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Zeusco

079370 · KOSDAQ · ₩079370 · 제우스

₩10,910▼ ₩720 (6.19%)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

₩2,292

vs the current price (₩10,910)

Enterprise value
₩109B
Equity value
₩71B
WACC
7.8%

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 is 79% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩10,910, the model needs an operating margin of 12.2% every year (it uses 4.0%).
  • Margins ranged from −1.2% to 10.0% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.

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
₩406
−96.3%
Base
₩2,292
−79.0%
Bull
₩5,825
−46.6%

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 (4.0%).

Revenue growth

  • -9%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-9% a year, annual reports), fading to 3% by year 5.

  • -6%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-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 (-9% a year, annual reports), fading to 3% by year 5.

  • -0%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-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 (-9% a year, annual reports), fading to 3% by year 5.

Business

  • 4%

    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.

  • 1.6%

    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).

  • 2.1%

    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).

  • 40%

    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.

  • 0.71

    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 0.57, 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)
₩323B
Net debt (borrowings and leases − cash and deposits)
₩13B
+ Stakes and investments
₩6.4B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩31B
Shares
31,016,990
Share price
₩10,910
Market cap
₩338B

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₩403B₩491B₩383B₩294B₩276B₩268B₩268B₩276B
Growth−20.9%21.8%−21.9%−9.0%−6.0%−3.0%0.0%3.0%
EBIT₩7.1B₩49B−₩4.5B₩12B₩11B₩11B₩11B₩11B
EBIT margin1.8%10.0%−1.2%4.0%4.0%4.0%4.0%4.0%
After-tax EBIT₩5.2B₩36B−₩3.2B₩8.5B₩8B₩7.8B₩7.8B₩8B
+ Depreciation———₩4.7B₩4.4B₩4.3B₩4.3B₩4.4B
− Capital spending₩3.5B₩9.3B₩13B₩6.2B₩5.8B₩5.6B₩5.6B₩5.8B
− Working capital₩39B₩31B−₩53B−₩12B−₩7.1B−₩3.3B₩0₩3.2B
Free cash flow———₩19B₩14B₩9.7B₩6.4B₩3.4B
Discount factor———0.9280.8610.7990.7410.688
Present value———₩17B₩12B₩7.8B₩4.8B₩2.3B

Terminal value ₩95B, worth ₩65B today: 60% 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 ₩10,280 a share)Now 1.06×₩9,9620.97×₩12,3411.20×₩18,0341.75×

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%
6.8%₩2,849₩2,866₩2,883₩2,902₩2,922
7.3%₩2,569₩2,566₩2,560₩2,550₩2,535
7.8%₩2,329₩2,313₩2,292₩2,265₩2,229
8.3%₩2,123₩2,097₩2,066₩2,027₩1,979
8.8%₩1,942₩1,911₩1,873₩1,827₩1,771

Now (TTM)

Market cap
₩338B
Enterprise value
₩350B
P/E
—
P/B
1.1×
P/S
1.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩14,760₩11,880₩15,616₩8,583₩7,816
Market cap₩458B₩368B₩484B₩266B₩242B
P/E—8.8×48.7×7.6×15.2×
P/B1.4×1.1×1.6×1.0×1.0×
P/S1.2×0.8×1.2×0.5×0.6×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Zeusco—1.1×1.0×—0.0%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—3.5%
Similar companies (median)626.0×18.1×32.8×1,053.3×0.0%

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

Also known as: Zeusco / 제우스 / 079370 / KRX:079370

Source: KRX statistical information