KOSDAQ · 050110 · Electronic components · ₩050110

CammSys캠시스

050110 · KOSDAQ · ₩050110 · 캠시스

₩5,430▼ ₩190 (3.38%)End-of-day · Oct 26, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩107B
Equity value: −₩159B
WACC: 5.2%

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 ₩5,430, the model needs an operating margin of 1.4% every year (it uses −0.8%).
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: ₩8,582; +58.0%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (−0.8%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-12.6% 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 (-12.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-0.8%
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 & amortisation1.7%
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 spending2.1%
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 capital10%
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 rate4.03%
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.
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 0.13, 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)5.53%
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): ₩500B
Net debt (borrowings and leases − cash and deposits): ₩55B
+ Stakes and investments: ₩3.3B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩136M
Shares: 5,844,964
Share price: ₩5,430
Market cap: ₩32B

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	₩501B	₩378B	₩490B	₩450B	₩420B	₩405B	₩405B	₩417B
Growth	−31.8%	−24.5%	29.5%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩6.9B	−₩12B	−₩11B	−₩3.6B	−₩3.4B	−₩3.2B	−₩3.2B	−₩3.3B
EBIT margin	1.4%	−3.1%	−2.3%	−0.8%	−0.8%	−0.8%	−0.8%	−0.8%
After-tax EBIT	₩5B	−₩8.5B	−₩8.2B	−₩2.6B	−₩2.4B	−₩2.4B	−₩2.3B	−₩2.4B
+ Depreciation	—	—	—	₩7.7B	₩7.1B	₩6.9B	₩6.9B	₩7.1B
− Capital spending	₩5.7B	₩14B	₩7.5B	₩9.5B	₩8.8B	₩8.5B	₩8.5B	₩8.8B
− Working capital	₩9.9B	−₩17B	₩6.4B	−₩5B	−₩3B	−₩1.5B	−₩81M	₩1.2B
Free cash flow	—	—	—	₩590M	−₩1.1B	−₩2.5B	−₩3.9B	−₩5.3B
Discount factor	—	—	—	0.950	0.903	0.858	0.816	0.775
Present value	—	—	—	₩561M	−₩994M	−₩2.1B	−₩3.2B	−₩4.1B

Terminal value −₩125B, worth −₩97B today: 91% 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 ₩15,060 a share)Now 0.36×	₩15,1881.01×	₩30,5632.03×	₩45,5013.02×

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%
4.2%	—	—	—	—	—
4.7%	—	—	—	—	—
5.2%	—	—	—	—	—
5.7%	—	—	—	—	—
6.2%	—	—	—	—	—

Now (TTM)

Market cap: ₩32B
Enterprise value: ₩86B
P/E: —
P/B: 0.4×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩11,400	₩21,059	₩34,861	₩43,025	₩45,721
Market cap	₩67B	₩123B	₩204B	₩251B	₩267B
P/E	—	—	—	40.0×	—
P/B	1.2×	1.6×	2.5×	2.4×	3.1×
P/S	0.1×	0.3×	0.4×	0.3×	0.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
CammSys	—	0.4×	0.1×	—	0.0%
Samsung Electro-Mechanics	82.9×	8.2×	6.7×	—	0.2%
Doosan	34.9×	4.9×	0.6×	—	0.4%
Hanwha Systems	68.5×	2.7×	2.9×	—	0.8%
LG Innotek	13.1×	1.4×	0.4×	—	0.5%
Isupetasys	30.5×	7.1×	4.7×	—	0.0%
Daeduck Electronics	38.9×	6.1×	4.4×	—	0.4%
Similar companies (median)	36.9×	5.5×	3.6×	—	0.4%

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

Also known as: CammSys / 캠시스 / 050110 / KRX:050110

Source: KRX statistical information