KOSDAQ · 084370 · Machinery · ₩084370

Eugene Technology유진테크

084370 · KOSDAQ · ₩084370 · 유진테크

₩108,400▲ ₩8,300 (8.29%)End-of-day · Oct 27, 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

₩28,297

vs the current price (₩108,400)

Enterprise value: ₩614B
Equity value: ₩648B
WACC: 9.2%

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 74% 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 ₩108,400, the model needs an operating margin of 59.8% every year (it uses 16.4%).
Or revenue growth +42.5 points a year higher than assumed in each of the 5 years.
Margins ranged from 8.8% to 22.8% 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.
61% 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 22.3× against a typical 29.6× 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: ₩20,026; −81.5%
Base: ₩28,297; −73.9%
Bull: ₩41,037; −62.1%

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 (16.4%).

Revenue growth

Revenue growth, year 14.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (4.1% 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 (4.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin16.4%
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 & amortisation2.9%
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 spending3.6%
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.
Beta0.93
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 0.89, 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): ₩386B
Net debt (borrowings and leases − cash and deposits): −₩68B
+ Stakes and investments: ₩463M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩34B
Shares: 22,916,042
Share price: ₩108,400
Market cap: ₩2.5T

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	₩277B	₩338B	₩350B	₩402B	₩417B	₩432B	₩446B	₩460B
Growth	−11.0%	22.3%	3.6%	4.1%	3.8%	3.5%	3.3%	3.0%
EBIT	₩24B	₩61B	₩52B	₩66B	₩68B	₩71B	₩73B	₩75B
EBIT margin	8.8%	18.1%	14.7%	16.4%	16.4%	16.4%	16.4%	16.4%
After-tax EBIT	₩18B	₩44B	₩37B	₩48B	₩50B	₩51B	₩53B	₩55B
+ Depreciation	—	—	—	₩12B	₩12B	₩13B	₩13B	₩13B
− Capital spending	₩12B	₩9.1B	₩13B	₩14B	₩15B	₩16B	₩16B	₩17B
− Working capital	₩26B	₩84B	₩31B	₩6.3B	₩6.1B	₩5.8B	₩5.7B	₩5.4B
Free cash flow	—	—	—	₩39B	₩41B	₩42B	₩44B	₩46B
Discount factor	—	—	—	0.916	0.838	0.767	0.703	0.643
Present value	—	—	—	₩35B	₩34B	₩33B	₩31B	₩30B

Terminal value ₩701B, worth ₩451B today: 73% 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 ₩23,717 a share)Now 4.57×	₩43,2301.82×	₩65,1422.75×	₩133,3005.62×
Price / earnings (last 12 months: ₩4,855 a share)Now 22.3×	₩55,65311.5×	₩143,49329.6×	₩270,73155.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩11,389 a share)Now 9.52×	₩130,56311.5×	₩336,64129.6×	₩635,14855.8×

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%
8.2%	₩29,971	₩31,249	₩32,728	₩34,461	₩36,520
8.7%	₩28,052	₩29,122	₩30,347	₩31,765	₩33,426
9.2%	₩26,369	₩27,272	₩28,297	₩29,471	₩30,829
9.7%	₩24,880	₩25,649	₩26,514	₩27,496	₩28,620
10.2%	₩23,554	₩24,213	₩24,949	₩25,777	₩26,717

Now (TTM)

Market cap: ₩2.5T
Enterprise value: ₩2.4T
P/E: 22.3×
P/B: 4.6×
P/S: 6.4×
EV/EBITDA: —
Dividend yield: 0.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩75,000	₩31,300	₩40,800	₩22,150	₩51,700
Market cap	₩1.7T	₩717B	₩935B	₩508B	₩1.2T
P/E	40.5×	11.3×	38.3×	13.4×	19.6×
P/B	3.7×	1.8×	2.7×	1.6×	4.0×
P/S	4.9×	2.1×	3.4×	1.6×	3.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.3%	0.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Eugene Technology	22.3×	4.6×	6.4×	—	0.2%
Doosan Enerbility	208.4×	4.6×	2.1×	—	0.0%
Hanmi Semiconductor	82.2×	24.4×	33.1×	74.0×	0.4%
Jusung Engineering	1,121.0×	13.7×	36.0×	2,158.2×	0.0%
Rainbow Robotics	4,006.5×	51.3×	151.2×	—	0.0%
EO Technics	44.8×	6.5×	10.9×	—	0.0%
Doosan Bobcat	13,664.7×	914.4×	736.1×	—	3.5%
Similar companies (median)	664.7×	19.1×	34.5×	1,116.1×	0.0%

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

Also known as: Eugene Technology / 유진테크 / 084370 / KRX:084370

Source: KRX statistical information