KOSDAQ · 091700 · Electronic components · ₩091700

Partronco파트론

091700 · KOSDAQ · ₩091700 · 파트론

₩4,700▼ ₩85 (1.78%)End-of-day · Oct 27, 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

₩13,557

vs the current price (₩4,700)

Enterprise value: ₩676B
Equity value: ₩678B
WACC: 7.4%

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 188% 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 ₩4,700, the model needs an operating margin of 1.9% every year (it uses 3.9%).
Today's P/E is 5.6× against a typical 9.1× 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: ₩3,861; −17.9%
Base: ₩13,557; +188.5%
Bull: ₩31,009; +559.8%

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 (3.9%).

Revenue growth

Revenue growth, year 13.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3.4% 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 (3.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.9%
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 & amortisation2.4%
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 spending3%
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 capital12.5%
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 0.28, 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): ₩1.5T
Net debt (borrowings and leases − cash and deposits): −₩14B
+ Stakes and investments: ₩38B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩50B
Shares: 50,000,000
Share price: ₩4,700
Market cap: ₩235B

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	₩1.2T	₩1.5T	₩1.3T	₩1.6T	₩1.6T	₩1.7T	₩1.7T	₩1.8T
Growth	−4.1%	26.8%	−9.2%	3.4%	3.3%	3.2%	3.1%	3.0%
EBIT	₩42B	₩62B	₩45B	₩62B	₩64B	₩66B	₩68B	₩70B
EBIT margin	3.6%	4.2%	3.3%	3.9%	3.9%	3.9%	3.9%	3.9%
After-tax EBIT	₩30B	₩45B	₩32B	₩45B	₩46B	₩48B	₩49B	₩51B
+ Depreciation	—	—	—	₩38B	₩39B	₩40B	₩42B	₩43B
− Capital spending	₩40B	₩37B	₩43B	₩47B	₩49B	₩50B	₩52B	₩54B
− Working capital	−₩16B	−₩6.8B	₩55B	₩6.5B	₩6.5B	₩6.5B	₩6.5B	₩6.5B
Free cash flow	—	—	—	₩29B	₩30B	₩31B	₩32B	₩33B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩27B	₩26B	₩25B	₩24B	₩23B

Terminal value ₩788B, worth ₩551B today: 82% 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 ₩10,460 a share)Now 0.45×	₩6,9300.66×	₩8,5490.82×	₩12,7981.22×
Price / earnings (last 12 months: ₩840 a share)Now 5.59×	₩5,1866.17×	₩7,6549.11×	₩11,29313.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩290 a share)Now 16.2×	₩1,7896.17×	₩2,6399.11×	₩3,89513.4×

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%
6.4%	₩14,653	₩15,607	₩16,774	₩18,235	₩20,121
6.9%	₩13,343	₩14,097	₩15,001	₩16,107	₩17,491
7.4%	₩12,239	₩12,844	₩13,557	₩14,413	₩15,459
7.9%	₩11,297	₩11,788	₩12,360	₩13,034	₩13,843
8.4%	₩10,483	₩10,886	₩11,350	₩11,890	₩12,527

Now (TTM)

Market cap: ₩235B
Enterprise value: ₩220B
P/E: 5.6×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 6.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,970	₩6,930	₩8,140	₩8,100	₩13,300
Market cap	₩349B	₩347B	₩407B	₩405B	₩665B
P/E	10.3×	6.5×	14.1×	10.5×	9.2×
P/B	0.7×	0.7×	0.9×	0.9×	1.5×
P/S	0.3×	0.2×	0.3×	0.3×	0.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	4.4%	4.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Partronco	5.6×	0.4×	0.2×	—	6.6%
Samsung Electro-Mechanics	89.0×	8.8×	7.2×	—	0.2%
Doosan	36.8×	5.2×	0.7×	—	0.4%
Hanwha Systems	67.9×	2.7×	2.9×	—	0.8%
LG Innotek	13.4×	1.4×	0.4×	—	0.5%
Isupetasys	32.5×	7.6×	5.0×	—	0.0%
Daeduck Electronics	41.5×	6.5×	4.7×	—	0.4%
Similar companies (median)	39.2×	5.8×	3.8×	—	0.4%

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

Also known as: Partronco / 파트론 / 091700 / KRX:091700

Source: KRX statistical information