KOSDAQ · 050120 · Retail & Trade · ₩050120

ES CubeES큐브

050120 · KOSDAQ · ₩050120 · ES큐브

₩3,540▲ ₩175 (5.20%)End-of-day · Oct 28, 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: −₩22B
Equity value: −₩18B
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 ₩3,540, the model needs an operating margin of 26.1% every year (it uses −12.5%).
Margins ranged from −92.1% to 20.4% 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.
100% 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.
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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 10.1× against a typical 7.6× 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: —
Base: —
Bull: —

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 (−12.5%).

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 (-43% 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 (-43% 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 (-43% 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 (-43% 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 (-43% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-12.5%
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 & amortisation0.3%
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 spending0.4%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
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 0.28, 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)5.58%
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): ₩16B
Net debt (borrowings and leases − cash and deposits): −₩4.2B
Shares: 13,564,086
Share price: ₩3,540
Market cap: ₩48B

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	₩63B	₩16B	₩14B	₩15B	₩14B	₩13B	₩13B	₩13B
Growth	−15.8%	−74.5%	−13.9%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩11B	−₩3.7B	−₩13B	−₩1.8B	−₩1.7B	−₩1.6B	−₩1.6B	−₩1.7B
EBIT margin	17.0%	−23.1%	−92.1%	−12.5%	−12.5%	−12.5%	−12.5%	−12.5%
After-tax EBIT	₩7.8B	−₩2.7B	−₩9.3B	−₩1.3B	−₩1.2B	−₩1.2B	−₩1.2B	−₩1.2B
+ Depreciation	—	—	—	₩44M	₩41M	₩39M	₩39M	₩40M
− Capital spending	—	₩108M	₩13M	₩58M	₩54M	₩52M	₩52M	₩54M
− Working capital	−₩1.3B	−₩7.1B	−₩5.5B	−₩615M	−₩371M	−₩181M	−₩10M	₩149M
Free cash flow	—	—	—	−₩719M	−₩874M	−₩1B	−₩1.2B	−₩1.4B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	−₩670M	−₩758M	−₩824M	−₩894M	−₩969M

Terminal value −₩25B, worth −₩18B today: 81% 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 ₩6,984 a share)Now 0.51×	₩2,6330.38×	₩3,2810.47×	₩4,7970.69×
Price / earnings (last 12 months: ₩351 a share)Now 10.1×	₩1,3763.93×	₩2,6567.58×	₩10,12228.9×

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: ₩48B
Enterprise value: ₩44B
P/E: 10.1×
P/B: 0.5×
P/S: 3.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,940	₩1,894	₩2,965	₩4,250	₩4,960
Market cap	₩40B	₩26B	₩40B	₩58B	₩67B
P/E	—	28.2×	—	2.2×	7.5×
P/B	0.4×	0.3×	0.5×	0.5×	0.8×
P/S	2.9×	1.6×	0.6×	0.8×	0.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
ES Cube	10.1×	0.5×	3.0×	—	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	45.3×	6.0×	12.6×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	18.9×	1.6×	5.1×	—	4.2%
Shinsegae	14.4×	0.5×	0.3×	—	2.0%
Similar companies (median)	16.6×	1.0×	1.0×	—	2.6%

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

Also known as: ES Cube / ES큐브 / 050120 / KRX:050120

Source: KRX statistical information