KOSDAQ · 0011A0 · Electrical equipment · ₩0011A0

Axbis액스비스

0011A0 · KOSDAQ · ₩0011A0 · 액스비스

₩10,200▲ ₩550 (5.70%)End-of-day · Oct 28, 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

₩2,448

vs the current price (₩10,200)

Enterprise value: ₩43B
Equity value: ₩23B
WACC: 7.9%

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 76% 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 ₩10,200, the model needs an operating margin of 17.3% every year (it uses 7.6%).
Or revenue growth +37.4 points a year higher than assumed in each of the 5 years.
38% 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: ₩348; −96.6%
Base: ₩2,448; −76.0%
Bull: ₩6,100; −40.2%

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 (7.6%).

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 margin7.6%
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 & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital40%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.84
How much the share moves when the market moves: 1 means just like the market.
Default: 33 weeks of weekly returns against KOSPI (official index); raw beta 0.76, 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)5.58%
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): ₩57B
Net debt (borrowings and leases − cash and deposits): ₩20B
+ Stakes and investments: ₩610M; Associates, long-term financial assets and deposits (book value)
Shares: 9,333,740
Share price: ₩10,200
Market cap: ₩95B

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	₩57B	₩58B	₩60B	₩62B	₩64B	₩66B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩4.3B	₩4.4B	₩4.6B	₩4.7B	₩4.8B	₩5B
EBIT margin	7.6%	7.6%	7.6%	7.6%	7.6%	7.6%
After-tax EBIT	₩3.1B	₩3.2B	₩3.3B	₩3.4B	₩3.5B	₩3.6B
+ Depreciation	—	₩1.7B	₩1.8B	₩1.9B	₩1.9B	₩2B
− Capital spending	—	₩2.3B	₩2.4B	₩2.5B	₩2.5B	₩2.6B
− Working capital	—	₩679M	₩699M	₩720M	₩742M	₩764M
Free cash flow	—	₩1.9B	₩2B	₩2.1B	₩2.1B	₩2.2B
Discount factor	—	0.927	0.859	0.796	0.738	0.684
Present value	—	₩1.8B	₩1.7B	₩1.6B	₩1.6B	₩1.5B

Terminal value ₩50B, worth ₩34B today: 81% 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%
6.9%	₩2,956	₩3,175	₩3,437	₩3,757	₩4,156
7.4%	₩2,529	₩2,698	₩2,897	₩3,133	₩3,422
7.9%	₩2,165	₩2,297	₩2,448	₩2,627	₩2,839
8.4%	₩1,851	₩1,954	₩2,071	₩2,206	₩2,365
8.9%	₩1,578	₩1,658	₩1,749	₩1,852	₩1,972

Now (TTM)

Market cap: ₩95B
Enterprise value: ₩115B
P/E: 19.0×
P/B: 1.7×
P/S: 1.7×
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
Axbis	19.0×	1.7×	1.7×	—	0.0%
LS Electric	63.5×	11.6×	4.3×	39.3×	0.0%
Hyosung Heavy Industries	31.8×	7.2×	2.9×	—	0.4%
HD Hyundai Electric	19.6×	7.4×	3.8×	—	0.0%
Gaon Cable	117.0×	14.2×	2.6×	61.1×	0.0%
Sanil Electric	27.9×	7.6×	8.5×	—	0.8%
Taihan Cable & Solution	—	2.3×	1.0×	—	0.0%
Similar companies (median)	31.8×	7.5×	3.4×	50.2×	0.0%

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

Also known as: Axbis / 액스비스 / 0011A0 / KRX:0011A0

Source: KRX statistical information