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Corentec

104540 · KOSDAQ · ₩104540 · 코렌텍

₩5,230▲ ₩100 (1.95%)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

₩7,809

vs the current price (₩5,230)

Enterprise value
₩115B
Equity value
₩105B
WACC
7.2%

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 49% 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 ₩5,230, the model needs an operating margin of 6.8% every year (it uses 8.5%).
  • Or revenue growth −13.5 points a year higher than assumed in each of the 5 years.
  • 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.
  • Today's P/E is 9.1× against a typical 33.3× 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
₩3,411
−34.8%
Base
₩7,809
+49.3%
Bull
₩15,668
+199.6%

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 (8.5%).

Revenue growth

  • 16.3%

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

    Default: the last 3 years' revenue growth (16.3% a year, annual reports), fading to 3% by year 5.

  • 12.9%

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

    Default: the last 3 years' revenue growth (16.3% a year, annual reports), fading to 3% by year 5.

  • 9.6%

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

    Default: the last 3 years' revenue growth (16.3% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (16.3% 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 (16.3% a year, annual reports), fading to 3% by year 5.

Business

  • 8.5%

    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.

  • 6.1%

    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).

  • 7.7%

    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.

  • 4.11%

    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 0.12, 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)
₩105B
Net debt (borrowings and leases − cash and deposits)
₩3.9B
+ Stakes and investments
₩4.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩11B
Shares
13,407,410
Share price
₩5,230
Market cap
₩70B

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₩92B₩94B₩100B₩122B₩138B₩151B₩160B₩165B
Growth44.0%1.8%7.2%16.3%12.9%9.6%6.3%3.0%
EBIT₩7.1B₩3.9B₩9.1B₩10B₩12B₩13B₩14B₩14B
EBIT margin7.7%4.2%9.1%8.5%8.5%8.5%8.5%8.5%
After-tax EBIT₩5.1B₩2.8B₩6.6B₩7.5B₩8.5B₩9.3B₩9.9B₩10B
+ Depreciation———₩7.4B₩8.4B₩9.2B₩9.8B₩10B
− Capital spending₩12B₩6.1B₩3.6B₩9.4B₩11B₩12B₩12B₩13B
− Working capital−₩15B₩13B−₩9.9B₩6.8B₩6.3B₩5.3B₩3.8B₩1.9B
Free cash flow———−₩1.3B−₩11M₩1.6B₩3.5B₩5.6B
Discount factor———0.9330.8700.8110.7560.705
Present value———−₩1.2B−₩9.5M₩1.3B₩2.7B₩4B

Terminal value ₩153B, worth ₩108B today: 94% 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 ₩6,205 a share)Now 0.84×₩5,6720.91×₩10,3981.68×₩16,6322.68×
Price / earnings (last 12 months: ₩573 a share)Now 9.13×₩5,4209.46×₩19,07633.3×₩32,05555.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩327 a share)Now 16.0×₩3,0969.46×₩10,89833.3×₩18,31355.9×

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%
6.2%₩8,839₩9,455₩10,212₩11,167₩12,413
6.7%₩7,846₩8,316₩8,882₩9,578₩10,455
7.2%₩7,015₩7,379₩7,809₩8,327₩8,963
7.7%₩6,310₩6,595₩6,927₩7,319₩7,790
8.2%₩5,706₩5,931₩6,189₩6,490₩6,845

Now (TTM)

Market cap
₩70B
Enterprise value
₩74B
P/E
9.1×
P/B
0.8×
P/S
0.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩6,700₩5,110₩11,840₩10,800₩12,100
Market cap₩90B₩69B₩159B₩145B₩162B
P/E12.9×—30.9×54.6×212.4×
P/B1.1×1.0×2.2×2.2×2.9×
P/S0.9×0.7×1.7×2.3×3.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Corentec9.1×0.8×0.7×—0.0%
TSE27.5×6.1×5.1×—0.2%
Kctech20.8×3.2×3.8×16.1×0.5%
Classys12.6×3.1×4.7×9.8×3.8%
Park Systems68.1×4.6×8.1×—0.2%
Curiox Biosystems—21.9×187.1×—0.0%
DI36.7×5.0×2.2×—0.7%
Similar companies (median)27.5×4.8×4.9×13.0×0.4%

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

Also known as: Corentec / 코렌텍 / 104540 / KRX:104540

Source: KRX statistical information