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TechL

064520 · KOSDAQ · ₩064520 · 테크엘

₩1,410▲ ₩10 (0.71%)End-of-day · Oct 28, 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

₩222

vs the current price (₩1,410)

Enterprise value
−₩36B
Equity value
₩5B
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 84% 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 ₩1,410, the model needs an operating margin of −1.8% every year (it uses −17.8%).
  • Margins ranged from −30.9% to 2.4% 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.
  • 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
₩527
−62.6%
Base
₩222
−84.2%
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 (−17.8%).

Revenue growth

  • -4.1%

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

    Default: the last 3 years' revenue growth (-4.1% a year, annual reports), fading to 3% by year 5.

  • -2.3%

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

    Default: the last 3 years' revenue growth (-4.1% 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 (-4.1% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (-4.1% 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 (-4.1% a year, annual reports), fading to 3% by year 5.

Business

  • -17.8%

    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.

  • 20.8%

    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).

  • 26%

    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).

  • 3.1%

    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.

  • 4.11%

    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.

  • 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 0.25, 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.

  • 5.61%

    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)
₩14B
Net debt (borrowings and leases − cash and deposits)
−₩41B
Shares
22,351,062
Share price
₩1,410
Market cap
₩32B

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₩22B₩25B₩18B₩13B₩13B₩13B₩13B₩13B
Growth6.7%15.4%−28.3%−4.1%−2.3%−0.5%1.2%3.0%
EBIT−₩4.5B−₩375M−₩5.6B−₩2.3B−₩2.3B−₩2.3B−₩2.3B−₩2.4B
EBIT margin−20.7%−1.5%−30.9%−17.8%−17.8%−17.8%−17.8%−17.8%
After-tax EBIT−₩3.3B−₩272M−₩4.1B−₩1.7B−₩1.7B−₩1.7B−₩1.7B−₩1.7B
+ Depreciation———₩2.7B₩2.7B₩2.7B₩2.7B₩2.8B
− Capital spending₩10B₩6.9B₩717M₩3.4B₩3.3B₩3.3B₩3.4B₩3.5B
− Working capital−₩14B₩7.2B−₩1.8B−₩17M−₩9.4M−₩2M₩4.8M₩12M
Free cash flow———−₩2.4B−₩2.3B−₩2.3B−₩2.3B−₩2.4B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩2.2B−₩2B−₩1.9B−₩1.8B−₩1.7B

Terminal value −₩38B, worth −₩26B today: 74% 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 ₩4,210 a share)Now 0.33×₩1,6830.40×₩4,1090.98×₩14,8663.53×

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%₩169₩36———
6.9%₩304₩196₩65——
7.4%₩419₩329₩222₩94—
7.9%₩517₩442₩353₩248₩122
8.4%₩602₩538₩464₩377₩274

Now (TTM)

Market cap
₩32B
Enterprise value
−₩9.5B
P/E
—
P/B
0.3×
P/S
2.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,724₩1,833₩3,785₩5,680₩7,000
Market cap₩39B₩41B₩85B₩127B₩156B
P/E——15.4×—210.1×
P/B0.4×0.4×1.0×2.4×3.5×
P/S2.1×1.6×3.9×6.2×3.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TechL—0.3×2.3×—0.0%
SK hynix6.7×4.1×5.7×—0.2%
DB HiTek12.6×1.8×2.8×—0.8%
Fadu—40.1×14.0×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.4×5.4×3.6×—0.0%
SFA Semicon—3.1×3.3×—0.0%
Similar companies (median)11.5×4.3×3.4×—0.1%

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

Also known as: TechL / 테크엘 / 064520 / KRX:064520

Source: KRX statistical information