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QuantumRail

070300 · KOSDAQ · ₩070300 · 퀀텀레일

₩366▼ ₩33 (8.27%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩21B
Equity value
−₩31B
WACC
6.0%

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 ₩366, the model needs an operating margin of 7.4% every year (it uses −2.9%).
  • Margins ranged from −20.3% to 10.3% 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.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−2.9%).

Revenue growth

  • 21.7%

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

    Default: the last 3 years' revenue growth (21.7% a year, annual reports), fading to 3% by year 5.

  • 17.1%

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

    Default: the last 3 years' revenue growth (21.7% a year, annual reports), fading to 3% by year 5.

  • 12.4%

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

    Default: the last 3 years' revenue growth (21.7% a year, annual reports), fading to 3% by year 5.

  • 7.7%

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

    Default: the last 3 years' revenue growth (21.7% 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 (21.7% a year, annual reports), fading to 3% by year 5.

Business

  • -2.9%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.2%

    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).

  • 1.5%

    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).

  • 40%

    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.

  • 0.6

    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 0.3, 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)
₩14B
Net debt (borrowings and leases − cash and deposits)
₩9.7B
Shares
35,524,729
Share price
₩366
Market cap
₩13B

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₩35B₩11B₩19B₩17B₩20B₩23B₩25B₩26B
Growth238.3%−69.1%72.5%21.7%17.1%12.4%7.7%3.0%
EBIT−₩118M−₩2.2B₩1.9B−₩507M−₩594M−₩667M−₩719M−₩740M
EBIT margin−0.3%−20.3%10.3%−2.9%−2.9%−2.9%−2.9%−2.9%
After-tax EBIT−₩86M−₩1.6B₩1.4B−₩368M−₩431M−₩484M−₩521M−₩537M
+ Depreciation———₩210M₩246M₩276M₩297M₩306M
− Capital spending₩558M₩217M₩173M₩262M₩307M₩345M₩372M₩383M
− Working capital−₩15B₩1.6B₩11B₩1.2B₩1.2B₩1B₩709M₩297M
Free cash flow———−₩1.7B−₩1.7B−₩1.6B−₩1.3B−₩911M
Discount factor———0.9440.8910.8410.7930.749
Present value———−₩1.6B−₩1.5B−₩1.3B−₩1B−₩682M

Terminal value −₩20B, worth −₩15B today: 71% 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 ₩1,341 a share)Now 0.27×₩2,5191.88×₩3,6902.75×₩5,3794.01×

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%
5.0%—————
5.5%—————
6.0%—————
6.5%—————
7.0%—————

Now (TTM)

Market cap
₩13B
Enterprise value
₩20B
P/E
—
P/B
0.3×
P/S
0.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,309₩1,848₩1,921₩1,883₩2,661
Market cap₩47B₩66B₩68B₩67B₩95B
P/E199.2×——75.1×84.0×
P/B1.5×3.1×3.2×2.7×4.0×
P/S2.5×6.1×2.0×6.5×8.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
QuantumRail—0.3×0.9×—0.0%
Hyundai Autoever50.3×5.1×2.1×—0.5%
Krafton10.1×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.4×0.6%
Netmarble7.0×0.5×1.0×—2.6%
PearlAbyss7.9×2.1×3.0×5.2×0.0%
Shift UP8.9×1.8×7.1×—0.0%
Similar companies (median)8.4×1.5×2.1×6.8×0.6%

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

Also known as: QuantumRail / 퀀텀레일 / 070300 / KRX:070300

Source: KRX statistical information