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Fino

033790 · KOSDAQ · ₩033790 · 피노

₩7,250▲ ₩70 (0.97%)End-of-day · Oct 27, 2026 · End-of-day prices.
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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

₩4,134

vs the current price (₩7,250)

Enterprise value
₩265B
Equity value
₩356B
WACC
7.9%

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 is 43% 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 ₩7,250, the model needs an operating margin of 8.8% every year (it uses 5.4%).
  • Or revenue growth +21.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −30.5% to 17.1% 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.
  • 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
₩1,936
−73.3%
Base
₩4,134
−43.0%
Bull
₩7,931
+9.4%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (5.4%).

Revenue growth

  • 25%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (185.3% a year, annual reports), fading to 3% by year 5.

  • 19.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (185.3% a year, annual reports), fading to 3% by year 5.

  • 14%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (185.3% a year, annual reports), fading to 3% by year 5.

  • 8.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (185.3% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (185.3% a year, annual reports), fading to 3% by year 5.

Business

  • 5.4%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.8%

    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).

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 20.8%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.03%

    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.

  • 0.7

    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 0.55, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 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)
₩376B
Net debt (borrowings and leases − cash and deposits)
−₩114B
− Minority interests
₩23B
Shares
86,012,953
Share price
₩7,250
Market cap
₩624B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩7B₩31B₩265B₩470B₩562B₩640B₩695B₩716B
Growth−38.9%340.3%763.1%25.0%19.5%14.0%8.5%3.0%
EBIT−₩2.1B₩7.6M₩8.8B₩25B₩30B₩35B₩38B₩39B
EBIT margin−30.5%0.0%3.3%5.4%5.4%5.4%5.4%5.4%
After-tax EBIT−₩1.5B₩5.5M₩6.4B₩18B₩22B₩25B₩27B₩28B
+ Depreciation₩301M₩283M₩333M₩8.5B₩10B₩12B₩13B₩13B
− Capital spending———₩19B₩22B₩26B₩28B₩29B
− Working capital₩1B₩2.4B₩22B₩20B₩19B₩16B₩11B₩4.3B
Free cash flow———−₩11B−₩9.4B−₩5.4B₩594M₩7.9B
Discount factor———0.9270.8590.7960.7380.684
Present value———−₩11B−₩8.1B−₩4.3B₩439M₩5.4B

Terminal value ₩412B, worth ₩282B today: 106% 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:

LowTypicalHigh
Price / book (book value ₩2,039 a share)Now 3.56×₩8,9354.38×₩12,9166.34×₩24,23111.9×

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%
6.9%₩4,468₩4,706₩4,992₩5,342₩5,780
7.4%₩4,109₩4,298₩4,522₩4,790₩5,118
7.9%₩3,804₩3,956₩4,134₩4,343₩4,594
8.4%₩3,542₩3,666₩3,809₩3,974₩4,170
8.9%₩3,315₩3,417₩3,533₩3,665₩3,820

Now (TTM)

Market cap
₩624B
Enterprise value
₩509B
P/E
226.5×
P/B
3.6×
P/S
1.7×
EV/EBITDA
25.1×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,500₩5,080₩1,488₩1,658₩1,658
Market cap₩473B₩437B₩128B₩143B₩143B
P/E———82.6×63.7×
P/B4.8×7.8×5.9×6.1×6.6×
P/S1.8×14.2×18.4×12.5×12.7×
EV/EBITDA46.5×1,409.8×—74.6×60.5×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Fino226.5×3.6×1.7×25.1×0.0%
LG Energy Solution—4.0×3.4×—0.0%
Samsung SDI1,087.4×1.7×2.9×—0.0%
POSCO Future M320.4×3.4×5.0×—0.2%
Ecopro BM211.6×5.2×4.0×—0.1%
L&F—4.4×1.2×15.2×0.0%
DN Automotive6.2×1.0×0.6×—2.4%
Similar companies (median)266.0×3.7×3.2×15.2×0.1%

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

Also known as: Fino / 피노 / 033790 / KRX:033790

Source: KRX statistical information