KOSDAQ · 072770 · IT services · ₩072770

MemRAY BT멤레이비티

072770 · KOSDAQ · ₩072770 · 멤레이비티

₩612 ₩0 (0.00%)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: −₩30B
Equity value: −₩42B
WACC: 5.4%

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 ₩612, the model needs an operating margin of 3.1% every year (it uses −1.3%).
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 (−1.3%).

Revenue growth

Revenue growth, year 1-7.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.2% 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 (-7.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.3%
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 & amortisation0.8%
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 spending1%
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 capital31.5%
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 rate4.01%
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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.25, 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): ₩86B
Net debt (borrowings and leases − cash and deposits): ₩34B
+ Stakes and investments: ₩25B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩2.2B
Shares: 41,512,098
Share price: ₩612
Market cap: ₩25B

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	₩90B	₩130B	₩90B	₩80B	₩76B	₩74B	₩75B	₩77B
Growth	−19.7%	44.6%	−31.1%	−7.2%	−4.6%	−2.1%	0.5%	3.0%
EBIT	−₩2.3B	−₩2.8B	−₩2.8B	−₩1B	−₩988M	−₩967M	−₩972M	−₩1B
EBIT margin	−2.5%	−2.2%	−3.1%	−1.3%	−1.3%	−1.3%	−1.3%	−1.3%
After-tax EBIT	−₩1.6B	−₩2B	−₩2B	−₩751M	−₩716M	−₩701M	−₩705M	−₩726M
+ Depreciation	—	—	—	₩637M	₩608M	₩595M	₩598M	₩616M
− Capital spending	—	—	₩885M	₩797M	₩760M	₩744M	₩748M	₩770M
− Working capital	−₩9B	₩11B	₩2.7B	−₩1.9B	−₩1.2B	−₩503M	₩117M	₩707M
Free cash flow	—	—	—	₩1B	₩286M	−₩347M	−₩972M	−₩1.6B
Discount factor	—	—	—	0.949	0.900	0.854	0.810	0.768
Present value	—	—	—	₩984M	₩257M	−₩297M	−₩787M	−₩1.2B

Terminal value −₩38B, worth −₩29B today: 96% 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 ₩1,106 a share)Now 0.55×	₩9990.90×	₩2,8602.59×	₩5,1544.66×

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%
4.4%	—	—	—	—	—
4.9%	—	—	—	—	—
5.4%	—	—	—	—	—
5.9%	—	—	—	—	—
6.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩25B
Enterprise value: ₩58B
P/E: —
P/B: 0.6×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,620	₩2,636	₩5,400	₩2,710	₩3,980
Market cap	₩67B	₩109B	₩224B	₩112B	₩165B
P/E	—	—	—	—	85.5×
P/B	1.5×	1.9×	3.2×	2.0×	3.3×
P/S	0.8×	0.8×	2.5×	1.0×	1.8×
EV/EBITDA	—	—	—	24.9×	42.0×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
MemRAY BT	—	0.6×	0.3×	—	0.0%
Samsung SDS	24.2×	1.5×	1.1×	—	1.6%
LG CNS	14.5×	2.3×	1.1×	—	2.6%
Itcenglobal	6.7×	2.9×	0.0×	—	0.0%
DB	6.7×	0.9×	0.6×	15.7×	0.0%
Lotte Innovate	14.9×	0.6×	0.2×	—	4.1%
Contec	20.8×	1.6×	2.4×	—	0.0%
Similar companies (median)	14.7×	1.6×	0.9×	15.7×	0.8%

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

Also known as: MemRAY BT / 멤레이비티 / 072770 / KRX:072770

Source: KRX statistical information