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Ilji Technology

019540 · KOSDAQ · ₩019540 · 일지테크

₩4,700▲ ₩130 (2.84%)End-of-day · Oct 27, 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

₩60,985

vs the current price (₩4,700)

Enterprise value
₩1T
Equity value
₩824B
WACC
4.9%

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 1,198% 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 ₩4,700, the model needs an operating margin of 1.5% every year (it uses 3.6%).
  • Margins ranged from −2.7% to 5.6% 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 1.3× against a typical 2.3× 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
₩930
−80.2%
Base
₩60,985
+1,197.6%
Bull
₩206,751
+4,299.0%

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 (3.6%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (55.1% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (55.1% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (55.1% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (55.1% 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 (55.1% a year, annual reports), fading to 3% by year 5.

Business

  • 3.6%

    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.

  • 7.1%

    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).

  • 6.4%

    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).

  • 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.

  • 4.11%

    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 0.2, 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)
₩862B
Net debt (borrowings and leases − cash and deposits)
₩182B
Shares
13,513,500
Share price
₩4,700
Market cap
₩64B

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₩628B₩757B₩855B₩1.1T₩1.3T₩1.5T₩1.6T₩1.6T
Growth174.3%20.5%12.9%25.0%19.5%14.0%8.5%3.0%
EBIT₩35B₩24B₩48B₩39B₩46B₩53B₩57B₩59B
EBIT margin5.6%3.2%5.6%3.6%3.6%3.6%3.6%3.6%
After-tax EBIT₩26B₩18B₩35B₩28B₩34B₩38B₩42B₩43B
+ Depreciation₩48B₩57B₩53B₩77B₩91B₩104B₩113B₩117B
− Capital spending₩71B₩35B₩28B₩69B₩82B₩94B₩102B₩105B
− Working capital₩4B₩37B₩23B₩6.5B₩6.3B₩5.4B₩3.7B₩1.4B
Free cash flow−₩2.1B₩3B₩37B₩29B₩36B₩43B₩49B₩53B
Discount factor———0.9530.9080.8660.8250.786
Present value———₩28B₩33B₩37B₩40B₩42B

Terminal value ₩1.1T, worth ₩826B 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 ₩15,796 a share)Now 0.30×₩5,2110.33×₩6,2930.40×₩8,6710.55×
Price / earnings (last 12 months: ₩3,547 a share)Now 1.32×₩4,9951.41×₩8,0242.26×₩18,4925.21×
P/E on run-rate earnings (Q2 2026 × 4: ₩463 a share)Now 10.2×₩6511.41×₩1,0462.26×₩2,4115.21×

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%
3.9%₩64,806₩77,848₩97,638₩131,259₩201,015
4.4%₩53,878₩62,870₩75,555₩94,806₩127,510
4.9%₩45,714₩52,239₩60,985₩73,325₩92,052
5.4%₩39,379₩44,297₩50,643₩59,152₩71,156
5.9%₩34,317₩38,133₩42,917₩49,091₩57,368

Now (TTM)

Market cap
₩64B
Enterprise value
₩246B
P/E
1.3×
P/B
0.3×
P/S
0.1×
EV/EBITDA
2.3×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,195₩3,600₩3,750₩2,450₩3,345
Market cap₩57B₩49B₩51B₩33B₩45B
P/E1.2×2.2×1.6×——
P/B0.3×0.3×0.4×0.4×0.5×
P/S0.1×0.1×0.1×0.1×0.2×
EV/EBITDA1.7×2.9×3.0×3.9×5.8×
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ilji Technology1.3×0.3×0.1×2.3×0.0%
Hyundai Mobis8.2×0.6×0.5×—2.0%
SL6.0×0.8×0.4×3.7×0.0%
HL Mando10.5×0.6×0.2×—2.0%
Samhyun—13.0×18.3×—0.0%
Hyundai WIA19.0×0.4×0.2×—2.4%
SNT Dynamics13.6×0.7×0.9×—6.7%
Similar companies (median)10.5×0.7×0.4×3.7×2.0%

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

Also known as: Ilji Technology / 일지테크 / 019540 / KRX:019540

Source: KRX statistical information