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Curexo

060280 · KOSDAQ · ₩060280 · 큐렉소

₩7,070▼ ₩100 (1.39%)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

₩22

vs the current price (₩7,070)

Enterprise value
−₩17B
Equity value
₩925M
WACC
7.4%

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 100% 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 ₩7,070, the model needs an operating margin of 25.5% every year (it uses 0.5%).
  • Margins ranged from −10.5% to 3.2% 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.
  • 57% 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.

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
₩22
−99.7%
Bull
₩578
−91.8%

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 (0.5%).

Revenue growth

  • 4.7%

    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.

  • 4.3%

    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.

  • 3.8%

    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.

  • 3.4%

    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.

  • 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.

Business

  • 0.5%

    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.

  • 3.4%

    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).

  • 4.2%

    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.

  • 4.01%

    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.

  • 0.61

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.42, 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)
₩78B
Net debt (borrowings and leases − cash and deposits)
−₩16B
+ Stakes and investments
₩1.2B
Associates, long-term financial assets and deposits (book value)
Shares
41,259,790
Share price
₩7,070
Market cap
₩292B

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₩73B₩56B₩75B₩81B₩85B₩88B₩91B₩94B
Growth12.1%−23.8%34.2%4.7%4.3%3.8%3.4%3.0%
EBIT₩1.1B−₩5.8B₩2.4B₩407M₩424M₩441M₩456M₩469M
EBIT margin1.6%−10.5%3.2%0.5%0.5%0.5%0.5%0.5%
After-tax EBIT₩823M−₩4.2B₩1.7B₩295M₩308M₩319M₩330M₩340M
+ Depreciation———₩2.8B₩2.9B₩3B₩3.1B₩3.2B
− Capital spending₩2.3B₩3.4B₩2.5B₩3.4B₩3.6B₩3.7B₩3.8B₩3.9B
− Working capital₩3.9B₩4.4B−₩1.9B₩1.5B₩1.4B₩1.3B₩1.2B₩1.1B
Free cash flow———−₩1.8B−₩1.8B−₩1.7B−₩1.6B−₩1.5B
Discount factor———0.9310.8680.8080.7530.701
Present value———−₩1.7B−₩1.5B−₩1.4B−₩1.2B−₩1.1B

Terminal value −₩14B, worth −₩9.7B today: 59% 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 ₩2,445 a share)Now 2.89×₩7,8823.22×₩11,4334.68×₩18,9387.75×

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%
6.4%₩135₩52———
6.9%₩150₩78———
7.4%₩163₩99₩22——
7.9%₩174₩117₩50——
8.4%₩184₩132₩73₩2—

Now (TTM)

Market cap
₩292B
Enterprise value
₩275B
P/E
52.9×
P/B
2.9×
P/S
3.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩12,960₩6,460₩18,610₩6,720₩7,410
Market cap₩535B₩267B₩768B₩277B₩306B
P/E192.9×————
P/B5.6×2.9×7.6×3.4×7.1×
P/S7.2×4.8×10.5×4.3×7.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Curexo52.9×2.9×3.8×—0.0%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

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

Also known as: Curexo / 큐렉소 / 060280 / KRX:060280

Source: KRX statistical information