KOSPI · 009140 · Electronic components · ₩009140

KIE케이아이이

009140 · KOSPI · ₩009140 · 케이아이이

₩10,100▼ ₩50 (0.49%)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

₩32,165

vs the current price (₩10,100)

Enterprise value: −₩166M
Equity value: ₩42B
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 is 218% 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 ₩10,100, the model needs an operating margin of −0.9% every year (it uses 2.3%).
Margins ranged from −5.5% to 7.3% 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.
78% 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.
Today's P/E is 2.0× against a typical 4.2× 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: ₩22,570; +123.5%
Base: ₩32,165; +218.5%
Bull: ₩51,164; +406.6%

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 (2.3%).

Revenue growth

Revenue growth, year 121.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 217%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 312.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.6% 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 (21.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.3%
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 & amortisation2.4%
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).
Capital spending2.3%
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 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 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 0.25, 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): ₩42B
Net debt (borrowings and leases − cash and deposits): −₩41B
+ Stakes and investments: ₩974M; Associates, long-term financial assets and deposits (book value)
Shares: 1,314,132
Share price: ₩10,100
Market cap: ₩13B

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	₩21B	₩23B	₩36B	₩51B	₩60B	₩67B	₩73B	₩75B
Growth	5.4%	8.5%	57.2%	21.6%	17.0%	12.3%	7.7%	3.0%
EBIT	₩216M	−₩1.3B	₩1B	₩1.2B	₩1.4B	₩1.6B	₩1.7B	₩1.7B
EBIT margin	1.0%	−5.5%	2.8%	2.3%	2.3%	2.3%	2.3%	2.3%
After-tax EBIT	₩156M	−₩922M	₩742M	₩857M	₩1B	₩1.1B	₩1.2B	₩1.2B
+ Depreciation	₩602M	₩584M	₩613M	₩1.2B	₩1.4B	₩1.6B	₩1.7B	₩1.8B
− Capital spending	₩679M	₩230M	₩952M	₩1.2B	₩1.4B	₩1.6B	₩1.7B	₩1.7B
− Working capital	−₩24B	₩1.1B	₩4.6B	₩3.6B	₩3.5B	₩3B	₩2.1B	₩872M
Free cash flow	₩24B	−₩1.7B	−₩4.2B	−₩2.7B	−₩2.4B	−₩1.8B	−₩794M	₩451M
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩2.6B	−₩2.1B	−₩1.4B	−₩597M	₩316M

Terminal value ₩8.9B, worth ₩6.2B today: -3741% 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 ₩66,978 a share)Now 0.15×	₩11,3250.17×	₩13,9770.21×	₩21,1800.32×
Price / earnings (last 12 months: ₩5,118 a share)Now 1.97×	₩12,3052.40×	₩21,6234.22×	₩36,8837.21×
P/E on run-rate earnings (Q2 2026 × 4: ₩9,072 a share)Now 1.11×	₩21,8122.40×	₩38,3294.22×	₩65,3787.21×

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%
6.4%	₩35,377	₩34,510	₩33,427	₩32,045	₩30,234
6.9%	₩34,572	₩33,741	₩32,726	₩31,461	₩29,851
7.4%	₩33,902	₩33,114	₩32,165	₩31,006	₩29,566
7.9%	₩33,339	₩32,593	₩31,708	₩30,644	₩29,348
8.4%	₩32,861	₩32,157	₩31,331	₩30,352	₩29,179

Now (TTM)

Market cap: ₩13B
Enterprise value: −₩28B
P/E: 2.0×
P/B: 0.2×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 2.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩10,250	₩10,125	₩10,650	₩12,100	₩18,400
Market cap	₩13B	₩13B	₩14B	₩16B	₩24B
P/E	3.5×	5.2×	2.4×	5.9×	6.5×
P/B	0.2×	0.2×	0.2×	0.2×	0.4×
P/S	0.4×	0.6×	0.7×	0.8×	0.9×
EV/EBITDA	—	—	—	5.2×	3.3×
Dividend yield	2.4%	1.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
KIE	2.0×	0.2×	0.3×	—	2.5%
Samsung Electro-Mechanics	89.0×	8.8×	7.2×	—	0.2%
Doosan	36.8×	5.2×	0.7×	—	0.4%
Hanwha Systems	67.9×	2.7×	2.9×	—	0.8%
LG Innotek	13.4×	1.4×	0.4×	—	0.5%
Isupetasys	32.5×	7.6×	5.0×	—	0.0%
Daeduck Electronics	41.5×	6.5×	4.7×	—	0.4%
Similar companies (median)	39.2×	5.8×	3.8×	—	0.4%

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

Also known as: KIE / 케이아이이 / 009140 / KRX:009140

Source: KRX statistical information