Power Logics파워로직스
047310 · KOSDAQ · ₩047310 · 파워로직스
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
- −₩64B
- Equity value
- −₩101B
- WACC
- 6.7%
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 ₩2,875, the model needs an operating margin of 1.8% every year (it uses −0.0%).
- 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
- ₩5,153
- +79.2%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (−0.0%).
Revenue growth
- -2.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.6% a year, annual reports), fading to 3% by year 5.
- -1.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.6% a year, annual reports), fading to 3% by year 5.
- 0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.6% 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 (-2.6% 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 (-2.6% a year, annual reports), fading to 3% by year 5.
Business
- -0%
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.
- 2.1%
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).
- 2.6%
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).
- 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.
- 4.03%
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.
- 0.66
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 0.49, 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.
- 5.53%
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)
- ₩784B
- Net debt (borrowings and leases − cash and deposits)
- ₩37B
- − Minority interests
- ₩235M
- Shares
- 36,610,755
- Share price
- ₩2,875
- Market cap
- ₩105B
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 | ₩773B | ₩733B | ₩687B | ₩764B | ₩755B | ₩756B | ₩768B | ₩791B |
| Growth | 3.9% | −5.1% | −6.4% | −2.6% | −1.2% | 0.2% | 1.6% | 3.0% |
| EBIT | ₩16B | ₩2.4B | −₩6.4B | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| EBIT margin | 2.0% | 0.3% | −0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| After-tax EBIT | ₩11B | ₩1.8B | −₩4.6B | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| + Depreciation | — | — | — | ₩16B | ₩16B | ₩16B | ₩16B | ₩17B |
| − Capital spending | ₩12B | ₩23B | ₩23B | ₩20B | ₩20B | ₩20B | ₩20B | ₩21B |
| − Working capital | ₩16B | −₩20B | ₩53B | −₩1.9B | −₩834M | ₩137M | ₩1.1B | ₩2.1B |
| Free cash flow | — | — | — | −₩2B | −₩2.9B | −₩3.9B | −₩4.9B | −₩6.1B |
| Discount factor | — | — | — | 0.937 | 0.878 | 0.823 | 0.771 | 0.723 |
| Present value | — | — | — | −₩1.8B | −₩2.6B | −₩3.2B | −₩3.8B | −₩4.4B |
Terminal value −₩67B, worth −₩48B 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:
| Low | Typical | High | |
|---|---|---|---|
| Price / book (book value ₩5,937 a share)Now 0.48× | ₩4,2950.72× | ₩6,0211.01× | ₩8,4021.42× |
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% |
|---|---|---|---|---|---|
| 5.7% | — | — | — | — | — |
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩105B
- Enterprise value
- ₩142B
- P/E
- 12.4×
- P/B
- 0.5×
- P/S
- 0.1×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩4,240 | ₩6,050 | ₩6,670 | ₩4,385 | ₩8,090 |
| Market cap | ₩155B | ₩221B | ₩244B | ₩161B | ₩296B |
| P/E | — | 20.4× | 14.9× | — | — |
| P/B | 0.8× | 1.0× | 1.3× | 1.0× | 1.4× |
| P/S | 0.2× | 0.3× | 0.3× | 0.2× | 0.3× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Power Logics | 12.4× | 0.5× | 0.1× | — | 0.0% |
| LS Electric | 61.0× | 11.1× | 4.2× | 37.7× | 0.0% |
| Hyosung Heavy Industries | 30.5× | 6.9× | 2.8× | — | 0.4% |
| HD Hyundai Electric | 19.1× | 7.2× | 3.7× | — | 0.0% |
| Gaon Cable | 106.8× | 12.9× | 2.4× | 55.6× | 0.0% |
| Sanil Electric | 27.2× | 7.4× | 8.3× | — | 0.8% |
| Taihan Cable & Solution | — | 2.2× | 1.0× | — | 0.0% |
| Similar companies (median) | 30.5× | 7.3× | 3.3× | 46.7× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Power Logics / 파워로직스 / 047310 / KRX:047310
Source: KRX statistical information