KOSDAQ · 031980 · Machinery · ₩031980

PSK Holdings피에스케이홀딩스

031980 · KOSDAQ · ₩031980 · 피에스케이홀딩스

₩157,700▼ ₩15,600 (9.00%)End-of-day · Oct 26, 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

₩75,522

vs the current price (₩157,700)

Enterprise value: ₩1.5T
Equity value: ₩1.6T
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 52% 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 ₩157,700, the model needs an operating margin of 66.9% every year (it uses 31.9%).
Or revenue growth +21.3 points a year higher than assumed in each of the 5 years.
Margins ranged from 23.2% to 41.1% 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.
52% 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 28.6× against a typical 11.9× 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: ₩54,257; −65.6%
Base: ₩75,522; −52.1%
Bull: ₩109,751; −30.4%

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 (31.9%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (41.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (41.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (41.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (41.9% 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 (41.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin31.9%
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 & amortisation5.5%
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 spending6.9%
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 capital26.4%
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.
Beta0.6
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 0.21, 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): ₩217B
Net debt (borrowings and leases − cash and deposits): −₩138B
Shares: 21,562,395
Share price: ₩157,700
Market cap: ₩3.4T

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	₩95B	₩216B	₩208B	₩272B	₩325B	₩370B	₩401B	₩413B
Growth	30.1%	127.5%	−3.6%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩27B	₩88B	₩73B	₩87B	₩104B	₩118B	₩128B	₩132B
EBIT margin	28.5%	41.1%	35.3%	31.9%	31.9%	31.9%	31.9%	31.9%
After-tax EBIT	₩20B	₩64B	₩53B	₩63B	₩75B	₩86B	₩93B	₩96B
+ Depreciation	—	—	—	₩15B	₩18B	₩20B	₩22B	₩23B
− Capital spending	₩18B	₩285M	₩2.2B	₩19B	₩22B	₩26B	₩28B	₩29B
− Working capital	−₩16B	−₩30B	₩21B	₩14B	₩14B	₩12B	₩8.3B	₩3.2B
Free cash flow	—	—	—	₩45B	₩57B	₩68B	₩79B	₩87B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩42B	₩49B	₩55B	₩59B	₩61B

Terminal value ₩1.7T, worth ₩1.2T 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:

	Low	Typical	High
Price / book (book value ₩24,922 a share)Now 6.33×	₩17,9340.72×	₩45,5851.83×	₩107,5244.31×
Price / earnings (last 12 months: ₩5,507 a share)Now 28.6×	₩26,8234.87×	₩65,56811.9×	₩157,04128.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,524 a share)Now 34.9×	₩22,0334.87×	₩53,85911.9×	₩128,99728.5×

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%	₩78,739	₩84,844	₩92,353	₩101,816	₩114,115
6.8%	₩72,175	₩77,110	₩83,063	₩90,386	₩99,615
7.3%	₩66,653	₩70,709	₩75,522	₩81,328	₩88,470
7.8%	₩61,945	₩65,325	₩69,280	₩73,975	₩79,637
8.3%	₩57,885	₩60,734	₩64,030	₩67,888	₩72,467

Now (TTM)

Market cap: ₩3.4T
Enterprise value: ₩3.3T
P/E: 28.6×
P/B: 6.3×
P/S: 15.7×
EV/EBITDA: —
Dividend yield: 0.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩46,300	₩38,050	₩26,950	₩6,850	₩17,900
Market cap	₩998B	₩820B	₩581B	₩148B	₩386B
P/E	10.9×	8.6×	13.6×	3.6×	8.3×
P/B	2.0×	1.9×	1.7×	0.5×	1.5×
P/S	4.8×	3.8×	6.1×	2.0×	4.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.3%	1.8%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
PSK Holdings	28.6×	6.3×	15.7×	—	0.7%
Doosan Enerbility	203.8×	4.5×	2.1×	—	0.0%
Hanmi Semiconductor	79.0×	23.5×	31.8×	71.1×	0.4%
Jusung Engineering	1,074.9×	13.2×	34.5×	2,068.4×	0.0%
Rainbow Robotics	3,960.9×	50.7×	149.5×	—	0.0%
EO Technics	43.0×	6.2×	10.5×	—	0.0%
Doosan Bobcat	13,636.6×	912.5×	734.6×	—	3.5%
Similar companies (median)	639.3×	18.3×	33.2×	1,069.8×	0.0%

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

Also known as: PSK Holdings / 피에스케이홀딩스 / 031980 / KRX:031980

Source: KRX statistical information