KOSPI · 010100 · Auto parts · ₩010100

Korea Movenex한국무브넥스

010100 · KOSPI · ₩010100 · 한국무브넥스

₩3,155▼ ₩15 (0.47%)End-of-day · Oct 29, 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

₩14,489

vs the current price (₩3,155)

Enterprise value: ₩495B
Equity value: ₩441B
WACC: 6.2%

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 359% 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 ₩3,155, the model needs an operating margin of 1.4% every year (it uses 2.4%).
Or revenue growth −24.7 points a year higher than assumed in each of the 5 years.
38% 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 4.4× against a typical 3.8× 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: —
Base: ₩14,489; +359.2%
Bull: ₩59,621; +1,789.7%

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 (2.4%).

Revenue growth

Revenue growth, year 17.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.4% 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 (7.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.4%
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 spending4.9%
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 capital3.2%
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.
Beta0.74
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 0.61, 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): ₩1.7T
Net debt (borrowings and leases − cash and deposits): ₩82B
+ Stakes and investments: ₩67B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩38B
Shares: 30,450,420
Share price: ₩3,155
Market cap: ₩96B

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	₩1.5T	₩1.6T	₩1.7T	₩1.8T	₩2T	₩2.1T	₩2.2T	₩2.2T
Growth	10.2%	3.7%	8.4%	7.4%	6.3%	5.2%	4.1%	3.0%
EBIT	₩59B	₩44B	₩25B	₩44B	₩47B	₩50B	₩52B	₩53B
EBIT margin	3.9%	2.8%	1.5%	2.4%	2.4%	2.4%	2.4%	2.4%
After-tax EBIT	₩43B	₩32B	₩18B	₩32B	₩34B	₩36B	₩37B	₩39B
+ Depreciation	₩34B	₩37B	₩42B	₩44B	₩47B	₩50B	₩52B	₩53B
− Capital spending	₩74B	₩114B	₩44B	₩91B	₩96B	₩101B	₩105B	₩109B
− Working capital	−₩28B	₩8.2B	₩9.3B	₩4.1B	₩3.7B	₩3.3B	₩2.7B	₩2.1B
Free cash flow	₩31B	−₩53B	₩6.9B	−₩18B	−₩19B	−₩19B	−₩19B	−₩19B
Discount factor	—	—	—	0.942	0.887	0.835	0.786	0.741
Present value	—	—	—	−₩17B	−₩17B	−₩16B	−₩15B	−₩14B

Terminal value ₩774B, worth ₩573B today: 116% 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 ₩14,021 a share)Now 0.23×	₩3,7600.27×	₩4,6050.33×	₩8,0730.58×
Price / earnings (last 12 months: ₩719 a share)Now 4.39×	₩1,7762.47×	₩2,6993.75×	₩4,3516.05×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,132 a share)Now 2.79×	₩2,7972.47×	₩4,2503.75×	₩6,8536.05×

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%
5.2%	₩15,572	₩18,142	₩21,514	₩26,137	₩32,863
5.7%	₩13,060	₩15,023	₩17,514	₩20,784	₩25,265
6.2%	₩11,049	₩12,587	₩14,489	₩16,905	₩20,074
6.7%	₩9,406	₩10,636	₩12,127	₩13,971	₩16,313
7.2%	₩8,042	₩9,043	₩10,235	₩11,680	₩13,468

Now (TTM)

Market cap: ₩96B
Enterprise value: ₩176B
P/E: 4.4×
P/B: 0.2×
P/S: 0.1×
EV/EBITDA: 2.8×
Dividend yield: 3.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,645	₩3,095	₩9,260	₩2,700	₩2,680
Market cap	₩141B	₩94B	₩282B	₩82B	₩82B
P/E	6.8×	2.1×	6.0×	2.5×	4.4×
P/B	0.4×	0.2×	0.9×	0.3×	0.3×
P/S	0.1×	0.1×	0.2×	0.1×	0.1×
EV/EBITDA	4.0×	2.7×	3.8×	2.4×	2.7×
Dividend yield	2.2%	3.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Korea Movenex	4.4×	0.2×	0.1×	2.8×	3.2%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.0×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	12.1×	17.1×	—	0.0%
Hyundai WIA	19.4×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.0×	0.7×	0.8×	—	7.0%
Similar companies (median)	10.7×	0.7×	0.5×	3.7×	1.9%

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

Also known as: Korea Movenex / 한국무브넥스 / 010100 / KRX:010100

Source: KRX statistical information