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Nuriplan

069140 · KOSDAQ · ₩069140 · 누리플랜

₩1,579▼ ₩58 (3.54%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value
₩26B
Equity value
−₩19B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,579, the model needs an operating margin of 2.9% every year (it uses 1.2%).
  • Or revenue growth +23.2 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −20.2% to 4.1% 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.
  • Today's P/E is 44.6× against a typical 12.4× 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
₩5,425
+243.6%

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 (1.2%).

Revenue growth

  • -3.6%

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

    Default: the last 3 years' revenue growth (-3.6% a year, annual reports), fading to 3% by year 5.

  • -1.9%

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

    Default: the last 3 years' revenue growth (-3.6% a year, annual reports), fading to 3% by year 5.

  • -0.3%

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

    Default: the last 3 years' revenue growth (-3.6% 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 (-3.6% 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 (-3.6% a year, annual reports), fading to 3% by year 5.

Business

  • 1.2%

    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.

  • 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).

  • 1.2%

    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).

  • 0.7%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    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.

  • 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 0.07, 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.

  • 5.51%

    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)
₩123B
Net debt (borrowings and leases − cash and deposits)
₩40B
+ Stakes and investments
₩2.2B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩7.8B
Shares
15,095,804
Share price
₩1,579
Market cap
₩24B

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₩122B₩116B₩118B₩119B₩117B₩116B₩118B₩122B
Growth−6.8%−5.0%1.4%−3.6%−1.9%−0.3%1.4%3.0%
EBIT−₩25B₩4.1B₩4.8B₩1.4B₩1.4B₩1.4B₩1.4B₩1.5B
EBIT margin−20.2%3.6%4.1%1.2%1.2%1.2%1.2%1.2%
After-tax EBIT−₩18B₩3B₩3.5B₩1B₩1B₩1B₩1B₩1.1B
+ Depreciation———₩1.2B₩1.2B₩1.2B₩1.2B₩1.2B
− Capital spending₩1.1B₩317M₩3B₩1.4B₩1.4B₩1.4B₩1.4B₩1.5B
− Working capital−₩27B₩12B−₩3.3B−₩31M−₩16M−₩2.5M₩11M₩25M
Free cash flow———₩828M₩798M₩782M₩779M₩789M
Discount factor———0.9500.9030.8580.8150.775
Present value———₩787M₩720M₩671M₩635M₩612M

Terminal value ₩29B, worth ₩22B today: 87% 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 ₩3,016 a share)Now 0.52×₩1,6690.55×₩3,0381.01×₩7,8242.59×
Price / earnings (last 12 months: ₩35 a share)Now 44.6×₩591.68×₩43912.4×₩1,73048.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩863 a share)Now 1.83×₩1,4461.68×₩10,69812.4×₩42,20248.9×

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%———₩135₩1,311
4.7%————₩64
5.2%—————
5.7%—————
6.2%—————

Now (TTM)

Market cap
₩24B
Enterprise value
₩63B
P/E
44.6×
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,905₩1,335₩1,914₩4,145₩5,940
Market cap₩44B₩20B₩29B₩63B₩90B
P/E208.0×11.5×6.6×—87.6×
P/B1.1×0.5×0.8×2.4×2.5×
P/S0.4×0.2×0.2×0.5×0.7×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Nuriplan44.6×0.5×0.2×—0.0%
CS Wind373.3×1.3×0.6×—2.6%
Hankuk Carbon7.6×1.2×0.9×—2.1%
Taewoong60.7×0.7×1.2×19.5×0.0%
YG-15.1×0.8×0.5×—1.9%
Bosung Power Technology18.2×2.1×1.8×8.2×0.0%
HT Robotics39.3×2.8×1.9×—0.0%
Similar companies (median)28.7×1.2×1.0×13.8×0.9%

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

Also known as: Nuriplan / 누리플랜 / 069140 / KRX:069140

Source: KRX statistical information