KOSDAQ · 048430 · Electrical equipment · ₩048430

Yura Tech유라테크

048430 · KOSDAQ · ₩048430 · 유라테크

₩5,360▲ ₩30 (0.56%)End-of-day · Oct 28, 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

₩3,391

vs the current price (₩5,360)

Enterprise value: −₩4.9B
Equity value: ₩39B
WACC: 7.4%

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 37% 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 ₩5,360, the model needs an operating margin of 1.8% every year (it uses 1.0%).
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.
Today's P/E is 6.3× against a typical 8.2× 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: ₩595; −88.9%
Base: ₩3,391; −36.7%
Bull: ₩9,217; +72.0%

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 (1.0%).

Revenue growth

Revenue growth, year 11.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.2% 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 (1.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1%
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 & amortisation1.2%
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 spending1.6%
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 capital33.4%
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 -0.09, 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): ₩201B
Net debt (borrowings and leases − cash and deposits): −₩23B
+ Stakes and investments: ₩21B; Associates, long-term financial assets and deposits (book value)
Shares: 11,520,000
Share price: ₩5,360
Market cap: ₩62B

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	₩210B	₩201B	₩197B	₩204B	₩207B	₩211B	₩217B	₩223B
Growth	10.3%	−4.0%	−2.0%	1.2%	1.7%	2.1%	2.6%	3.0%
EBIT	₩6B	₩11B	₩1.8B	₩2B	₩2.1B	₩2.1B	₩2.2B	₩2.2B
EBIT margin	2.9%	5.2%	0.9%	1.0%	1.0%	1.0%	1.0%	1.0%
After-tax EBIT	₩4.4B	₩7.6B	₩1.3B	₩1.5B	₩1.5B	₩1.5B	₩1.6B	₩1.6B
+ Depreciation	—	—	—	₩2.4B	₩2.5B	₩2.5B	₩2.6B	₩2.7B
− Capital spending	₩1.7B	₩4.1B	₩3.6B	₩3.3B	₩3.3B	₩3.4B	₩3.5B	₩3.6B
− Working capital	₩13B	₩18B	−₩4.8B	₩806M	₩1.2B	₩1.5B	₩1.8B	₩2.2B
Free cash flow	—	—	—	−₩145M	−₩483M	−₩765M	−₩1.1B	−₩1.4B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩135M	−₩419M	−₩618M	−₩850M	−₩1B

Terminal value −₩2.7B, worth −₩1.9B today: 38% 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 ₩13,841 a share)Now 0.39×	₩7,0650.51×	₩9,3870.68×	₩13,5120.98×
Price / earnings (last 12 months: ₩844 a share)Now 6.35×	₩4,4315.25×	₩6,8848.15×	₩54,82564.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩709 a share)Now 7.56×	₩3,7235.25×	₩5,7838.15×	₩46,05964.9×

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%
6.4%	₩4,263	₩3,849	₩3,336	₩2,685	₩1,837
6.9%	₩4,191	₩3,819	₩3,366	₩2,805	₩2,095
7.4%	₩4,132	₩3,795	₩3,391	₩2,901	₩2,294
7.9%	₩4,082	₩3,775	₩3,413	₩2,979	₩2,452
8.4%	₩4,040	₩3,759	₩3,431	₩3,044	₩2,582

Now (TTM)

Market cap: ₩62B
Enterprise value: ₩39B
P/E: 6.3×
P/B: 0.4×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 3.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,910	₩7,630	₩8,370	₩7,590	₩10,700
Market cap	₩91B	₩88B	₩96B	₩87B	₩123B
P/E	8.3×	6.6×	5.6×	100.9×	45.3×
P/B	0.6×	0.6×	0.7×	0.7×	1.0×
P/S	0.5×	0.4×	0.5×	0.5×	0.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.5%	3.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Yura Tech	6.3×	0.4×	0.3×	—	3.7%
LS Electric	63.5×	11.6×	4.3×	39.3×	0.0%
Hyosung Heavy Industries	31.8×	7.2×	2.9×	—	0.4%
HD Hyundai Electric	19.6×	7.4×	3.8×	—	0.0%
Gaon Cable	117.0×	14.2×	2.6×	61.1×	0.0%
Sanil Electric	27.9×	7.6×	8.5×	—	0.8%
Taihan Cable & Solution	—	2.3×	1.0×	—	0.0%
Similar companies (median)	31.8×	7.5×	3.4×	50.2×	0.0%

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

Also known as: Yura Tech / 유라테크 / 048430 / KRX:048430

Source: KRX statistical information