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Iljin Display

020760 · KOSPI · ₩020760 · 일진디스플

₩902 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩43B
Equity value
−₩57B
WACC
6.7%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩902, the model needs an operating margin of 15.3% every year (it uses −8.3%).
  • Margins ranged from −35.0% to 1.6% 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.
  • 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.

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
—
Bull
—

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 (−8.3%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-22.5% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-22.5% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-22.5% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-22.5% 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 (-22.5% a year, annual reports), fading to 3% by year 5.

Business

  • -8.3%

    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.

  • 3.7%

    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).

  • 4.6%

    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).

  • 11.1%

    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 0.03, 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)
₩40B
Net debt (borrowings and leases − cash and deposits)
₩14B
Shares
61,533,781
Share price
₩902
Market cap
₩56B

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₩54B₩89B₩58B₩36B₩34B₩32B₩32B₩33B
Growth−56.3%64.1%−35.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩8B₩1.4B−₩4.9B−₩3B−₩2.8B−₩2.7B−₩2.7B−₩2.8B
EBIT margin−14.7%1.6%−8.4%−8.3%−8.3%−8.3%−8.3%−8.3%
After-tax EBIT−₩5.8B₩1B−₩3.5B−₩2.2B−₩2B−₩2B−₩1.9B−₩2B
+ Depreciation———₩1.3B₩1.2B₩1.2B₩1.2B₩1.2B
− Capital spending₩255M₩4.1B₩5.1B₩1.7B₩1.5B₩1.5B₩1.5B₩1.5B
− Working capital−₩7.2B₩14B−₩6.6B−₩445M−₩268M−₩131M−₩7.2M₩108M
Free cash flow———−₩2B−₩2.1B−₩2.1B−₩2.2B−₩2.4B
Discount factor———0.9370.8780.8230.7710.722
Present value———−₩1.9B−₩1.8B−₩1.7B−₩1.7B−₩1.7B

Terminal value −₩48B, worth −₩34B today: 79% 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 ₩541 a share)Now 1.67×₩8871.64×₩1,1532.13×₩2,1714.01×

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%
5.7%—————
6.2%—————
6.7%—————
7.2%—————
7.7%—————

Now (TTM)

Market cap
₩56B
Enterprise value
₩70B
P/E
—
P/B
1.7×
P/S
1.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩902₩830₩1,365₩1,205₩2,174
Market cap₩56B₩51B₩84B₩74B₩134B
P/E—9.0×———
P/B1.9×1.4×3.3×2.6×12.5×
P/S1.0×0.6×1.5×0.6×1.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Iljin Display—1.7×1.4×—0.0%
SK hynix6.7×4.1×5.7×—0.2%
DB HiTek12.6×1.8×2.8×—0.8%
Fadu—40.1×14.0×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.4×5.4×3.6×—0.0%
SFA Semicon—3.1×3.3×—0.0%
Similar companies (median)11.5×4.3×3.4×—0.1%

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

Also known as: Iljin Display / 일진디스플 / 020760 / KRX:020760

Source: KRX statistical information