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NuriFlex

040160 · KOSDAQ · ₩040160 · 누리플렉스

₩4,480▼ ₩80 (1.75%)End-of-day · Oct 30, 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
−₩19B
Equity value
−₩38B
WACC
7.1%

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 ₩4,480, the model needs an operating margin of 6.3% every year (it uses −1.1%).
  • Margins ranged from −6.3% to 8.3% 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.
  • 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 13.6× against a typical 10.3× 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
—

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 (−1.1%).

Revenue growth

  • -6.6%

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

    Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.

  • -4.2%

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

    Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.

  • -1.8%

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

    Default: the last 3 years' revenue growth (-6.6% a year, annual reports), fading to 3% by year 5.

  • 0.6%

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

    Default: the last 3 years' revenue growth (-6.6% 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 (-6.6% a year, annual reports), fading to 3% by year 5.

Business

  • -1.1%

    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.

  • 0.9%

    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).

  • 1.1%

    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).

  • 18.2%

    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.

  • 0.77

    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 0.66, 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)
₩103B
Net debt (borrowings and leases − cash and deposits)
₩19B
− Minority interests
₩102M
Shares
11,883,351
Share price
₩4,480
Market cap
₩53B

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₩133B₩129B₩102B₩96B₩92B₩90B₩91B₩94B
Growth6.4%−2.6%−21.5%−6.6%−4.2%−1.8%0.6%3.0%
EBIT₩2B−₩8.2B−₩6.1B−₩1.1B−₩1B−₩993M−₩999M−₩1B
EBIT margin1.5%−6.3%−6.0%−1.1%−1.1%−1.1%−1.1%−1.1%
After-tax EBIT₩1.4B−₩5.9B−₩4.4B−₩765M−₩733M−₩720M−₩724M−₩746M
+ Depreciation———₩864M₩827M₩812M₩817M₩842M
− Capital spending₩1.2B₩1.4B₩1.2B₩1.1B₩1B₩993M₩999M₩1B
− Working capital−₩18B₩22B−₩47B−₩1.2B−₩733M−₩301M₩99M₩496M
Free cash flow———₩277M−₩183M−₩599M−₩1B−₩1.4B
Discount factor———0.9340.8720.8140.7600.710
Present value———₩259M−₩160M−₩488M−₩763M−₩1B

Terminal value −₩23B, worth −₩17B today: 88% 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 ₩6,473 a share)Now 0.69×₩2,7240.42×₩4,4030.68×₩7,9881.23×
Price / earnings (last 12 months: ₩328 a share)Now 13.6×₩2,2836.95×₩3,38310.3×₩6,79420.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,643 a share)Now 2.73×₩11,4186.95×₩16,92310.3×₩33,98420.7×

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%
6.1%—————
6.6%—————
7.1%—————
7.6%—————
8.1%—————

Now (TTM)

Market cap
₩53B
Enterprise value
₩73B
P/E
13.6×
P/B
0.7×
P/S
0.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,765₩2,760₩4,080₩4,760₩8,940
Market cap₩45B₩33B₩48B₩57B₩106B
P/E——16.5×90.3×12.2×
P/B0.6×0.4×0.6×0.7×1.3×
P/S0.4×0.3×0.4×0.5×1.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
NuriFlex13.6×0.7×0.5×—0.0%
Krafton10.0×1.2×1.9×—1.2%
Hyundai Autoever41.5×4.2×1.7×—0.7%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.1×2.1×3.0×5.3×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.5×1.5×2.0×6.9×0.6%

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

Also known as: NuriFlex / 누리플렉스 / 040160 / KRX:040160

Source: KRX statistical information