KOSDAQ · 056090 · Medical & precision devices · ₩056090

CG MedTech시지메드텍

056090 · KOSDAQ · ₩056090 · 시지메드텍

₩4,370▼ ₩75 (1.69%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩22B
Equity value: −₩30B
WACC: 7.1%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩4,370, the model needs an operating margin of 14.8% every year (it uses −0.2%).
Margins ranged from −4.6% to 8.1% 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.
79% 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.
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.
Today's P/E is 13.8× against a typical 30.2× 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: —
Bull: —

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (−0.2%).

Revenue growth

Revenue growth, year 14.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.7% 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 (4.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-0.2%
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 & amortisation8.6%
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 spending10.8%
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 capital29.9%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 -0.67, 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)5.61%
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): ₩51B
Net debt (borrowings and leases − cash and deposits): ₩8.1B
+ Stakes and investments: ₩98M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩189M
Shares: 20,651,807
Share price: ₩4,370
Market cap: ₩90B

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	₩35B	₩35B	₩47B	₩54B	₩56B	₩58B	₩60B	₩62B
Growth	−15.1%	−1.0%	36.4%	4.7%	4.3%	3.8%	3.4%	3.0%
EBIT	−₩1.6B	−₩1.1B	₩3.8B	−₩107M	−₩112M	−₩116M	−₩120M	−₩124M
EBIT margin	−4.6%	−3.2%	8.1%	−0.2%	−0.2%	−0.2%	−0.2%	−0.2%
After-tax EBIT	−₩1.2B	−₩809M	₩2.8B	−₩78M	−₩81M	−₩84M	−₩87M	−₩90M
+ Depreciation	—	—	—	₩4.6B	₩4.8B	₩5B	₩5.2B	₩5.3B
− Capital spending	₩1.6B	₩810M	₩12B	₩5.8B	₩6B	₩6.3B	₩6.5B	₩6.7B
− Working capital	−₩51B	−₩3.8B	−₩52M	₩719M	₩689M	₩635M	₩590M	₩538M
Free cash flow	—	—	—	−₩2B	−₩2B	−₩2B	−₩2B	−₩2B
Discount factor	—	—	—	0.933	0.871	0.813	0.759	0.709
Present value	—	—	—	−₩1.8B	−₩1.7B	−₩1.6B	−₩1.5B	−₩1.4B

Terminal value −₩20B, worth −₩14B today: 63% 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 ₩4,640 a share)Now 0.94×	₩5,4421.17×	₩16,1553.48×	₩40,2078.67×
Price / earnings (last 12 months: ₩317 a share)Now 13.8×	₩7512.37×	₩9,58730.2×	₩24,67877.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩216 a share)Now 20.3×	₩5102.37×	₩6,51630.2×	₩16,77277.8×

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%
6.1%	—	—	—	—	—
6.6%	—	—	—	—	—
7.1%	—	—	—	—	—
7.6%	—	—	—	—	—
8.1%	—	—	—	—	—

Now (TTM)

Market cap: ₩90B
Enterprise value: ₩98B
P/E: 13.8×
P/B: 0.9×
P/S: 1.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,840	₩5,040	₩11,800	₩11,800	₩9,849
Market cap	₩121B	₩104B	₩244B	₩244B	₩203B
P/E	18.5×	—	186.6×	—	—
P/B	1.3×	1.2×	4.0×	4.2×	7.1×
P/S	2.6×	3.0×	7.0×	5.9×	5.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
CG MedTech	13.8×	0.9×	1.8×	—	0.0%
TSE	29.1×	6.4×	5.4×	—	0.2%
Kctech	21.7×	3.3×	4.0×	16.7×	0.5%
Classys	12.8×	3.2×	4.8×	10.0×	3.7%
Park Systems	69.3×	4.7×	8.3×	—	0.2%
DI	42.0×	5.8×	2.6×	—	0.6%
LivsMed	—	6.7×	21.5×	—	0.0%
Similar companies (median)	29.1×	5.3×	5.1×	13.4×	0.3%

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

Also known as: CG MedTech / 시지메드텍 / 056090 / KRX:056090

Source: KRX statistical information