KOSDAQ · 086670 · Machinery · ₩086670

BMTCo비엠티

086670 · KOSDAQ · ₩086670 · 비엠티

₩17,050▲ ₩790 (4.86%)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

₩10,385

vs the current price (₩17,050)

Enterprise value: ₩182B
Equity value: ₩103B
WACC: 6.3%

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 39% 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 ₩17,050, the model needs an operating margin of 12.0% every year (it uses 9.5%).
Or revenue growth +9.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 4.3% to 16.2% 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.
46% 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 7.4× against a typical 9.3× 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: ₩1,839; −89.2%
Base: ₩10,385; −39.1%
Bull: ₩26,828; +57.4%

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 (9.5%).

Revenue growth

Revenue growth, year 11.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 21.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (1.1% 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 (1.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9.5%
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 & amortisation8.8%
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 spending11%
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 0.26, 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): ₩155B
Net debt (borrowings and leases − cash and deposits): ₩81B
+ Stakes and investments: ₩2.1B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩19M
Shares: 9,925,885
Share price: ₩17,050
Market cap: ₩169B

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	₩150B	₩133B	₩147B	₩157B	₩160B	₩163B	₩167B	₩172B
Growth	5.3%	−11.2%	10.7%	1.1%	1.6%	2.1%	2.5%	3.0%
EBIT	₩17B	₩6.5B	₩15B	₩15B	₩15B	₩15B	₩16B	₩16B
EBIT margin	11.7%	4.9%	10.4%	9.5%	9.5%	9.5%	9.5%	9.5%
After-tax EBIT	₩13B	₩4.7B	₩11B	₩11B	₩11B	₩11B	₩12B	₩12B
+ Depreciation	—	—	—	₩14B	₩14B	₩14B	₩15B	₩15B
− Capital spending	₩34B	₩3.8B	₩11B	₩17B	₩18B	₩18B	₩18B	₩19B
− Working capital	₩2.7B	₩6.1B	−₩16B	₩684M	₩1B	₩1.3B	₩1.6B	₩2B
Free cash flow	—	—	—	₩6.7B	₩6.5B	₩6.3B	₩6.2B	₩6.1B
Discount factor	—	—	—	0.940	0.885	0.832	0.782	0.736
Present value	—	—	—	₩6.3B	₩5.7B	₩5.2B	₩4.8B	₩4.5B

Terminal value ₩211B, worth ₩155B today: 85% 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 ₩15,316 a share)Now 1.11×	₩11,4030.74×	₩16,9601.11×	₩22,7761.49×
Price / earnings (last 12 months: ₩2,303 a share)Now 7.40×	₩16,9607.37×	₩21,4429.31×	₩53,36123.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,974 a share)Now 8.64×	₩14,5407.37×	₩18,3839.31×	₩45,74923.2×

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%
5.3%	₩12,302	₩13,975	₩16,143	₩19,069	₩23,239
5.8%	₩10,087	₩11,328	₩12,887	₩14,906	₩17,629
6.3%	₩8,291	₩9,232	₩10,385	₩11,833	₩13,707
6.8%	₩6,806	₩7,532	₩8,404	₩9,472	₩10,812
7.3%	₩5,558	₩6,127	₩6,798	₩7,603	₩8,588

Now (TTM)

Market cap: ₩169B
Enterprise value: ₩250B
P/E: 7.4×
P/B: 1.1×
P/S: 1.1×
EV/EBITDA: —
Dividend yield: 3.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩11,650	₩7,310	₩13,460	₩14,900	₩11,600
Market cap	₩116B	₩73B	₩134B	₩148B	₩115B
P/E	6.1×	17.6×	7.9×	9.9×	20.0×
P/B	0.8×	0.6×	1.1×	1.4×	1.4×
P/S	0.8×	0.5×	0.9×	1.0×	1.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	5.2%	3.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
BMTCo	7.4×	1.1×	1.1×	—	3.5%
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: BMTCo / 비엠티 / 086670 / KRX:086670

Source: KRX statistical information