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CQV

101240 · KOSDAQ · ₩101240 · 씨큐브

₩3,175▲ ₩85 (2.75%)End-of-day · Oct 28, 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

₩12,845

vs the current price (₩3,175)

Enterprise value
₩124B
Equity value
₩146B
WACC
7.3%

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 305% 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 ₩3,175, the model needs an operating margin of 3.6% every year (it uses 14.8%).
  • Margins ranged from 9.8% to 18.0% 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.
  • Today's P/E is 3.3× against a typical 11.7× 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
₩8,896
+180.2%
Base
₩12,845
+304.6%
Bull
₩19,539
+515.4%

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 (14.8%).

Revenue growth

  • 6.9%

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

    Default: the last 3 years' revenue growth (6.9% a year, annual reports), fading to 3% by year 5.

  • 5.9%

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

    Default: the last 3 years' revenue growth (6.9% a year, annual reports), fading to 3% by year 5.

  • 4.9%

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

    Default: the last 3 years' revenue growth (6.9% a year, annual reports), fading to 3% by year 5.

  • 4%

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

    Default: the last 3 years' revenue growth (6.9% 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 (6.9% a year, annual reports), fading to 3% by year 5.

Business

  • 14.8%

    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.

  • 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).

  • 5%

    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).

  • 40%

    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.

  • 4.08%

    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.

  • 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 0.24, 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.

  • 5.58%

    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)
₩62B
Net debt (borrowings and leases − cash and deposits)
₩714M
+ Stakes and investments
₩23B
Associates, long-term financial assets and deposits (book value)
Shares
11,357,052
Share price
₩3,175
Market cap
₩36B

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₩51B₩60B₩57B₩66B₩70B₩73B₩76B₩79B
Growth10.4%17.7%−6.0%6.9%5.9%4.9%4.0%3.0%
EBIT₩5B₩10B₩10B₩9.8B₩10B₩11B₩11B₩12B
EBIT margin9.8%17.0%18.0%14.8%14.8%14.8%14.8%14.8%
After-tax EBIT₩3.6B₩7.4B₩7.4B₩7.1B₩7.5B₩7.9B₩8.2B₩8.4B
+ Depreciation———₩2.6B₩2.8B₩2.9B₩3.1B₩3.1B
− Capital spending₩2.4B₩2.6B₩3.4B₩3.3B₩3.5B₩3.7B₩3.8B₩3.9B
− Working capital−₩2.7B−₩1.4B₩9.7B₩1.7B₩1.6B₩1.4B₩1.2B₩916M
Free cash flow———₩4.7B₩5.2B₩5.8B₩6.3B₩6.7B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩4.4B₩4.6B₩4.7B₩4.7B₩4.7B

Terminal value ₩144B, worth ₩101B today: 81% 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 ₩10,426 a share)Now 0.30×₩3,9900.38×₩7,4390.71×₩13,5891.30×
Price / earnings (last 12 months: ₩966 a share)Now 3.29×₩4,2114.36×₩11,26711.7×₩22,89323.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,693 a share)Now 1.88×₩7,3764.36×₩19,73811.7×₩40,10623.7×

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%
6.3%₩13,626₩14,462₩15,489₩16,783₩18,464
6.8%₩12,565₩13,229₩14,029₩15,011₩16,249
7.3%₩11,674₩12,210₩12,845₩13,609₩14,548
7.8%₩10,915₩11,353₩11,865₩12,471₩13,201
8.3%₩10,260₩10,623₩11,041₩11,530₩12,109

Now (TTM)

Market cap
₩36B
Enterprise value
₩37B
P/E
3.3×
P/B
0.3×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,215₩3,840₩4,870₩6,770₩6,890
Market cap₩48B₩44B₩55B₩77B₩78B
P/E5.1×4.7×16.1×14.3×22.3×
P/B0.4×0.5×0.7×1.2×1.3×
P/S0.8×0.7×1.1×1.7×2.0×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
CQV3.3×0.3×0.6×—0.0%
LG Chem—0.5×0.3×—0.8%
Hanwha Solutions—0.6×0.4×—0.0%
Hanwha6.3×0.4×0.1×—1.4%
SKC—2.1×2.0×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: CQV / 씨큐브 / 101240 / KRX:101240

Source: KRX statistical information