Metalabs메타랩스
090370 · KOSPI · ₩090370 · 메타랩스
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
With these assumptions the model gives no positive value.
- Enterprise value
- −₩444B
- Equity value
- −₩554B
- WACC
- 4.9%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩1,041, the model needs an operating margin of 3.7% every year (it uses −7.5%).
- Margins ranged from −17.9% to −3.6% 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.
- In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
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
- —
- Base
- —
- Bull
- —
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 (−7.5%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (53.1% a year, annual reports), fading to 3% by year 5.
- 19.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (53.1% a year, annual reports), fading to 3% by year 5.
- 14%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (53.1% a year, annual reports), fading to 3% by year 5.
- 8.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (53.1% 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 (53.1% a year, annual reports), fading to 3% by year 5.
Business
- -7.5%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 1.6%
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).
- 2.1%
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).
- 17.4%
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.
- 0.6
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 0.23, 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)
- ₩119B
- Net debt (borrowings and leases − cash and deposits)
- ₩90B
- + Stakes and investments
- ₩49B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩69B
- Shares
- 27,304,689
- Share price
- ₩1,041
- Market cap
- ₩28B
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 | ₩22B | ₩38B | ₩81B | ₩149B | ₩178B | ₩203B | ₩220B | ₩227B |
| Growth | −4.7% | 77.6% | 112.0% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | −₩3.9B | −₩3.2B | −₩7.2B | −₩11B | −₩13B | −₩15B | −₩17B | −₩17B |
| EBIT margin | −17.9% | −8.3% | −8.9% | −7.5% | −7.5% | −7.5% | −7.5% | −7.5% |
| After-tax EBIT | −₩2.8B | −₩2.3B | −₩5.3B | −₩8.1B | −₩9.7B | −₩11B | −₩12B | −₩12B |
| + Depreciation | — | — | — | ₩2.4B | ₩2.8B | ₩3.2B | ₩3.5B | ₩3.6B |
| − Capital spending | ₩492M | ₩778M | ₩1.5B | ₩3.1B | ₩3.7B | ₩4.3B | ₩4.6B | ₩4.8B |
| − Working capital | −₩15B | −₩8.5B | ₩19B | ₩5.2B | ₩5.1B | ₩4.3B | ₩3B | ₩1.1B |
| Free cash flow | — | — | — | −₩14B | −₩16B | −₩16B | −₩16B | −₩15B |
| Discount factor | — | — | — | 0.954 | 0.909 | 0.867 | 0.827 | 0.788 |
| Present value | — | — | — | −₩13B | −₩14B | −₩14B | −₩13B | −₩12B |
Terminal value −₩479B, worth −₩377B 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 ₩3,161 a share)Now 0.33× | ₩1,4080.45× | ₩2,1620.68× | ₩6,8012.15× |
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% |
|---|---|---|---|---|---|
| 3.9% | — | — | — | — | — |
| 4.4% | — | — | — | — | — |
| 4.9% | — | — | — | — | — |
| 5.4% | — | — | — | — | — |
| 5.9% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩28B
- Enterprise value
- ₩115B
- P/E
- —
- P/B
- 0.3×
- P/S
- 0.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩1,645 | ₩1,308 | ₩2,225 | ₩2,445 | ₩4,695 |
| Market cap | ₩45B | ₩36B | ₩61B | ₩67B | ₩128B |
| P/E | — | 181.4× | — | — | — |
| P/B | 0.6× | 0.5× | 0.8× | 0.8× | 2.5× |
| P/S | 0.6× | 0.9× | 2.8× | 2.9× | 3.3× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Metalabs / 메타랩스 / 090370 / KRX:090370
Source: KRX statistical information