APSAPS
054620 · KOSDAQ · ₩054620 · APS
Valuation model · Sum of the parts (net asset value)
This is a holding company, so we value what it owns: its stakes in listed companies at market value, less a holding company discount.
Fair value per share
₩3,470
vs the current price (₩3,450)
- Assets before discount
- ₩106B
- Equity value
- ₩64B
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩2,313
- −33.0%
- Base
- ₩3,470
- +0.6%
- Bull
- ₩4,857
- +40.8%
Bear: listed stakes 20% lower and a discount 10 points wider. Bull: the opposite.
Assumptions
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Business
- 0%
Moves the market value of the listed companies it owns up or down.
Default: 0, today's market values.
- ₩0B
Anything else it owns, minus its own debt, in ₩ billions.
Default: 0. Unlisted holdings and the company's own cash and debt aren't included unless you add them.
Discount rate
- 40%
How far below the value of its holdings the company is valued.
Default: a typical discount for Korean holding companies.
Starting point
- Shares
- 18,394,221
- Share price
- ₩3,450
- Market cap
- ₩63B
Listed stakes
| Company | Stake | Market value |
|---|---|---|
| Advanced Process Systems | 25.4% | ₩63B |
| Nextin | 8.9% | ₩24B |
| Kornic Automation | 41.8% | ₩19B |
Sensitivity
Fair value per share as two inputs change; the middle is the current case.
| Listed stakes ↓ · Discount → | 20.0% | 30.0% | 40.0% | 50.0% | 60.0% |
|---|---|---|---|---|---|
| −20.0% | ₩3,701 | ₩3,238 | ₩2,776 | ₩2,313 | ₩1,850 |
| −10.0% | ₩4,164 | ₩3,643 | ₩3,123 | ₩2,602 | ₩2,082 |
| 0.0% | ₩4,626 | ₩4,048 | ₩3,470 | ₩2,891 | ₩2,313 |
| +10.0% | ₩5,089 | ₩4,453 | ₩3,817 | ₩3,180 | ₩2,544 |
| +20.0% | ₩5,551 | ₩4,857 | ₩4,164 | ₩3,470 | ₩2,776 |
Now (TTM)
- Market cap
- ₩63B
- Enterprise value
- ₩111B
- P/E
- 6.1×
- P/B
- 0.3×
- P/S
- 0.8×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩4,060 | ₩5,260 | ₩6,700 | ₩15,750 | ₩14,850 |
| Market cap | ₩75B | ₩97B | ₩123B | ₩290B | ₩273B |
| P/E | — | — | 9.6× | 31.4× | 12.6× |
| P/B | 0.4× | 0.5× | 0.6× | 1.5× | 1.5× |
| P/S | 0.9× | 1.0× | 3.0× | 7.1× | 6.9× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| APS | 6.1× | 0.3× | 0.8× | — | 0.0% |
| SK Square | 3.6× | 2.2× | 96.1× | 3.5× | 0.0% |
| KB Financial Group | 8.8× | 0.9× | — | 9.6× | 2.8% |
| Shinhan Financial Group | 7.8× | 0.7× | — | 10.2× | 2.9% |
| SK | 4.5× | 1.0× | 0.3× | — | 1.6% |
| Hana Financial Group | 8.0× | 0.7× | — | 10.0× | 3.4% |
| Woori Financial Group | 7.1× | 0.6× | — | 8.5× | 4.4% |
| Similar companies (median) | 7.5× | 0.8× | 48.2× | 9.6× | 2.8% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: APS / 054620 / KRX:054620
Source: KRX statistical information