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ELP

063760 · KOSDAQ · ₩063760 · 이엘피

₩2,595▲ ₩50 (1.96%)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
−₩52B
Equity value
−₩34B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩2,595, the model needs an operating margin of 2.9% every year (it uses −7.9%).
  • Margins ranged from −26.3% to 8.4% 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.
  • 39% 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 3.2× against a typical 18.2× 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

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

Cycle options

Margin path

Every year uses the cycle-average margin (−7.9%).

Revenue growth

  • 5%

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

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

  • 4%

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

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

Business

  • -7.9%

    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.

  • 4.8%

    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).

  • 6.1%

    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).

  • 20.6%

    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 0.3, 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)
₩36B
Net debt (borrowings and leases − cash and deposits)
−₩17B
Shares
9,325,130
Share price
₩2,595
Market cap
₩24B

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₩21B₩28B₩27B₩37B₩39B₩41B₩42B₩43B
Growth−9.3%30.8%−2.5%5.0%4.5%4.0%3.5%3.0%
EBIT−₩5.6B−₩4.2B₩2.3B−₩3B−₩3.1B−₩3.2B−₩3.3B−₩3.4B
EBIT margin−26.3%−15.0%8.4%−7.9%−7.9%−7.9%−7.9%−7.9%
After-tax EBIT−₩4.1B−₩3B₩1.7B−₩2.1B−₩2.2B−₩2.3B−₩2.4B−₩2.5B
+ Depreciation———₩1.8B₩1.9B₩2B₩2B₩2.1B
− Capital spending₩3.6B₩247M₩130M₩2.3B₩2.4B₩2.5B₩2.6B₩2.6B
− Working capital−₩3B−₩8.5B₩4.8B₩367M₩347M₩322M₩293M₩260M
Free cash flow———−₩3B−₩3.1B−₩3.2B−₩3.3B−₩3.3B
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩2.8B−₩2.7B−₩2.6B−₩2.5B−₩2.3B

Terminal value −₩55B, worth −₩39B today: 75% 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 ₩6,963 a share)Now 0.37×₩2,2180.32×₩3,1490.45×₩6,0810.87×
Price / earnings (last 12 months: ₩799 a share)Now 3.25×₩2,5953.25×₩14,53218.2×₩23,86829.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩269 a share)Now 9.66×₩8733.25×₩4,88718.2×₩8,02529.9×

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%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩24B
Enterprise value
₩6.8B
P/E
3.2×
P/B
0.4×
P/S
0.7×
EV/EBITDA
—
Dividend yield
3.9%

Over time (at each year end)

20252024202320222021
Price₩2,415₩2,060₩3,525₩3,420₩7,570
Market cap₩23B₩19B₩33B₩32B₩71B
P/E8.7×—57.9×——
P/B0.3×0.3×0.5×0.5×1.0×
P/S0.8×0.7×1.5×1.4×2.7×
EV/EBITDA—————
Dividend yield4.1%2.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
ELP3.2×0.4×0.7×—3.9%
TSE23.5×5.2×4.3×—0.2%
Kctech19.8×3.0×3.6×15.3×0.5%
Classys12.4×3.1×4.6×9.7×3.8%
Park Systems66.3×4.5×7.9×—0.2%
DI37.8×5.2×2.3×—0.6%
LivsMed—6.1×19.4×—0.0%
Similar companies (median)23.5×4.8×4.5×12.5×0.4%

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

Also known as: ELP / 이엘피 / 063760 / KRX:063760

Source: KRX statistical information