KOSDAQ · 064760 · Building materials · ₩064760

Tokai Carbon Korea티씨케이

064760 · KOSDAQ · ₩064760 · 티씨케이

₩220,000▲ ₩7,000 (3.29%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩87,331

vs the current price (₩220,000)

Enterprise value: ₩964B
Equity value: ₩976B
WACC: 9.1%

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 60% 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 ₩220,000, the model needs an operating margin of 76.1% every year (it uses 31.3%).
Or revenue growth +25.2 points a year higher than assumed in each of the 5 years.
Margins ranged from 27.8% to 39.8% 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.
Today's P/E is 31.7× against a typical 17.9× 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: ₩64,189; −70.8%
Base: ₩87,331; −60.3%
Bull: ₩122,020; −44.5%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (31.3%).

Revenue growth

Revenue growth, year 1-1.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin31.3%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation6.8%
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).
Capital spending8.5%
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).
Working capital40%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
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.
Beta0.91
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 0.86, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩341B
Net debt (borrowings and leases − cash and deposits): −₩12B
Shares: 11,179,416
Share price: ₩220,000
Market cap: ₩2.5T

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩227B	₩276B	₩301B	₩334B	₩332B	₩333B	₩339B	₩350B
Growth	−29.1%	21.7%	9.3%	−1.9%	−0.7%	0.5%	1.8%	3.0%
EBIT	₩67B	₩81B	₩84B	₩105B	₩104B	₩104B	₩106B	₩109B
EBIT margin	29.4%	29.3%	27.8%	31.3%	31.3%	31.3%	31.3%	31.3%
After-tax EBIT	₩48B	₩59B	₩61B	₩76B	₩75B	₩76B	₩77B	₩79B
+ Depreciation	—	—	—	₩23B	₩23B	₩23B	₩23B	₩24B
− Capital spending	₩48B	₩8B	₩4.6B	₩28B	₩28B	₩28B	₩29B	₩30B
− Working capital	₩17B	₩61B	₩46B	−₩2.6B	−₩935M	₩664M	₩2.4B	₩4.1B
Free cash flow	—	—	—	₩73B	₩71B	₩69B	₩69B	₩69B
Discount factor	—	—	—	0.917	0.840	0.770	0.706	0.647
Present value	—	—	—	₩67B	₩59B	₩53B	₩49B	₩45B

Terminal value ₩1.1T, worth ₩691B today: 72% 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:

	Low	Typical	High
Price / book (book value ₩49,328 a share)Now 4.46×	₩95,0661.93×	₩147,5452.99×	₩249,9275.07×
Price / earnings (last 12 months: ₩6,938 a share)Now 31.7×	₩85,76112.4×	₩124,43317.9×	₩248,00035.7×
P/E on run-rate earnings (preliminary Q3 2026 × 4: ₩8,232 a share)Now 26.7×	₩101,75012.4×	₩147,63217.9×	₩294,23635.7×

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%
8.1%	₩91,458	₩96,110	₩101,520	₩107,890	₩115,504
8.6%	₩85,439	₩89,368	₩93,886	₩99,140	₩105,328
9.1%	₩80,167	₩83,516	₩87,331	₩91,720	₩96,823
9.6%	₩75,511	₩78,389	₩81,641	₩85,347	₩89,610
10.1%	₩71,369	₩73,861	₩76,656	₩79,815	₩83,414

Now (TTM)

Market cap: ₩2.5T
Enterprise value: ₩2.4T
P/E: 31.7×
P/B: 4.5×
P/S: 7.2×
EV/EBITDA: —
Dividend yield: 0.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩142,200	₩70,900	₩111,300	₩94,600	₩148,500
Market cap	₩1.6T	₩793B	₩1.2T	₩1.1T	₩1.7T
P/E	22.7×	11.0×	20.3×	11.2×	20.3×
P/B	3.1×	1.5×	2.7×	2.5×	4.9×
P/S	5.3×	2.9×	5.5×	3.3×	6.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.0%	2.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Tokai Carbon Korea	31.7×	4.5×	7.2×	—	0.7%
Hanilcementco	11.9×	0.7×	0.9×	—	6.1%
Wonik QnC	14.8×	1.3×	0.7×	—	0.5%
Sampyo Cement	17.4×	0.8×	0.9×	6.1×	2.1%
Hanil Holdings	9.4×	0.3×	0.3×	—	6.0%
IS Dongseo	5.1×	0.3×	0.4×	—	3.5%
KCC Glass	—	0.3×	0.2×	—	0.0%
Similar companies (median)	11.9×	0.5×	0.5×	6.1×	2.8%

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

Also known as: Tokai Carbon Korea / 티씨케이 / 064760 / KRX:064760

Source: KRX statistical information