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EXA E&C

054940 · KOSDAQ · ₩054940 · 엑사이엔씨

₩3,640▼ ₩65 (1.75%)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

₩2,009

vs the current price (₩3,640)

Enterprise value
₩29B
Equity value
₩13B
WACC
10.3%

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 45% 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 ₩3,640, the model needs an operating margin of 3.1% every year (it uses 2.4%).
  • 34% 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.
  • Today's P/E is 5.7× against a typical 6.7× 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
₩2,009
−44.8%
Bull
₩8,202
+125.3%

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 (2.4%).

Revenue growth

  • -8.1%

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

    Default: the last 3 years' revenue growth (-8.1% a year, annual reports), fading to 3% by year 5.

  • -5.3%

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

    Default: the last 3 years' revenue growth (-8.1% a year, annual reports), fading to 3% by year 5.

  • -2.6%

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

    Default: the last 3 years' revenue growth (-8.1% a year, annual reports), fading to 3% by year 5.

  • 0.2%

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

    Default: the last 3 years' revenue growth (-8.1% 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 (-8.1% a year, annual reports), fading to 3% by year 5.

Business

  • 2.4%

    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.

  • 1.9%

    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).

  • 2.4%

    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).

  • 18.1%

    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.

  • 4.08%

    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.

  • 1.62

    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 1.93, 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)
₩205B
Net debt (borrowings and leases − cash and deposits)
₩10B
+ Stakes and investments
₩6.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩12B
Shares
6,634,709
Share price
₩3,640
Market cap
₩24B

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₩180B₩203B₩177B₩189B₩179B₩174B₩174B₩180B
Growth−21.1%12.9%−12.8%−8.1%−5.3%−2.6%0.2%3.0%
EBIT₩3.7B₩8.5B₩2.5B₩4.5B₩4.3B₩4.2B₩4.2B₩4.3B
EBIT margin2.0%4.2%1.4%2.4%2.4%2.4%2.4%2.4%
After-tax EBIT₩2.7B₩6.2B₩1.8B₩3.3B₩3.1B₩3B₩3B₩3.1B
+ Depreciation———₩3.6B₩3.4B₩3.3B₩3.3B₩3.4B
− Capital spending₩3.7B₩2.7B₩6.9B₩4.5B₩4.3B₩4.2B₩4.2B₩4.3B
− Working capital₩3.4B₩1.1B−₩6.8B−₩3B−₩1.8B−₩840M₩63M₩946M
Free cash flow———₩5.3B₩4B₩3B₩2.1B₩1.3B
Discount factor———0.9060.8220.7450.6750.612
Present value———₩4.8B₩3.3B₩2.2B₩1.4B₩783M

Terminal value ₩26B, worth ₩16B today: 56% 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 ₩10,971 a share)Now 0.33×₩3,7200.34×₩4,8730.44×₩8,4820.77×
Price / earnings (last 12 months: ₩644 a share)Now 5.66×₩1,8512.88×₩4,2906.67×₩10,53016.4×

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%
9.3%₩2,516₩2,512₩2,505₩2,495₩2,480
9.8%₩2,272₩2,259₩2,241₩2,220₩2,193
10.3%₩2,054₩2,034₩2,009₩1,980₩1,944
10.8%₩1,858₩1,833₩1,803₩1,768₩1,726
11.3%₩1,681₩1,652₩1,618₩1,579₩1,534

Now (TTM)

Market cap
₩24B
Enterprise value
₩34B
P/E
5.7×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,370₩3,495₩4,400₩6,725₩6,800
Market cap₩22B₩23B₩29B₩45B₩45B
P/E35.4×3.4×—5.9×—
P/B0.3×0.3×0.5×0.7×0.8×
P/S0.1×0.1×0.2×0.2×0.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
EXA E&C5.7×0.3×0.1×—0.0%
Hyundai Engineering & Construction22.7×1.1×0.4×—0.9%
Daewoo Engineering & Construction—1.3×0.6×—0.0%
GS Engineering & Construction19.3×0.5×0.2×—1.7%
DL E&C3.6×0.4×0.3×—1.5%
KEPCO Plant Service & Engineering14.4×1.4×1.2×8.1×0.0%
Ipark Hyundai Development8.9×0.5×0.4×—2.8%
Similar companies (median)14.4×0.8×0.4×8.1×1.2%

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

Also known as: EXA E&C / 엑사이엔씨 / 054940 / KRX:054940

Source: KRX statistical information