KOSDAQ · 036930 · Machinery · ₩036930

Jusung Engineering주성엔지니어링

036930 · KOSDAQ · ₩036930 · 주성엔지니어링

₩165,000▼ ₩12,000 (6.78%)End-of-day · Oct 30, 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

₩8,516

vs the current price (₩165,000)

Enterprise value: ₩317B
Equity value: ₩396B
WACC: 9.2%

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 95% 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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Margins ranged from 10.1% to 28.3% 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.
100% 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.
Today's P/E is 1058.2× against a typical 14.1× 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: ₩6,416; −96.1%
Base: ₩8,516; −94.8%
Bull: ₩11,682; −92.9%

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 (17.8%).

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 (-10.8% 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 (-10.8% 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 (-10.8% 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 (-10.8% 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 (-10.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin17.8%
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 & amortisation5.2%
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 spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital5.3%
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

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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.94
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 0.92, 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)5.51%
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): ₩226B
Net debt (borrowings and leases − cash and deposits): −₩79B
Shares: 46,481,121
Share price: ₩165,000
Market cap: ₩7.7T

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	₩285B	₩409B	₩311B	₩203B	₩190B	₩183B	₩183B	₩188B
Growth	−35.0%	43.8%	−24.1%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩29B	₩97B	₩31B	₩36B	₩34B	₩33B	₩33B	₩33B
EBIT margin	10.2%	23.7%	10.1%	17.8%	17.8%	17.8%	17.8%	17.8%
After-tax EBIT	₩21B	₩70B	₩23B	₩26B	₩24B	₩24B	₩24B	₩24B
+ Depreciation	₩17B	₩16B	₩17B	₩11B	₩9.9B	₩9.5B	₩9.5B	₩9.8B
− Capital spending	—	—	—	₩8.1B	₩7.6B	₩7.3B	₩7.3B	₩7.5B
− Working capital	₩35B	−₩116B	₩63B	−₩1.2B	−₩722M	−₩352M	−₩19M	₩290M
Free cash flow	—	—	—	₩30B	₩27B	₩26B	₩26B	₩26B
Discount factor	—	—	—	0.916	0.839	0.768	0.704	0.645
Present value	—	—	—	₩27B	₩23B	₩20B	₩18B	₩17B

Terminal value ₩328B, worth ₩212B today: 67% 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 ₩12,735 a share)Now 13.0×	₩19,1161.50×	₩32,6722.57×	₩125,5879.86×
Price / earnings (last 12 months: ₩156 a share)Now 1058.2×	₩4963.18×	₩2,19614.1×	₩8,42054.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩473 a share)Now 348.5×	₩1,5063.18×	₩6,66814.1×	₩25,56454.0×

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%
8.2%	₩8,762	₩9,131	₩9,560	₩10,064	₩10,665
8.7%	₩8,323	₩8,637	₩8,999	₩9,419	₩9,913
9.2%	₩7,937	₩8,207	₩8,516	₩8,870	₩9,281
9.7%	₩7,595	₩7,830	₩8,095	₩8,396	₩8,743
10.2%	₩7,290	₩7,495	₩7,725	₩7,984	₩8,280

Now (TTM)

Market cap: ₩7.7T
Enterprise value: ₩7.6T
P/E: 1,058.2×
P/B: 13.0×
P/S: 34.0×
EV/EBITDA: 2,036.0×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩27,700	₩29,450	₩34,200	₩10,600	₩21,000
Market cap	₩1.3T	₩1.4T	₩1.6T	₩493B	₩976B
P/E	36.1×	12.8×	46.8×	4.6×	6.7×
P/B	2.2×	2.4×	3.1×	1.0×	2.6×
P/S	4.1×	3.3×	5.6×	1.1×	2.6×
EV/EBITDA	24.3×	10.2×	32.9×	2.9×	8.1×
Dividend yield	0.2%	1.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Jusung Engineering	1,058.2×	13.0×	34.0×	2,036.0×	0.0%
Doosan Enerbility	193.9×	4.3×	2.0×	—	0.0%
Hanmi Semiconductor	78.4×	23.3×	31.6×	70.6×	0.4%
Rainbow Robotics	4,137.6×	53.0×	156.2×	—	0.0%
EO Technics	44.1×	6.4×	10.8×	—	0.0%
Doosan Bobcat	13,622.5×	911.6×	733.9×	—	3.5%
Wonik IPS	25.1×	4.0×	4.7×	37.6×	0.2%
Similar companies (median)	136.1×	14.9×	21.2×	54.1×	0.1%

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

Also known as: Jusung Engineering / 주성엔지니어링 / 036930 / KRX:036930

Source: KRX statistical information