KOSDAQ · 045660 · Machinery · ₩045660

Atec에이텍

045660 · KOSDAQ · ₩045660 · 에이텍

₩8,170▲ ₩20 (0.25%)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

₩3,149

vs the current price (₩8,170)

Enterprise value: ₩15B
Equity value: ₩26B
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 ₩8,170, the model needs an operating margin of 4.6% every year (it uses 3.6%).
Or revenue growth +15.2 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 9.6× against a typical 16.7× 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: ₩3,149; −61.5%
Bull: ₩21,895; +168.0%

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 (3.6%).

Revenue growth

Revenue growth, year 120.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 216.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 311.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.5% 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 (20.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.6%
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.
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 & amortisation1.9%
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 spending11.6%
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 capital5.2%
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

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 0.06, 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): ₩194B
Net debt (borrowings and leases − cash and deposits): ₩2.4B
+ Stakes and investments: ₩14B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.3B
Shares: 8,260,000
Share price: ₩8,170
Market cap: ₩67B

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	₩72B	₩46B	₩160B	₩234B	₩272B	₩304B	₩326B	₩336B
Growth	−21.5%	−35.7%	246.5%	20.5%	16.1%	11.7%	7.4%	3.0%
EBIT	₩919M	₩1.5B	₩8.7B	₩8.4B	₩9.8B	₩11B	₩12B	₩12B
EBIT margin	1.3%	3.2%	5.4%	3.6%	3.6%	3.6%	3.6%	3.6%
After-tax EBIT	₩666M	₩1.1B	₩6.3B	₩6.1B	₩7.1B	₩7.9B	₩8.5B	₩8.8B
+ Depreciation	₩691M	₩1.4B	₩2.9B	₩4.5B	₩5.2B	₩5.8B	₩6.2B	₩6.4B
− Capital spending	₩5.4B	₩11B	₩6.1B	₩27B	₩32B	₩35B	₩38B	₩39B
− Working capital	₩108M	−₩23B	−₩23B	₩2.1B	₩2B	₩1.7B	₩1.2B	₩509M
Free cash flow	−₩4.1B	₩14B	₩27B	−₩19B	−₩21B	−₩23B	−₩24B	−₩24B
Discount factor	—	—	—	0.932	0.869	0.810	0.755	0.703
Present value	—	—	—	−₩17B	−₩18B	−₩19B	−₩18B	−₩17B

Terminal value ₩150B, worth ₩105B today: 687% 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 ₩13,203 a share)Now 0.62×	₩9,7680.74×	₩14,6401.11×	₩27,8242.11×
Price / earnings (last 12 months: ₩849 a share)Now 9.63×	₩6,3767.51×	₩14,16316.7×	₩54,92764.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,707 a share)Now 3.02×	₩20,3387.51×	₩45,17816.7×	₩175,20764.7×

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%
6.3%	₩3,616	₩4,937	₩6,564	₩8,617	₩11,291
6.8%	₩2,318	₩3,379	₩4,659	₩6,236	₩8,226
7.3%	₩1,255	₩2,121	₩3,149	₩4,390	₩5,918
7.8%	₩375	₩1,091	₩1,931	₩2,927	₩4,129
8.3%	—	₩238	₩933	₩1,746	₩2,712

Now (TTM)

Market cap: ₩67B
Enterprise value: ₩69B
P/E: 9.6×
P/B: 0.6×
P/S: 0.3×
EV/EBITDA: 3.3×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,990	₩29,300	₩13,050	₩8,600	₩24,350
Market cap	₩83B	₩242B	₩108B	₩71B	₩201B
P/E	209.5×	15.6×	22.5×	13.3×	32.8×
P/B	0.8×	2.4×	1.2×	0.8×	2.3×
P/S	0.5×	5.2×	1.5×	0.8×	2.9×
EV/EBITDA	5.7×	85.5×	66.2×	36.6×	50.8×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Atec	9.6×	0.6×	0.3×	3.3×	0.0%
Doosan Enerbility	208.4×	4.6×	2.1×	—	0.0%
Hanmi Semiconductor	82.2×	24.4×	33.1×	74.0×	0.4%
Jusung Engineering	1,121.0×	13.7×	36.0×	2,158.2×	0.0%
Rainbow Robotics	4,006.5×	51.3×	151.2×	—	0.0%
EO Technics	44.8×	6.5×	10.9×	—	0.0%
Doosan Bobcat	13,664.7×	914.4×	736.1×	—	3.5%
Similar companies (median)	664.7×	19.1×	34.5×	1,116.1×	0.0%

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

Also known as: Atec / 에이텍 / 045660 / KRX:045660

Source: KRX statistical information