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OKins Electronics

080580 · KOSDAQ · ₩080580 · 오킨스전자

₩24,350▼ ₩3,600 (12.88%)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

₩4,933

vs the current price (₩24,350)

Enterprise value
₩121B
Equity value
₩104B
WACC
8.5%

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 80% 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 ₩24,350, the model needs an operating margin of 30.8% every year (it uses 5.8%).
  • Margins ranged from 0.7% to 11.7% 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.

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
₩2,966
−87.8%
Base
₩4,933
−79.7%
Bull
₩8,089
−66.8%

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 (5.8%).

Revenue growth

  • 13.7%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 11%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 8.4%

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

    Default: the last 3 years' revenue growth (13.7% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (13.7% 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 (13.7% a year, annual reports), fading to 3% by year 5.

Business

  • 5.8%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 11.6%

    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).

  • 0%

    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).

  • 27%

    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.

  • 0.85

    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 0.77, 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)
₩109B
Net debt (borrowings and leases − cash and deposits)
₩18B
+ Stakes and investments
₩1.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩519M
Shares
21,090,955
Share price
₩24,350
Market cap
₩514B

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₩57B₩67B₩94B₩124B₩138B₩149B₩158B₩163B
Growth−11.4%17.3%41.5%13.7%11.0%8.4%5.7%3.0%
EBIT₩374M₩1.9B₩11B₩7.2B₩8B₩8.7B₩9.2B₩9.4B
EBIT margin0.7%2.9%11.7%5.8%5.8%5.8%5.8%5.8%
After-tax EBIT₩271M₩1.4B₩8B₩5.2B₩5.8B₩6.3B₩6.6B₩6.8B
+ Depreciation₩7.2B₩8.3B₩9.1B₩14B₩16B₩17B₩18B₩19B
− Capital spending₩0——₩0₩0₩0₩0₩0
− Working capital₩6B−₩3.2B₩2.4B₩4B₩3.7B₩3.1B₩2.3B₩1.3B
Free cash flow₩1.5B——₩16B₩18B₩20B₩23B₩24B
Discount factor———0.9210.8490.7820.7210.664
Present value———₩14B₩15B₩16B₩16B₩16B

Terminal value ₩64B, worth ₩42B today: 35% 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 ₩3,407 a share)Now 7.15×₩11,9693.51×₩20,8626.12×₩42,99612.6×

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%
7.5%₩5,338₩5,420₩5,514₩5,627₩5,762
8.0%₩5,071₩5,132₩5,203₩5,284₩5,381
8.5%₩4,835₩4,881₩4,933₩4,992₩5,061
9.0%₩4,624₩4,658₩4,696₩4,739₩4,788
9.5%₩4,434₩4,459₩4,486₩4,517₩4,551

Now (TTM)

Market cap
₩514B
Enterprise value
₩529B
P/E
31.0×
P/B
7.1×
P/S
4.7×
EV/EBITDA
19.3×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩10,300₩4,430₩9,000₩18,400₩26,950
Market cap₩217B₩93B₩190B₩388B₩568B
P/E28.1×—177.2×136.1×297.5×
P/B4.3×3.4×5.3×11.9×16.0×
P/S2.3×1.4×3.3×6.0×9.6×
EV/EBITDA11.7×12.8×29.1×44.5×68.4×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
OKins Electronics31.0×7.1×4.7×19.3×0.0%
Samsung Electro-Mechanics88.7×8.7×7.2×—0.2%
Doosan34.5×4.9×0.6×—0.4%
Hanwha Systems65.1×2.5×2.8×—0.8%
LG Innotek11.6×1.2×0.3×—0.6%
Isupetasys30.8×7.2×4.7×—0.0%
Daeduck Electronics38.8×6.0×4.4×—0.4%
Similar companies (median)36.6×5.5×3.6×—0.4%

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

Also known as: OKins Electronics / 오킨스전자 / 080580 / KRX:080580

Source: KRX statistical information