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MX Robotics

007820 · KOSDAQ · ₩007820 · 엠엑스로보틱스

₩3,045▲ ₩130 (4.46%)End-of-day · Oct 28, 2026 · End-of-day prices.
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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
−₩115B
Equity value
−₩141B
WACC
6.8%

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 ₩3,045, the model needs an operating margin of 5.4% every year (it uses −4.4%).
  • Margins ranged from −10.8% to 4.3% 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.
  • 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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−4.4%).

Revenue growth

  • 9%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.

  • 7.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.

  • 6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.

  • 4.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.

Business

  • -4.4%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.8%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 1.5%

    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).

  • 22%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    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.

  • 0.68

    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 0.52, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 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)
₩118B
Net debt (borrowings and leases − cash and deposits)
₩26B
+ Stakes and investments
₩192M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1,500
Shares
23,323,419
Share price
₩3,045
Market cap
₩71B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩174B₩163B₩149B₩128B₩138B₩146B₩153B₩157B
Growth51.1%−6.1%−8.7%9.0%7.5%6.0%4.5%3.0%
EBIT−₩19B₩7.1B−₩8B−₩5.6B−₩6.1B−₩6.4B−₩6.7B−₩6.9B
EBIT margin−10.8%4.3%−5.3%−4.4%−4.4%−4.4%−4.4%−4.4%
After-tax EBIT−₩14B₩5.1B−₩5.8B−₩4.1B−₩4.4B−₩4.7B−₩4.9B−₩5B
+ Depreciation₩2.2B₩2.7B₩3.8B₩2.3B₩2.5B₩2.6B₩2.7B₩2.8B
− Capital spending₩882M₩4.2B₩2.3B₩1.9B₩2.1B₩2.2B₩2.3B₩2.4B
− Working capital−₩27B₩16B₩16B₩2.3B₩2.1B₩1.8B₩1.4B₩1B
Free cash flow₩14B−₩12B−₩20B−₩6B−₩6.1B−₩6B−₩5.9B−₩5.6B
Discount factor———0.9360.8760.8200.7680.719
Present value———−₩5.7B−₩5.3B−₩5B−₩4.5B−₩4B

Terminal value −₩127B, worth −₩91B today: 79% 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:

LowTypicalHigh
Price / book (book value ₩2,240 a share)Now 1.36×₩3,4651.55×₩4,5962.05×₩5,3252.38×

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%
5.8%—————
6.3%—————
6.8%—————
7.3%—————
7.8%—————

Now (TTM)

Market cap
₩71B
Enterprise value
₩91B
P/E
—
P/B
1.4×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,390₩3,770₩5,430₩5,700₩7,110
Market cap₩102B₩88B₩127B₩133B₩166B
P/E—7.7×—53.8×—
P/B1.9×1.5×2.6×1.9×2.4×
P/S0.7×0.5×0.7×1.2×2.2×
EV/EBITDA—8.6×—27.8×1,965.9×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
MX Robotics—1.4×0.6×—0.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
Similar companies (median)152.3×10.7×23.4×78.7×0.0%

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

Also known as: MX Robotics / 엠엑스로보틱스 / 007820 / KRX:007820

Source: KRX statistical information