KOSPI · 029460 · Medical & precision devices · ₩029460

KC케이씨

029460 · KOSPI · ₩029460 · 케이씨

₩36,650▲ ₩3,400 (10.23%)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

₩58,732

vs the current price (₩36,650)

Enterprise value: ₩585B
Equity value: ₩647B
WACC: 7.8%

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 60% 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 ₩36,650, the model needs an operating margin of 5.4% every year (it uses 8.0%).
Or revenue growth −17.0 points a year higher than assumed in each of the 5 years.
Margins ranged from 3.8% to 11.8% 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.
43% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 7.4× against a typical 4.4× 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: ₩33,280; −9.2%
Base: ₩58,732; +60.3%
Bull: ₩102,437; +179.5%

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 (8.0%).

Revenue growth

Revenue growth, year 1-2.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.4% 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 (-2.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin8%
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 & amortisation2.7%
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).
Capital spending5.9%
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 capital22.9%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.69
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 0.53, 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)5.53%
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): ₩814B
Net debt (borrowings and leases − cash and deposits): −₩62B
Shares: 11,020,535
Share price: ₩36,650
Market cap: ₩404B

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	₩727B	₩738B	₩797B	₩794B	₩786B	₩788B	₩801B	₩825B
Growth	−15.3%	1.6%	8.0%	−2.4%	−1.1%	0.3%	1.6%	3.0%
EBIT	₩66B	₩28B	₩46B	₩64B	₩63B	₩63B	₩64B	₩66B
EBIT margin	9.1%	3.8%	5.8%	8.0%	8.0%	8.0%	8.0%	8.0%
After-tax EBIT	₩48B	₩20B	₩34B	₩46B	₩46B	₩46B	₩46B	₩48B
+ Depreciation	₩18B	₩19B	₩23B	₩21B	₩21B	₩21B	₩22B	₩22B
− Capital spending	₩45B	₩38B	₩51B	₩47B	₩46B	₩46B	₩47B	₩49B
− Working capital	−₩148B	₩135B	₩47B	−₩4.5B	−₩2B	₩540M	₩2.9B	₩5.5B
Free cash flow	₩169B	−₩133B	−₩41B	₩25B	₩22B	₩20B	₩18B	₩16B
Discount factor	—	—	—	0.927	0.860	0.798	0.740	0.686
Present value	—	—	—	₩23B	₩19B	₩16B	₩13B	₩11B

Terminal value ₩732B, worth ₩502B today: 86% 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 ₩87,919 a share)Now 0.42×	₩22,4210.26×	₩27,4600.31×	₩36,6500.42×
Price / earnings (last 12 months: ₩4,935 a share)Now 7.43×	₩10,6932.17×	₩21,7644.41×	₩43,9008.90×
P/E on run-rate earnings (Q2 2026 × 4: ₩8,014 a share)Now 4.57×	₩17,3662.17×	₩35,3444.41×	₩71,2918.90×

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%
6.8%	₩62,760	₩66,493	₩70,987	₩76,505	₩83,449
7.3%	₩57,709	₩60,716	₩64,276	₩68,560	₩73,822
7.8%	₩53,413	₩55,867	₩58,732	₩62,124	₩66,206
8.3%	₩49,717	₩51,743	₩54,079	₩56,807	₩60,036
8.8%	₩46,505	₩48,194	₩50,121	₩52,344	₩54,939

Now (TTM)

Market cap: ₩404B
Enterprise value: ₩342B
P/E: 7.4×
P/B: 0.4×
P/S: 0.5×
EV/EBITDA: 5.0×
Dividend yield: 1.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩25,500	₩16,590	₩18,410	₩17,050	₩22,850
Market cap	₩281B	₩183B	₩203B	₩188B	₩252B
P/E	6.4×	3.9×	4.3×	1.9×	4.8×
P/B	0.3×	0.2×	0.3×	0.3×	0.4×
P/S	0.4×	0.2×	0.3×	0.2×	0.5×
EV/EBITDA	3.2×	1.4×	—	0.9×	2.3×
Dividend yield	1.7%	1.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
KC	7.4×	0.4×	0.5×	5.0×	1.2%
TSE	27.5×	6.1×	5.1×	—	0.2%
Kctech	20.8×	3.2×	3.8×	16.1×	0.5%
Classys	12.6×	3.1×	4.7×	9.8×	3.8%
Park Systems	68.1×	4.6×	8.1×	—	0.2%
Curiox Biosystems	—	21.9×	187.1×	—	0.0%
DI	36.7×	5.0×	2.2×	—	0.7%
Similar companies (median)	27.5×	4.8×	4.9×	13.0×	0.4%

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

Also known as: KC / 케이씨 / 029460 / KRX:029460

Source: KRX statistical information