Jaeyoung Solutec

049630 · KOSDAQ · ₩049630 · 재영솔루텍

₩5,480▼ ₩170 (3.01%)End-of-day · Oct 30, 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

₩5,762

vs the current price (₩5,480)

Enterprise value
₩157B
Equity value
₩135B
WACC
8.3%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Bear / Base / Bull

Bear
₩2,209
−59.7%
Base
₩5,762
+5.1%
Bull
₩11,619
+112.0%

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 (6.2%).

Revenue growth

  • 11.2%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 9.2%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 7.1%

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

    Default: the last 3 years' revenue growth (11.2% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (11.2% 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 (11.2% a year, annual reports), fading to 3% by year 5.

Business

  • 6.2%

    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.

  • 3%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so a typical level.

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 5.6%

    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.

  • 0.91

    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 0.87, 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)
₩200B
Net debt (borrowings and leases − cash and deposits)
₩23B
Shares
23,365,139
Share price
₩5,480
Market cap
₩128B

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₩107B₩111B₩165B₩222B₩243B₩260B₩273B₩281B
Growth−10.4%3.9%47.7%11.2%9.2%7.1%5.1%3.0%
EBIT₩4.9B₩10B₩11B₩14B₩15B₩16B₩17B₩17B
EBIT margin4.6%9.0%6.5%6.2%6.2%6.2%6.2%6.2%
After-tax EBIT₩3.6B₩7.3B₩7.8B₩10B₩11B₩12B₩12B₩13B
+ Depreciation———₩6.7B₩7.3B₩7.8B₩8.2B₩8.4B
− Capital spending———₩8.9B₩9.7B₩10B₩11B₩11B
− Working capital₩309M₩16B−₩15B₩1.3B₩1.1B₩965M₩742M₩459M
Free cash flow———₩6.5B₩7.3B₩8.1B₩8.8B₩9.4B
Discount factor———0.9240.8530.7880.7280.673
Present value———₩6B₩6.3B₩6.4B₩6.4B₩6.3B

Terminal value ₩187B, worth ₩126B 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 ₩5,110 a share)Now 1.07×₩5,4801.07×₩6,7621.32×₩12,5302.45×
Price / earnings (last 12 months: ₩1,233 a share)Now 4.44×₩7,6606.21×₩26,19821.2×₩46,58837.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,118 a share)Now 4.90×₩6,9446.21×₩23,74921.2×₩42,23337.8×

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%
7.3%₩6,078₩6,559₩7,132₩7,824₩8,679
7.8%₩5,518₩5,918₩6,387₩6,945₩7,619
8.3%₩5,036₩5,372₩5,762₩6,219₩6,762
8.8%₩4,617₩4,902₩5,230₩5,610₩6,055
9.3%₩4,249₩4,494₩4,772₩5,092₩5,462

Now (TTM)

Market cap
₩128B
Enterprise value
₩151B
P/E
4.4×
P/B
1.1×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩22,551₩3,320₩3,080₩2,715₩6,225
Market cap₩527B₩78B₩72B₩63B₩145B
P/E49.8×9.1×40.5×——
P/B5.2×1.1×1.1×1.0×2.4×
P/S3.2×0.7×0.7×0.5×1.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Jaeyoung Solutec4.4×1.1×0.6×—0.0%
TSE23.5×5.2×4.3×—0.2%
Kctech19.8×3.0×3.6×15.3×0.5%
Classys12.4×3.1×4.6×9.7×3.8%
Park Systems66.3×4.5×7.9×—0.2%
DI37.8×5.2×2.3×—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: Jaeyoung Solutec / 재영솔루텍 / 049630 / KRX:049630

Source: KRX statistical information