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Mobase Electronics

012860 · KOSDAQ · ₩012860 · 모베이스전자

₩2,025▼ ₩75 (3.57%)End-of-day · Oct 29, 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

₩3,222

vs the current price (₩2,025)

Enterprise value
₩459B
Equity value
₩236B
WACC
6.3%

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 59% 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 ₩2,025, the model needs an operating margin of 2.7% every year (it uses 3.2%).
  • Or revenue growth −5.2 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 6.2× against a typical 12.0× 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
—
Base
₩3,222
+59.1%
Bull
₩14,090
+595.8%

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 (3.2%).

Revenue growth

  • 4.2%

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

    Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.

  • 3.9%

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

    Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (4.2% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (4.2% 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 (4.2% a year, annual reports), fading to 3% by year 5.

Business

  • 3.2%

    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.

  • 3.6%

    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).

  • 4.5%

    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).

  • 5.3%

    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.

  • 1.09

    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 1.13, 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)
₩1T
Net debt (borrowings and leases − cash and deposits)
₩231B
+ Stakes and investments
₩17B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩9.2B
Shares
73,233,457
Share price
₩2,025
Market cap
₩148B

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₩939B₩972B₩1T₩1.1T₩1.1T₩1.2T₩1.2T₩1.2T
Growth1.9%3.4%7.5%4.2%3.9%3.6%3.3%3.0%
EBIT₩28B₩34B₩37B₩35B₩36B₩37B₩39B₩40B
EBIT margin3.0%3.5%3.5%3.2%3.2%3.2%3.2%3.2%
After-tax EBIT₩20B₩25B₩27B₩25B₩26B₩27B₩28B₩29B
+ Depreciation———₩39B₩41B₩42B₩44B₩45B
− Capital spending₩37B₩46B₩49B₩49B₩51B₩53B₩54B₩56B
− Working capital−₩14B−₩94B₩25B₩2.3B₩2.3B₩2.2B₩2B₩1.9B
Free cash flow———₩13B₩14B₩14B₩15B₩16B
Discount factor———0.9400.8840.8310.7820.735
Present value———₩12B₩12B₩12B₩12B₩12B

Terminal value ₩543B, worth ₩399B today: 87% 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 ₩3,538 a share)Now 0.57×₩1,6470.47×₩2,3120.65×₩3,5241.00×
Price / earnings (last 12 months: ₩329 a share)Now 6.16×₩2,0256.16×₩3,94812.0×₩6,29019.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩89 a share)Now 22.7×₩5516.16×₩1,07412.0×₩1,71019.1×

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%
5.3%₩3,614₩4,311₩5,215₩6,436₩8,176
5.8%₩2,881₩3,415₩4,088₩4,962₩6,140
6.3%₩2,285₩2,705₩3,222₩3,872₩4,715
6.8%₩1,792₩2,129₩2,535₩3,034₩3,661
7.3%₩1,378₩1,653₩1,978₩2,370₩2,851

Now (TTM)

Market cap
₩148B
Enterprise value
₩375B
P/E
6.2×
P/B
0.6×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,395₩1,361₩2,110₩1,220₩1,910
Market cap₩102B₩100B₩155B₩89B₩140B
P/E5.1×6.3×16.7×11.1×16.2×
P/B0.4×0.5×0.8×0.5×0.8×
P/S0.1×0.1×0.2×0.1×0.2×
EV/EBITDA————7.7×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Mobase Electronics6.2×0.6×0.1×—0.0%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.0×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—12.1×17.1×—0.0%
Hyundai WIA19.4×0.4×0.2×—2.4%
SNT Dynamics13.0×0.7×0.8×—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: Mobase Electronics / 모베이스전자 / 012860 / KRX:012860

Source: KRX statistical information