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Fine Semitech

036810 · KOSDAQ · ₩036810 · 에프에스티

₩25,950▲ ₩1,500 (6.13%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩89B
Equity value
−₩152B
WACC
8.4%

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 ₩25,950, the model needs an operating margin of 19.4% every year (it uses 1.4%).
  • Margins ranged from −5.5% to 10.6% 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.
  • 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

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

Cycle options

Margin path

Every year uses the cycle-average margin (1.4%).

Revenue growth

  • 7.9%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 6.6%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 5.4%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 4.2%

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

    Default: the last 3 years' revenue growth (7.9% 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 (7.9% a year, annual reports), fading to 3% by year 5.

Business

  • 1.4%

    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.

  • 16.5%

    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).

  • 20.6%

    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).

  • 13.3%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.91

    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 0.87, 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.

  • 5.61%

    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)
₩295B
Net debt (borrowings and leases − cash and deposits)
₩93B
+ Stakes and investments
₩31B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩646M
Shares
21,649,789
Share price
₩25,950
Market cap
₩562B

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₩198B₩237B₩280B₩318B₩339B₩357B₩372B₩383B
Growth−11.5%20.1%18.1%7.9%6.6%5.4%4.2%3.0%
EBIT−₩11B₩2.3B−₩547M₩4.5B₩4.7B₩5B₩5.2B₩5.4B
EBIT margin−5.5%1.0%−0.2%1.4%1.4%1.4%1.4%1.4%
After-tax EBIT−₩7.8B₩1.7B−₩396M₩3.2B₩3.4B₩3.6B₩3.8B₩3.9B
+ Depreciation———₩52B₩56B₩59B₩61B₩63B
− Capital spending₩31B₩69B₩49B₩65B₩70B₩74B₩77B₩79B
− Working capital−₩6B₩26B−₩114B₩3.1B₩2.8B₩2.4B₩2B₩1.5B
Free cash flow———−₩13B−₩13B−₩13B−₩13B−₩13B
Discount factor———0.9230.8510.7850.7240.668
Present value———−₩12B−₩11B−₩11B−₩9.8B−₩8.9B

Terminal value −₩55B, worth −₩37B today: 41% 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 ₩12,521 a share)Now 2.07×₩19,4191.55×₩26,8412.14×₩40,5573.24×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,352 a share)Now 19.2×₩16,20512.0×₩24,09517.8×₩80,90459.9×

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%
7.4%—————
7.9%—————
8.4%—————
8.9%—————
9.4%—————

Now (TTM)

Market cap
₩562B
Enterprise value
₩655B
P/E
—
P/B
2.1×
P/S
1.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩30,650₩15,730₩24,650₩15,600₩25,350
Market cap₩664B₩341B₩534B₩338B₩549B
P/E—234.8×—7.7×17.1×
P/B2.7×1.4×2.2×1.4×2.7×
P/S2.4×1.4×2.7×1.5×2.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Fine Semitech—2.1×1.9×—0.0%
Samsung Electro-Mechanics89.0×8.8×7.2×—0.2%
Doosan36.8×5.2×0.7×—0.4%
Hanwha Systems67.9×2.7×2.9×—0.8%
LG Innotek13.4×1.4×0.4×—0.5%
Isupetasys32.5×7.6×5.0×—0.0%
Daeduck Electronics41.5×6.5×4.7×—0.4%
Similar companies (median)39.2×5.8×3.8×—0.4%

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

Also known as: Fine Semitech / 에프에스티 / 036810 / KRX:036810

Source: KRX statistical information