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Posbank

105760 · KOSDAQ · ₩105760 · 포스뱅크

₩4,790▲ ₩50 (1.05%)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

₩10,118

vs the current price (₩4,790)

Enterprise value
₩86B
Equity value
₩103B
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 111% 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 ₩4,790, the model needs an operating margin of 3.6% every year (it uses 6.8%).
  • 40% 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 4.2× against a typical 9.9× 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
₩5,720
+19.4%
Base
₩10,118
+111.2%
Bull
₩17,947
+274.7%

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 (6.8%).

Revenue growth

  • 7.4%

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

    Default: the last 2 years' revenue growth (7.4% 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 2 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 5.2%

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

    Default: the last 2 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 2 years' revenue growth (7.4% 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 2 years' revenue growth (7.4% a year, annual reports), fading to 3% by year 5.

Business

  • 6.8%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 3 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.

  • 3.8%

    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).

  • 4.7%

    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).

  • 30.2%

    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 0.34, 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)
₩107B
Net debt (borrowings and leases − cash and deposits)
−₩18B
Shares
10,190,887
Share price
₩4,790
Market cap
₩49B

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₩79B₩77B₩91B₩115B₩123B₩129B₩134B₩138B
Growth—−2.8%18.6%7.4%6.3%5.2%4.1%3.0%
EBIT₩8.4B₩3B₩3.4B₩7.8B₩8.3B₩8.8B₩9.1B₩9.4B
EBIT margin10.6%3.9%3.7%6.8%6.8%6.8%6.8%6.8%
After-tax EBIT₩6.1B₩2.2B₩2.5B₩5.7B₩6B₩6.4B₩6.6B₩6.8B
+ Depreciation———₩4.4B₩4.7B₩4.9B₩5.1B₩5.3B
− Capital spending₩2.8B₩3B₩6.2B₩5.4B₩5.8B₩6.1B₩6.3B₩6.5B
− Working capital—₩10B−₩54M₩2.4B₩2.2B₩1.9B₩1.6B₩1.2B
Free cash flow———₩2.2B₩2.7B₩3.3B₩3.8B₩4.4B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩2.1B₩2.4B₩2.6B₩2.9B₩3.1B

Terminal value ₩103B, worth ₩72B 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:

LowTypicalHigh
Price / book (book value ₩8,650 a share)Now 0.55×₩5,0000.58×₩7,1090.82×₩11,0591.28×
Price / earnings (last 12 months: ₩1,129 a share)Now 4.24×₩7,5776.71×₩11,1819.91×₩15,99914.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,614 a share)Now 1.83×₩17,5496.71×₩25,8969.91×₩37,05614.2×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%₩10,989₩11,534₩12,199₩13,032₩14,106
6.9%₩10,126₩10,547₩11,051₩11,667₩12,438
7.4%₩9,399₩9,729₩10,118₩10,584₩11,152
7.9%₩8,780₩9,042₩9,345₩9,703₩10,131
8.4%₩8,246₩8,455₩8,695₩8,973₩9,301

Now (TTM)

Market cap
₩49B
Enterprise value
₩30B
P/E
4.2×
P/B
0.6×
P/S
0.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024
Price₩5,310₩5,910
Market cap₩54B₩60B
P/E14.3×11.1×
P/B0.7×0.8×
P/S0.6×0.8×
EV/EBITDA——
Dividend yield0.0%—

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Posbank4.2×0.6×0.5×—0.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
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: Posbank / 포스뱅크 / 105760 / KRX:105760

Source: KRX statistical information