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Panstar Enterprise

054300 · KOSDAQ · ₩054300 · 팬스타엔터프라이즈

₩840▼ ₩30 (3.45%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩13B
Equity value
−₩56B
WACC
5.8%

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 ₩840, the model needs an operating margin of 8.7% every year (it uses 0.3%).
  • 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.

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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (0.3%).

Revenue growth

  • 0.1%

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

    Default: the last 3 years' revenue growth (0.1% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (0.1% a year, annual reports), fading to 3% by year 5.

  • 1.5%

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

    Default: the last 3 years' revenue growth (0.1% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0.1% 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 (0.1% a year, annual reports), fading to 3% by year 5.

Business

  • 0.3%

    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.

  • 2%

    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).

  • 2.5%

    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).

  • 37.6%

    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 0.25, 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.

  • 5.58%

    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)
₩67B
Net debt (borrowings and leases − cash and deposits)
₩43B
Shares
59,023,445
Share price
₩840
Market cap
₩50B

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₩69B₩63B₩67B₩67B₩67B₩68B₩70B₩72B
Growth3.2%−9.0%6.8%0.1%0.8%1.5%2.3%3.0%
EBIT₩1.6B₩285M−₩2.8B₩200M₩202M₩205M₩210M₩216M
EBIT margin2.4%0.5%−4.2%0.3%0.3%0.3%0.3%0.3%
After-tax EBIT₩1.2B₩207M−₩2B₩145M₩146M₩149M₩152M₩156M
+ Depreciation———₩1.3B₩1.3B₩1.4B₩1.4B₩1.4B
− Capital spending₩1.9B₩101M₩3.1B₩1.7B₩1.7B₩1.7B₩1.7B₩1.8B
− Working capital₩4.5B₩3.3B₩16B₩25M₩201M₩379M₩591M₩788M
Free cash flow———−₩214M−₩391M−₩572M−₩788M−₩991M
Discount factor———0.9450.8930.8440.7970.753
Present value———−₩202M−₩349M−₩483M−₩628M−₩747M

Terminal value −₩14B, worth −₩11B today: 82% 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 ₩1,502 a share)Now 0.56×₩1,0690.71×₩2,2261.48×₩3,3912.26×
P/E on run-rate earnings (Q2 2026 × 4: ₩28 a share)Now 29.8×₩55019.5×₩84930.1×₩1,13440.2×

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%
4.8%—————
5.3%—————
5.8%—————
6.3%—————
6.8%—————

Now (TTM)

Market cap
₩50B
Enterprise value
₩92B
P/E
—
P/B
0.6×
P/S
0.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,320₩978₩1,428₩1,216₩1,776
Market cap₩78B₩58B₩84B₩72B₩105B
P/E—15.9×306.3×133.7×46.7×
P/B0.9×1.0×1.6×1.5×2.3×
P/S1.2×0.9×1.2×1.1×2.0×
EV/EBITDA————100.1×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Panstar Enterprise—0.6×0.7×—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: Panstar Enterprise / 팬스타엔터프라이즈 / 054300 / KRX:054300

Source: KRX statistical information