KOSDAQ · 079810 · Electrical equipment · ₩079810

APS InnovationAPS이노베이션

079810 · KOSDAQ · ₩079810 · APS이노베이션

₩3,110▼ ₩90 (2.81%)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

₩5,412

vs the current price (₩3,110)

Enterprise value: ₩9.4B
Equity value: ₩117B
WACC: 7.6%

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 74% 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 ₩3,110, the model needs an operating margin of −1.3% every year (it uses 2.8%).
Margins ranged from −9.0% to 3.7% 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.
74% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
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.
Today's P/E is 5.5× against a typical 15.3× over the last 10 years.

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: ₩4,452; +43.2%
Base: ₩5,412; +74.0%
Bull: ₩7,208; +131.8%

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 (2.8%).

Revenue growth

Revenue growth, year 113.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.8% 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 (13.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.8%
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 & amortisation1.4%
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).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital24%
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.
Beta0.66
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 0.5, 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): ₩70B
Net debt (borrowings and leases − cash and deposits): −₩104B
+ Stakes and investments: ₩2.9B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩149,875
Shares: 21,528,094
Share price: ₩3,110
Market cap: ₩67B

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	₩127B	₩146B	₩74B	₩79B	₩88B	₩95B	₩101B	₩104B
Growth	153.9%	14.9%	−49.5%	13.8%	11.1%	8.4%	5.7%	3.0%
EBIT	₩1.7B	₩5.4B	₩2.5B	₩2.2B	₩2.5B	₩2.7B	₩2.8B	₩2.9B
EBIT margin	1.4%	3.7%	3.4%	2.8%	2.8%	2.8%	2.8%	2.8%
After-tax EBIT	₩1.3B	₩3.9B	₩1.8B	₩1.6B	₩1.8B	₩1.9B	₩2B	₩2.1B
+ Depreciation	₩1.3B	₩1.5B	₩1.5B	₩1.1B	₩1.2B	₩1.3B	₩1.4B	₩1.5B
− Capital spending	—	—	—	₩3.2B	₩3.5B	₩3.8B	₩4B	₩4.2B
− Working capital	₩36B	−₩674M	−₩6.5B	₩2.3B	₩2.1B	₩1.8B	₩1.3B	₩726M
Free cash flow	—	—	—	−₩2.8B	−₩2.6B	−₩2.3B	−₩1.9B	−₩1.3B
Discount factor	—	—	—	0.929	0.863	0.802	0.745	0.692
Present value	—	—	—	−₩2.6B	−₩2.3B	−₩1.9B	−₩1.4B	−₩913M

Terminal value ₩27B, worth ₩18B today: 196% 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 ₩8,175 a share)Now 0.38×	₩4,5180.55×	₩15,0281.84×	₩119,44414.6×
Price / earnings (last 12 months: ₩561 a share)Now 5.55×	₩3,7946.77×	₩8,57615.3×	₩16,63029.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩408 a share)Now 7.63×	₩2,7596.77×	₩6,23815.3×	₩12,09529.7×

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%
6.6%	₩5,585	₩5,608	₩5,635	₩5,668	₩5,709
7.1%	₩5,483	₩5,497	₩5,512	₩5,530	₩5,551
7.6%	₩5,399	₩5,405	₩5,412	₩5,420	₩5,428
8.1%	₩5,327	₩5,328	₩5,330	₩5,330	₩5,330
8.6%	₩5,266	₩5,264	₩5,261	₩5,257	₩5,251

Now (TTM)

Market cap: ₩67B
Enterprise value: −₩38B
P/E: 5.5×
P/B: 0.4×
P/S: 1.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,060	₩5,130	₩15,300	₩8,620	₩4,157
Market cap	₩109B	₩110B	₩329B	₩186B	₩90B
P/E	1,216.3×	6.1×	324.5×	—	98.4×
P/B	0.7×	0.7×	2.3×	7.9×	3.4×
P/S	1.5×	0.8×	2.6×	3.7×	2.1×
EV/EBITDA	8.5×	6.6×	88.1×	—	53.3×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
APS Innovation	5.5×	0.4×	1.0×	—	0.0%
LS Electric	57.7×	10.5×	3.9×	35.7×	0.0%
Hyosung Heavy Industries	28.8×	6.5×	2.6×	—	0.4%
HD Hyundai Electric	18.0×	6.8×	3.5×	—	0.0%
Gaon Cable	105.6×	12.8×	2.3×	55.0×	0.0%
Sanil Electric	24.9×	6.8×	7.6×	—	0.9%
Taihan Cable & Solution	—	2.1×	0.9×	—	0.0%
Similar companies (median)	28.8×	6.8×	3.1×	45.4×	0.0%

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

Also known as: APS Innovation / APS이노베이션 / 079810 / KRX:079810

Source: KRX statistical information