KOSDAQ · 033640 · Semiconductors · ₩033640

Nepes네패스

033640 · KOSDAQ · ₩033640 · 네패스

₩24,000▲ ₩2,000 (9.09%)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

With these assumptions the model gives no positive value.

Enterprise value: ₩250B
Equity value: −₩58B
WACC: 8.3%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩24,000, the model needs an operating margin of 10.8% every year (it uses 0.1%).
Margins ranged from −14.6% to 4.6% 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.
Today's P/E is 45.3× against a typical 8.7× 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: ₩2,655; −88.9%

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 (0.1%).

Revenue growth

Revenue growth, year 1-3.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.9% 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 (-3.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.1%
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 & amortisation29.3%
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 spending8.7%
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 capital11.4%
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.
Beta1.03
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 1.04, 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): ₩549B
Net debt (borrowings and leases − cash and deposits): ₩181B
+ Stakes and investments: ₩2.8B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩130B
Shares: 23,059,202
Share price: ₩24,000
Market cap: ₩553B

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	₩480B	₩464B	₩521B	₩527B	₩516B	₩513B	₩520B	₩536B
Growth	−18.4%	−3.3%	12.3%	−3.9%	−2.2%	−0.5%	1.3%	3.0%
EBIT	−₩70B	₩3.4B	₩24B	₩527M	₩516M	₩513M	₩520M	₩536M
EBIT margin	−14.6%	0.7%	4.6%	0.1%	0.1%	0.1%	0.1%	0.1%
After-tax EBIT	−₩51B	₩2.5B	₩17B	₩382M	₩374M	₩372M	₩377M	₩388M
+ Depreciation	₩159B	₩147B	₩121B	₩155B	₩151B	₩150B	₩152B	₩157B
− Capital spending	—	₩32B	₩55B	₩46B	₩45B	₩45B	₩45B	₩47B
− Working capital	₩100B	−₩92B	₩2.2B	−₩2.4B	−₩1.3B	−₩294M	₩761M	₩1.8B
Free cash flow	—	₩210B	₩82B	₩111B	₩108B	₩106B	₩107B	₩109B
Discount factor	—	—	—	0.923	0.853	0.787	0.727	0.671
Present value	—	—	—	₩103B	₩92B	₩84B	₩78B	₩73B

Terminal value −₩268B, worth −₩180B today: -72% 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 ₩5,536 a share)Now 4.34×	₩8,7771.59×	₩14,1382.55×	₩22,7004.10×
Price / earnings (last 12 months: ₩529 a share)Now 45.3×	₩2,3544.45×	₩4,6298.74×	₩24,00045.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,111 a share)Now 11.4×	₩9,3864.45×	₩18,4588.74×	₩95,70045.3×

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%
7.3%	—	—	—	—	—
7.8%	—	—	—	—	—
8.3%	—	—	—	—	—
8.8%	—	—	—	—	—
9.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩553B
Enterprise value: ₩729B
P/E: 45.3×
P/B: 4.3×
P/S: 1.0×
EV/EBITDA: 4.9×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩15,600	₩6,550	₩19,670	₩15,650	₩38,350
Market cap	₩360B	₩151B	₩454B	₩361B	₩884B
P/E	21.7×	—	—	4.7×	—
P/B	2.9×	1.4×	3.1×	1.5×	5.0×
P/S	0.7×	0.3×	0.9×	0.6×	2.1×
EV/EBITDA	4.0×	3.0×	10.2×	5.6×	14.2×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Nepes	45.3×	4.3×	1.0×	4.9×	0.0%
SK hynix	6.0×	3.7×	5.2×	—	0.2%
DB HiTek	11.9×	1.7×	2.7×	—	0.9%
Fadu	—	37.7×	13.2×	—	0.0%
Hana Micron	13.8×	4.3×	1.1×	—	0.2%
Jeju Semiconductor	9.5×	4.9×	3.3×	—	0.0%
SFA Semicon	—	3.0×	3.2×	—	0.0%
Similar companies (median)	10.7×	4.0×	3.2×	—	0.1%

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

Also known as: Nepes / 네패스 / 033640 / KRX:033640

Source: KRX statistical information