KOSDAQ · 088390 · Transport equipment · ₩088390

INNOXCorporation이녹스

088390 · KOSDAQ · ₩088390 · 이녹스

₩6,530▼ ₩80 (1.21%)End-of-day · Oct 30, 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

₩8,869

vs the current price (₩6,530)

Enterprise value: ₩87B
Equity value: ₩83B
WACC: 7.2%

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 36% 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 ₩6,530, the model needs an operating margin of 11.8% every year (it uses 14.9%).
Or revenue growth −6.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 8.3% to 32.2% 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.
84% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
Today's P/E is 2.2× against a typical 4.6× 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: ₩5,331; −18.4%
Base: ₩8,869; +35.8%
Bull: ₩14,901; +128.2%

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 (14.9%).

Revenue growth

Revenue growth, year 1-9.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-9.8% 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 (-9.8% 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 (-9.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin14.9%
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 & amortisation13.7%
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 spending17.1%
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 capital11.8%
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.
Beta0.61
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 0.42, 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): ₩65B
Net debt (borrowings and leases − cash and deposits): ₩3.3B
Shares: 9,385,844
Share price: ₩6,530
Market cap: ₩61B

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	₩62B	₩56B	₩59B	₩58B	₩54B	₩53B	₩52B	₩54B
Growth	−23.3%	−9.0%	5.2%	−9.8%	−6.6%	−3.4%	−0.2%	3.0%
EBIT	₩5.1B	₩6.5B	₩6.5B	₩8.7B	₩8.1B	₩7.8B	₩7.8B	₩8B
EBIT margin	8.3%	11.5%	11.0%	14.9%	14.9%	14.9%	14.9%	14.9%
After-tax EBIT	₩3.7B	₩4.7B	₩4.7B	₩6.3B	₩5.9B	₩5.7B	₩5.7B	₩5.8B
+ Depreciation	—	—	—	₩8B	₩7.4B	₩7.2B	₩7.2B	₩7.4B
− Capital spending	₩4.8B	₩17B	₩8B	₩10B	₩9.3B	₩9B	₩9B	₩9.2B
− Working capital	−₩2.6B	−₩7.8B	₩4.2B	−₩746M	−₩453M	−₩218M	−₩12M	₩186M
Free cash flow	—	—	—	₩5.1B	₩4.5B	₩4.1B	₩3.9B	₩3.8B
Discount factor	—	—	—	0.933	0.870	0.812	0.757	0.707
Present value	—	—	—	₩4.7B	₩3.9B	₩3.3B	₩2.9B	₩2.7B

Terminal value ₩98B, worth ₩69B today: 80% 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 ₩20,190 a share)Now 0.32×	₩7,6100.38×	₩18,2650.90×	₩29,4971.46×
Price / earnings (last 12 months: ₩3,001 a share)Now 2.18×	₩8,6772.89×	₩13,6994.57×	₩159,03453.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩4,738 a share)Now 1.38×	₩13,7002.89×	₩21,6314.57×	₩251,11153.0×

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%
6.2%	₩9,292	₩10,103	₩11,107	₩12,383	₩14,058
6.7%	₩8,426	₩9,078	₩9,868	₩10,847	₩12,091
7.2%	₩7,700	₩8,233	₩8,869	₩9,640	₩10,594
7.7%	₩7,083	₩7,526	₩8,046	₩8,665	₩9,417
8.2%	₩6,553	₩6,924	₩7,356	₩7,863	₩8,467

Now (TTM)

Market cap: ₩61B
Enterprise value: ₩63B
P/E: 2.2×
P/B: 0.3×
P/S: 0.9×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,350	₩7,790	₩23,200	₩22,000	₩32,450
Market cap	₩78B	₩73B	₩218B	₩206B	₩305B
P/E	3.4×	—	—	13.9×	5.8×
P/B	0.4×	0.4×	1.1×	1.0×	1.6×
P/S	1.3×	1.3×	3.5×	2.6×	4.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
INNOXCorporation	2.2×	0.3×	0.9×	—	0.0%
Hyundai-Rotem	10.3×	2.5×	1.3×	—	0.8%
Iljin Hysolus	—	1.2×	3.5×	—	0.0%
KR Motors	0.9×	0.3×	0.7×	—	0.0%
Alton	295.9×	1.0×	0.6×	—	0.0%
Similar companies (median)	10.3×	1.1×	1.0×	—	0.0%

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

Also known as: INNOXCorporation / 이녹스 / 088390 / KRX:088390

Source: KRX statistical information