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A-Jin Industry

013310 · KOSDAQ · ₩013310 · 아진산업

₩2,155▲ ₩40 (1.89%)End-of-day · Oct 28, 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

₩4,620

vs the current price (₩2,155)

Enterprise value
₩753B
Equity value
₩179B
WACC
4.5%

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 114% 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 ₩2,155, the model needs an operating margin of 5.3% every year (it uses 5.5%).
  • Or revenue growth −3.0 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 2.9% to 11.0% 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.
  • 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 6.6× against a typical 4.6× 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
₩4,620
+114.4%
Bull
₩67,882
+3,050.0%

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 (5.5%).

Revenue growth

  • 19.1%

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

    Default: the last 3 years' revenue growth (19.1% a year, annual reports), fading to 3% by year 5.

  • 15%

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

    Default: the last 3 years' revenue growth (19.1% a year, annual reports), fading to 3% by year 5.

  • 11%

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

    Default: the last 3 years' revenue growth (19.1% a year, annual reports), fading to 3% by year 5.

  • 7%

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

    Default: the last 3 years' revenue growth (19.1% 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 (19.1% a year, annual reports), fading to 3% by year 5.

Business

  • 5.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 21.8%

    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).

  • 27.2%

    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).

  • 6.2%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.64

    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 0.46, 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.

  • 5.58%

    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)
₩946B
Net debt (borrowings and leases − cash and deposits)
₩573B
Shares
38,806,582
Share price
₩2,155
Market cap
₩84B

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₩764B₩777B₩1T₩1.1T₩1.3T₩1.4T₩1.5T₩1.6T
Growth27.9%1.6%29.9%19.1%15.0%11.0%7.0%3.0%
EBIT₩84B₩32B₩64B₩62B₩71B₩79B₩85B₩87B
EBIT margin11.0%4.2%6.4%5.5%5.5%5.5%5.5%5.5%
After-tax EBIT₩61B₩23B₩47B₩45B₩52B₩57B₩61B₩63B
+ Depreciation———₩246B₩282B₩313B₩335B₩345B
− Capital spending₩208B₩249B₩227B₩306B₩352B₩391B₩418B₩431B
− Working capital−₩45B₩2.6B₩133B₩11B₩10B₩8.8B₩6.2B₩2.9B
Free cash flow———−₩27B−₩29B−₩29B−₩28B−₩25B
Discount factor———0.9570.9160.8760.8390.803
Present value———−₩26B−₩26B−₩26B−₩23B−₩20B

Terminal value ₩1.1T, worth ₩874B 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:

LowTypicalHigh
Price / book (book value ₩9,634 a share)Now 0.22×₩2,9590.31×₩4,0140.42×₩5,5210.57×
Price / earnings (last 12 months: ₩326 a share)Now 6.60×₩1,0333.16×₩1,5044.61×₩3,31710.2×

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%
3.5%₩6,272₩11,953₩21,419₩40,359—
4.0%₩1,788₩5,433₩10,897₩20,002₩38,218
4.5%—₩1,116₩4,620₩9,874₩18,629
5.0%——₩464₩3,833₩8,883
5.5%————₩3,069

Now (TTM)

Market cap
₩84B
Enterprise value
₩657B
P/E
6.6×
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
4.6%

Over time (at each year end)

20252024202320222021
Price₩2,870₩2,405₩4,148₩2,218₩3,007
Market cap₩111B₩93B₩161B₩86B₩117B
P/E4.8×5.0×3.2×2.9×48.2×
P/B0.3×0.3×0.6×0.4×0.6×
P/S0.1×0.1×0.2×0.1×0.2×
EV/EBITDA—————
Dividend yield3.5%4.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
A-Jin Industry6.6×0.2×0.1×—4.6%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.1×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—13.4×18.9×—0.0%
Hyundai WIA19.3×0.4×0.2×—2.4%
SNT Dynamics13.4×0.7×0.9×—6.8%
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: A-Jin Industry / 아진산업 / 013310 / KRX:013310

Source: KRX statistical information