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Korea Plasma Technology U

054410 · KOSDAQ · ₩054410 · 케이피티유

₩1,985▲ ₩54 (2.80%)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

₩179

vs the current price (₩1,985)

Enterprise value
₩26B
Equity value
₩1B
WACC
5.1%

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 91% 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 ₩1,985, the model needs an operating margin of 4.3% every year (it uses 3.3%).
  • Or revenue growth +16.1 points a year higher than assumed in each of the 5 years.
  • 59% 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.
  • 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.
  • Today's P/E is 3.2× against a typical 6.5× 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
₩179
−91.0%
Bull
₩9,009
+353.8%

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 (3.3%).

Revenue growth

  • 2.7%

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

    Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.7% a year, annual reports), fading to 3% by year 5.

  • 2.9%

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

    Default: the last 3 years' revenue growth (2.7% 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 (2.7% a year, annual reports), fading to 3% by year 5.

Business

  • 3.3%

    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.

  • 2.1%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 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).

  • 34.2%

    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 0.11, 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)
₩43B
Net debt (borrowings and leases − cash and deposits)
₩25B
Shares
5,726,444
Share price
₩1,985
Market cap
₩11B

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₩35B₩33B₩40B₩44B₩45B₩47B₩48B₩50B
Growth−5.4%−4.5%19.9%2.7%2.8%2.8%2.9%3.0%
EBIT₩847M₩757M₩1.4B₩1.5B₩1.5B₩1.5B₩1.6B₩1.6B
EBIT margin2.4%2.3%3.5%3.3%3.3%3.3%3.3%3.3%
After-tax EBIT₩614M₩549M₩1B₩1.1B₩1.1B₩1.1B₩1.2B₩1.2B
+ Depreciation₩810M₩748M₩697M₩929M₩955M₩981M₩1B₩1B
− Capital spending₩6.2M₩0₩0₩0₩0₩0₩0₩0
− Working capital₩9.8B−₩5B−₩773M₩398M₩423M₩435M₩463M₩493M
Free cash flow−₩8.4B₩6.3B₩2.5B₩1.6B₩1.6B₩1.7B₩1.7B₩1.7B
Discount factor———0.9520.9060.8620.8200.781
Present value———₩1.5B₩1.5B₩1.4B₩1.4B₩1.4B

Terminal value ₩25B, worth ₩19B today: 73% 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 ₩10,387 a share)Now 0.19×₩3,6200.35×₩5,9120.57×₩10,1300.98×
Price / earnings (last 12 months: ₩613 a share)Now 3.24×₩2,5704.19×₩3,9826.50×₩12,06619.7×

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%
4.1%₩1,139₩1,517₩2,070₩2,967₩4,683
4.6%₩437₩651₩943₩1,371₩2,062
5.1%—₩24₩179₩390₩696
5.6%—————
6.1%—————

Now (TTM)

Market cap
₩11B
Enterprise value
₩37B
P/E
3.2×
P/B
0.2×
P/S
0.3×
EV/EBITDA
13.8×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,705₩3,270₩5,050₩5,060₩6,330
Market cap₩21B₩19B₩29B₩29B₩36B
P/E9.6×5.9×10.1×14.3×6.0×
P/B0.4×0.4×0.6×0.7×1.0×
P/S0.5×0.6×0.8×0.8×1.2×
EV/EBITDA23.1×30.4×39.2×22.4×32.4×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Korea Plasma Technology U3.2×0.2×0.3×13.8×0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.5×1.2×0.3×—3.8%
ISC45.4×6.1×12.7×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.2×1.6×5.1×—4.1%
Shinsegae13.9×0.4×0.3×—2.1%
Similar companies (median)16.3×1.0×1.0×—2.6%

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

Also known as: Korea Plasma Technology U / 케이피티유 / 054410 / KRX:054410

Source: KRX statistical information