KOSDAQ · 083310 · Machinery · ₩083310

LOTVacuum엘오티베큠

083310 · KOSDAQ · ₩083310 · 엘오티베큠

₩10,030▲ ₩740 (7.97%)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

₩9,251

vs the current price (₩10,030)

Enterprise value: ₩96B
Equity value: ₩165B
WACC: 8.2%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal. This is not financial advice.

Bear / Base / Bull

Bear: ₩6,021; −40.0%
Base: ₩9,251; −7.8%
Bull: ₩14,762; +47.2%

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 (3.9%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.2% 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 (-13.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.9%
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 & amortisation2.7%
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 spending2%
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 capital6.3%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.74
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 0.61, 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)5.58%
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): ₩270B
Net debt (borrowings and leases − cash and deposits): −₩73B
+ Stakes and investments: ₩474M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩4.5B
Shares: 17,810,033
Share price: ₩10,030
Market cap: ₩179B

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	₩473B	₩266B	₩245B	₩243B	₩227B	₩219B	₩218B	₩225B
Growth	26.4%	−43.8%	−7.9%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩67B	−₩4.2B	−₩8.1B	₩9.5B	₩8.8B	₩8.5B	₩8.5B	₩8.8B
EBIT margin	14.2%	−1.6%	−3.3%	3.9%	3.9%	3.9%	3.9%	3.9%
After-tax EBIT	₩49B	−₩3B	−₩5.8B	₩6.9B	₩6.4B	₩6.2B	₩6.2B	₩6.4B
+ Depreciation	₩7.5B	₩7.9B	₩8.7B	₩6.6B	₩6.1B	₩5.9B	₩5.9B	₩6.1B
− Capital spending	₩8.1B	₩5.2B	₩5.9B	₩4.9B	₩4.5B	₩4.4B	₩4.4B	₩4.5B
− Working capital	−₩22B	₩1.2B	−₩9.5B	−₩1.7B	−₩1B	−₩500M	−₩28M	₩413M
Free cash flow	₩70B	−₩1.6B	₩6.4B	₩10B	₩9B	₩8.2B	₩7.7B	₩7.5B
Discount factor	—	—	—	0.925	0.855	0.791	0.731	0.676
Present value	—	—	—	₩9.5B	₩7.7B	₩6.5B	₩5.7B	₩5.1B

Terminal value ₩91B, worth ₩61B today: 64% 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 ₩13,779 a share)Now 0.73×	₩8,9500.65×	₩14,3581.04×	₩21,3361.55×
Price / earnings (last 12 months: ₩73 a share)Now 137.3×	₩4175.71×	₩7059.64×	₩1,09615.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,720 a share)Now 5.83×	₩9,8235.71×	₩16,5909.64×	₩25,81015.0×

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%
7.2%	₩9,520	₩9,814	₩10,163	₩10,588	₩11,114
7.7%	₩9,142	₩9,384	₩9,667	₩10,005	₩10,416
8.2%	₩8,816	₩9,017	₩9,251	₩9,525	₩9,852
8.7%	₩8,531	₩8,701	₩8,895	₩9,121	₩9,386
9.2%	₩8,281	₩8,425	₩8,589	₩8,777	₩8,995

Now (TTM)

Market cap: ₩179B
Enterprise value: ₩101B
P/E: 137.3×
P/B: 0.7×
P/S: 0.7×
EV/EBITDA: 15.0×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩12,400	₩8,350	₩20,150	₩11,300	₩17,200
Market cap	₩221B	₩149B	₩359B	₩201B	₩306B
P/E	—	89.7×	6.7×	8.2×	15.2×
P/B	0.9×	0.6×	1.4×	1.0×	1.6×
P/S	0.9×	0.6×	0.8×	0.5×	1.2×
EV/EBITDA	205.8×	15.0×	3.4×	4.5×	7.8×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
LOTVacuum	137.3×	0.7×	0.7×	15.0×	0.0%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	4.5×	5.3×	42.7×	0.2%
Similar companies (median)	152.3×	10.7×	23.4×	78.7×	0.0%

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

Also known as: LOTVacuum / 엘오티베큠 / 083310 / KRX:083310

Source: KRX statistical information