KOSDAQ · 089890 · Machinery · ₩089890

Koses코세스

089890 · KOSDAQ · ₩089890 · 코세스

₩37,350▲ ₩1,100 (3.03%)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

₩8,528

vs the current price (₩37,350)

Enterprise value: ₩115B
Equity value: ₩141B
WACC: 8.9%

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 77% 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 ₩37,350, the model needs an operating margin of 67.6% every year (it uses 13.9%).
Or revenue growth +51.5 points a year higher than assumed in each of the 5 years.
Margins ranged from −8.1% to 21.1% 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.
36% 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 39.7× against a typical 29.3× 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: ₩6,306; −83.1%
Base: ₩8,528; −77.2%
Bull: ₩12,000; −67.9%

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 (13.9%).

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 23.9%
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 33.6%
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 margin13.9%
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 & amortisation1.4%
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 spending0.4%
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 capital36.6%
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.
Beta0.88
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 0.82, 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): ₩78B
Net debt (borrowings and leases − cash and deposits): −₩26B
Shares: 16,584,962
Share price: ₩37,350
Market cap: ₩619B

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	₩96B	₩69B	₩82B	₩81B	₩84B	₩87B	₩90B	₩93B
Growth	31.2%	−27.7%	19.1%	4.1%	3.9%	3.6%	3.3%	3.0%
EBIT	₩8B	−₩5.6B	₩17B	₩11B	₩12B	₩12B	₩12B	₩13B
EBIT margin	8.4%	−8.1%	21.1%	13.9%	13.9%	13.9%	13.9%	13.9%
After-tax EBIT	₩5.8B	−₩4.1B	₩13B	₩8.1B	₩8.5B	₩8.8B	₩9.1B	₩9.3B
+ Depreciation	₩1.3B	₩1.2B	₩883M	₩1.1B	₩1.2B	₩1.2B	₩1.3B	₩1.3B
− Capital spending	₩562M	₩178M	₩359M	₩323M	₩336M	₩348M	₩360M	₩370M
− Working capital	₩24B	−₩12B	−₩223M	₩1.2B	₩1.2B	₩1.1B	₩1.1B	₩987M
Free cash flow	−₩17B	₩9.2B	₩13B	₩7.8B	₩8.2B	₩8.5B	₩8.9B	₩9.3B
Discount factor	—	—	—	0.918	0.843	0.774	0.710	0.652
Present value	—	—	—	₩7.2B	₩6.9B	₩6.6B	₩6.3B	₩6B

Terminal value ₩126B, worth ₩82B today: 71% 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 ₩5,765 a share)Now 6.48×	₩11,4111.98×	₩19,8253.44×	₩35,7906.21×
Price / earnings (last 12 months: ₩941 a share)Now 39.7×	₩13,69014.5×	₩27,60729.3×	₩56,04459.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,499 a share)Now 24.9×	₩21,79814.5×	₩43,95629.3×	₩89,23659.5×

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%
7.9%	₩8,968	₩9,301	₩9,689	₩10,148	₩10,698
8.4%	₩8,468	₩8,745	₩9,063	₩9,435	₩9,873
8.9%	₩8,032	₩8,263	₩8,528	₩8,832	₩9,187
9.4%	₩7,647	₩7,843	₩8,064	₩8,317	₩8,608
9.9%	₩7,305	₩7,472	₩7,659	₩7,871	₩8,112

Now (TTM)

Market cap: ₩619B
Enterprise value: ₩593B
P/E: 39.7×
P/B: 6.5×
P/S: 8.0×
EV/EBITDA: 40.6×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩21,750	₩6,570	₩10,780	₩10,100	₩15,300
Market cap	₩361B	₩109B	₩179B	₩168B	₩254B
P/E	27.3×	—	25.7×	21.3×	22.8×
P/B	4.9×	1.8×	2.7×	2.8×	4.9×
P/S	4.4×	1.6×	1.9×	2.3×	3.3×
EV/EBITDA	18.9×	—	20.3×	16.7×	17.2×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Koses	39.7×	6.5×	8.0×	40.6×	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: Koses / 코세스 / 089890 / KRX:089890

Source: KRX statistical information