LIG AccuverLIG아큐버
073490 · KOSDAQ · ₩073490 · LIG아큐버
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
₩32,811
vs the current price (₩26,550)
- Enterprise value
- ₩178B
- Equity value
- ₩249B
- WACC
- 7.3%
Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.
Bear / Base / Bull
- Bear
- ₩19,704
- −25.8%
- Base
- ₩32,811
- +23.6%
- Bull
- ₩56,011
- +111.0%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (6.1%).
Revenue growth
- 11.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.
- 9.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.
- 7.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.
- 5.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% 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 (11.9% a year, annual reports), fading to 3% by year 5.
Business
- 6.1%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 2%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
- 2.9%
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).
- 20.9%
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.
- 4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
- 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 0.27, 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.
- 5.53%
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)
- ₩212B
- Net debt (borrowings and leases − cash and deposits)
- −₩66B
- + Stakes and investments
- ₩5.3B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 7,603,846
- Share price
- ₩26,550
- Market cap
- ₩202B
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 | ₩137B | ₩190B | ₩186B | ₩238B | ₩261B | ₩280B | ₩295B | ₩303B |
| Growth | 3.4% | 38.1% | −1.9% | 11.9% | 9.7% | 7.4% | 5.2% | 3.0% |
| EBIT | ₩10B | ₩2.4B | −₩1.1B | ₩14B | ₩16B | ₩17B | ₩18B | ₩19B |
| EBIT margin | 7.5% | 1.3% | −0.6% | 6.1% | 6.1% | 6.1% | 6.1% | 6.1% |
| After-tax EBIT | ₩7.5B | ₩1.8B | −₩812M | ₩11B | ₩12B | ₩12B | ₩13B | ₩13B |
| + Depreciation | ₩3.1B | ₩3.4B | ₩3.4B | ₩4.8B | ₩5.2B | ₩5.6B | ₩5.9B | ₩6.1B |
| − Capital spending | ₩5B | ₩7.9B | ₩1.8B | ₩6.9B | ₩7.6B | ₩8.1B | ₩8.5B | ₩8.8B |
| − Working capital | ₩117M | ₩19B | ₩6.9B | ₩5.3B | ₩4.8B | ₩4B | ₩3B | ₩1.8B |
| Free cash flow | ₩5.5B | −₩22B | −₩6.1B | ₩3.1B | ₩4.4B | ₩5.8B | ₩7.3B | ₩8.8B |
| Discount factor | — | — | — | 0.932 | 0.868 | 0.809 | 0.753 | 0.702 |
| Present value | — | — | — | ₩2.9B | ₩3.8B | ₩4.7B | ₩5.5B | ₩6.2B |
Terminal value ₩221B, worth ₩155B 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:
| Low | Typical | High | |
|---|---|---|---|
| Price / book (book value ₩22,793 a share)Now 1.16× | ₩20,7700.91× | ₩28,6581.26× | ₩57,1392.51× |
| Price / earnings (last 12 months: ₩1,335 a share)Now 19.9× | ₩15,75711.8× | ₩38,83829.1× | ₩92,18469.1× |
| P/E on run-rate earnings (Q2 2026 × 4: ₩2,411 a share)Now 11.0× | ₩28,45711.8× | ₩70,14229.1× | ₩166,48869.1× |
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% |
|---|---|---|---|---|---|
| 6.3% | ₩34,839 | ₩36,626 | ₩38,818 | ₩41,575 | ₩45,150 |
| 6.8% | ₩32,403 | ₩33,809 | ₩35,501 | ₩37,576 | ₩40,185 |
| 7.3% | ₩30,357 | ₩31,481 | ₩32,811 | ₩34,411 | ₩36,372 |
| 7.8% | ₩28,615 | ₩29,526 | ₩30,588 | ₩31,844 | ₩33,353 |
| 8.3% | ₩27,116 | ₩27,861 | ₩28,720 | ₩29,722 | ₩30,905 |
Now (TTM)
- Market cap
- ₩202B
- Enterprise value
- ₩135B
- P/E
- 19.9×
- P/B
- 1.2×
- P/S
- 1.0×
- EV/EBITDA
- 9.7×
- Dividend yield
- 0.4%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩22,400 | ₩20,700 | ₩26,400 | ₩34,000 | ₩44,500 |
| Market cap | ₩170B | ₩157B | ₩201B | ₩259B | ₩338B |
| P/E | — | 62.1× | 18.5× | 19.2× | 22.3× |
| P/B | 1.0× | 0.9× | 1.2× | 2.0× | 2.9× |
| P/S | 0.9× | 0.8× | 1.5× | 1.9× | 3.7× |
| EV/EBITDA | 57.4× | 17.6× | 8.3× | 11.9× | 17.4× |
| Dividend yield | 0.4% | 0.6% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| LIG Accuver | 19.9× | 1.2× | 1.0× | 9.7× | 0.4% |
| Samsung Electronics | 8.7× | 2.3× | 2.7× | — | 0.8% |
| LG Electronics | 24.7× | 1.0× | 0.3× | — | 0.9% |
| Hanwha Vision | 16.4× | 2.1× | 1.0× | — | 0.0% |
| RFHIC | 37.6× | 3.4× | 6.1× | — | 0.9% |
| KMW | — | 4.9× | 8.1× | — | 0.0% |
| Intellian Technologies | 12.9× | 2.0× | 1.6× | — | 0.4% |
| Similar companies (median) | 16.4× | 2.2× | 2.1× | — | 0.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: LIG Accuver / LIG아큐버 / 073490 / KRX:073490
Source: KRX statistical information