KOSDAQ · 038010 · Metal products · ₩038010

Jeil Technos제일테크노스

038010 · KOSDAQ · ₩038010 · 제일테크노스

₩5,620▲ ₩20 (0.36%)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

₩19,469

vs the current price (₩5,620)

Enterprise value: ₩108B
Equity value: ₩175B
WACC: 7.4%

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 is 246% 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 ₩5,620, the model needs an operating margin of −0.9% every year (it uses 7.7%).
Margins ranged from 0.4% to 13.5% 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.
59% 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 3.9× against a typical 3.8× 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: ₩14,037; +149.8%
Base: ₩19,469; +246.4%
Bull: ₩28,790; +412.3%

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 (7.7%).

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 (-14.8% 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 (-14.8% 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 (-14.8% 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 (-14.8% 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 (-14.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.7%
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 & amortisation1.4%
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 spending1.7%
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 capital5.1%
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 rate4.11%
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.
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 0.25, 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)5.61%
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): ₩139B
Net debt (borrowings and leases − cash and deposits): −₩43B
+ Stakes and investments: ₩26B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.4B
Shares: 9,000,000
Share price: ₩5,620
Market cap: ₩51B

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	₩268B	₩184B	₩134B	₩125B	₩117B	₩113B	₩112B	₩116B
Growth	24.1%	−31.3%	−27.4%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩36B	₩21B	₩7.1B	₩9.6B	₩9B	₩8.7B	₩8.7B	₩8.9B
EBIT margin	13.5%	11.2%	5.3%	7.7%	7.7%	7.7%	7.7%	7.7%
After-tax EBIT	₩26B	₩15B	₩5.2B	₩7B	₩6.5B	₩6.3B	₩6.3B	₩6.5B
+ Depreciation	—	—	—	₩1.8B	₩1.6B	₩1.6B	₩1.6B	₩1.6B
− Capital spending	₩3B	₩2.9B	₩3.2B	₩2.1B	₩2B	₩1.9B	₩1.9B	₩2B
− Working capital	−₩21B	−₩6.6B	−₩3.8B	−₩709M	−₩427M	−₩208M	−₩11M	₩172M
Free cash flow	—	—	—	₩7.3B	₩6.6B	₩6.2B	₩5.9B	₩5.9B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩6.8B	₩5.7B	₩5B	₩4.5B	₩4.2B

Terminal value ₩117B, worth ₩82B today: 76% 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 ₩16,842 a share)Now 0.33×	₩6,3520.38×	₩10,4730.62×	₩14,5300.86×
Price / earnings (last 12 months: ₩1,457 a share)Now 3.86×	₩3,6572.51×	₩5,4923.77×	₩20,58614.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,322 a share)Now 1.69×	₩8,3402.51×	₩12,5253.77×	₩46,94514.1×

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%
6.4%	₩19,975	₩20,945	₩22,133	₩23,626	₩25,555
6.9%	₩18,932	₩19,719	₩20,665	₩21,826	₩23,284
7.4%	₩18,052	₩18,700	₩19,469	₩20,393	₩21,527
7.9%	₩17,298	₩17,841	₩18,474	₩19,225	₩20,128
8.4%	₩16,647	₩17,105	₩17,635	₩18,254	₩18,987

Now (TTM)

Market cap: ₩51B
Enterprise value: ₩2.6B
P/E: 3.9×
P/B: 0.3×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 2.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,840	₩5,690	₩8,460	₩6,810	₩6,510
Market cap	₩53B	₩51B	₩76B	₩61B	₩59B
P/E	5.3×	2.5×	2.9×	5.7×	78.4×
P/B	0.4×	0.4×	0.7×	0.7×	0.8×
P/S	0.4×	0.3×	0.3×	0.3×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.1%	2.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Jeil Technos	3.9×	0.3×	0.4×	—	2.1%
CS Wind	385.5×	1.3×	0.6×	—	2.5%
Hankuk Carbon	7.8×	1.2×	0.9×	—	2.1%
Taewoong	65.8×	0.8×	1.3×	21.0×	0.0%
YG-1	5.1×	0.8×	0.5×	—	1.8%
Bosung Power Technology	18.8×	2.1×	1.8×	8.5×	0.0%
HT Robotics	44.6×	3.2×	2.1×	—	0.0%
Similar companies (median)	31.7×	1.2×	1.1×	14.7×	0.9%

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

Also known as: Jeil Technos / 제일테크노스 / 038010 / KRX:038010

Source: KRX statistical information