KOSDAQ · 0088M0 · Medical & precision devices · ₩0088M0

Mezoo메쥬

0088M0 · KOSDAQ · ₩0088M0 · 메쥬

₩12,860▼ ₩400 (3.02%)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: −₩23B
Equity value: −₩20B
WACC: 7.4%

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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
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.

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 (−20.0%).

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-20%
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 & amortisation4.2%
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 spending5.2%
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 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 rate4.11%
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: 31 weeks of weekly returns against KOSPI (official index); raw beta 0.03, 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): ₩7.4B
Net debt (borrowings and leases − cash and deposits): −₩3.6B
Shares: 9,881,750
Share price: ₩12,860
Market cap: ₩127B

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	₩7.4B	₩7.6B	₩7.8B	₩8.1B	₩8.3B	₩8.6B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	−₩2.8B	−₩1.5B	−₩1.6B	−₩1.6B	−₩1.7B	−₩1.7B
EBIT margin	−38.4%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩2.1B	−₩1.1B	−₩1.1B	−₩1.2B	−₩1.2B	−₩1.2B
+ Depreciation	—	₩319M	₩329M	₩339M	₩349M	₩359M
− Capital spending	₩387M	₩395M	₩407M	₩419M	₩432M	₩445M
− Working capital	—	₩89M	₩91M	₩94M	₩97M	₩100M
Free cash flow	—	−₩1.3B	−₩1.3B	−₩1.3B	−₩1.4B	−₩1.4B
Discount factor	—	0.931	0.867	0.807	0.751	0.700
Present value	—	−₩1.2B	−₩1.1B	−₩1.1B	−₩1B	−₩997M

Terminal value −₩25B, worth −₩18B today: 77% 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%
6.4%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—
7.9%	—	—	—	—	—
8.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩127B
Enterprise value: ₩123B
P/E: 46.0×
P/B: 3.1×
P/S: 17.2×
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
Mezoo	46.0×	3.1×	17.2×	—	0.0%
TSE	27.5×	6.1×	5.1×	—	0.2%
Kctech	20.8×	3.2×	3.8×	16.1×	0.5%
Classys	12.6×	3.1×	4.7×	9.8×	3.8%
Park Systems	68.1×	4.6×	8.1×	—	0.2%
Curiox Biosystems	—	21.9×	187.1×	—	0.0%
DI	36.7×	5.0×	2.2×	—	0.7%
Similar companies (median)	27.5×	4.8×	4.9×	13.0×	0.4%

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

Also known as: Mezoo / 메쥬 / 0088M0 / KRX:0088M0

Source: KRX statistical information