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JK Synapse

060230 · KOSDAQ · ₩060230 · 제이케이시냅스

₩957▼ ₩74 (7.18%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩125B
Equity value
−₩132B
WACC
6.5%

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 ₩957, the model needs an operating margin of 2.4% every year (it uses −10.0%).
  • Margins ranged from −22.6% to −1.6% 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.
  • 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.

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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−10.0%).

Revenue growth

  • -7%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • -4.5%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • -2%

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

    Default: the last 3 years' revenue growth (-7% a year, annual reports), fading to 3% by year 5.

  • 0.5%

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

    Default: the last 3 years' revenue growth (-7% 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 (-7% a year, annual reports), fading to 3% by year 5.

Business

  • -10%

    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.

  • 2.5%

    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).

  • 3.2%

    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).

  • -10%

    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.

  • 4.01%

    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.

  • 0.6

    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 -3.3, 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.

  • 5.51%

    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)
₩89B
Net debt (borrowings and leases − cash and deposits)
₩6.4B
Shares
19,545,218
Share price
₩957
Market cap
₩19B

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₩50B₩49B₩62B₩83B₩79B₩78B₩78B₩80B
Growth−35.6%−1.3%26.8%−7.0%−4.5%−2.0%0.5%3.0%
EBIT−₩9.3B−₩11B−₩8.2B−₩8.3B−₩7.9B−₩7.8B−₩7.8B−₩8B
EBIT margin−18.8%−22.6%−13.3%−10.0%−10.0%−10.0%−10.0%−10.0%
After-tax EBIT−₩6.8B−₩8B−₩6B−₩6B−₩5.7B−₩5.6B−₩5.7B−₩5.8B
+ Depreciation———₩2.1B₩2B₩1.9B₩2B₩2B
− Capital spending₩3.1B₩931M₩804M₩2.7B₩2.5B₩2.5B₩2.5B₩2.6B
− Working capital₩542M−₩21B−₩38B₩625M₩374M₩159M−₩39M−₩234M
Free cash flow———−₩7.2B−₩6.7B−₩6.3B−₩6.2B−₩6.2B
Discount factor———0.9390.8820.8290.7780.731
Present value———−₩6.8B−₩5.9B−₩5.2B−₩4.8B−₩4.5B

Terminal value −₩134B, worth −₩98B today: 78% 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 ₩3,842 a share)Now 0.25×₩2,3400.61×₩14,0903.67×₩63,26916.5×

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%
5.5%—————
6.0%—————
6.5%—————
7.0%—————
7.5%—————

Now (TTM)

Market cap
₩19B
Enterprise value
₩24B
P/E
—
P/B
0.2×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,877₩9,694₩21,710₩34,673₩75,151
Market cap₩56B₩189B₩424B₩678B₩1.5T
P/E—————
P/B0.8×3.5×4.0×9.0×21.0×
P/S0.9×3.9×8.6×8.8×45.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JK Synapse—0.2×0.2×—0.0%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha5.9×0.4×0.1×—1.5%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: JK Synapse / 제이케이시냅스 / 060230 / KRX:060230

Source: KRX statistical information