KOSDAQ · 066430 · Retail & Trade · ₩066430

I-Robotics아이로보틱스

066430 · KOSDAQ · ₩066430 · 아이로보틱스

₩1,898▲ ₩10 (0.53%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩8.3B
Equity value: −₩2B
WACC: 7.1%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩1,898, the model needs an operating margin of 14.5% every year (it uses 0.6%).
100% 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.
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 68.1× against a typical 48.8× 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: —
Base: —
Bull: ₩254; −86.6%

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 (0.6%).

Revenue growth

Revenue growth, year 1-0.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 20.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 31.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-0.9% 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 (-0.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.6%
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.
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 & amortisation9.8%
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 spending12.2%
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 capital13.7%
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 rate4.11%
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.
Beta0.6
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 0.17, 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)5.61%
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): ₩40B
Net debt (borrowings and leases − cash and deposits): ₩6.3B
+ Stakes and investments: ₩13B; Associates, long-term financial assets and deposits (book value)
Shares: 39,153,476
Share price: ₩1,898
Market cap: ₩74B

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	₩36B	₩36B	₩36B	₩40B	₩40B	₩40B	₩41B	₩42B
Growth	−4.4%	1.0%	0.8%	−0.9%	0.1%	1.1%	2.0%	3.0%
EBIT	₩126M	₩935M	₩170M	₩238M	₩238M	₩241M	₩246M	₩253M
EBIT margin	0.4%	2.6%	0.5%	0.6%	0.6%	0.6%	0.6%	0.6%
After-tax EBIT	₩91M	₩678M	₩123M	₩173M	₩173M	₩175M	₩178M	₩183M
+ Depreciation	—	—	—	₩3.9B	₩3.9B	₩3.9B	₩4B	₩4.1B
− Capital spending	₩3.5B	₩5.3B	₩4.4B	₩4.8B	₩4.8B	₩4.9B	₩5B	₩5.1B
− Working capital	₩2.1B	−₩1.3B	₩92M	−₩49M	₩5.4M	₩60M	₩110M	₩168M
Free cash flow	—	—	—	−₩730M	−₩786M	−₩849M	−₩914M	−₩997M
Discount factor	—	—	—	0.933	0.871	0.813	0.759	0.708
Present value	—	—	—	−₩681M	−₩684M	−₩690M	−₩694M	−₩706M

Terminal value −₩6.8B, worth −₩4.8B today: 58% 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 ₩1,116 a share)Now 1.70×	₩5830.52×	₩1,5571.39×	₩3,6093.23×
Price / earnings (last 12 months: ₩28 a share)Now 68.1×	₩2348.40×	₩1,36048.8×	₩1,89868.1×

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%
6.1%	—	—	—	—	—
6.6%	—	—	—	—	—
7.1%	—	—	—	—	—
7.6%	—	—	—	—	—
8.1%	₩4	—	—	—	—

Now (TTM)

Market cap: ₩74B
Enterprise value: ₩80B
P/E: 68.1×
P/B: 1.7×
P/S: 1.9×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,730	₩540	₩708	₩1,155	₩1,675
Market cap	₩68B	₩21B	₩28B	₩45B	₩66B
P/E	39.8×	—	9.9×	78.5×	166.0×
P/B	1.5×	0.5×	0.6×	1.2×	3.4×
P/S	1.9×	0.6×	0.8×	1.2×	1.8×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
I-Robotics	68.1×	1.7×	1.9×	—	0.0%
Samsung C&T	17.5×	0.5×	1.1×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	41.4×	5.5×	11.5×	—	0.6%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.0×	1.6×	5.1×	—	4.1%
Shinsegae	13.7×	0.4×	0.3×	—	2.1%
Similar companies (median)	15.6×	1.0×	0.9×	—	2.6%

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

Also known as: I-Robotics / 아이로보틱스 / 066430 / KRX:066430

Source: KRX statistical information