MemRAY BT

072770 · KOSDAQ · ₩072770 · 멤레이비티

₩612 ₩0 (0.00%)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
−₩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

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

Cycle options

Margin path

Every year uses the cycle-average margin (−1.3%).

Revenue growth

  • -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.

  • -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.

  • -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.

  • 0.5%

    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.

  • 3%

    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

  • -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.

  • 27.5%

    Share of operating profit paid as corporate tax.

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

  • 0.8%

    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).

  • 1%

    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).

  • 31.5%

    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

  • 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 0.25, 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)
₩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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 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———0.9490.9000.8540.8100.768
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:

LowTypicalHigh
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)

20252024202320222021
Price₩1,620₩2,636₩5,400₩2,710₩3,980
Market cap₩67B₩109B₩224B₩112B₩165B
P/E————85.5×
P/B1.5×1.9×3.2×2.0×3.3×
P/S0.8×0.8×2.5×1.0×1.8×
EV/EBITDA———24.9×42.0×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
MemRAY BT—0.6×0.3×—0.0%
Samsung SDS24.2×1.5×1.1×—1.6%
LG CNS14.5×2.3×1.1×—2.6%
Itcenglobal6.7×2.9×0.0×—0.0%
DB6.7×0.9×0.6×15.7×0.0%
Lotte Innovate14.9×0.6×0.2×—4.1%
Contec20.8×1.6×2.4×—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