KOSDAQ · 083930 · Machinery · ₩083930

Avacoco아바코

083930 · KOSDAQ · ₩083930 · 아바코

₩12,030▼ ₩110 (0.91%)End-of-day · Oct 29, 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

₩12,139

vs the current price (₩12,030)

Enterprise value: ₩147B
Equity value: ₩178B
WACC: 7.3%

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: ₩3,687; −69.4%
Base: ₩12,139; +0.9%
Bull: ₩27,439; +128.1%

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 (5.2%).

Revenue growth

Revenue growth, year 121.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 217.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 312.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.8% 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 (21.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.2%
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 & amortisation0.6%
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).
Capital spending5.1%
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 capital20.4%
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.
Beta0.6
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 0.32, 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): ₩239B
Net debt (borrowings and leases − cash and deposits): −₩5.7B
+ Stakes and investments: ₩27B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1B
Shares: 14,677,249
Share price: ₩12,030
Market cap: ₩177B

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	₩187B	₩306B	₩393B	₩291B	₩341B	₩383B	₩413B	₩425B
Growth	−14.0%	63.5%	28.6%	21.8%	17.1%	12.4%	7.7%	3.0%
EBIT	₩4.4B	₩21B	₩35B	₩15B	₩18B	₩20B	₩21B	₩22B
EBIT margin	2.4%	6.9%	8.8%	5.2%	5.2%	5.2%	5.2%	5.2%
After-tax EBIT	₩3.2B	₩15B	₩25B	₩11B	₩13B	₩14B	₩16B	₩16B
+ Depreciation	₩1.2B	₩1.7B	₩1.8B	₩1.7B	₩2B	₩2.3B	₩2.5B	₩2.6B
− Capital spending	₩21B	₩3.2B	₩11B	₩15B	₩17B	₩20B	₩21B	₩22B
− Working capital	−₩30B	₩57B	−₩48B	₩11B	₩10B	₩8.6B	₩6B	₩2.5B
Free cash flow	₩13B	−₩43B	₩64B	−₩13B	−₩13B	−₩11B	−₩9B	−₩5.6B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	−₩12B	−₩11B	−₩9.2B	−₩6.8B	−₩4B

Terminal value ₩270B, worth ₩190B today: 129% 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 ₩13,612 a share)Now 0.88×	₩12,4890.92×	₩14,9421.10×	₩20,0491.47×
Price / earnings (last 12 months: ₩1,065 a share)Now 11.3×	₩7,9357.45×	₩14,62313.7×	₩28,48726.8×

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%
6.3%	₩13,384	₩14,482	₩15,831	₩17,528	₩19,731
6.8%	₩11,892	₩12,752	₩13,785	₩15,054	₩16,650
7.3%	₩10,650	₩11,332	₩12,139	₩13,110	₩14,301
7.8%	₩9,601	₩10,150	₩10,790	₩11,547	₩12,457
8.3%	₩8,706	₩9,153	₩9,666	₩10,265	₩10,973

Now (TTM)

Market cap: ₩177B
Enterprise value: ₩168B
P/E: 11.3×
P/B: 0.9×
P/S: 0.7×
EV/EBITDA: 30.7×
Dividend yield: 4.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,660	₩12,020	₩15,240	₩12,800	₩12,700
Market cap	₩200B	₩176B	₩224B	₩188B	₩186B
P/E	7.0×	6.7×	52.5×	10.4×	14.9×
P/B	0.9×	0.9×	1.2×	1.1×	1.2×
P/S	0.5×	0.6×	1.2×	0.9×	1.0×
EV/EBITDA	5.0×	6.8×	29.0×	11.4×	14.4×
Dividend yield	3.7%	4.2%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Avacoco	11.3×	0.9×	0.7×	30.7×	4.2%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

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

Also known as: Avacoco / 아바코 / 083930 / KRX:083930

Source: KRX statistical information