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JONBUR Research · Initiation

Vitzrocell · 082920 · Batteries

Vitzrocell: Five Years of Rising Profits, Shares Well Below Their 52-Week High

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

Vitzrocell is a KOSDAQ-listed battery maker whose filed revenue rose from ₩113.2B in 2021 to ₩243.1B in 2025, with a trailing operating margin of 27.8%. The shares closed at ₩25,550 on 2026-10-12, down 13.4% over one year and well below the 52-week high of ₩67,800, while a DCF model estimate sits above the price.

Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of consistent growth and improving profitability. Revenue grew every year shown, and operating margin rose from 15.4% in 2021 to 28.5% in 2025. ROE was 22.2% on a trailing basis, and the balance sheet is light, with liabilities at 19.0% of equity.

The share price has moved the other way recently, down 8.1% over one month and 11.7% over three months. The data does not explain why. No news headlines are provided, and investor flow, foreign ownership and short balance data are not available. Several 5%+ holding reports and insider shareholding reports were filed in July to September 2026, but their contents are not in the data, so no conclusion can be drawn from them.

Business overview

Vitzrocell is classified in the Batteries sector and trades on KOSDAQ under code 082920. It was founded on 1987-10-31 and listed on 2009-10-28. CEO is 장승국. It has 22,872,213 listed shares and a market capitalisation of about ₩584.4B. The data gives no breakdown of products or customers, so the business description is limited to the figures: revenue of ₩277.1B over the trailing twelve months to H1 2026, up from ₩113.2B in 2021.

Financial analysis

These figures come from filed financial statements (DART), consolidated where available.

Revenue was ₩113.2B in 2021, ₩141.0B in 2022, ₩176.2B in 2023, ₩210.8B in 2024 and ₩243.1B in 2025. Growth rates were 24.5%, 25.0%, 19.6% and 15.3% in 2022 to 2025, so growth has slowed even as revenue has risen.

Operating income rose from ₩17.4B in 2021 to ₩69.3B in 2025. Net income rose from ₩17.0B to ₩56.9B. Operating margin was 28.5% in 2025. ROE moved from 10.2% in 2021 to 18.6% in 2025.

Trailing twelve months to H1 2026: revenue ₩277.1B, operating income ₩77.1B (27.8% margin), net income ₩71.3B (25.7% margin) and ROE 22.2%. Cash was ₩20.0B against borrowings of ₩16.0B. Free cash flow was ₩61.8B.

Valuation

At ₩25,550 the shares trade at a P/E of 8.2, P/B of 1.6 and P/S of 2.1, with a dividend yield of 2.0%. Enterprise value is about ₩580.3B. EV/EBITDA is not available. At the end of 2025 the P/E was 7.1 and the P/B was 1.2, so the P/B is higher now while the P/E is somewhat higher too. Earlier year-end multiples are not available.

The peers listed show very different readings. Samsung SDI has a P/B of 1.6, LG Energy Solution 4.2, POSCO Future M 3.3, Ecopro BM 6.3 and L&F 5.0. Peer P/E values are either unavailable or extremely high (Samsung SDI 1,024.7, POSCO Future M 307.7, Ecopro BM 258.5), so they are not a useful comparison. Vitzrocell is far smaller than all of them by market cap.

The valuation model uses a 5-year DCF with a 6.1% rate, based on trailing figures to H1 2026. It gives a model estimate based on the assumptions shown of ₩63,248 per share in the base case, ₩40,153 in the bear case and ₩104,864 in the bull case. All three are above the current price of ₩25,550. The wide range shows how sensitive the estimate is to its assumptions. It is not a target or a reason to buy or sell.

Catalysts

  • The half-year report for June 2026 was filed on 2026-08-12 and the preliminary consolidated earnings on 2026-07-09, so the latest profit figures are now public.
  • Several 5%+ holding reports were filed on 2026-07-14, 2026-07-20 and 2026-09-07, which may signal changes in major shareholdings, though details are not in the data.
  • Multiple insider shareholding reports were filed between 2026-07-06 and 2026-08-03, which investors can review for insider activity.
  • The next annual or quarterly filing will show whether the margin of about 28% and the slowing revenue growth hold.

Risks

  • Revenue growth has slowed from 25.0% in 2023 to 15.3% in 2025, and further slowing could weigh on the numbers.
  • The share price is 62.3% below its 52-week high of ₩67,800, showing high volatility.
  • Operating margin of 27.8% is much higher than five years ago, and a fall would reduce earnings.
  • Data on investor flows, foreign ownership and short balance is not available, so selling pressure cannot be assessed.
  • The model estimate depends heavily on assumptions, as shown by the range from ₩40,153 to ₩104,864.

Closing view

The filed numbers show a growing, highly profitable company with low leverage and strong free cash flow of ₩61.8B. The market has priced the shares lower over the past year, and multiples of 8.2 times earnings and 1.6 times book are modest compared with the model estimate. That gap depends on the DCF assumptions, and the data gives no news, flow or guidance information to explain the recent price weakness. Investors should weigh the strong financial record against slowing growth, high volatility and missing market data.

Model estimate of fair value

Bear
₩40,153
+76%
Base
₩63,248
+177%
Bull
₩104,864
+360%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 6.1%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)Vitzrocell: Five Years of Rising Profits, Shares Well Below Their 52-Week High

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information