KOSDAQ · 054950 · Machinery · ₩054950

Jvmco제이브이엠

054950 · KOSDAQ · ₩054950 · 제이브이엠

₩23,150▲ ₩600 (2.66%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩50,216

vs the current price (₩23,150)

Enterprise value: ₩491B
Equity value: ₩607B
WACC: 7.3%

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 117% 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 ₩23,150, the model needs an operating margin of 6.6% every year (it uses 18.2%).
Or revenue growth −25.0 points a year higher than assumed in each of the 5 years.
Margins ranged from 10.8% to 19.2% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
Today's P/E is 9.1× against a typical 12.0× 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: ₩36,276; +56.7%
Base: ₩50,216; +116.9%
Bull: ₩73,188; +216.1%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (18.2%).

Revenue growth

Revenue growth, year 16.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 25.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (6.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin18.2%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation1.9%
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).
Capital spending2.4%
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).
Working capital12.3%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta0.6
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 0.02, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩178B
Net debt (borrowings and leases − cash and deposits): −₩115B
+ Stakes and investments: ₩1.3B; Associates, long-term financial assets and deposits (book value)
Shares: 12,089,892
Share price: ₩23,150
Market cap: ₩280B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩157B	₩159B	₩173B	₩190B	₩201B	₩211B	₩219B	₩226B
Growth	10.6%	1.5%	8.6%	6.8%	5.9%	4.9%	4.0%	3.0%
EBIT	₩30B	₩31B	₩33B	₩35B	₩37B	₩38B	₩40B	₩41B
EBIT margin	19.0%	19.2%	19.2%	18.2%	18.2%	18.2%	18.2%	18.2%
After-tax EBIT	₩22B	₩22B	₩24B	₩25B	₩26B	₩28B	₩29B	₩30B
+ Depreciation	—	—	—	₩3.6B	₩3.8B	₩4B	₩4.2B	₩4.3B
− Capital spending	₩3.3B	₩3.7B	₩4.9B	₩4.6B	₩4.8B	₩5.1B	₩5.3B	₩5.4B
− Working capital	−₩58B	₩6.9B	₩3.7B	₩1.5B	₩1.4B	₩1.2B	₩1B	₩808M
Free cash flow	—	—	—	₩23B	₩24B	₩26B	₩27B	₩28B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩21B	₩21B	₩21B	₩20B	₩20B

Terminal value ₩553B, worth ₩389B 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:

	Low	Typical	High
Price / book (book value ₩20,334 a share)Now 1.14×	₩23,9211.18×	₩30,2981.49×	₩40,9512.01×
Price / earnings (last 12 months: ₩2,551 a share)Now 9.07×	₩21,4398.40×	₩30,51112.0×	₩49,79919.5×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩3,173 a share)Now 7.30×	₩26,6628.40×	₩37,94312.0×	₩61,93019.5×

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%
6.3%	₩51,988	₩55,498	₩59,821	₩65,277	₩72,379
6.8%	₩48,252	₩51,091	₩54,518	₩58,739	₩64,067
7.3%	₩45,110	₩47,444	₩50,216	₩53,563	₩57,685
7.8%	₩42,432	₩44,377	₩46,656	₩49,363	₩52,632
8.3%	₩40,120	₩41,762	₩43,662	₩45,888	₩48,532

Now (TTM)

Market cap: ₩280B
Enterprise value: ₩163B
P/E: 9.1×
P/B: 1.1×
P/S: 1.6×
EV/EBITDA: —
Dividend yield: 2.8%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩25,850	₩19,060	₩26,500	₩20,450	₩13,950
Market cap	₩313B	₩230B	₩320B	₩247B	₩169B
P/E	11.0×	8.0×	12.2×	15.7×	18.8×
P/B	1.3×	1.1×	1.8×	1.6×	1.2×
P/S	1.8×	1.4×	2.0×	1.7×	1.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.5%	2.6%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Jvmco	9.1×	1.1×	1.6×	—	2.8%
Doosan Enerbility	193.9×	4.3×	2.0×	—	0.0%
Hanmi Semiconductor	78.4×	23.3×	31.6×	70.6×	0.4%
Jusung Engineering	1,058.2×	13.0×	34.0×	2,036.0×	0.0%
Rainbow Robotics	4,137.6×	53.0×	156.2×	—	0.0%
EO Technics	44.1×	6.4×	10.8×	—	0.0%
Doosan Bobcat	13,622.5×	911.6×	733.9×	—	3.5%
Similar companies (median)	626.0×	18.1×	32.8×	1,053.3×	0.0%

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

Also known as: Jvmco / 제이브이엠 / 054950 / KRX:054950

Source: KRX statistical information