KOSDAQ · 033560 · Electronics · ₩033560

Bluecom블루콤

033560 · KOSDAQ · ₩033560 · 블루콤

₩5,350▼ ₩450 (7.76%)End-of-day · Oct 28, 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: −₩15B
Equity value: −₩29B
WACC: 6.9%

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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Margins ranged from −23.5% to 11.2% 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.
77% 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.

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: —

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 (−1.1%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-53.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-53.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-53.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-53.7% 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 (-53.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.1%
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 & amortisation109.7%
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 spending137.1%
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 capital40%
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 -0.16, 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): ₩6.1B
Net debt (borrowings and leases − cash and deposits): ₩14B
+ Stakes and investments: ₩800; Associates, long-term financial assets and deposits (book value)
Shares: 17,100,000
Share price: ₩5,350
Market cap: ₩91B

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	₩33B	₩18B	₩5.8B	₩5.5B	₩5.1B	₩4.9B	₩4.9B	₩5.1B
Growth	−44.1%	−44.1%	−68.3%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩7.7B	−₩2.8B	₩648M	−₩60M	−₩56M	−₩54M	−₩54M	−₩56M
EBIT margin	−23.5%	−15.3%	11.2%	−1.1%	−1.1%	−1.1%	−1.1%	−1.1%
After-tax EBIT	−₩5.6B	−₩2B	₩470M	−₩44M	−₩41M	−₩39M	−₩39M	−₩40M
+ Depreciation	—	—	—	₩6B	₩5.6B	₩5.4B	₩5.4B	₩5.6B
− Capital spending	₩12B	₩52B	₩5.4B	₩7.5B	₩7B	₩6.8B	₩6.8B	₩7B
− Working capital	−₩11B	−₩15B	₩13B	−₩244M	−₩147M	−₩72M	−₩4M	₩59M
Free cash flow	—	—	—	−₩1.3B	−₩1.3B	−₩1.3B	−₩1.4B	−₩1.5B
Discount factor	—	—	—	0.935	0.875	0.818	0.765	0.715
Present value	—	—	—	−₩1.2B	−₩1.1B	−₩1.1B	−₩1.1B	−₩1.1B

Terminal value −₩13B, worth −₩9.4B today: 63% 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 ₩9,904 a share)Now 0.54×	₩3,0980.31×	₩3,7750.38×	₩10,6211.07×

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%
5.9%	—	—	—	—	—
6.4%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—
7.9%	—	—	—	—	—

Now (TTM)

Market cap: ₩91B
Enterprise value: ₩105B
P/E: 11.9×
P/B: 0.5×
P/S: 15.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,100	₩2,830	₩3,080	₩3,700	₩11,000
Market cap	₩53B	₩48B	₩53B	₩63B	₩188B
P/E	3.2×	20.4×	—	—	2,916.0×
P/B	0.3×	0.3×	0.3×	0.4×	1.2×
P/S	9.1×	2.6×	1.6×	1.1×	2.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Bluecom	11.9×	0.5×	15.0×	—	0.0%
Samsung Electronics	9.5×	2.5×	2.9×	—	0.7%
LG Electronics	25.3×	1.0×	0.3×	—	0.8%
Hanwha Vision	17.0×	2.1×	1.1×	—	0.0%
RFHIC	41.3×	3.7×	6.7×	—	0.8%
KMW	—	5.0×	8.1×	—	0.0%
Intellian Technologies	13.4×	2.0×	1.6×	—	0.4%
Similar companies (median)	17.0×	2.3×	2.3×	—	0.5%

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

Also known as: Bluecom / 블루콤 / 033560 / KRX:033560

Source: KRX statistical information