KOSDAQ · 039860 · Medical & precision devices · ₩039860

Nanoen Tek나노엔텍

039860 · KOSDAQ · ₩039860 · 나노엔텍

₩4,455▼ ₩215 (4.60%)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

₩1,723

vs the current price (₩4,455)

Enterprise value: ₩19B
Equity value: ₩66B
WACC: 7.3%

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 is 61% 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 ₩4,455, the model needs an operating margin of 21.6% every year (it uses 5.3%).
Margins ranged from −8.3% to 14.6% 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.
79% 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 28.9× against a typical 39.1× 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: ₩1,390; −68.8%
Base: ₩1,723; −61.3%
Bull: ₩2,353; −47.2%

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 (5.3%).

Revenue growth

Revenue growth, year 12.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.7% 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 (2.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.3%
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 & amortisation6.3%
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 spending8%
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 capital40%
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.
Beta0.6
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 0.33, 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): ₩44B
Net debt (borrowings and leases − cash and deposits): −₩47B
+ Stakes and investments: ₩5.8M; Associates, long-term financial assets and deposits (book value)
Shares: 38,093,053
Share price: ₩4,455
Market cap: ₩170B

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	₩27B	₩30B	₩38B	₩45B	₩47B	₩48B	₩49B	₩51B
Growth	−23.8%	13.5%	25.2%	2.7%	2.8%	2.9%	2.9%	3.0%
EBIT	−₩2.2B	₩621M	₩1.1B	₩2.4B	₩2.5B	₩2.5B	₩2.6B	₩2.7B
EBIT margin	−8.3%	2.0%	2.9%	5.3%	5.3%	5.3%	5.3%	5.3%
After-tax EBIT	−₩1.6B	₩450M	₩799M	₩1.7B	₩1.8B	₩1.8B	₩1.9B	₩2B
+ Depreciation	₩1.7B	₩1.9B	₩2.4B	₩2.9B	₩2.9B	₩3B	₩3.1B	₩3.2B
− Capital spending	₩1.3B	₩4.1B	₩2.1B	₩3.6B	₩3.7B	₩3.8B	₩4B	₩4.1B
− Working capital	−₩6.2B	₩5.6B	₩5.1B	₩477M	₩508M	₩541M	₩557M	₩593M
Free cash flow	₩5B	−₩7.4B	−₩4B	₩495M	₩491M	₩487M	₩502M	₩497M
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩461M	₩427M	₩394M	₩378M	₩350M

Terminal value ₩24B, worth ₩17B today: 89% 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 ₩2,469 a share)Now 1.80×	₩4,1541.68×	₩6,2602.54×	₩11,3034.58×
Price / earnings (last 12 months: ₩154 a share)Now 28.9×	₩4,45528.9×	₩6,02239.1×	₩11,42874.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩222 a share)Now 20.0×	₩6,43728.9×	₩8,70139.1×	₩16,51374.3×

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%
6.3%	₩1,816	₩1,832	₩1,852	₩1,876	₩1,906
6.8%	₩1,759	₩1,769	₩1,781	₩1,795	₩1,812
7.3%	₩1,711	₩1,717	₩1,723	₩1,731	₩1,740
7.8%	₩1,670	₩1,673	₩1,676	₩1,679	₩1,683
8.3%	₩1,635	₩1,636	₩1,637	₩1,637	₩1,637

Now (TTM)

Market cap: ₩170B
Enterprise value: ₩121B
P/E: 28.9×
P/B: 1.8×
P/S: 3.8×
EV/EBITDA: 29.2×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,000	₩3,255	₩3,720	₩5,950	₩7,450
Market cap	₩229B	₩124B	₩142B	₩227B	₩284B
P/E	144.6×	34.6×	—	48.6×	38.8×
P/B	2.5×	1.7×	2.6×	3.9×	5.4×
P/S	6.0×	4.1×	5.3×	6.4×	7.9×
EV/EBITDA	53.9×	35.9×	—	34.1×	40.7×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Nanoen Tek	28.9×	1.8×	3.8×	29.2×	0.0%
TSE	23.5×	5.2×	4.3×	—	0.2%
Kctech	19.8×	3.0×	3.6×	15.3×	0.5%
Classys	12.4×	3.1×	4.6×	9.7×	3.8%
Park Systems	66.3×	4.5×	7.9×	—	0.2%
DI	37.8×	5.2×	2.3×	—	0.6%
LivsMed	—	6.1×	19.4×	—	0.0%
Similar companies (median)	23.5×	4.8×	4.5×	12.5×	0.4%

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

Also known as: Nanoen Tek / 나노엔텍 / 039860 / KRX:039860

Source: KRX statistical information