KOSDAQ · 008470 · Metal products · ₩008470

Booster부스타

008470 · KOSDAQ · ₩008470 · 부스타

₩1,550▼ ₩16 (1.02%)End-of-day · Oct 30, 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

₩2,049

vs the current price (₩1,550)

Enterprise value: −₩6.6B
Equity value: ₩34B
WACC: 7.3%

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

Bear / Base / Bull

Bear: ₩566; −63.5%
Base: ₩2,049; +32.2%
Bull: ₩4,983; +221.5%

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 (0.2%).

Revenue growth

Revenue growth, year 19.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 27.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 36.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9.5% 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 (9.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.2%
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 & amortisation0%
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 spending0%
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 capital14%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta -0.02, 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)5.51%
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): ₩112B
Net debt (borrowings and leases − cash and deposits): −₩25B
+ Stakes and investments: ₩16B; Associates, long-term financial assets and deposits (book value)
Shares: 16,809,600
Share price: ₩1,550
Market cap: ₩26B

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	₩101B	₩106B	₩121B	₩123B	₩133B	₩141B	₩148B	₩152B
Growth	10.0%	5.1%	13.7%	9.5%	7.9%	6.3%	4.6%	3.0%
EBIT	₩1.5B	₩232M	₩1.8B	₩246M	₩265M	₩282M	₩295M	₩304M
EBIT margin	1.5%	0.2%	1.5%	0.2%	0.2%	0.2%	0.2%	0.2%
After-tax EBIT	₩1.1B	₩168M	₩1.3B	₩178M	₩192M	₩205M	₩214M	₩220M
+ Depreciation	—	—	—	₩0	₩0	₩0	₩0	₩0
− Capital spending	₩0	₩0	₩0	₩0	₩0	₩0	₩0	₩0
− Working capital	₩3.7B	−₩1.8B	−₩826M	₩1.5B	₩1.4B	₩1.2B	₩909M	₩620M
Free cash flow	—	—	—	−₩1.3B	−₩1.2B	−₩966M	−₩695M	−₩399M
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩1.2B	−₩1B	−₩782M	−₩524M	−₩281M

Terminal value −₩3.9B, worth −₩2.8B today: 42% 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 ₩4,785 a share)Now 0.32×	₩1,8080.38×	₩2,2050.46×	₩2,7180.57×

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%
6.3%	₩2,215	₩2,117	₩1,996	₩1,841	₩1,638
6.8%	₩2,217	₩2,130	₩2,025	₩1,894	₩1,727
7.3%	₩2,219	₩2,142	₩2,049	₩1,936	₩1,796
7.8%	₩2,221	₩2,151	₩2,069	₩1,971	₩1,851
8.3%	₩2,223	₩2,160	₩2,086	₩1,999	₩1,895

Now (TTM)

Market cap: ₩26B
Enterprise value: −₩313M
P/E: —
P/B: 0.3×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 2.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,020	₩1,890	₩2,365	₩2,435	₩2,820
Market cap	₩34B	₩32B	₩40B	₩41B	₩47B
P/E	21.8×	18.8×	27.4×	—	20.9×
P/B	0.4×	0.4×	0.5×	0.5×	0.6×
P/S	0.3×	0.3×	0.4×	0.4×	0.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.0%	1.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Booster	—	0.3×	0.2×	—	2.6%
CS Wind	373.3×	1.3×	0.6×	—	2.6%
Hankuk Carbon	7.6×	1.2×	0.9×	—	2.1%
Taewoong	60.7×	0.7×	1.2×	19.5×	0.0%
YG-1	5.1×	0.8×	0.5×	—	1.9%
Bosung Power Technology	18.2×	2.1×	1.8×	8.2×	0.0%
HT Robotics	39.3×	2.8×	1.9×	—	0.0%
Similar companies (median)	28.7×	1.2×	1.0×	13.8×	0.9%

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

Also known as: Booster / 부스타 / 008470 / KRX:008470

Source: KRX statistical information