KOSDAQ · 0004V0 · Metal products · ₩0004V0

NBR Motion엔비알모션

0004V0 · KOSDAQ · ₩0004V0 · 엔비알모션

₩4,775▲ ₩45 (0.95%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

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

With these assumptions the model gives no positive value.

Enterprise value: −₩66B
Equity value: −₩81B
WACC: 7.6%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩4,775, the model needs an operating margin of 9.1% every year (it uses −6.2%).
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: —
Bull: —

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (−6.2%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin-6.2%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation5.1%
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).
Capital spending6.4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
Working capital13.7%
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 1 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.83
How much the share moves when the market moves: 1 means just like the market.
Default: 41 weeks of weekly returns against KOSPI (official index); raw beta 0.74, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)5.53%
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): ₩63B
Net debt (borrowings and leases − cash and deposits): ₩15B
Shares: 11,010,384
Share price: ₩4,775
Market cap: ₩53B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩63B	₩65B	₩67B	₩69B	₩71B	₩73B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	−₩3.9B	−₩4B	−₩4.2B	−₩4.3B	−₩4.4B	−₩4.5B
EBIT margin	−6.2%	−6.2%	−6.2%	−6.2%	−6.2%	−6.2%
After-tax EBIT	−₩2.8B	−₩2.9B	−₩3B	−₩3.1B	−₩3.2B	−₩3.3B
+ Depreciation	—	₩3.3B	₩3.4B	₩3.5B	₩3.6B	₩3.7B
− Capital spending	₩4B	₩4.2B	₩4.3B	₩4.4B	₩4.5B	₩4.7B
− Working capital	—	₩259M	₩267M	₩275M	₩283M	₩292M
Free cash flow	—	−₩4B	−₩4.1B	−₩4.3B	−₩4.4B	−₩4.5B
Discount factor	—	0.929	0.864	0.803	0.746	0.693
Present value	—	−₩3.7B	−₩3.6B	−₩3.4B	−₩3.3B	−₩3.1B

Terminal value −₩70B, worth −₩49B today: 74% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
6.6%	—	—	—	—	—
7.1%	—	—	—	—	—
7.6%	—	—	—	—	—
8.1%	—	—	—	—	—
8.6%	—	—	—	—	—

Now (TTM)

Market cap: ₩53B
Enterprise value: ₩65B
P/E: —
P/B: 1.6×
P/S: 0.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
NBR Motion	—	1.6×	0.8×	—	0.0%
CS Wind	385.5×	1.3×	0.6×	—	2.5%
Hankuk Carbon	7.8×	1.2×	0.9×	—	2.1%
Taewoong	65.8×	0.8×	1.3×	21.0×	0.0%
YG-1	5.1×	0.8×	0.5×	—	1.8%
Bosung Power Technology	18.8×	2.1×	1.8×	8.5×	0.0%
HT Robotics	44.6×	3.2×	2.1×	—	0.0%
Similar companies (median)	31.7×	1.2×	1.1×	14.7×	0.9%

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

Also known as: NBR Motion / 엔비알모션 / 0004V0 / KRX:0004V0

Source: KRX statistical information