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Kortek

052330 · KOSDAQ · ₩052330 · 코텍

₩9,830▲ ₩130 (1.34%)End-of-day · Oct 28, 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

₩24,702

vs the current price (₩9,830)

Enterprise value
₩307B
Equity value
₩439B
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 is 151% 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 ₩9,830, the model needs an operating margin of 1.8% every year (it uses 6.3%).
  • Margins ranged from −6.9% to 9.5% 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.
  • Today's P/E is 3.6× against a typical 6.4× 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
₩16,590
+68.8%
Base
₩24,702
+151.3%
Bull
₩39,387
+300.7%

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 (6.3%).

Revenue growth

  • -2.5%

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

    Default: the last 3 years' revenue growth (-2.5% a year, annual reports), fading to 3% by year 5.

  • -1.1%

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

    Default: the last 3 years' revenue growth (-2.5% 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 (-2.5% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (-2.5% 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 (-2.5% a year, annual reports), fading to 3% by year 5.

Business

  • 6.3%

    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.

  • 0.9%

    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).

  • 1.2%

    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).

  • 39.4%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.23, 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.

  • 5.61%

    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)
₩465B
Net debt (borrowings and leases − cash and deposits)
−₩98B
+ Stakes and investments
₩55B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩22B
Shares
17,761,589
Share price
₩9,830
Market cap
₩175B

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₩327B₩308B₩397B₩453B₩448B₩449B₩456B₩470B
Growth−23.7%−5.8%28.8%−2.5%−1.1%0.2%1.6%3.0%
EBIT₩4.8B₩24B₩38B₩29B₩28B₩28B₩29B₩30B
EBIT margin1.5%7.6%9.5%6.3%6.3%6.3%6.3%6.3%
After-tax EBIT₩3.5B₩17B₩27B₩21B₩20B₩21B₩21B₩21B
+ Depreciation———₩4.1B₩4B₩4B₩4.1B₩4.2B
− Capital spending₩5.6B₩2.7B₩3.4B₩5.4B₩5.4B₩5.4B₩5.5B₩5.6B
− Working capital−₩94B₩32B₩33B−₩4.6B−₩2B₩353M₩2.8B₩5.4B
Free cash flow———₩24B₩21B₩19B₩17B₩15B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩22B₩18B₩15B₩12B₩10B

Terminal value ₩327B, worth ₩229B today: 74% 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 ₩22,527 a share)Now 0.44×₩9,0960.40×₩10,8640.48×₩12,9940.58×
Price / earnings (last 12 months: ₩2,764 a share)Now 3.56×₩13,9655.05×₩17,6876.40×₩41,60415.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,540 a share)Now 2.78×₩17,8865.05×₩22,6536.40×₩53,28715.1×

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%₩26,723₩27,520₩28,489₩29,696₩31,247
6.9%₩25,102₩25,696₩26,403₩27,262₩28,331
7.4%₩23,735₩24,181₩24,702₩25,322₩26,074
7.9%₩22,567₩22,902₩23,289₩23,740₩24,276
8.4%₩21,556₩21,809₩22,095₩22,425₩22,809

Now (TTM)

Market cap
₩175B
Enterprise value
₩76B
P/E
3.6×
P/B
0.4×
P/S
0.4×
EV/EBITDA
—
Dividend yield
3.1%

Over time (at each year end)

20252024202320222021
Price₩9,020₩7,850₩6,550₩9,100₩9,980
Market cap₩160B₩139B₩116B₩162B₩177B
P/E5.7×5.1×14.7×5.7×—
P/B0.4×0.4×0.4×0.5×0.6×
P/S0.4×0.5×0.4×0.4×0.8×
EV/EBITDA—————
Dividend yield3.3%3.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Kortek3.6×0.4×0.4×—3.1%
Samsung Electronics9.5×2.5×2.9×—0.7%
LG Electronics25.3×1.0×0.3×—0.8%
Hanwha Vision17.0×2.1×1.1×—0.0%
RFHIC41.3×3.7×6.7×—0.8%
KMW—5.0×8.1×—0.0%
Intellian Technologies13.4×2.0×1.6×—0.4%
Similar companies (median)17.0×2.3×2.3×—0.5%

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

Also known as: Kortek / 코텍 / 052330 / KRX:052330

Source: KRX statistical information