KOSDAQ · 067170 · Autos · ₩067170

Autech오텍

067170 · KOSDAQ · ₩067170 · 오텍

₩2,010▼ ₩60 (2.90%)End-of-day · Oct 30, 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: −₩253B
Equity value: −₩500B
WACC: 4.7%

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 ₩2,010, the model needs an operating margin of 2.0% every year (it uses −0.9%).
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.

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: —

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 (−0.9%).

Revenue growth

Revenue growth, year 1-5.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.8% 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 (-5.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-0.9%
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 & amortisation0.4%
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 spending0.5%
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 capital16.8%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.37, 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)5.51%
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): ₩814B
Net debt (borrowings and leases − cash and deposits): ₩221B
+ Stakes and investments: ₩5.5B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩32B
Shares: 27,469,745
Share price: ₩2,010
Market cap: ₩55B

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	₩960B	₩909B	₩852B	₩767B	₩739B	₩729B	₩735B	₩757B
Growth	−5.9%	−5.3%	−6.3%	−5.8%	−3.6%	−1.4%	0.8%	3.0%
EBIT	−₩9.8B	−₩15B	−₩2.3B	−₩6.9B	−₩6.7B	−₩6.6B	−₩6.6B	−₩6.8B
EBIT margin	−1.0%	−1.6%	−0.3%	−0.9%	−0.9%	−0.9%	−0.9%	−0.9%
After-tax EBIT	−₩7.1B	−₩11B	−₩1.6B	−₩5B	−₩4.8B	−₩4.8B	−₩4.8B	−₩4.9B
+ Depreciation	—	—	—	₩3.1B	₩3B	₩2.9B	₩2.9B	₩3B
− Capital spending	₩6.7B	₩2.9B	₩4.4B	₩3.8B	₩3.7B	₩3.6B	₩3.7B	₩3.8B
− Working capital	−₩25B	−₩36B	−₩15B	−₩7.9B	−₩4.6B	−₩1.7B	₩980M	₩3.7B
Free cash flow	—	—	—	₩2.2B	−₩925M	−₩3.7B	−₩6.5B	−₩9.4B
Discount factor	—	—	—	0.955	0.913	0.872	0.834	0.796
Present value	—	—	—	₩2.1B	−₩844M	−₩3.3B	−₩5.4B	−₩7.5B

Terminal value −₩299B, worth −₩238B today: 94% 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 ₩3,687 a share)Now 0.55×	₩1,9030.52×	₩3,4310.93×	₩5,9941.63×

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%
3.7%	—	—	—	—	—
4.2%	—	—	—	—	—
4.7%	—	—	—	—	—
5.2%	—	—	—	—	—
5.7%	—	—	—	—	—

Now (TTM)

Market cap: ₩55B
Enterprise value: ₩276B
P/E: —
P/B: 0.5×
P/S: 0.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,870	₩2,837	₩3,952	₩4,961	₩9,604
Market cap	₩51B	₩78B	₩109B	₩136B	₩264B
P/E	—	—	—	—	—
P/B	0.5×	0.8×	0.9×	1.3×	1.8×
P/S	0.1×	0.1×	0.1×	0.1×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Autech	—	0.5×	0.1×	—	0.0%
Hyundai Motor	7.0×	0.5×	0.3×	—	3.5%
KIA	5.3×	0.6×	0.3×	—	7.1%
KG Mobility	5.3×	0.3×	0.1×	—	0.0%
KG Eco Solution	1.8×	0.2×	0.0×	—	3.1%
DYP	3.4×	0.3×	0.1×	—	2.5%
Similar companies (median)	5.3×	0.3×	0.1×	—	3.1%

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

Also known as: Autech / 오텍 / 067170 / KRX:067170

Source: KRX statistical information