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UJU Electronics

065680 · KOSDAQ · ₩065680 · 우주일렉트로

₩17,420▼ ₩340 (1.91%)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

₩34,504

vs the current price (₩17,420)

Enterprise value
₩181B
Equity value
₩312B
WACC
8.2%

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 98% 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 ₩17,420, the model needs an operating margin of 3.2% every year (it uses 10.2%).
  • 53% 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 6.7× against a typical 13.2× 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
₩26,191
+50.4%
Base
₩34,504
+98.1%
Bull
₩48,176
+176.6%

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 (10.2%).

Revenue growth

  • -0.1%

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

    Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.

  • 0.6%

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

    Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.

  • 1.4%

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

    Default: the last 3 years' revenue growth (-0.1% a year, annual reports), fading to 3% by year 5.

  • 2.2%

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

    Default: the last 3 years' revenue growth (-0.1% 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 (-0.1% a year, annual reports), fading to 3% by year 5.

Business

  • 10.2%

    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.

  • 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).

  • 10%

    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).

  • 17%

    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.

  • 4.08%

    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.

  • 0.74

    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 0.61, 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.

  • 5.58%

    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)
₩188B
Net debt (borrowings and leases − cash and deposits)
−₩130B
+ Stakes and investments
₩1.2B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩30M
Shares
9,040,471
Share price
₩17,420
Market cap
₩157B

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₩160B₩176B₩186B₩188B₩189B₩192B₩196B₩202B
Growth−14.6%10.2%5.8%−0.1%0.6%1.4%2.2%3.0%
EBIT₩8B₩20B₩22B₩19B₩19B₩20B₩20B₩21B
EBIT margin5.0%11.4%11.7%10.2%10.2%10.2%10.2%10.2%
After-tax EBIT₩5.8B₩15B₩16B₩14B₩14B₩14B₩14B₩15B
+ Depreciation———₩15B₩15B₩15B₩16B₩16B
− Capital spending₩18B₩8.5B₩25B₩19B₩19B₩19B₩20B₩20B
− Working capital−₩54B−₩781M₩12B−₩32M₩192M₩450M₩717M₩999M
Free cash flow———₩10B₩10B₩9.9B₩9.8B₩9.9B
Discount factor———0.9250.8550.7910.7310.676
Present value———₩9.4B₩8.6B₩7.8B₩7.2B₩6.7B

Terminal value ₩209B, worth ₩141B today: 78% 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 ₩30,265 a share)Now 0.58×₩41,3171.37×₩897,86529.7×₩1,991,27765.8×
Price / earnings (last 12 months: ₩2,587 a share)Now 6.73×₩22,0138.51×₩34,20913.2×₩96,08437.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,562 a share)Now 11.2×₩13,2898.51×₩20,65213.2×₩58,00637.1×

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%
7.2%₩35,645₩36,968₩38,545₩40,459₩42,830
7.7%₩33,979₩35,067₩36,345₩37,869₩39,717
8.2%₩32,547₩33,453₩34,504₩35,739₩37,211
8.7%₩31,305₩32,067₩32,942₩33,957₩35,150
9.2%₩30,217₩30,864₩31,600₩32,445₩33,425

Now (TTM)

Market cap
₩157B
Enterprise value
₩27B
P/E
6.7×
P/B
0.6×
P/S
0.8×
EV/EBITDA
—
Dividend yield
2.0%

Over time (at each year end)

20252024202320222021
Price₩36,150₩16,900₩15,440₩13,550₩33,300
Market cap₩327B₩153B₩140B₩122B₩301B
P/E15.1×7.7×24.9×10.0×18.0×
P/B1.2×30.8×28.1×24.7×60.6×
P/S1.8×0.9×0.9×0.7×1.5×
EV/EBITDA—————
Dividend yield1.0%1.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
UJU Electronics6.7×0.6×0.8×—2.0%
Samsung Electro-Mechanics96.8×9.5×7.8×—0.2%
Doosan39.2×5.5×0.7×—0.4%
Hanwha Systems71.2×2.8×3.0×—0.8%
LG Innotek13.1×1.4×0.4×—0.5%
Isupetasys35.4×8.3×5.4×—0.0%
Daeduck Electronics44.8×7.0×5.0×—0.4%
Similar companies (median)42.0×6.3×4.0×—0.4%

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

Also known as: UJU Electronics / 우주일렉트로 / 065680 / KRX:065680

Source: KRX statistical information