KOSPI · 009320 · Auto parts · ₩009320

Ajin Electronic Components아진전자부품

009320 · KOSPI · ₩009320 · 아진전자부품

₩924▼ ₩19 (2.01%)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

₩1,054

vs the current price (₩924)

Enterprise value: ₩91B
Equity value: ₩52B
WACC: 5.6%

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: —
Base: ₩1,054; +14.0%
Bull: ₩4,817; +421.3%

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 (2.5%).

Revenue growth

Revenue growth, year 114.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% 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 (14.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.5%
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 & amortisation3.5%
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 spending4%
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 capital-4.2%
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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.09, 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): ₩152B
Net debt (borrowings and leases − cash and deposits): ₩46B
+ Stakes and investments: ₩7.4B; Associates, long-term financial assets and deposits (book value)
Shares: 49,299,770
Share price: ₩924
Market cap: ₩46B

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	₩113B	₩143B	₩152B	₩174B	₩195B	₩212B	₩225B	₩232B
Growth	12.9%	26.5%	5.8%	14.7%	11.8%	8.9%	5.9%	3.0%
EBIT	₩2B	₩5.9B	₩6.3B	₩4.4B	₩4.9B	₩5.3B	₩5.6B	₩5.8B
EBIT margin	1.8%	4.1%	4.1%	2.5%	2.5%	2.5%	2.5%	2.5%
After-tax EBIT	₩1.5B	₩4.3B	₩4.6B	₩3.2B	₩3.5B	₩3.8B	₩4.1B	₩4.2B
+ Depreciation	₩4.5B	₩4.8B	₩4.7B	₩6.1B	₩6.8B	₩7.4B	₩7.9B	₩8.1B
− Capital spending	₩5B	₩4.4B	₩7.1B	₩7B	₩7.8B	₩8.5B	₩9B	₩9.3B
− Working capital	₩5.7B	−₩36B	₩3.3B	−₩939M	−₩864M	−₩729M	−₩526M	−₩283M
Free cash flow	−₩4.7B	₩41B	−₩1.2B	₩3.2B	₩3.4B	₩3.5B	₩3.5B	₩3.3B
Discount factor	—	—	—	0.947	0.896	0.848	0.803	0.760
Present value	—	—	—	₩3.1B	₩3.1B	₩3B	₩2.8B	₩2.5B

Terminal value ₩100B, worth ₩76B today: 84% 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 ₩698 a share)Now 1.32×	₩9631.38×	₩1,5342.20×	₩2,2453.22×
Price / earnings (last 12 months: ₩39 a share)Now 23.5×	₩40610.3×	₩51913.2×	₩95624.3×

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%
4.6%	₩1,078	₩1,361	₩1,752	₩2,326	₩3,251
5.1%	₩852	₩1,066	₩1,347	₩1,736	₩2,306
5.6%	₩676	₩842	₩1,054	₩1,334	₩1,720
6.1%	₩533	₩666	₩831	₩1,042	₩1,320
6.6%	₩416	₩525	₩656	₩820	₩1,030

Now (TTM)

Market cap: ₩46B
Enterprise value: ₩92B
P/E: 23.5×
P/B: 1.3×
P/S: 0.3×
EV/EBITDA: 9.7×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩920	₩1,004	₩1,340	₩1,440	₩2,465
Market cap	₩45B	₩49B	₩66B	₩71B	₩122B
P/E	10.3×	48.6×	287.6×	—	—
P/B	1.4×	1.7×	2.4×	2.8×	3.5×
P/S	0.3×	0.3×	0.6×	0.7×	1.2×
EV/EBITDA	4.7×	5.1×	16.6×	—	30.4×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ajin Electronic Components	23.5×	1.3×	0.3×	9.7×	0.0%
Hyundai Mobis	8.3×	0.6×	0.5×	—	1.9%
SL	5.9×	0.8×	0.4×	3.6×	0.0%
HL Mando	10.3×	0.6×	0.2×	—	2.0%
Hyundai WIA	18.9×	0.4×	0.2×	—	2.4%
Samhyun	—	11.2×	15.8×	—	0.0%
SNT Dynamics	12.5×	0.7×	0.8×	—	7.3%
Similar companies (median)	10.3×	0.6×	0.4×	3.6×	2.0%

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

Also known as: Ajin Electronic Components / 아진전자부품 / 009320 / KRX:009320

Source: KRX statistical information