KOSDAQ · 064820 · Shipbuilding · ₩064820

Cape Industries케이프

064820 · KOSDAQ · ₩064820 · 케이프

₩6,400▲ ₩140 (2.24%)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

₩40,695

vs the current price (₩6,400)

Enterprise value: ₩530B
Equity value: ₩1.3T
WACC: 8.3%

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 is 536% 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 ₩6,400, the model needs an operating margin of −7.7% every year (it uses 7.4%).
Margins ranged from 0.4% to 11.1% 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.
52% 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.
Today's P/E is 3.1× against a typical 9.8× 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: ₩32,824; +412.9%
Base: ₩40,695; +535.9%
Bull: ₩53,325; +733.2%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (7.4%).

Revenue growth

Revenue growth, year 1-1.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-1.7% 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 (-1.7% 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 (-1.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin7.4%
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 & amortisation0.3%
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 spending0.4%
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 capital-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

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.
Beta0.77
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 0.66, 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): ₩640B
Net debt (borrowings and leases − cash and deposits): −₩567B
+ Stakes and investments: ₩167B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩7.8B
Shares: 30,860,215
Share price: ₩6,400
Market cap: ₩198B

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	₩591B	₩517B	₩580B	₩629B	₩626B	₩630B	₩642B	₩661B
Growth	−3.1%	−12.6%	12.2%	−1.7%	−0.5%	0.7%	1.8%	3.0%
EBIT	₩41B	₩39B	₩50B	₩47B	₩46B	₩47B	₩47B	₩49B
EBIT margin	6.9%	7.5%	8.6%	7.4%	7.4%	7.4%	7.4%	7.4%
After-tax EBIT	₩30B	₩28B	₩36B	₩34B	₩34B	₩34B	₩34B	₩35B
+ Depreciation	—	—	—	₩1.9B	₩1.9B	₩1.9B	₩1.9B	₩2B
− Capital spending	₩2.6B	₩1.1B	₩3.7B	₩2.5B	₩2.5B	₩2.5B	₩2.6B	₩2.6B
− Working capital	−₩32B	−₩18B	−₩356B	₩1.1B	₩314M	−₩438M	−₩1.1B	−₩1.9B
Free cash flow	—	—	—	₩32B	₩33B	₩34B	₩35B	₩37B
Discount factor	—	—	—	0.923	0.852	0.787	0.726	0.671
Present value	—	—	—	₩30B	₩28B	₩26B	₩25B	₩25B

Terminal value ₩591B, worth ₩396B 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:

	Low	Typical	High
Price / book (book value ₩9,994 a share)Now 0.64×	₩6,3880.64×	₩7,6620.77×	₩12,8151.28×
Price / earnings (last 12 months: ₩2,044 a share)Now 3.13×	₩7,7903.81×	₩20,1129.84×	₩30,42614.9×

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%
7.3%	₩41,051	₩42,377	₩43,953	₩45,859	₩48,207
7.8%	₩39,754	₩40,872	₩42,184	₩43,744	₩45,630
8.3%	₩38,634	₩39,588	₩40,695	₩41,994	₩43,538
8.8%	₩37,657	₩38,480	₩39,425	₩40,521	₩41,806
9.3%	₩36,798	₩37,514	₩38,329	₩39,264	₩40,349

Now (TTM)

Market cap: ₩198B
Enterprise value: −₩383B
P/E: 3.1×
P/B: 0.6×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,950	₩5,740	₩4,300	₩4,430	₩4,710
Market cap	₩307B	₩177B	₩133B	₩137B	₩145B
P/E	5.2×	11.3×	5.5×	599.5×	5.1×
P/B	1.0×	0.8×	0.6×	0.7×	0.7×
P/S	0.5×	0.3×	0.2×	0.2×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Cape Industries	3.1×	0.6×	0.3×	—	0.0%
HD Hyundai Heavy Industries	11.9×	2.8×	1.4×	—	2.0%
Hanwha Ocean	7.8×	2.1×	1.1×	—	0.0%
Samsung Heavy Industries	25.7×	3.0×	1.3×	—	0.0%
Daehan Shipbuilding	4.7×	1.2×	1.1×	—	0.7%
Sejin Heavy Industries	6.6×	1.7×	1.1×	—	3.0%
Hyundai Hyms	14.7×	1.4×	1.4×	—	1.3%
Similar companies (median)	9.8×	1.9×	1.2×	—	1.0%

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

Also known as: Cape Industries / 케이프 / 064820 / KRX:064820

Source: KRX statistical information