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EO Technics

039030 · KOSDAQ · ₩039030 · 이오테크닉스

₩395,000▲ ₩16,000 (4.22%)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

₩76,173

vs the current price (₩395,000)

Enterprise value
₩712B
Equity value
₩938B
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 is 81% 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.
  • Or revenue growth +55.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 9.0% to 21.2% 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.
  • Today's P/E is 44.8× against a typical 49.6× 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
₩58,381
−85.2%
Base
₩76,173
−80.7%
Bull
₩104,477
−73.6%

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 (17.9%).

Revenue growth

  • -5.2%

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

    Default: the last 3 years' revenue growth (-5.2% a year, annual reports), fading to 3% by year 5.

  • -3.2%

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

    Default: the last 3 years' revenue growth (-5.2% a year, annual reports), fading to 3% by year 5.

  • -1.1%

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

    Default: the last 3 years' revenue growth (-5.2% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-5.2% 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 (-5.2% a year, annual reports), fading to 3% by year 5.

Business

  • 17.9%

    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.

  • 6.1%

    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).

  • 7.7%

    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).

  • 40%

    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.

  • 0.78

    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 0.68, 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)
₩445B
Net debt (borrowings and leases − cash and deposits)
−₩226B
Shares
12,319,550
Share price
₩395,000
Market cap
₩4.9T

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₩316B₩321B₩381B₩422B₩408B₩404B₩407B₩419B
Growth−29.2%1.4%18.7%−5.2%−3.2%−1.1%0.9%3.0%
EBIT₩28B₩31B₩81B₩75B₩73B₩72B₩73B₩75B
EBIT margin9.0%9.7%21.2%17.9%17.9%17.9%17.9%17.9%
After-tax EBIT₩21B₩23B₩59B₩55B₩53B₩52B₩53B₩54B
+ Depreciation———₩26B₩25B₩25B₩25B₩26B
− Capital spending₩6.2B₩64B₩4.1B₩32B₩31B₩31B₩31B₩32B
− Working capital−₩8.9B−₩7B₩45B−₩9.3B−₩5.4B−₩1.8B₩1.5B₩4.9B
Free cash flow———₩57B₩52B₩48B₩45B₩43B
Discount factor———0.9230.8510.7850.7240.668
Present value———₩53B₩44B₩37B₩33B₩29B

Terminal value ₩774B, worth ₩517B today: 73% 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 ₩60,732 a share)Now 6.50×₩110,6411.82×₩199,3153.28×₩418,2026.89×
Price / earnings (last 12 months: ₩8,808 a share)Now 44.8×₩96,12510.9×₩436,50249.6×₩669,50276.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩12,011 a share)Now 32.9×₩131,07810.9×₩595,21949.6×₩912,94176.0×

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%
7.4%₩79,639₩82,877₩86,706₩91,307₩96,944
7.9%₩75,214₩77,881₩80,993₩84,672₩89,093
8.4%₩71,388₩73,610₩76,173₩79,162₩82,696
8.9%₩68,048₩69,917₩72,051₩74,512₩77,382
9.4%₩65,106₩66,692₩68,487₩70,535₩72,897

Now (TTM)

Market cap
₩4.9T
Enterprise value
₩4.6T
P/E
44.8×
P/B
6.5×
P/S
10.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩272,000₩139,200₩152,900₩66,600₩119,500
Market cap₩3.4T₩1.7T₩1.9T₩820B₩1.5T
P/E58.6×40.0×51.4×10.7×20.5×
P/B4.9×2.9×3.4×1.5×3.1×
P/S8.8×5.3×6.0×1.8×3.8×
EV/EBITDA—————
Dividend yield0.0%0.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
EO Technics44.8×6.5×10.9×—0.0%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Wonik IPS26.6×4.3×5.0×40.0×0.2%
Similar companies (median)664.7×19.1×34.5×74.0×0.1%

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

Also known as: EO Technics / 이오테크닉스 / 039030 / KRX:039030

Source: KRX statistical information