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meerecompany

049950 · KOSDAQ · ₩049950 · 미래컴퍼니

₩9,370▼ ₩360 (3.70%)End-of-day · Oct 29, 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
−₩59B
Equity value
−₩32B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩9,370, the model needs an operating margin of 8.6% every year (it uses −7.7%).
  • Margins ranged from −60.4% to 16.5% 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 (−7.7%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-35.8% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-35.8% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-35.8% 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 (-35.8% 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 (-35.8% a year, annual reports), fading to 3% by year 5.

Business

  • -7.7%

    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.

  • 2.2%

    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).

  • 2.7%

    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).

  • 40%

    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.

  • 0.62

    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 0.43, 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)
₩67B
Net debt (borrowings and leases − cash and deposits)
−₩20B
+ Stakes and investments
₩16B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩8.6B
Shares
8,817,884
Share price
₩9,370
Market cap
₩83B

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₩109B₩67B₩41B₩61B₩57B₩55B₩55B₩56B
Growth−29.3%−38.5%−39.2%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩1.7B−₩17B−₩25B−₩4.7B−₩4.4B−₩4.2B−₩4.2B−₩4.3B
EBIT margin−1.6%−25.0%−60.4%−7.7%−7.7%−7.7%−7.7%−7.7%
After-tax EBIT−₩1.3B−₩12B−₩18B−₩3.4B−₩3.2B−₩3.1B−₩3B−₩3.1B
+ Depreciation———₩1.3B₩1.2B₩1.2B₩1.2B₩1.2B
− Capital spending₩4.1B₩1.6B₩821M₩1.6B₩1.5B₩1.5B₩1.5B₩1.5B
− Working capital−₩14B₩10B−₩2.4B−₩2.7B−₩1.6B−₩794M−₩44M₩655M
Free cash flow———−₩995M−₩1.8B−₩2.5B−₩3.3B−₩4.1B
Discount factor———0.9310.8670.8070.7510.699
Present value———−₩926M−₩1.6B−₩2B−₩2.5B−₩2.8B

Terminal value −₩70B, worth −₩49B today: 83% 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 ₩12,338 a share)Now 0.76×₩14,0121.14×₩18,5021.50×₩27,1382.20×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,634 a share)Now 5.73×₩11,4907.03×₩22,20713.6×₩50,70531.0×

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%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩83B
Enterprise value
₩63B
P/E
—
P/B
0.8×
P/S
1.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩17,310₩19,660₩35,050₩17,650₩32,650
Market cap₩153B₩173B₩309B₩156B₩288B
P/E——87.3×5.3×44.8×
P/B1.5×1.4×2.3×1.2×2.8×
P/S3.7×2.6×2.8×1.0×2.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
meerecompany—0.8×1.2×—0.0%
Doosan Enerbility200.6×4.5×2.0×—0.0%
Hanmi Semiconductor84.5×25.1×34.0×76.1×0.4%
Jusung Engineering1,135.2×13.9×36.4×2,185.7×0.0%
Rainbow Robotics4,308.5×55.2×162.6×—0.0%
EO Technics47.1×6.8×11.5×—0.0%
Doosan Bobcat13,805.1×923.8×743.7×—3.5%
Similar companies (median)667.9×19.5×35.2×1,130.9×0.0%

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

Also known as: meerecompany / 미래컴퍼니 / 049950 / KRX:049950

Source: KRX statistical information