KOSPI · 004920 · Electronics · ₩004920

Citech씨아이테크

004920 · KOSPI · ₩004920 · 씨아이테크

₩6,680▼ ₩110 (1.62%)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: −₩12B
Equity value: −₩27B
WACC: 6.4%

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 ₩6,680, the model needs an operating margin of 17.7% every year (it uses −2.6%).
Margins ranged from −12.5% to 4.8% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
100% 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.
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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 2.0× against a typical 13.8× over the last 10 years.

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 (−2.6%).

Revenue growth

Revenue growth, year 1-9.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-2.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 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 & amortisation5.7%
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 spending7.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital26.5%
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 3 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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 105 weeks of weekly returns against KOSPI (official index); raw beta -0.58, 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)5.61%
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): ₩24B
Net debt (borrowings and leases − cash and deposits): ₩15B
Shares: 5,217,987
Share price: ₩6,680
Market cap: ₩35B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩57B	₩47B	₩41B	₩21B	₩20B	₩19B	₩19B	₩20B
Growth	0.6%	−16.9%	−12.6%	−9.9%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩7.1B	−₩2B	₩2B	−₩557M	−₩520M	−₩501M	−₩500M	−₩515M
EBIT margin	−12.5%	−4.3%	4.8%	−2.6%	−2.6%	−2.6%	−2.6%	−2.6%
After-tax EBIT	−₩5.2B	−₩1.5B	₩1.5B	−₩404M	−₩377M	−₩364M	−₩363M	−₩374M
+ Depreciation	—	—	—	₩1.2B	₩1.1B	₩1.1B	₩1.1B	₩1.1B
− Capital spending	₩1.2B	₩2.8B	₩5.5B	₩1.5B	₩1.4B	₩1.4B	₩1.4B	₩1.4B
− Working capital	−₩3.3B	−₩20B	₩20B	−₩624M	−₩380M	−₩185M	−₩10M	₩153M
Free cash flow	—	—	—	−₩80M	−₩276M	−₩448M	−₩622M	−₩804M
Discount factor	—	—	—	0.940	0.884	0.831	0.781	0.734
Present value	—	—	—	−₩75M	−₩244M	−₩372M	−₩486M	−₩590M

Terminal value −₩14B, worth −₩10B today: 85% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩14,351 a share)Now 0.47×	₩10,4910.73×	₩15,9321.11×	₩24,6471.72×
Price / earnings (last 12 months: ₩3,318 a share)Now 2.01×	₩7,7122.32×	₩45,70213.8×	₩113,73834.3×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

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%
5.4%	—	—	—	—	—
5.9%	—	—	—	—	—
6.4%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩35B
Enterprise value: ₩49B
P/E: 2.0×
P/B: 0.5×
P/S: 1.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩10,689	₩11,299	₩14,699	₩8,760	₩15,249
Market cap	₩56B	₩59B	₩77B	₩46B	₩80B
P/E	3.8×	—	—	—	—
P/B	0.8×	1.1×	1.4×	0.9×	1.7×
P/S	1.3×	1.2×	1.3×	0.8×	1.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Citech	2.0×	0.5×	1.5×	—	0.0%
Samsung Electronics	8.7×	2.3×	2.7×	—	0.8%
LG Electronics	24.7×	1.0×	0.3×	—	0.9%
Hanwha Vision	16.4×	2.1×	1.0×	—	0.0%
RFHIC	37.6×	3.4×	6.1×	—	0.9%
KMW	—	4.9×	8.1×	—	0.0%
Intellian Technologies	12.9×	2.0×	1.6×	—	0.4%
Similar companies (median)	16.4×	2.2×	2.1×	—	0.6%

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

Also known as: Citech / 씨아이테크 / 004920 / KRX:004920

Source: KRX statistical information