KOSDAQ · 080520 · Semiconductors · ₩080520

ODTech오디텍

080520 · KOSDAQ · ₩080520 · 오디텍

₩2,525 ₩0 (0.00%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩67B
Equity value: −₩43B
WACC: 7.4%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩2,525, the model needs an operating margin of 4.0% every year (it uses −9.2%).
Margins ranged from −17.2% to 8.8% 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.
100% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 12.1× against a typical 7.8× 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: —
Base: —
Bull: —

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 (−9.2%).

Revenue growth

Revenue growth, year 1-2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-0.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2% 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 (-2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-9.2%
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 & amortisation12.1%
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).
Capital spending15.2%
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).
Working capital40%
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 rate4.11%
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.
Beta0.6
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 0.28, 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)5.61%
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): ₩43B
Net debt (borrowings and leases − cash and deposits): −₩24B
Shares: 11,322,417
Share price: ₩2,525
Market cap: ₩29B

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	₩35B	₩37B	₩38B	₩42B	₩41B	₩42B	₩42B	₩44B
Growth	−13.4%	5.8%	2.6%	−2.0%	−0.8%	0.5%	1.7%	3.0%
EBIT	−₩4.3B	−₩6.4B	−₩2.3B	−₩3.8B	−₩3.8B	−₩3.8B	−₩3.9B	−₩4B
EBIT margin	−12.2%	−17.2%	−6.0%	−9.2%	−9.2%	−9.2%	−9.2%	−9.2%
After-tax EBIT	−₩3.1B	−₩4.6B	−₩1.7B	−₩2.8B	−₩2.8B	−₩2.8B	−₩2.8B	−₩2.9B
+ Depreciation	—	—	—	₩5.1B	₩5B	₩5B	₩5.1B	₩5.3B
− Capital spending	₩10B	₩4B	₩2.3B	₩6.3B	₩6.3B	₩6.3B	₩6.4B	₩6.6B
− Working capital	−₩2.8B	−₩6.7B	₩2.8B	−₩341M	−₩134M	₩83M	₩283M	₩508M
Free cash flow	—	—	—	−₩3.7B	−₩3.9B	−₩4.1B	−₩4.4B	−₩4.8B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	−₩3.5B	−₩3.4B	−₩3.3B	−₩3.3B	−₩3.3B

Terminal value −₩71B, worth −₩50B today: 75% 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 ₩11,339 a share)Now 0.22×	₩2,9330.26×	₩4,2010.37×	₩6,9900.62×
Price / earnings (last 12 months: ₩209 a share)Now 12.1×	₩6192.97×	₩1,6377.85×	₩4,47221.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩592 a share)Now 4.26×	₩1,7582.97×	₩4,6487.85×	₩12,70021.4×

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%
6.4%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—
7.9%	—	—	—	—	—
8.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩29B
Enterprise value: ₩4.4B
P/E: 12.1×
P/B: 0.2×
P/S: 0.7×
EV/EBITDA: —
Dividend yield: 4.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,170	₩3,005	₩4,745	₩4,385	₩6,560
Market cap	₩36B	₩34B	₩54B	₩50B	₩74B
P/E	27.3×	6.5×	18.2×	—	18.1×
P/B	0.3×	0.3×	0.4×	0.4×	0.6×
P/S	0.9×	0.9×	1.5×	1.2×	1.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	3.2%	3.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
ODTech	12.1×	0.2×	0.7×	—	4.0%
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%
Jeju Semiconductor	10.4×	5.4×	3.6×	—	0.0%
SFA Semicon	—	3.1×	3.3×	—	0.0%
Similar companies (median)	11.5×	4.3×	3.4×	—	0.1%

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

Also known as: ODTech / 오디텍 / 080520 / KRX:080520

Source: KRX statistical information