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Elentec

054210 · KOSDAQ · ₩054210 · 이랜텍

₩5,530▼ ₩250 (4.33%)End-of-day · Oct 30, 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

₩16,339

vs the current price (₩5,530)

Enterprise value
₩342B
Equity value
₩413B
WACC
7.6%

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 195% 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 ₩5,530, the model needs an operating margin of 2.3% every year (it uses 5.2%).
  • Today's P/E is 2.7× against a typical 8.5× 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
₩7,668
+38.7%
Base
₩16,339
+195.5%
Bull
₩31,768
+474.5%

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 (5.2%).

Revenue growth

  • -9%

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

    Default: the last 3 years' revenue growth (-9% a year, annual reports), fading to 3% by year 5.

  • -6%

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

    Default: the last 3 years' revenue growth (-9% 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 (-9% a year, annual reports), fading to 3% by year 5.

  • 0%

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

    Default: the last 3 years' revenue growth (-9% 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 (-9% a year, annual reports), fading to 3% by year 5.

Business

  • 5.2%

    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.

  • 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).

  • 10%

    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).

  • 12.1%

    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.

  • 0.66

    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 0.49, 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)
₩926B
Net debt (borrowings and leases − cash and deposits)
−₩53B
+ Stakes and investments
₩18B
Associates, long-term financial assets and deposits (book value)
Shares
25,291,210
Share price
₩5,530
Market cap
₩140B

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₩751B₩556B₩753B₩843B₩792B₩769B₩769B₩792B
Growth−24.7%−26.0%35.5%−9.0%−6.0%−3.0%0.0%3.0%
EBIT₩30B₩16B₩43B₩44B₩41B₩40B₩40B₩41B
EBIT margin4.1%2.9%5.7%5.2%5.2%5.2%5.2%5.2%
After-tax EBIT₩22B₩12B₩31B₩32B₩30B₩29B₩29B₩30B
+ Depreciation———₩67B₩63B₩61B₩61B₩63B
− Capital spending₩66B₩71B₩63B₩84B₩79B₩77B₩77B₩79B
− Working capital−₩24B−₩6.5B−₩51B−₩10B−₩6.1B−₩2.9B₩0₩2.8B
Free cash flow———₩25B₩20B₩16B₩14B₩11B
Discount factor———0.9290.8630.8020.7450.692
Present value———₩23B₩17B₩13B₩10B₩7.8B

Terminal value ₩391B, worth ₩270B today: 79% 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 ₩13,220 a share)Now 0.42×₩6,6770.51×₩11,3940.86×₩23,6761.79×
Price / earnings (last 12 months: ₩2,074 a share)Now 2.67×₩8,0753.89×₩17,5268.45×₩54,39326.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩511 a share)Now 10.8×₩1,9883.89×₩4,3158.45×₩13,39326.2×

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%
6.6%₩17,298₩18,217₩19,332₩20,712₩22,467
7.1%₩16,075₩16,812₩17,689₩18,752₩20,069
7.6%₩15,039₩15,637₩16,339₩17,176₩18,190
8.1%₩14,149₩14,641₩15,211₩15,881₩16,678
8.6%₩13,377₩13,786₩14,255₩14,798₩15,435

Now (TTM)

Market cap
₩140B
Enterprise value
₩53B
P/E
2.7×
P/B
0.4×
P/S
0.2×
EV/EBITDA
—
Dividend yield
1.8%

Over time (at each year end)

20252024202320222021
Price₩9,080₩5,100₩9,960₩11,300₩12,400
Market cap₩230B₩129B₩252B₩286B₩314B
P/E8.6×363.6×15.1×5.2×9.2×
P/B0.7×0.5×0.9×1.1×1.5×
P/S0.3×0.2×0.3×0.3×0.4×
EV/EBITDA—————
Dividend yield1.1%1.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Elentec2.7×0.4×0.2×—1.8%
Samsung Electro-Mechanics88.7×8.7×7.2×—0.2%
Doosan34.5×4.9×0.6×—0.4%
Hanwha Systems65.1×2.5×2.8×—0.8%
LG Innotek11.6×1.2×0.3×—0.6%
Isupetasys30.8×7.2×4.7×—0.0%
Daeduck Electronics38.8×6.0×4.4×—0.4%
Similar companies (median)36.6×5.5×3.6×—0.4%

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

Also known as: Elentec / 이랜텍 / 054210 / KRX:054210

Source: KRX statistical information