−₩6M−₩6.5M−₩6.7M
+ Depreciation₩32M₩36M₩37M₩79M₩95M₩108M₩117M₩120M
− Capital spending₩22M₩9.2M₩6.6M₩30M₩36M₩41M₩45M₩46M
− Working capital₩16M−₩614M−₩148M−₩108M−₩106M−₩91M−₩63M−₩24M
Free cash flow₩52M₩716M₩219M₩153M₩158M₩151M₩128M₩91M
Discount factor———0.9310.8670.8070.7510.700
Present value———₩142M₩137M₩122M₩96M₩64M

Terminal value −₩43M, worth −₩30M today: -6% 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 ₩32 a share)Now 62.1×₩72422.9×₩1,27540.4×₩2,05965.3×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, 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%
6.4%₩12₩13₩14₩16₩18
6.9%₩12₩13₩14₩16₩18
7.4%₩12₩13₩14₩16₩17
7.9%₩13₩13₩14₩15₩17
8.4%₩13₩13₩14₩15₩16

Now (TTM)

Market cap
₩90B
Enterprise value
₩90B
P/E
612.6×
P/B
62.1×
P/S
18.5×
EV/EBITDA
638.9×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,572₩577₩760₩1,220₩1,735
Market cap₩72B₩27B₩35B₩56B₩80B
P/E727.3×289.4×430.0×——
P/B52.1×20.9×29.9×51.9×70.8×
P/S19.0×9.9×17.8×126.4×480.9×
EV/EBITDA759.0×180.4×309.0×—14,441.6×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Rothwell International612.6×62.1×18.5×638.9×0.0%
SK Square3.3×2.0×88.7×3.2×0.0%
KB Financial Group8.3×0.9×—9.3×3.0%
Shinhan Financial Group7.5×0.7×—10.0×3.0%
SK4.5×1.0×0.3×—1.6%
Hana Financial Group7.5×0.7×—9.8×3.6%
Woori Financial Group6.7×0.5×—8.2×4.7%
Similar companies (median)7.1×0.8×44.5×9.3×3.0%

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

Also known as: Rothwell International / 로스웰 / 900260 / KRX:900260

Source: KRX statistical information