KOSPI · 023810 · Auto parts · ₩023810

Infac인팩

023810 · KOSPI · ₩023810 · 인팩

₩5,300▲ ₩250 (4.95%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

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: ₩291B
Equity value: −₩113B
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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩5,300, the model needs an operating margin of 4.3% every year (it uses 3.5%).
Or revenue growth +11.9 points a year higher than assumed in each of the 5 years.
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: ₩98,176; +1,752.4%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (3.5%).

Revenue growth

Revenue growth, year 14.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.5%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation10.8%
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).
Capital spending13.5%
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).
Working capital11.7%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
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.
Beta0.6
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 0.06, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩642B
Net debt (borrowings and leases − cash and deposits): ₩357B
− Minority interests: ₩47B
Shares: 10,000,000
Share price: ₩5,300
Market cap: ₩53B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩543B	₩564B	₩586B	₩672B	₩700B	₩726B	₩751B	₩774B
Growth	6.0%	3.9%	4.0%	4.6%	4.2%	3.8%	3.4%	3.0%
EBIT	₩24B	₩20B	₩20B	₩24B	₩24B	₩25B	₩26B	₩27B
EBIT margin	4.3%	3.6%	3.4%	3.5%	3.5%	3.5%	3.5%	3.5%
After-tax EBIT	₩17B	₩15B	₩14B	₩17B	₩18B	₩18B	₩19B	₩20B
+ Depreciation	—	—	—	₩73B	₩76B	₩78B	₩81B	₩84B
− Capital spending	₩70B	₩59B	₩100B	₩91B	₩94B	₩98B	₩101B	₩104B
− Working capital	₩2.3B	₩24B	−₩48B	₩3.5B	₩3.3B	₩3.1B	₩2.9B	₩2.6B
Free cash flow	—	—	—	−₩4.5B	−₩4.4B	−₩4.3B	−₩4.1B	−₩3.9B
Discount factor	—	—	—	0.957	0.916	0.876	0.839	0.802
Present value	—	—	—	−₩4.4B	−₩4.1B	−₩3.8B	−₩3.4B	−₩3.1B

Terminal value ₩386B, worth ₩310B today: 106% 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:

	Low	Typical	High
Price / book (book value ₩13,486 a share)Now 0.39×	₩6,0580.45×	₩9,1580.68×	₩13,6401.01×

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%
3.5%	—	₩92	₩11,915	₩35,531	—
4.0%	—	—	—	₩8,367	₩30,241
4.5%	—	—	—	—	₩4,939
5.0%	—	—	—	—	—
5.5%	—	—	—	—	—

Now (TTM)

Market cap: ₩53B
Enterprise value: ₩395B
P/E: 9.5×
P/B: 0.4×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 3.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,960	₩5,770	₩9,090	₩6,660	₩13,150
Market cap	₩90B	₩58B	₩91B	₩67B	₩132B
P/E	7.5×	—	—	—	—
P/B	0.7×	0.5×	0.8×	0.6×	1.3×
P/S	0.2×	0.1×	0.2×	0.1×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.0%	3.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Infac	9.5×	0.4×	0.1×	—	3.4%
Hyundai Mobis	8.2×	0.6×	0.5×	—	2.0%
SL	6.0×	0.8×	0.4×	3.7×	0.0%
HL Mando	10.5×	0.6×	0.2×	—	2.0%
Samhyun	—	13.0×	18.3×	—	0.0%
Hyundai WIA	19.0×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.6×	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: Infac / 인팩 / 023810 / KRX:023810

Source: KRX statistical information