KOSDAQ · 046120 · Engineering services · ₩046120

Orbitech오르비텍

046120 · KOSDAQ · ₩046120 · 오르비텍

₩3,580▼ ₩20 (0.56%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩111B
Equity value: −₩153B
WACC: 7.5%

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 ₩3,580, the model needs an operating margin of 20.2% every year (it uses −11.0%).
Margins ranged from −24.2% to 13.0% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 15.0× against a typical 21.7× 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: —
Bull: —

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 (−11.0%).

Revenue growth

Revenue growth, year 1-0.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.7% 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 (-0.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-11%
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 & amortisation3.9%
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).
Capital spending4.9%
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 capital36.1%
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

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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.85
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 0.77, 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)5.53%
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): ₩68B
Net debt (borrowings and leases − cash and deposits): ₩42B
Shares: 33,855,433
Share price: ₩3,580
Market cap: ₩121B

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	₩64B	₩67B	₩58B	₩68B	₩68B	₩69B	₩70B	₩72B
Growth	8.1%	3.9%	−12.9%	−0.7%	0.2%	1.1%	2.1%	3.0%
EBIT	−₩4.3B	₩689M	−₩14B	−₩7.5B	−₩7.5B	−₩7.6B	−₩7.7B	−₩7.9B
EBIT margin	−6.8%	1.0%	−24.2%	−11.0%	−11.0%	−11.0%	−11.0%	−11.0%
After-tax EBIT	−₩3.1B	₩499M	−₩10B	−₩5.4B	−₩5.4B	−₩5.5B	−₩5.6B	−₩5.8B
+ Depreciation	—	—	—	₩2.6B	₩2.7B	₩2.7B	₩2.7B	₩2.8B
− Capital spending	₩3.9B	₩929M	₩4.2B	₩3.3B	₩3.3B	₩3.4B	₩3.4B	₩3.5B
− Working capital	−₩3.7B	−₩860M	₩7.6B	−₩173M	₩49M	₩270M	₩521M	₩760M
Free cash flow	—	—	—	−₩5.9B	−₩6.1B	−₩6.4B	−₩6.8B	−₩7.2B
Discount factor	—	—	—	0.930	0.865	0.805	0.749	0.697
Present value	—	—	—	−₩5.5B	−₩5.3B	−₩5.2B	−₩5.1B	−₩5B

Terminal value −₩122B, worth −₩85B today: 76% 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 ₩3,100 a share)Now 1.15×	₩4,2381.37×	₩6,7222.17×	₩12,5634.05×
Price / earnings (last 12 months: ₩239 a share)Now 15.0×	₩2,55810.7×	₩5,20021.7×	₩13,77557.6×

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%
6.5%	—	—	—	—	—
7.0%	—	—	—	—	—
7.5%	—	—	—	—	—
8.0%	—	—	—	—	—
8.5%	—	—	—	—	—

Now (TTM)

Market cap: ₩121B
Enterprise value: ₩162B
P/E: 15.0×
P/B: 1.2×
P/S: 1.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,830	₩1,922	₩3,390	₩4,380	₩6,120
Market cap	₩130B	₩65B	₩115B	₩148B	₩207B
P/E	163.4×	30.2×	—	—	37.5×
P/B	2.1×	1.1×	2.2×	2.6×	3.5×
P/S	2.2×	1.0×	1.8×	2.5×	2.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Orbitech	15.0×	1.2×	1.8×	—	0.0%
Samsung E&A	18.4×	2.4×	1.3×	—	1.3%
HD Hyundai Marine Solution	23.7×	8.9×	3.6×	—	2.2%
KEPCO Engineering & Construction	97.3×	5.9×	6.5×	48.4×	1.5%
POSCO DX	90.5×	5.1×	3.0×	—	0.0%
Hanyang ENG	7.4×	0.7×	0.4×	3.6×	0.0%
SemiFive	—	2.1×	3.9×	—	0.0%
Similar companies (median)	23.7×	3.8×	3.3×	26.0×	0.6%

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

Also known as: Orbitech / 오르비텍 / 046120 / KRX:046120

Source: KRX statistical information