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TPC Robotics

048770 · KOSDAQ · ₩048770 · TPC로보틱스

₩3,300▲ ₩40 (1.23%)End-of-day · Oct 27, 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
−₩33B
Equity value
−₩65B
WACC
6.2%

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 ₩3,300, the model needs an operating margin of 6.3% every year (it uses −1.4%).
  • Margins ranged from −6.0% to 2.4% 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 (−1.4%).

Revenue growth

  • -2.9%

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

    Default: the last 3 years' revenue growth (-2.9% a year, annual reports), fading to 3% by year 5.

  • -1.4%

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

    Default: the last 3 years' revenue growth (-2.9% a year, annual reports), fading to 3% by year 5.

  • 0.1%

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

    Default: the last 3 years' revenue growth (-2.9% a year, annual reports), fading to 3% by year 5.

  • 1.5%

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

    Default: the last 3 years' revenue growth (-2.9% 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 (-2.9% a year, annual reports), fading to 3% by year 5.

Business

  • -1.4%

    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: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 1.5%

    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).

  • 32.2%

    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.

  • 0.65

    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 0.48, 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)
₩95B
Net debt (borrowings and leases − cash and deposits)
₩33B
+ Stakes and investments
₩2.1B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.1B
Shares
15,697,991
Share price
₩3,300
Market cap
₩52B

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₩86B₩86B₩86B₩92B₩91B₩91B₩92B₩95B
Growth−8.6%0.3%−0.1%−2.9%−1.4%0.1%1.5%3.0%
EBIT−₩5.2B−₩2.5B−₩2.3B−₩1.3B−₩1.3B−₩1.3B−₩1.3B−₩1.3B
EBIT margin−6.0%−2.9%−2.7%−1.4%−1.4%−1.4%−1.4%−1.4%
After-tax EBIT−₩3.7B−₩1.8B−₩1.7B−₩934M−₩921M−₩922M−₩935M−₩963M
+ Depreciation₩1.6B₩1.8B₩2B₩1.9B₩1.9B₩1.9B₩1.9B₩2B
− Capital spending₩1.9B₩1.2B₩742M₩1.4B₩1.4B₩1.4B₩1.4B₩1.4B
− Working capital−₩11B₩3.5B−₩4.8B−₩885M−₩415M₩29M₩439M₩890M
Free cash flow₩7.2B−₩4.7B₩4.3B₩503M₩38M−₩406M−₩821M−₩1.3B
Discount factor———0.9420.8870.8350.7860.740
Present value———₩474M₩34M−₩339M−₩645M−₩951M

Terminal value −₩43B, worth −₩32B today: 96% 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 ₩2,266 a share)Now 1.46×₩1,8380.81×₩3,0501.35×₩4,2871.89×

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%
5.2%—————
5.7%—————
6.2%—————
6.7%—————
7.2%—————

Now (TTM)

Market cap
₩52B
Enterprise value
₩84B
P/E
—
P/B
1.5×
P/S
0.5×
EV/EBITDA
77.1×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,040₩1,955₩3,265₩3,235₩3,755
Market cap₩48B₩31B₩51B₩51B₩59B
P/E———1,919.9×29.5×
P/B1.3×0.7×1.1×1.2×1.5×
P/S0.6×0.4×0.6×0.5×0.7×
EV/EBITDA———33.4×28.8×
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TPC Robotics—1.5×0.5×77.1×0.0%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Similar companies (median)664.7×19.1×34.5×1,116.1×0.0%

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

Also known as: TPC Robotics / TPC로보틱스 / 048770 / KRX:048770

Source: KRX statistical information