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Nara Mold and DIE

051490 · KOSDAQ · ₩051490 · 나라엠앤디

₩2,380▼ ₩25 (1.04%)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

₩66

vs the current price (₩2,380)

Enterprise value
₩67B
Equity value
₩936M
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 is 97% 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 ₩2,380, the model needs an operating margin of 3.4% every year (it uses 2.5%).
  • Or revenue growth +32.5 points a year higher than assumed in each of the 5 years.
  • 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.
  • Today's P/E is 129.9× against a typical 15.5× 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
—
Base
₩66
−97.2%
Bull
₩10,881
+357.2%

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 (2.5%).

Revenue growth

  • -5.4%

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

    Default: the last 3 years' revenue growth (-5.4% a year, annual reports), fading to 3% by year 5.

  • -3.3%

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

    Default: the last 3 years' revenue growth (-5.4% a year, annual reports), fading to 3% by year 5.

  • -1.2%

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

    Default: the last 3 years' revenue growth (-5.4% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-5.4% 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 (-5.4% a year, annual reports), fading to 3% by year 5.

Business

  • 2.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 0%

    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).

  • 0%

    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).

  • 31.8%

    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.

  • 4.08%

    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.

  • 0.6

    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 0.16, 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.

  • 5.58%

    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)
₩184B
Net debt (borrowings and leases − cash and deposits)
₩63B
− Minority interests
₩3.1B
Shares
14,200,000
Share price
₩2,380
Market cap
₩34B

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₩231B₩204B₩185B₩174B₩168B₩166B₩168B₩173B
Growth5.9%−11.8%−9.4%−5.4%−3.3%−1.2%0.9%3.0%
EBIT₩11B₩5B−₩80M₩4.4B₩4.2B₩4.2B₩4.2B₩4.3B
EBIT margin4.6%2.4%−0.0%2.5%2.5%2.5%2.5%2.5%
After-tax EBIT₩7.8B₩3.6B−₩58M₩3.2B₩3.1B₩3B₩3B₩3.1B
+ Depreciation———₩0₩0₩0₩0₩0
− Capital spending—₩172M₩0₩0₩0₩0₩0₩0
− Working capital₩8.8B−₩3.4B−₩4.5M−₩3.2B−₩1.8B−₩642M₩476M₩1.6B
Free cash flow———₩6.3B₩4.9B₩3.7B₩2.6B₩1.5B
Discount factor———0.9500.9030.8590.8160.776
Present value———₩6B₩4.4B₩3.1B₩2.1B₩1.2B

Terminal value ₩65B, worth ₩50B today: 75% 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 ₩7,049 a share)Now 0.34×₩3,3630.48×₩5,1730.73×₩10,2311.45×
Price / earnings (last 12 months: ₩18 a share)Now 129.9×₩1256.81×₩28515.5×₩58732.0×

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%
4.2%₩1,219₩1,516₩1,939₩2,601₩3,797
4.7%₩483₩632₩831₩1,112₩1,548
5.2%——₩66₩170₩314
5.7%—————
6.2%—————

Now (TTM)

Market cap
₩34B
Enterprise value
₩97B
P/E
129.9×
P/B
0.3×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,890₩3,745₩6,360₩5,980₩9,990
Market cap₩55B₩53B₩90B₩85B₩142B
P/E10.5×14.8×10.2×8.7×39.3×
P/B0.5×0.5×0.9×0.9×1.7×
P/S0.3×0.3×0.4×0.4×0.7×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Nara Mold and DIE129.9×0.3×0.2×—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: Nara Mold and DIE / 나라엠앤디 / 051490 / KRX:051490

Source: KRX statistical information