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018290 · KOSDAQ · ₩018290 · 브이티

₩10,460▼ ₩210 (1.97%)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

₩40,080

vs the current price (₩10,460)

Enterprise value
₩1.3T
Equity value
₩1.4T
WACC
7.4%

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 283% 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 ₩10,460, the model needs an operating margin of 4.1% every year (it uses 14.3%).
  • Margins ranged from 9.8% to 25.7% 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.
  • Today's P/E is 9.3× against a typical 16.7× 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
₩26,009
+148.7%
Base
₩40,080
+283.2%
Bull
₩63,336
+505.5%

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 (14.3%).

Revenue growth

  • 22.1%

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

    Default: the last 3 years' revenue growth (22.1% a year, annual reports), fading to 3% by year 5.

  • 17.3%

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

    Default: the last 3 years' revenue growth (22.1% a year, annual reports), fading to 3% by year 5.

  • 12.5%

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

    Default: the last 3 years' revenue growth (22.1% a year, annual reports), fading to 3% by year 5.

  • 7.8%

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

    Default: the last 3 years' revenue growth (22.1% 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 (22.1% a year, annual reports), fading to 3% by year 5.

Business

  • 14.3%

    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.

  • 1.3%

    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).

  • 1.7%

    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).

  • 17.6%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.6

    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 0.02, 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.

  • 5.61%

    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)
₩471B
Net debt (borrowings and leases − cash and deposits)
−₩57B
+ Stakes and investments
₩17B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩11B
Shares
34,941,838
Share price
₩10,460
Market cap
₩365B

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₩296B₩432B₩437B₩575B₩675B₩759B₩818B₩843B
Growth23.0%46.1%1.3%22.1%17.3%12.5%7.8%3.0%
EBIT₩46B₩111B₩83B₩82B₩97B₩109B₩117B₩121B
EBIT margin15.4%25.7%19.0%14.3%14.3%14.3%14.3%14.3%
After-tax EBIT₩33B₩80B₩60B₩60B₩70B₩79B₩85B₩87B
+ Depreciation———₩7.5B₩8.8B₩9.9B₩11B₩11B
− Capital spending₩9.5B₩4.5B₩3.5B₩9.8B₩11B₩13B₩14B₩14B
− Working capital₩3.9B₩87B−₩45B₩18B₩18B₩15B₩10B₩4.3B
Free cash flow———₩39B₩50B₩61B₩71B₩80B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩36B₩43B₩49B₩53B₩56B

Terminal value ₩1.6T, worth ₩1.1T today: 82% 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 ₩7,563 a share)Now 1.38×₩16,4522.18×₩23,7633.14×₩55,3387.32×
Price / earnings (last 12 months: ₩1,119 a share)Now 9.35×₩9,1488.18×₩18,69516.7×₩51,66946.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩310 a share)Now 33.7×₩2,5368.18×₩5,18216.7×₩14,32046.2×

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%
6.4%₩42,053₩45,298₩49,275₩54,266₩60,717
6.9%₩38,431₩41,053₩44,207₩48,073₩52,924
7.4%₩35,378₩37,531₩40,080₩43,146₩46,903
7.9%₩32,770₩34,563₩36,656₩39,133₩42,113
8.4%₩30,518₩32,027₩33,769₩35,803₩38,211

Now (TTM)

Market cap
₩365B
Enterprise value
₩309B
P/E
9.3×
P/B
1.4×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩17,510₩40,000₩16,320₩5,250₩7,150
Market cap₩612B₩1.4T₩570B₩183B₩250B
P/E10.0×14.3×20.9×16.5×16.8×
P/B2.5×6.0×4.9×2.4×3.2×
P/S1.4×3.2×1.9×0.8×1.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
VT9.3×1.4×0.8×—0.0%
LG Chem—0.5×0.3×—0.8%
Hanwha Solutions—0.6×0.4×—0.0%
Hanwha6.3×0.4×0.1×—1.4%
SKC—2.1×2.0×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: VT / 브이티 / 018290 / KRX:018290

Source: KRX statistical information