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CoAsia

045970 · KOSDAQ · ₩045970 · 코아시아

₩3,290▼ ₩180 (5.19%)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
−₩231B
Equity value
−₩176B
WACC
7.8%

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 ₩3,290, the model needs an operating margin of 1.3% every year (it uses −4.5%).
  • Margins ranged from −11.1% to −0.6% 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.
  • 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.

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 (−4.5%).

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

  • -4.5%

    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.

  • 2.5%

    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).

  • 3.2%

    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).

  • 9.1%

    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.

  • 0.69

    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 0.54, 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)
₩427B
Net debt (borrowings and leases − cash and deposits)
−₩66B
+ Stakes and investments
₩32B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩43B
Shares
26,314,876
Share price
₩3,290
Market cap
₩87B

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₩378B₩358B₩375B₩398B₩382B₩375B₩377B₩388B
Growth−17.9%−5.2%4.8%−6.6%−4.2%−1.8%0.6%3.0%
EBIT−₩25B−₩40B−₩2.2B−₩18B−₩17B−₩17B−₩17B−₩17B
EBIT margin−6.8%−11.1%−0.6%−4.5%−4.5%−4.5%−4.5%−4.5%
After-tax EBIT−₩18B−₩29B−₩1.6B−₩13B−₩12B−₩12B−₩12B−₩13B
+ Depreciation———₩10B₩9.5B₩9.4B₩9.4B₩9.7B
− Capital spending₩9.8B₩6.1B₩19B₩13B₩12B₩12B₩12B₩12B
− Working capital−₩10B₩45B−₩1.2B−₩2.6B−₩1.5B−₩625M₩205M₩1B
Free cash flow———−₩13B−₩14B−₩14B−₩15B−₩16B
Discount factor———0.9280.8600.7980.7400.687
Present value———−₩12B−₩12B−₩11B−₩11B−₩11B

Terminal value −₩252B, worth −₩173B today: 75% 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 ₩3,204 a share)Now 1.03×₩3,0250.94×₩6,3361.98×₩13,7224.28×

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%
6.8%—————
7.3%—————
7.8%—————
8.3%—————
8.8%—————

Now (TTM)

Market cap
₩87B
Enterprise value
₩21B
P/E
—
P/B
1.0×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,800₩3,955₩7,480₩4,855₩10,150
Market cap₩153B₩104B₩197B₩128B₩267B
P/E—————
P/B2.0×1.1×2.1×2.2×2.6×
P/S0.4×0.3×0.5×0.3×0.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
CoAsia—1.0×0.2×—0.0%
Samsung Electro-Mechanics88.7×8.7×7.2×—0.2%
Doosan34.5×4.9×0.6×—0.4%
Hanwha Systems65.1×2.5×2.8×—0.8%
LG Innotek11.6×1.2×0.3×—0.6%
Isupetasys30.8×7.2×4.7×—0.0%
Daeduck Electronics38.8×6.0×4.4×—0.4%
Similar companies (median)36.6×5.5×3.6×—0.4%

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

Also known as: CoAsia / 코아시아 / 045970 / KRX:045970

Source: KRX statistical information