KOSDAQ · 098460 · Machinery · ₩098460

Koh Young Technology고영

098460 · KOSDAQ · ₩098460 · 고영

₩31,050▲ ₩1,350 (4.55%)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

₩6,746

vs the current price (₩31,050)

Enterprise value: ₩307B
Equity value: ₩460B
WACC: 7.9%

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 78% 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 ₩31,050, the model needs an operating margin of 64.4% every year (it uses 11.2%).
Or revenue growth +59.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 1.6% to 16.7% 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.
45% 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 44.4× against a typical 44.1× 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: ₩5,137; −83.5%
Base: ₩6,746; −78.3%
Bull: ₩9,454; −69.6%

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 (11.2%).

Revenue growth

Revenue growth, year 1-5.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% 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 (-5.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin11.2%
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 & amortisation3.9%
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 spending4.9%
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 capital40%
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.
Beta0.69
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 0.54, 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): ₩291B
Net debt (borrowings and leases − cash and deposits): −₩149B
+ Stakes and investments: ₩3.9B; Associates, long-term financial assets and deposits (book value)
Shares: 68,204,213
Share price: ₩31,050
Market cap: ₩2.1T

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	₩226B	₩203B	₩233B	₩275B	₩266B	₩263B	₩265B	₩273B
Growth	−18.1%	−10.2%	14.9%	−5.5%	−3.3%	−1.2%	0.9%	3.0%
EBIT	₩20B	₩3.3B	₩17B	₩31B	₩30B	₩29B	₩30B	₩31B
EBIT margin	9.0%	1.6%	7.5%	11.2%	11.2%	11.2%	11.2%	11.2%
After-tax EBIT	₩15B	₩2.4B	₩13B	₩22B	₩22B	₩21B	₩22B	₩22B
+ Depreciation	—	—	—	₩11B	₩10B	₩10B	₩10B	₩11B
− Capital spending	₩10B	₩8.6B	₩13B	₩13B	₩13B	₩13B	₩13B	₩13B
− Working capital	−₩78B	−₩9.9B	₩6B	−₩6.4B	−₩3.6B	−₩1.3B	₩946M	₩3.2B
Free cash flow	—	—	—	₩26B	₩23B	₩20B	₩18B	₩16B
Discount factor	—	—	—	0.927	0.859	0.796	0.738	0.684
Present value	—	—	—	₩24B	₩19B	₩16B	₩13B	₩11B

Terminal value ₩327B, worth ₩223B today: 73% 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 ₩5,311 a share)Now 5.85×	₩13,0052.45×	₩18,7823.54×	₩31,0505.85×
Price / earnings (last 12 months: ₩699 a share)Now 44.4×	₩15,21021.8×	₩30,81844.1×	₩63,23990.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩922 a share)Now 33.7×	₩20,07521.8×	₩40,67544.1×	₩83,46690.5×

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%
6.9%	₩7,095	₩7,339	₩7,632	₩7,991	₩8,439
7.4%	₩6,722	₩6,917	₩7,148	₩7,424	₩7,762
7.9%	₩6,404	₩6,562	₩6,746	₩6,962	₩7,223
8.4%	₩6,128	₩6,257	₩6,406	₩6,579	₩6,783
8.9%	₩5,888	₩5,994	₩6,115	₩6,255	₩6,417

Now (TTM)

Market cap: ₩2.1T
Enterprise value: ₩2T
P/E: 44.4×
P/B: 5.8×
P/S: 7.3×
EV/EBITDA: —
Dividend yield: 0.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩22,900	₩8,110	₩16,550	₩12,750	₩23,700
Market cap	₩1.6T	₩553B	₩1.1T	₩870B	₩1.6T
P/E	105.8×	26.3×	51.5×	22.1×	40.8×
P/B	4.7×	1.7×	3.7×	2.8×	5.8×
P/S	6.7×	2.7×	5.0×	3.2×	6.5×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.6%	1.7%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Koh Young Technology	44.4×	5.8×	7.3×	—	0.5%
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: Koh Young Technology / 고영 / 098460 / KRX:098460

Source: KRX statistical information