KOSDAQ · 049430 · Medical & precision devices · ₩049430

Komelon코메론

049430 · KOSDAQ · ₩049430 · 코메론

₩20,700▲ ₩100 (0.49%)End-of-day · Oct 30, 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

₩46,363

vs the current price (₩20,700)

Enterprise value: ₩200B
Equity value: ₩370B
WACC: 7.3%

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 124% 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 ₩20,700, the model needs an operating margin of 1.3% every year (it uses 22.9%).
Margins ranged from 12.7% to 27.0% 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.
45% 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 5.4× against a typical 4.5× 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: ₩38,410; +85.6%
Base: ₩46,363; +124.0%
Bull: ₩59,551; +187.7%

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 (22.9%).

Revenue growth

Revenue growth, year 1-4.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.4% 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 (-4.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin22.9%
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 & amortisation6%
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 spending7.5%
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).
Working capital38%
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 rate4.01%
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.
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 0.1, 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)5.51%
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): ₩78B
Net debt (borrowings and leases − cash and deposits): −₩124B
+ Stakes and investments: ₩46B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩885,025
Shares: 7,988,324
Share price: ₩20,700
Market cap: ₩165B

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	₩71B	₩74B	₩72B	₩74B	₩72B	₩72B	₩73B	₩75B
Growth	−14.7%	4.8%	−2.3%	−4.4%	−2.5%	−0.7%	1.2%	3.0%
EBIT	₩9B	₩20B	₩18B	₩17B	₩17B	₩16B	₩17B	₩17B
EBIT margin	12.7%	27.0%	24.9%	22.9%	22.9%	22.9%	22.9%	22.9%
After-tax EBIT	₩6.5B	₩14B	₩13B	₩12B	₩12B	₩12B	₩12B	₩12B
+ Depreciation	—	—	—	₩4.5B	₩4.3B	₩4.3B	₩4.4B	₩4.5B
− Capital spending	₩10B	₩2.6B	₩3.5B	₩5.6B	₩5.4B	₩5.4B	₩5.5B	₩5.6B
− Working capital	−₩11B	−₩22B	₩4.7B	−₩1.3B	−₩705M	−₩193M	₩328M	₩829M
Free cash flow	—	—	—	₩13B	₩12B	₩11B	₩11B	₩10B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩12B	₩10B	₩8.9B	₩8B	₩7.4B

Terminal value ₩219B, worth ₩154B today: 77% 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 ₩32,071 a share)Now 0.65×	₩10,8110.34×	₩12,4330.39×	₩19,9080.62×
Price / earnings (last 12 months: ₩3,857 a share)Now 5.37×	₩13,1593.41×	₩17,1994.46×	₩22,9025.94×
P/E on run-rate earnings (Q2 2026 × 4: ₩7,190 a share)Now 2.88×	₩24,5303.41×	₩32,0604.46×	₩42,6915.94×

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%
6.3%	₩47,741	₩49,712	₩52,136	₩55,194	₩59,173
6.8%	₩45,462	₩47,043	₩48,949	₩51,296	₩54,255
7.3%	₩43,544	₩44,834	₩46,363	₩48,208	₩50,479
7.8%	₩41,909	₩42,975	₩44,222	₩45,702	₩47,487
8.3%	₩40,498	₩41,389	₩42,421	₩43,627	₩45,059

Now (TTM)

Market cap: ₩165B
Enterprise value: ₩42B
P/E: 5.4×
P/B: 0.6×
P/S: 2.1×
EV/EBITDA: —
Dividend yield: 3.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,940	₩10,310	₩9,130	₩9,920	₩11,100
Market cap	₩111B	₩82B	₩73B	₩79B	₩89B
P/E	4.9×	3.0×	4.8×	5.0×	4.5×
P/B	0.4×	0.4×	0.4×	0.4×	0.5×
P/S	1.5×	1.1×	1.0×	1.0×	1.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	5.0%	2.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Komelon	5.4×	0.6×	2.1×	—	3.4%
TSE	23.5×	5.2×	4.3×	—	0.2%
Kctech	19.8×	3.0×	3.6×	15.3×	0.5%
Classys	12.4×	3.1×	4.6×	9.7×	3.8%
Park Systems	66.3×	4.5×	7.9×	—	0.2%
DI	37.8×	5.2×	2.3×	—	0.6%
LivsMed	—	6.1×	19.4×	—	0.0%
Similar companies (median)	23.5×	4.8×	4.5×	12.5×	0.4%

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

Also known as: Komelon / 코메론 / 049430 / KRX:049430

Source: KRX statistical information