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Motonic

009680 · KOSPI · ₩009680 · 모토닉

₩10,050▼ ₩20 (0.20%)End-of-day · Oct 30, 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

₩30,469

vs the current price (₩10,050)

Enterprise value
₩278B
Equity value
₩662B
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.

Why the model and the price differ

The model is 203% 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 ₩10,050, the model needs an operating margin of −2.9% every year (it uses 6.9%).
  • 45% 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.
  • Today's P/E is 8.2× against a typical 8.0× 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
₩24,138
+140.2%
Base
₩30,469
+203.2%
Bull
₩41,456
+312.5%

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 (6.9%).

Revenue growth

  • 7.7%

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

    Default: the last 3 years' revenue growth (7.7% a year, annual reports), fading to 3% by year 5.

  • 6.5%

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

    Default: the last 3 years' revenue growth (7.7% a year, annual reports), fading to 3% by year 5.

  • 5.4%

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

    Default: the last 3 years' revenue growth (7.7% a year, annual reports), fading to 3% by year 5.

  • 4.2%

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

    Default: the last 3 years' revenue growth (7.7% 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 (7.7% a year, annual reports), fading to 3% by year 5.

Business

  • 6.9%

    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.

  • 2.1%

    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).

  • 2.6%

    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).

  • 10.1%

    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.

  • 4.01%

    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.

  • 0.6

    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 0.07, 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.

  • 5.51%

    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)
₩279B
Net debt (borrowings and leases − cash and deposits)
−₩384B
Shares
21,733,094
Share price
₩10,050
Market cap
₩218B

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₩244B₩291B₩280B₩301B₩320B₩337B₩352B₩362B
Growth9.1%19.0%−3.8%7.7%6.5%5.4%4.2%3.0%
EBIT₩15B₩24B₩19B₩21B₩22B₩23B₩24B₩25B
EBIT margin6.2%8.2%6.6%6.9%6.9%6.9%6.9%6.9%
After-tax EBIT₩11B₩17B₩13B₩15B₩16B₩17B₩18B₩18B
+ Depreciation₩6B₩5.3B₩5.7B₩6.3B₩6.7B₩7.1B₩7.4B₩7.6B
− Capital spending₩6.6B₩8.7B₩5.9B₩7.8B₩8.3B₩8.8B₩9.1B₩9.4B
− Working capital−₩269B₩18B−₩36B₩2.2B₩2B₩1.7B₩1.4B₩1.1B
Free cash flow₩279B−₩4.1B₩49B₩11B₩12B₩13B₩14B₩15B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩11B₩11B₩11B₩11B₩11B

Terminal value ₩319B, worth ₩225B today: 81% 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 ₩22,018 a share)Now 0.46×₩8,9550.41×₩9,9410.45×₩10,9030.50×
Price / earnings (last 12 months: ₩1,230 a share)Now 8.17×₩7,5706.16×₩9,8628.02×₩12,89710.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,294 a share)Now 7.77×₩7,9686.16×₩10,3818.02×₩13,57510.5×

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%₩31,165₩32,233₩33,548₩35,207₩37,365
6.8%₩29,954₩30,812₩31,848₩33,123₩34,731
7.3%₩28,936₩29,637₩30,469₩31,473₩32,709
7.8%₩28,068₩28,649₩29,329₩30,135₩31,109
8.3%₩27,320₩27,807₩28,370₩29,029₩29,811

Now (TTM)

Market cap
₩218B
Enterprise value
−₩166B
P/E
8.2×
P/B
0.5×
P/S
0.8×
EV/EBITDA
—
Dividend yield
7.9%

Over time (at each year end)

20252024202320222021
Price₩10,400₩8,440₩8,270₩8,040₩10,600
Market cap₩226B₩183B₩180B₩175B₩230B
P/E8.4×5.7×6.5×8.1×19.2×
P/B0.5×0.4×0.4×0.4×0.6×
P/S0.8×0.6×0.7×0.8×1.2×
EV/EBITDA———6.4×9.7×
Dividend yield7.6%7.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Motonic8.2×0.5×0.8×—7.9%
Hyundai Mobis8.3×0.6×0.5×—1.9%
SL5.9×0.8×0.4×3.6×0.0%
HL Mando10.3×0.6×0.2×—2.0%
Hyundai WIA18.9×0.4×0.2×—2.4%
Samhyun—11.2×15.8×—0.0%
SNT Dynamics12.5×0.7×0.8×—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: Motonic / 모토닉 / 009680 / KRX:009680

Source: KRX statistical information