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Ecoplastic

038110 · KOSDAQ · ₩038110 · 에코플라스틱

₩1,805▼ ₩43 (2.33%)End-of-day · Oct 29, 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
₩576B
Equity value
−₩303B
WACC
4.3%

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 ₩1,805, the model needs an operating margin of 2.0% every year (it uses 1.6%).
  • Or revenue growth +9.7 points a year higher than assumed in each of the 5 years.
  • 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.
  • Today's P/E is 4.3× against a typical 7.4× 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
₩117,036
+6,384.0%

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 (1.6%).

Revenue growth

  • 12%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 9.8%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 7.5%

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

    Default: the last 3 years' revenue growth (12% a year, annual reports), fading to 3% by year 5.

  • 5.3%

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

    Default: the last 3 years' revenue growth (12% 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 (12% a year, annual reports), fading to 3% by year 5.

Business

  • 1.6%

    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.

  • 7.4%

    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).

  • 9.3%

    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).

  • -3.6%

    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.

  • 4.01%

    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.

  • 0.6

    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 0.15, 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.

  • 5.51%

    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)
₩2.5T
Net debt (borrowings and leases − cash and deposits)
₩885B
+ Stakes and investments
₩5.1B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩3,000
Shares
41,169,370
Share price
₩1,805
Market cap
₩74B

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₩2.2T₩2.3T₩2.6T₩2.8T₩3.1T₩3.3T₩3.5T₩3.6T
Growth18.6%4.4%13.6%12.0%9.8%7.5%5.3%3.0%
EBIT₩72B₩33B₩36B₩45B₩49B₩53B₩56B₩57B
EBIT margin3.4%1.5%1.4%1.6%1.6%1.6%1.6%1.6%
After-tax EBIT₩53B₩24B₩26B₩32B₩36B₩38B₩40B₩41B
+ Depreciation———₩207B₩227B₩244B₩257B₩264B
− Capital spending₩174B₩284B₩184B₩260B₩285B₩306B₩323B₩332B
− Working capital₩52B−₩371B₩441B−₩11B−₩9.8B−₩8.3B−₩6.3B−₩3.7B
Free cash flow———−₩9.9B−₩13B−₩16B−₩19B−₩23B
Discount factor———0.9590.9200.8830.8470.812
Present value———−₩9.5B−₩12B−₩14B−₩16B−₩18B

Terminal value ₩797B, worth ₩647B today: 112% 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 ₩9,352 a share)Now 0.19×₩3,1910.34×₩7,0230.75×₩11,2071.20×
Price / earnings (last 12 months: ₩419 a share)Now 4.31×₩1,6844.02×₩3,0917.38×₩19,59646.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,753 a share)Now 1.03×₩7,0504.02×₩12,9417.38×₩82,03246.8×

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%
3.3%——₩6,534₩28,325—
3.8%———₩7,061₩29,152
4.3%————₩7,560
4.8%—————
5.3%—————

Now (TTM)

Market cap
₩74B
Enterprise value
₩931B
P/E
4.3×
P/B
0.2×
P/S
0.0×
EV/EBITDA
—
Dividend yield
2.8%

Over time (at each year end)

20252024202320222021
Price₩3,060₩2,290₩4,950₩2,635₩2,920
Market cap₩126B₩94B₩204B₩108B₩120B
P/E63.3×6.7×4.7×4.6×27.4×
P/B0.4×0.4×0.9×0.7×0.9×
P/S0.0×0.0×0.1×0.1×0.1×
EV/EBITDA—————
Dividend yield1.6%2.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ecoplastic4.3×0.2×0.0×—2.8%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.0×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—12.1×17.1×—0.0%
Hyundai WIA19.4×0.4×0.2×—2.4%
SNT Dynamics13.0×0.7×0.8×—7.0%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

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

Also known as: Ecoplastic / 에코플라스틱 / 038110 / KRX:038110

Source: KRX statistical information