Jeju Semiconductor제주반도체
080220 · KOSDAQ · ₩080220 · 제주반도체
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
₩27,742
vs the current price (₩69,500)
- Enterprise value
- ₩934B
- Equity value
- ₩956B
- WACC
- 10.0%
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 60% 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 ₩69,500, the model needs an operating margin of 28.0% every year (it uses 12.6%).
- Or revenue growth +31.3 points a year higher than assumed in each of the 5 years.
- Margins ranged from 5.9% to 16.1% 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.
- 32% 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.
- Today's P/E is 10.4× against a typical 22.3× 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
- ₩18,179
- −73.8%
- Base
- ₩27,742
- −60.1%
- Bull
- ₩42,289
- −39.2%
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 (12.6%).
Revenue growth
- 20%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20% a year, annual reports), fading to 3% by year 5.
- 15.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20% a year, annual reports), fading to 3% by year 5.
- 11.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20% a year, annual reports), fading to 3% by year 5.
- 7.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20% 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 (20% a year, annual reports), fading to 3% by year 5.
Business
- 12.6%
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.
- 1.1%
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).
- 1.3%
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.
- 4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
- 1.08
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 1.12, 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.
- 5.61%
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)
- ₩673B
- Net debt (borrowings and leases − cash and deposits)
- ₩21B
- + Stakes and investments
- ₩42B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩20M
- Shares
- 34,442,833
- Share price
- ₩69,500
- Market cap
- ₩2.4T
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 | ₩146B | ₩162B | ₩302B | ₩808B | ₩935B | ₩1T | ₩1.1T | ₩1.2T |
| Growth | −16.6% | 11.3% | 86.2% | 20.0% | 15.7% | 11.5% | 7.2% | 3.0% |
| EBIT | ₩18B | ₩9.6B | ₩36B | ₩102B | ₩118B | ₩131B | ₩141B | ₩145B |
| EBIT margin | 12.2% | 5.9% | 11.9% | 12.6% | 12.6% | 12.6% | 12.6% | 12.6% |
| After-tax EBIT | ₩13B | ₩6.9B | ₩26B | ₩74B | ₩85B | ₩95B | ₩102B | ₩105B |
| + Depreciation | — | — | — | ₩8.9B | ₩10B | ₩11B | ₩12B | ₩13B |
| − Capital spending | ₩1.9B | ₩2.9B | ₩2.7B | ₩11B | ₩12B | ₩14B | ₩15B | ₩15B |
| − Working capital | ₩20B | ₩25B | ₩9.6B | ₩54B | ₩51B | ₩43B | ₩30B | ₩13B |
| Free cash flow | — | — | — | ₩18B | ₩33B | ₩50B | ₩70B | ₩89B |
| Discount factor | — | — | — | 0.909 | 0.826 | 0.751 | 0.683 | 0.621 |
| Present value | — | — | — | ₩17B | ₩27B | ₩38B | ₩48B | ₩56B |
Terminal value ₩1.2T, worth ₩750B today: 80% 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 ₩12,975 a share)Now 5.36× | ₩12,3500.95× | ₩30,6602.36× | ₩83,8726.46× |
| Price / earnings (last 12 months: ₩6,698 a share)Now 10.4× | ₩31,0564.64× | ₩149,48422.3× | ₩313,18646.8× |
| P/E on run-rate earnings (Q2 2026 × 4: ₩13,336 a share)Now 5.21× | ₩61,8364.64× | ₩297,63922.3× | ₩623,58946.8× |
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% |
|---|---|---|---|---|---|
| 9.0% | ₩29,808 | ₩30,923 | ₩32,190 | ₩33,646 | ₩35,338 |
| 9.5% | ₩27,824 | ₩28,760 | ₩29,815 | ₩31,015 | ₩32,394 |
| 10.0% | ₩26,065 | ₩26,856 | ₩27,742 | ₩28,740 | ₩29,875 |
| 10.5% | ₩24,495 | ₩25,169 | ₩25,917 | ₩26,753 | ₩27,696 |
| 11.0% | ₩23,087 | ₩23,663 | ₩24,299 | ₩25,004 | ₩25,793 |
Now (TTM)
- Market cap
- ₩2.4T
- Enterprise value
- ₩2.4T
- P/E
- 10.4×
- P/B
- 5.4×
- P/S
- 3.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩26,350 | ₩8,920 | ₩13,700 | ₩3,580 | ₩6,500 |
| Market cap | ₩908B | ₩307B | ₩472B | ₩123B | ₩224B |
| P/E | 23.0× | 15.7× | 28.2× | 5.1× | 17.8× |
| P/B | 4.0× | 1.7× | 3.0× | 0.9× | 1.9× |
| P/S | 3.0× | 1.9× | 3.2× | 0.7× | 1.2× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Jeju Semiconductor | 10.4× | 5.4× | 3.6× | — | 0.0% |
| SK hynix | 6.7× | 4.1× | 5.7× | — | 0.2% |
| DB HiTek | 12.6× | 1.8× | 2.8× | — | 0.8% |
| Fadu | — | 40.1× | 14.0× | — | 0.0% |
| Hana Micron | 14.4× | 4.5× | 1.2× | — | 0.2% |
| SFA Semicon | — | 3.1× | 3.3× | — | 0.0% |
| Hana Materials | 16.2× | 1.7× | 3.1× | — | 0.6% |
| Similar companies (median) | 13.5× | 3.6× | 3.2× | — | 0.2% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Jeju Semiconductor / 제주반도체 / 080220 / KRX:080220
Source: KRX statistical information