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J.Estina

026040 · KOSDAQ · ₩026040 · 제이에스티나

₩1,820▼ ₩140 (7.14%)End-of-day · Oct 29, 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

₩637

vs the current price (₩1,820)

Enterprise value
−₩1.6B
Equity value
₩11B
WACC
7.3%

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 65% 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 ₩1,820, the model needs an operating margin of 2.5% every year (it uses 0.5%).
  • 100% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • 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 3.4× against a typical 13.5× 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
₩637
−65.0%
Bull
₩2,120
+16.5%

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 (0.5%).

Revenue growth

  • -2.5%

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

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • -1.1%

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

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • 0.3%

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

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (-2.5% 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 (-2.5% a year, annual reports), fading to 3% by year 5.

Business

  • 0.5%

    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.

  • 1.2%

    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).

  • 1.5%

    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).

  • 20.6%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 0.18, 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.

  • 5.51%

    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)
₩76B
Net debt (borrowings and leases − cash and deposits)
−₩9.4B
+ Stakes and investments
₩2.7B
Associates, long-term financial assets and deposits (book value)
Shares
16,503,790
Share price
₩1,820
Market cap
₩30B

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₩75B₩74B₩72B₩74B₩73B₩73B₩75B₩77B
Growth−3.2%−1.2%−2.9%−2.5%−1.1%0.3%1.6%3.0%
EBIT−₩583M−₩2.6B₩706M₩370M₩366M₩367M₩373M₩384M
EBIT margin−0.8%−3.5%1.0%0.5%0.5%0.5%0.5%0.5%
After-tax EBIT−₩422M−₩1.9B₩512M₩268M₩265M₩266M₩271M₩279M
+ Depreciation———₩889M₩879M₩881M₩896M₩922M
− Capital spending₩1.5B₩982M₩950M₩1.1B₩1.1B₩1.1B₩1.1B₩1.2B
− Working capital−₩12B−₩82M₩5.3B−₩391M−₩168M₩45M₩242M₩461M
Free cash flow———₩437M₩214M₩649,983−₩195M−₩413M
Discount factor———0.9320.8680.8090.7540.703
Present value———₩408M₩185M₩526,024−₩147M−₩290M

Terminal value −₩2.5B, worth −₩1.8B today: 110% 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 ₩3,224 a share)Now 0.56×₩2,1740.67×₩2,7360.85×₩3,8471.19×
Price / earnings (last 12 months: ₩528 a share)Now 3.45×₩1,0271.94×₩7,14313.5×₩25,04147.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,778 a share)Now 1.02×₩3,4571.94×₩24,05213.5×₩84,31747.4×

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%
6.3%₩767₩695₩605₩491₩342
6.8%₩764₩701₩623₩526₩403
7.3%₩763₩706₩637₩553₩450
7.8%₩761₩710₩649₩576₩487
8.3%₩760₩713₩659₩594₩517

Now (TTM)

Market cap
₩30B
Enterprise value
₩21B
P/E
3.4×
P/B
0.6×
P/S
0.4×
EV/EBITDA
—
Dividend yield
5.5%

Over time (at each year end)

20252024202320222021
Price₩3,140₩2,290₩2,240₩2,465₩3,425
Market cap₩52B₩38B₩37B₩41B₩57B
P/E28.4×—46.7×31.1×1.9×
P/B1.1×0.9×0.9×0.9×0.9×
P/S0.7×0.5×0.5×0.5×0.8×
EV/EBITDA—————
Dividend yield3.2%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
J.Estina3.4×0.6×0.4×—5.5%
Spigen Korea3.3×0.3×0.4×—0.0%
Novatech3.5×0.7×2.5×—0.0%
Samick Musical Instruments2.2×0.3×0.4×—4.9%
Alux—1.8×1.1×—0.0%
Xplus—3.4×6.2×—0.0%
E-World—0.3×0.6×—0.0%
Similar companies (median)3.3×0.5×0.9×—0.0%

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

Also known as: J.Estina / 제이에스티나 / 026040 / KRX:026040

Source: KRX statistical information