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NVH Korea

067570 · KOSDAQ · ₩067570 · 엔브이에이치코리아

₩1,558▲ ₩47 (3.11%)End-of-day · Oct 27, 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

₩12,093

vs the current price (₩1,558)

Enterprise value
₩730B
Equity value
₩510B
WACC
5.2%

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 676% 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 ₩1,558, the model needs an operating margin of 1.8% every year (it uses 2.8%).
  • Or revenue growth −24.0 points a year higher than assumed in each of the 5 years.
  • 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
₩12,093
+676.2%
Bull
₩58,971
+3,685.0%

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 (2.8%).

Revenue growth

  • 9.7%

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

    Default: the last 3 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.

  • 8%

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

    Default: the last 3 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.

  • 6.4%

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

    Default: the last 3 years' revenue growth (9.7% a year, annual reports), fading to 3% by year 5.

  • 4.7%

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

    Default: the last 3 years' revenue growth (9.7% 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 (9.7% a year, annual reports), fading to 3% by year 5.

Business

  • 2.8%

    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.

  • 5.3%

    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).

  • 6.7%

    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).

  • 7.1%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.17, 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.

  • 5.53%

    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)
₩1.6T
Net debt (borrowings and leases − cash and deposits)
₩111B
+ Stakes and investments
₩18B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩127B
Shares
42,170,000
Share price
₩1,558
Market cap
₩66B

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₩1.4T₩1.6T₩1.6T₩1.7T₩1.9T₩2T₩2.1T₩2.2T
Growth11.5%15.7%2.3%9.7%8.0%6.4%4.7%3.0%
EBIT₩63B₩68B−₩22B₩49B₩53B₩56B₩59B₩60B
EBIT margin4.6%4.3%−1.3%2.8%2.8%2.8%2.8%2.8%
After-tax EBIT₩46B₩49B−₩16B₩35B₩38B₩41B₩43B₩44B
+ Depreciation———₩92B₩100B₩106B₩111B₩114B
− Capital spending₩124B₩94B₩81B₩117B₩126B₩134B₩140B₩145B
− Working capital₩56B₩24B−₩35B₩11B₩9.9B₩8.5B₩6.7B₩4.5B
Free cash flow———₩38M₩2B₩4.1B₩6.5B₩9.1B
Discount factor———0.9500.9030.8580.8150.774
Present value———₩36M₩1.8B₩3.5B₩5.3B₩7.1B

Terminal value ₩920B, worth ₩713B today: 98% 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 ₩5,013 a share)Now 0.31×₩1,9920.40×₩2,6250.52×₩4,7880.96×
P/E on run-rate earnings (Q2 2026 × 4: ₩313 a share)Now 4.98×₩9863.15×₩1,5024.80×₩6,47720.7×

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%
4.2%₩13,680₩16,604₩20,824₩27,450₩39,377
4.7%₩10,829₩12,874₩15,659₩19,676₩25,984
5.2%₩8,657₩10,148₩12,093₩14,742₩18,564
5.7%₩6,949₩8,070₩9,488₩11,337₩13,855
6.2%₩5,572₩6,437₩7,502₩8,848₩10,604

Now (TTM)

Market cap
₩66B
Enterprise value
₩167B
P/E
—
P/B
0.3×
P/S
0.0×
EV/EBITDA
—
Dividend yield
9.6%

Over time (at each year end)

20252024202320222021
Price₩2,225₩2,310₩2,725₩3,112₩3,983
Market cap₩94B₩97B₩115B₩131B₩168B
P/E—8.3×22.8×—10.9×
P/B0.5×0.4×0.5×0.8×1.0×
P/S0.1×0.1×0.1×0.1×0.2×
EV/EBITDA—————
Dividend yield6.7%6.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
NVH Korea—0.3×0.0×—9.6%
Hyundai Mobis8.2×0.6×0.5×—2.0%
SL6.0×0.8×0.4×3.7×0.0%
HL Mando10.5×0.6×0.2×—2.0%
Samhyun—13.0×18.3×—0.0%
Hyundai WIA19.0×0.4×0.2×—2.4%
SNT Dynamics13.6×0.7×0.9×—6.7%
Similar companies (median)10.5×0.7×0.4×3.7×2.0%

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

Also known as: NVH Korea / 엔브이에이치코리아 / 067570 / KRX:067570

Source: KRX statistical information