Victek빅텍
065450 · KOSDAQ · ₩065450 · 빅텍
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
- ₩391M
- Equity value
- −₩20B
- WACC
- 6.8%
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 ₩3,155, the model needs an operating margin of 10.7% every year (it uses 3.6%).
- Margins ranged from −7.9% to 7.0% 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.
- Today's P/E is 35.0× against a typical 31.6× 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
- ₩892
- −71.7%
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 (3.6%).
Revenue growth
- 3.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.7% 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 (3.7% 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 (3.7% a year, annual reports), fading to 3% by year 5.
- 3.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.7% 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 (3.7% a year, annual reports), fading to 3% by year 5.
Business
- 3.6%
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.
- 15.1%
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).
- 18.9%
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).
- 27.6%
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.
- 4.11%
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 -0.21, 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)
- ₩97B
- Net debt (borrowings and leases − cash and deposits)
- ₩21B
- + Stakes and investments
- ₩905M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 29,495,803
- Share price
- ₩3,155
- Market cap
- ₩93B
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 | ₩55B | ₩71B | ₩83B | ₩100B | ₩104B | ₩107B | ₩111B | ₩114B |
| Growth | −26.1% | 30.1% | 16.0% | 3.7% | 3.5% | 3.4% | 3.2% | 3.0% |
| EBIT | −₩4.3B | ₩1.8B | ₩4.4B | ₩3.6B | ₩3.7B | ₩3.9B | ₩4B | ₩4.1B |
| EBIT margin | −7.9% | 2.5% | 5.3% | 3.6% | 3.6% | 3.6% | 3.6% | 3.6% |
| After-tax EBIT | −₩3.1B | ₩1.3B | ₩3.2B | ₩2.6B | ₩2.7B | ₩2.8B | ₩2.9B | ₩3B |
| + Depreciation | — | — | — | ₩15B | ₩16B | ₩16B | ₩17B | ₩17B |
| − Capital spending | ₩19B | ₩9.1B | ₩8.2B | ₩19B | ₩20B | ₩20B | ₩21B | ₩22B |
| − Working capital | ₩1.5B | −₩9.2B | ₩769M | ₩989M | ₩970M | ₩975M | ₩949M | ₩918M |
| Free cash flow | — | — | — | −₩2.2B | −₩2.2B | −₩2.3B | −₩2.3B | −₩2.3B |
| Discount factor | — | — | — | 0.936 | 0.877 | 0.821 | 0.769 | 0.720 |
| Present value | — | — | — | −₩2B | −₩1.9B | −₩1.9B | −₩1.7B | −₩1.6B |
Terminal value ₩13B, worth ₩9.6B today: 2459% 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 ₩2,143 a share)Now 1.47× | ₩3,8521.80× | ₩5,2192.44× | ₩6,0872.84× |
| Price / earnings (last 12 months: ₩90 a share)Now 35.0× | ₩2,28425.4× | ₩2,84931.6× | ₩5,61162.3× |
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% |
|---|---|---|---|---|---|
| 5.8% | — | — | — | — | — |
| 6.3% | — | — | — | — | — |
| 6.8% | — | — | — | — | — |
| 7.3% | — | — | — | — | — |
| 7.8% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩93B
- Enterprise value
- ₩113B
- P/E
- 35.0×
- P/B
- 1.5×
- P/S
- 1.0×
- EV/EBITDA
- —
- Dividend yield
- 1.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩3,520 | ₩4,100 | ₩4,145 | ₩5,680 | ₩5,560 |
| Market cap | ₩104B | ₩121B | ₩122B | ₩168B | ₩164B |
| P/E | 23.6× | 31.7× | — | — | 31.2× |
| P/B | 1.7× | 2.1× | 2.2× | 2.7× | 2.8× |
| P/S | 1.3× | 1.7× | 2.2× | 2.3× | 1.6× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.9% | 0.7% | — | — | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Victek / 빅텍 / 065450 / KRX:065450
Source: KRX statistical information