KOSDAQ · 071670 · Machinery · ₩071670

A-Tech Solution에이테크솔루션

071670 · KOSDAQ · ₩071670 · 에이테크솔루션

₩4,675▼ ₩105 (2.20%)End-of-day · Oct 29, 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: −₩13B
Equity value: −₩118B
WACC: 5.1%

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 ₩4,675, the model needs an operating margin of 3.1% every year (it uses 1.1%).
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: ₩15,615; +234.0%

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 (1.1%).

Revenue growth

Revenue growth, year 17%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7% 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 (7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.1%
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 & amortisation1.7%
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 spending2.2%
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 capital29.5%
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 rate4.08%
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.
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 0.37, 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)5.58%
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): ₩305B
Net debt (borrowings and leases − cash and deposits): ₩105B
+ Stakes and investments: ₩330M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩340M
Shares: 10,000,000
Share price: ₩4,675
Market cap: ₩47B

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	₩269B	₩290B	₩305B	₩326B	₩346B	₩363B	₩378B	₩389B
Growth	7.6%	7.8%	5.5%	7.0%	6.0%	5.0%	4.0%	3.0%
EBIT	₩3.9B	₩492M	₩611M	₩3.6B	₩3.8B	₩4B	₩4.2B	₩4.3B
EBIT margin	1.5%	0.2%	0.2%	1.1%	1.1%	1.1%	1.1%	1.1%
After-tax EBIT	₩2.9B	₩357M	₩443M	₩2.6B	₩2.8B	₩2.9B	₩3B	₩3.1B
+ Depreciation	—	—	—	₩5.5B	₩5.9B	₩6.2B	₩6.4B	₩6.6B
− Capital spending	₩4.2B	₩8.5B	₩6.2B	₩7.2B	₩7.6B	₩8B	₩8.3B	₩8.6B
− Working capital	₩12B	₩8.1B	₩10B	₩6.3B	₩5.8B	₩5.1B	₩4.3B	₩3.3B
Free cash flow	—	—	—	−₩5.3B	−₩4.7B	−₩4B	−₩3.2B	−₩2.2B
Discount factor	—	—	—	0.952	0.906	0.862	0.820	0.781
Present value	—	—	—	−₩5.1B	−₩4.3B	−₩3.5B	−₩2.6B	−₩1.7B

Terminal value ₩4.8B, worth ₩3.8B today: -28% 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 ₩8,694 a share)Now 0.54×	₩5,6880.65×	₩9,7091.12×	₩14,6561.69×

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%
4.1%	—	—	—	—	—
4.6%	—	—	—	—	—
5.1%	—	—	—	—	—
5.6%	—	—	—	—	—
6.1%	—	—	—	—	—

Now (TTM)

Market cap: ₩47B
Enterprise value: ₩152B
P/E: —
P/B: 0.5×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩10,310	₩5,530	₩10,830	₩8,090	₩16,450
Market cap	₩103B	₩55B	₩108B	₩81B	₩165B
P/E	223.4×	90.3×	68.0×	17.2×	30.1×
P/B	1.2×	0.6×	1.3×	1.0×	2.1×
P/S	0.3×	0.2×	0.4×	0.3×	0.6×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
A-Tech Solution	—	0.5×	0.2×	—	0.0%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

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

Also known as: A-Tech Solution / 에이테크솔루션 / 071670 / KRX:071670

Source: KRX statistical information