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Ajinextek

059120 · KOSDAQ · ₩059120 · 아진엑스텍

₩6,150▼ ₩390 (5.96%)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

₩1,543

vs the current price (₩6,150)

Enterprise value
₩11B
Equity value
₩28B
WACC
8.8%

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 75% 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 ₩6,150, the model needs an operating margin of 38.0% every year (it uses 4.6%).
  • Margins ranged from −16.6% to 12.4% 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.

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
₩1,283
−79.1%
Base
₩1,543
−74.9%
Bull
₩1,999
−67.5%

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 (4.6%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-11.6% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-11.6% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-11.6% 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 (-11.6% 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 (-11.6% a year, annual reports), fading to 3% by year 5.

Business

  • 4.6%

    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.

  • 1.6%

    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).

  • 2%

    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).

  • 40%

    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.

  • 0.86

    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 0.79, 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)
₩30B
Net debt (borrowings and leases − cash and deposits)
−₩18B
+ Stakes and investments
₩3M
Associates, long-term financial assets and deposits (book value)
Shares
18,310,066
Share price
₩6,150
Market cap
₩113B

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₩25B₩25B₩25B₩27B₩26B₩25B₩25B₩25B
Growth−30.3%1.1%−2.2%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩913M−₩4.2B₩963M₩1.3B₩1.2B₩1.1B₩1.1B₩1.2B
EBIT margin−3.7%−16.6%3.9%4.6%4.6%4.6%4.6%4.6%
After-tax EBIT−₩662M−₩3B₩698M₩912M₩851M₩821M₩819M₩844M
+ Depreciation———₩438M₩408M₩394M₩393M₩405M
− Capital spending₩1B₩212M₩248M₩547M₩510M₩492M₩491M₩506M
− Working capital₩1.3B−₩4.5B₩464M−₩1.2B−₩733M−₩357M−₩20M₩295M
Free cash flow———₩2B₩1.5B₩1.1B₩741M₩448M
Discount factor———0.9190.8450.7760.7130.656
Present value———₩1.9B₩1.3B₩838M₩528M₩294M

Terminal value ₩9B, worth ₩5.9B today: 55% 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 ₩2,360 a share)Now 2.61×₩3,7531.59×₩4,7792.03×₩7,1753.04×

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%
7.8%₩1,616₩1,619₩1,621₩1,624₩1,627
8.3%₩1,579₩1,579₩1,579₩1,579₩1,578
8.8%₩1,546₩1,544₩1,543₩1,541₩1,538
9.3%₩1,516₩1,514₩1,511₩1,508₩1,503
9.8%₩1,491₩1,487₩1,484₩1,479₩1,474

Now (TTM)

Market cap
₩113B
Enterprise value
₩95B
P/E
29.7×
P/B
2.6×
P/S
3.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,603₩3,292₩5,088₩3,897₩5,979
Market cap₩84B₩60B₩93B₩71B₩109B
P/E100.7×—188.5×43.8×25.5×
P/B2.0×1.5×2.2×1.6×2.5×
P/S3.4×2.4×3.7×2.0×2.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ajinextek29.7×2.6×3.7×—0.0%
SK hynix6.9×4.2×5.9×—0.2%
DB HiTek12.5×1.8×2.8×—0.8%
Fadu—39.2×13.7×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.5×5.4×3.6×—0.0%
SFA Semicon—3.0×3.2×—0.0%
Similar companies (median)11.5×4.4×3.4×—0.1%

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

Also known as: Ajinextek / 아진엑스텍 / 059120 / KRX:059120

Source: KRX statistical information