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Guyoung Technology

053270 · KOSDAQ · ₩053270 · 구영테크

₩1,857▼ ₩28 (1.49%)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

₩9,592

vs the current price (₩1,857)

Enterprise value
₩500B
Equity value
₩263B
WACC
4.6%

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 417% 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 ₩1,857, the model needs an operating margin of 4.5% every year (it uses 5.5%).
  • Or revenue growth −11.9 points a year higher than assumed in each of the 5 years.
  • 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.
  • Today's P/E is 1.8× against a typical 3.9× 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
₩9,592
+416.5%
Bull
₩55,704
+2,899.7%

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 (5.5%).

Revenue growth

  • 15.8%

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

    Default: the last 3 years' revenue growth (15.8% a year, annual reports), fading to 3% by year 5.

  • 12.6%

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

    Default: the last 3 years' revenue growth (15.8% a year, annual reports), fading to 3% by year 5.

  • 9.4%

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

    Default: the last 3 years' revenue growth (15.8% a year, annual reports), fading to 3% by year 5.

  • 6.2%

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

    Default: the last 3 years' revenue growth (15.8% 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 (15.8% a year, annual reports), fading to 3% by year 5.

Business

  • 5.5%

    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.

  • 17.8%

    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).

  • 22.3%

    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).

  • 5%

    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.

  • 0.6

    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 0.25, 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)
₩509B
Net debt (borrowings and leases − cash and deposits)
₩237B
+ Stakes and investments
₩142M
Associates, long-term financial assets and deposits (book value)
Shares
27,410,405
Share price
₩1,857
Market cap
₩51B

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₩357B₩377B₩426B₩589B₩663B₩725B₩770B₩793B
Growth30.4%5.6%12.9%15.8%12.6%9.4%6.2%3.0%
EBIT₩29B₩29B₩24B₩32B₩36B₩40B₩42B₩44B
EBIT margin8.1%7.6%5.7%5.5%5.5%5.5%5.5%5.5%
After-tax EBIT₩21B₩21B₩18B₩23B₩26B₩29B₩31B₩32B
+ Depreciation———₩105B₩118B₩129B₩137B₩141B
− Capital spending₩73B₩87B₩101B₩131B₩148B₩162B₩172B₩177B
− Working capital−₩23B₩21B₩13B₩4B₩3.7B₩3.1B₩2.2B₩1.2B
Free cash flow———−₩7B−₩7.1B−₩6.8B−₩6.2B−₩5.2B
Discount factor———0.9560.9140.8740.8360.799
Present value———−₩6.7B−₩6.5B−₩6B−₩5.2B−₩4.2B

Terminal value ₩661B, worth ₩528B today: 106% 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 ₩6,264 a share)Now 0.30×₩2,4590.39×₩4,3820.70×₩6,9411.11×
Price / earnings (last 12 months: ₩1,051 a share)Now 1.77×₩2,4412.32×₩4,0713.87×₩24,69023.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,007 a share)Now 1.84×₩2,3382.32×₩3,9003.87×₩23,65523.5×

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%
3.6%₩10,789₩15,546₩23,310₩38,253₩78,934
4.1%₩7,067₩10,181₩14,790₩22,312₩36,790
4.6%₩4,398₩6,574₩9,592₩14,057₩21,344
5.1%₩2,395₩3,988₩6,096₩9,019₩13,344
5.6%₩839₩2,046₩3,589₩5,631₩8,463

Now (TTM)

Market cap
₩51B
Enterprise value
₩287B
P/E
1.8×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
3.8%

Over time (at each year end)

20252024202320222021
Price₩2,060₩1,981₩2,950₩2,230₩3,340
Market cap₩56B₩54B₩81B₩61B₩92B
P/E2.5×3.0×4.3×15.4×29.3×
P/B0.4×0.4×0.8×0.7×1.2×
P/S0.1×0.1×0.2×0.2×0.5×
EV/EBITDA—————
Dividend yield3.4%3.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Guyoung Technology1.8×0.3×0.1×—3.8%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.0×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—12.1×17.1×—0.0%
Hyundai WIA19.4×0.4×0.2×—2.4%
SNT Dynamics13.0×0.7×0.8×—7.0%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

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

Also known as: Guyoung Technology / 구영테크 / 053270 / KRX:053270

Source: KRX statistical information