KOSDAQ · 033310 · Electronic components · ₩033310

M2N엠투엔

033310 · KOSDAQ · ₩033310 · 엠투엔

₩1,296▼ ₩25 (1.89%)End-of-day · Oct 29, 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: −₩35B
Equity value: −₩50B
WACC: 6.6%

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 ₩1,296, the model needs an operating margin of 4.0% every year (it uses −0.4%).
Margins ranged from −17.0% to 4.2% 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.
55% 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.
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 17.1× against a typical 18.2× 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: —
Bull: ₩38; −97.1%

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 (−0.4%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (44.9% 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 (44.9% 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 (44.9% 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 (44.9% 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 (44.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-0.4%
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 & amortisation2.5%
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 spending2.5%
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 capital16%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 0.17, 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)5.58%
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): ₩86B
Net debt (borrowings and leases − cash and deposits): ₩16B
Shares: 39,972,456
Share price: ₩1,296
Market cap: ₩52B

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	₩77B	₩91B	₩87B	₩107B	₩128B	₩146B	₩158B	₩163B
Growth	170.6%	18.5%	−5.1%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩3.2B	₩3.7B	₩2.8B	−₩428M	−₩511M	−₩583M	−₩633M	−₩652M
EBIT margin	4.2%	4.1%	3.2%	−0.4%	−0.4%	−0.4%	−0.4%	−0.4%
After-tax EBIT	₩2.3B	₩2.7B	₩2B	−₩310M	−₩371M	−₩423M	−₩459M	−₩472M
+ Depreciation	₩2.1B	₩2B	₩2.2B	₩2.7B	₩3.2B	₩3.6B	₩4B	₩4.1B
− Capital spending	₩1.4B	₩2.3B	₩2.7B	₩2.7B	₩3.2B	₩3.6B	₩4B	₩4.1B
− Working capital	−₩5.1B	−₩7.1B	₩11B	₩3.4B	₩3.3B	₩2.9B	₩2B	₩759M
Free cash flow	₩8.1B	₩9.5B	−₩9.9B	−₩3.7B	−₩3.7B	−₩3.3B	−₩2.4B	−₩1.2B
Discount factor	—	—	—	0.938	0.880	0.825	0.774	0.726
Present value	—	—	—	−₩3.5B	−₩3.3B	−₩2.7B	−₩1.9B	−₩894M

Terminal value −₩31B, worth −₩23B today: 65% 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 ₩3,720 a share)Now 0.35×	₩1,7560.47×	₩2,8250.76×	₩7,1131.91×
Price / earnings (last 12 months: ₩76 a share)Now 17.1×	₩6989.23×	₩1,37718.2×	₩2,73736.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩428 a share)Now 3.03×	₩3,9549.23×	₩7,80418.2×	₩15,50736.2×

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%
5.6%	—	—	—	—	—
6.1%	—	—	—	—	—
6.6%	—	—	—	—	—
7.1%	—	—	—	—	—
7.6%	—	—	—	—	—

Now (TTM)

Market cap: ₩52B
Enterprise value: ₩67B
P/E: 17.1×
P/B: 0.3×
P/S: 0.6×
EV/EBITDA: 16.3×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,793	₩1,777	₩3,320	₩4,620	₩11,750
Market cap	₩72B	₩71B	₩133B	₩185B	₩470B
P/E	—	20.2×	41.1×	35.1×	—
P/B	0.5×	0.5×	0.9×	1.3×	3.4×
P/S	0.8×	0.8×	1.7×	6.5×	10.8×
EV/EBITDA	17.8×	13.3×	26.9×	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
M2N	17.1×	0.3×	0.6×	16.3×	0.0%
Samsung Electro-Mechanics	95.9×	9.4×	7.8×	—	0.2%
Doosan	37.2×	5.2×	0.7×	—	0.4%
Hanwha Systems	69.5×	2.7×	3.0×	—	0.8%
LG Innotek	12.4×	1.3×	0.3×	—	0.5%
Daeduck Electronics	44.9×	7.0×	5.1×	—	0.4%
Isupetasys	33.8×	7.9×	5.2×	—	0.0%
Similar companies (median)	41.1×	6.1×	4.0×	—	0.4%

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

Also known as: M2N / 엠투엔 / 033310 / KRX:033310

Source: KRX statistical information