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Robostar

090360 · KOSDAQ · ₩090360 · 로보스타

₩59,000▲ ₩300 (0.51%)End-of-day · Oct 27, 2026 · End-of-day prices.
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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

₩2,974

vs the current price (₩59,000)

Enterprise value
−₩2.1B
Equity value
₩29B
WACC
8.2%

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 95% 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 ₩59,000, the model needs an operating margin of 64.3% every year (it uses −0.1%).
  • Margins ranged from −7.5% to 1.3% 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.
  • 100% 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.

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
₩2,076
−96.5%
Base
₩2,974
−95.0%
Bull
₩4,805
−91.9%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−0.1%).

Revenue growth

  • -10%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.

  • -6.7%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.

  • -3.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.

  • -0.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-19.1% a year, annual reports), fading to 3% by year 5.

Business

  • -0.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 0.2%

    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).

  • 0.3%

    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).

  • 26.9%

    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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.11%

    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.

  • 0.75

    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 0.63, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 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)
₩93B
Net debt (borrowings and leases − cash and deposits)
−₩31B
+ Stakes and investments
₩147M
Associates, long-term financial assets and deposits (book value)
Shares
9,750,000
Share price
₩59,000
Market cap
₩575B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩103B₩89B₩76B₩84B₩78B₩76B₩76B₩78B
Growth−28.3%−13.2%−15.0%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩1.1B₩149M−₩5.7B−₩84M−₩78M−₩76M−₩76M−₩78M
EBIT margin1.1%0.2%−7.5%−0.1%−0.1%−0.1%−0.1%−0.1%
After-tax EBIT₩824M₩108M−₩4.1B−₩61M−₩57M−₩55M−₩55M−₩56M
+ Depreciation———₩168M₩157M₩151M₩151M₩156M
− Capital spending—₩140M₩352M₩252M₩235M₩227M₩227M₩234M
− Working capital−₩5.8B−₩1.6B−₩781M−₩2.5B−₩1.5B−₩739M−₩41M₩610M
Free cash flow———₩2.4B₩1.4B₩608M−₩90M−₩744M
Discount factor———0.9240.8540.7890.7290.673
Present value———₩2.2B₩1.2B₩480M−₩65M−₩501M

Terminal value −₩8B, worth −₩5.4B today: 254% 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:

LowTypicalHigh
Price / book (book value ₩9,122 a share)Now 6.47×₩20,2752.22×₩28,9263.17×₩78,2008.57×

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%
7.2%₩3,201₩3,037₩2,839₩2,598₩2,299
7.7%₩3,231₩3,085₩2,913₩2,705₩2,453
8.2%₩3,257₩3,126₩2,974₩2,793₩2,577
8.7%₩3,279₩3,161₩3,025₩2,866₩2,678
9.2%₩3,297₩3,191₩3,069₩2,927₩2,762

Now (TTM)

Market cap
₩575B
Enterprise value
₩544B
P/E
1,473.3×
P/B
6.5×
P/S
6.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩80,100₩21,900₩29,800₩18,650₩26,550
Market cap₩781B₩214B₩291B₩182B₩259B
P/E—96.3×418.9×55.4×158.4×
P/B9.0×2.3×3.2×2.0×3.0×
P/S10.3×2.4×2.8×1.3×1.8×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Robostar1,473.3×6.5×6.2×—0.0%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—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: Robostar / 로보스타 / 090360 / KRX:090360

Source: KRX statistical information