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BG T&A

046310 · KOSDAQ · ₩046310 · 백금T&A

₩2,440▲ ₩5 (0.21%)End-of-day · Oct 29, 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

₩6,067

vs the current price (₩2,440)

Enterprise value
₩139B
Equity value
₩100B
WACC
6.6%

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 149% 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 ₩2,440, the model needs an operating margin of 4.7% every year (it uses 7.3%).
  • Or revenue growth −24.4 points a year higher than assumed in each of the 5 years.
  • 55% 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 14.1× against a typical 5.7× 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
₩2,087
−14.5%
Base
₩6,067
+148.7%
Bull
₩13,615
+458.0%

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 (7.3%).

Revenue growth

  • 0.3%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 1%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0.3% 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 (0.3% a year, annual reports), fading to 3% by year 5.

Business

  • 7.3%

    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.

  • 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).

  • 1.2%

    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).

  • 40%

    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.

  • 0.6

    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 -0.05, 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)
₩145B
Net debt (borrowings and leases − cash and deposits)
₩11B
− Minority interests
₩28B
Shares
16,418,641
Share price
₩2,440
Market cap
₩40B

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₩171B₩152B₩149B₩145B₩147B₩149B₩152B₩157B
Growth15.7%−10.7%−2.3%0.3%1.0%1.6%2.3%3.0%
EBIT₩17B₩13B₩6.8B₩11B₩11B₩11B₩11B₩11B
EBIT margin10.0%8.4%4.6%7.3%7.3%7.3%7.3%7.3%
After-tax EBIT₩12B₩9.2B₩4.9B₩7.7B₩7.8B₩7.9B₩8.1B₩8.3B
+ Depreciation———₩1.3B₩1.3B₩1.3B₩1.4B₩1.4B
− Capital spending₩2.7B₩909M₩2B₩1.7B₩1.8B₩1.8B₩1.8B₩1.9B
− Working capital₩16B₩189M−₩12B₩174M₩580M₩938M₩1.4B₩1.8B
Free cash flow———₩7.1B₩6.7B₩6.5B₩6.2B₩6B
Discount factor———0.9380.8800.8260.7750.727
Present value———₩6.6B₩5.9B₩5.4B₩4.8B₩4.4B

Terminal value ₩154B, worth ₩112B today: 80% 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 ₩4,471 a share)Now 0.55×₩2,4400.55×₩3,4520.77×₩6,0981.36×
Price / earnings (last 12 months: ₩173 a share)Now 14.1×₩6013.48×₩9805.67×₩2,00111.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩75 a share)Now 32.7×₩2593.48×₩4235.67×₩86311.6×

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%
5.6%₩7,012₩7,636₩8,430₩9,476₩10,922
6.1%₩6,070₩6,532₩7,104₩7,831₩8,790
6.6%₩5,297₩5,646₩6,067₩6,589₩7,252
7.1%₩4,652₩4,918₩5,235₩5,618₩6,091
7.6%₩4,105₩4,311₩4,552₩4,838₩5,183

Now (TTM)

Market cap
₩40B
Enterprise value
₩50B
P/E
14.1×
P/B
0.5×
P/S
0.3×
EV/EBITDA
—
Dividend yield
4.1%

Over time (at each year end)

20252024202320222021
Price₩3,525₩2,195₩3,100₩3,060₩4,145
Market cap₩58B₩36B₩51B₩50B₩68B
P/E13.7×2.7×3.8×10.6×11.7×
P/B0.8×0.5×0.8×1.0×1.6×
P/S0.4×0.2×0.3×0.3×0.4×
EV/EBITDA—————
Dividend yield2.8%4.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BG T&A14.1×0.5×0.3×—4.1%
Samsung Electronics9.1×2.4×2.8×—0.7%
LG Electronics24.3×0.9×0.3×—0.9%
Hanwha Vision20.8×2.6×1.3×—0.0%
RFHIC41.5×3.7×6.8×—0.8%
KMW—5.3×8.6×—0.0%
Intellian Technologies13.9×2.1×1.7×—0.4%
Similar companies (median)20.8×2.5×2.2×—0.5%

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

Also known as: BG T&A / 백금T&A / 046310 / KRX:046310

Source: KRX statistical information