The Discounted Cash Flow (DCF) valuation of MHEthanol Co Ltd (023150.KS) is 1,134.75 KRW. With the latest stock price at 5,440.00 KRW, the upside of MHEthanol Co Ltd based on DCF is -79.1%.

Is 023150.KS a buy or a sell?

Based on the latest price of 5,440.00 KRW and our DCF valuation, MHEthanol Co Ltd (023150.KS) is a sell. Selling 023150.KS stocks now will result in a potential gain of 79.1%.

	Range	Selected
WACC / Discount Rate	3.8% - 10.8%	7.3%
Long-term Growth Rate	3.0% - 3.6%	3.3%
Fair Price	(10,699.39) - 373,571.67	1,134.75
Upside	-296.7% - 6767.1%	-79.1%

5,440.00 KRW

Stock Price

1,134.75 KRW

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

023150.KS DCF Valuation: Revenue & Expenses Forecast

(KRW in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	100,419	104,170	109,501	115,538	121,552	128,552
% Growth	5%	4%	5%	6%	5%	6%

Cost of goods sold	(62,801)	(61,889)	(61,803)	(61,950)	(61,916)	(62,207)
% of Revenue	63%	59%	56%	54%	51%	48%

Selling, G&A expenses	(24,148)	(25,050)	(26,332)	(27,784)	(29,230)	(30,913)
% of Revenue	24%	24%	24%	24%	24%	24%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(28,798)	(29,874)	(31,403)	(33,134)	(34,859)	(36,866)
% of Revenue	29%	29%	29%	29%	29%	29%

Tax expense	(4,307)	3,147	2,498	1,824	1,108	357
Tax rate	28%	25%	25%	25%	25%	25%

Net profit	(19,634)	(9,496)	(7,538)	(5,505)	(3,344)	(1,078)
% Margin	-20%	-9%	-7%	-5%	-3%	-1%