LIG Accuver

073490 · KOSDAQ · ₩073490 · LIG아큐버

₩26,550▲ ₩700 (2.71%)End-of-day · Oct 27, 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

₩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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩137B₩190B₩186B₩238B₩261B₩280B₩295B₩303B
Growth3.4%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 margin7.5%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———0.9320.8680.8090.7530.702
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:

LowTypicalHigh
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)

20252024202320222021
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/B1.0×0.9×1.2×2.0×2.9×
P/S0.9×0.8×1.5×1.9×3.7×
EV/EBITDA57.4×17.6×8.3×11.9×17.4×
Dividend yield0.4%0.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
LIG Accuver19.9×1.2×1.0×9.7×0.4%
Samsung Electronics8.7×2.3×2.7×—0.8%
LG Electronics24.7×1.0×0.3×—0.9%
Hanwha Vision16.4×2.1×1.0×—0.0%
RFHIC37.6×3.4×6.1×—0.9%
KMW—4.9×8.1×—0.0%
Intellian Technologies12.9×2.0×1.6×—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