112610.KS
CSWINDAfter hours112610.KS discounted cash flow valuation
112610.KS Fair Value
Reverse DCF: today's price implies -6.1% a year of FCF growth for years 1–5, against 17.1% in this model.
Model: 17.1% from analyst next-year EPS & revenue growth. Fades linearly to terminal growth by year 10.
Model: 8.12% (CAPM, see the build-up).
Long-run growth after year 10; keep it at or below nominal GDP.
Value Bridge
| PV of free cash flow, years 1–10 | KRW 3.90T |
|---|---|
| PV of terminal value (66% of EV) | KRW 7.46T |
| Enterprise value | KRW 11.36T |
| + Cash & investments | KRW 445.01B |
| − Total debt | −KRW 1.23T |
| Equity value | KRW 10.57T |
| ÷ Shares outstanding | 41.61M |
| Value per share | KRW 253,991.96 |
| Market cap | KRW 2.22T |
Discount Rate Build-up
| Risk-free rate (10-yr Treasury) | 5.22% |
|---|---|
| Beta (clamped 0.5–2.5) | 0.92 |
| Equity risk premium | 5.00% |
| Cost of equity (CAPM) | 9.83% |
| Pre-tax cost of debt | 6.13% |
| Tax rate | 17.8% |
| Debt / (equity + debt) | 35.7% |
| WACC | 8.12% |
Cost of debt is interest expense ÷ total debt, held between the risk-free rate and 12%.
Free Cash Flow: History and Projection
Sensitivity: Value per Share
| WACC ↓ / g → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.12% | 337,841.19 | 374,402.26 | 421,054.38 | 482,648.98 | 567,740.89 |
| 7.12% | 268,613.00 | 291,468.67 | 319,265.09 | 353,801.06 | 397,869.17 |
| 8.12% | 220,563.99 | 235,914.70 | 253,991.96 | 275,594.55 | 301,867.04 |
| 9.12% | 185,340.41 | 196,187.92 | 208,670.14 | 223,187.72 | 240,283.90 |
| 10.12% | 158,466.04 | 166,427.86 | 175,431.38 | 185,696.05 | 197,507.60 |
Green is above today's price, red below (full colour at ±30%). The outlined centre cell is the current inputs.
Projected Cash Flows
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Base (TTM) | — | KRW 272.67B | — | — |
| Year 1 | 17.1% | KRW 319.30B | 0.925 | KRW 295.32B |
| Year 2 | 17.1% | KRW 373.90B | 0.855 | KRW 319.85B |
| Year 3 | 17.1% | KRW 437.84B | 0.791 | KRW 346.41B |
| Year 4 | 17.1% | KRW 512.71B | 0.732 | KRW 375.18B |
| Year 5 | 17.1% | KRW 600.38B | 0.677 | KRW 406.34B |
| Year 6 | 14.2% | KRW 685.51B | 0.626 | KRW 429.12B |
| Year 7 | 11.3% | KRW 762.70B | 0.579 | KRW 441.58B |
| Year 8 | 8.3% | KRW 826.31B | 0.535 | KRW 442.48B |
| Year 9 | 5.4% | KRW 871.10B | 0.495 | KRW 431.43B |
| Year 10 | 2.5% | KRW 892.87B | 0.458 | KRW 409.01B |
Method
Two-stage free-cash-flow model, the same as the bot's lgf dcf: five years at the chosen growth rate, a straight-line fade to terminal growth by year ten, then a Gordon-growth terminal value. Everything is discounted at WACC.
Base cash flow is the trailing four quarters of operating cash flow minus capital expenditure (the latest fiscal year when quarters are missing). Default growth uses analyst long-term growth when Yahoo publishes it, else the average of next year's EPS and revenue growth, else revenue CAGR, held between −5% and 25%.
A DCF is only as good as its inputs. The terminal value is usually most of the answer, so read the sensitivity grid before the headline number. This is a model, not investment advice.