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Fine Technix

106240 · KOSDAQ · ₩106240 · 파인테크닉스

₩1,162▲ ₩49 (4.40%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩35B
Equity value
−₩73B
WACC
5.5%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,162, the model needs an operating margin of 10.5% every year (it uses −3.6%).
  • Margins ranged from −15.0% to 8.3% 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.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
—
Base
—
Bull
—

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 (−3.6%).

Revenue growth

  • -5.9%

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

    Default: the last 3 years' revenue growth (-5.9% a year, annual reports), fading to 3% by year 5.

  • -3.7%

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

    Default: the last 3 years' revenue growth (-5.9% a year, annual reports), fading to 3% by year 5.

  • -1.5%

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

    Default: the last 3 years' revenue growth (-5.9% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (-5.9% 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 (-5.9% a year, annual reports), fading to 3% by year 5.

Business

  • -3.6%

    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.

  • 2.6%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 5.8%

    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).

  • 1.9%

    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.

  • 4.01%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 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 0.06, 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.

  • 5.51%

    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)
₩42B
Net debt (borrowings and leases − cash and deposits)
₩39B
Shares
27,446,964
Share price
₩1,162
Market cap
₩32B

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₩60B₩58B₩43B₩39B₩38B₩37B₩38B₩39B
Growth15.8%−3.0%−25.8%−5.9%−3.7%−1.5%0.8%3.0%
EBIT₩1.2B−₩1.7B−₩6.4B−₩1.4B−₩1.4B−₩1.3B−₩1.4B−₩1.4B
EBIT margin2.1%−3.0%−15.0%−3.6%−3.6%−3.6%−3.6%−3.6%
After-tax EBIT₩905M−₩1.3B−₩4.6B−₩1B−₩990M−₩975M−₩983M−₩1B
+ Depreciation₩1.3B₩1.6B₩1.2B₩1B₩986M₩971M₩979M₩1B
− Capital spending₩7B₩2.2B₩775M₩2.3B₩2.2B₩2.2B₩2.2B₩2.2B
− Working capital−₩3.1B−₩22B₩32B−₩47M−₩28M−₩11M₩5.7M₩21M
Free cash flow−₩1.7B₩20B−₩36B−₩2.2B−₩2.2B−₩2.2B−₩2.2B−₩2.3B
Discount factor———0.9480.8990.8520.8080.766
Present value———−₩2.1B−₩2B−₩1.8B−₩1.8B−₩1.7B

Terminal value −₩33B, worth −₩25B 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:

LowTypicalHigh
Price / book (book value ₩2,488 a share)Now 0.47×₩9220.37×₩1,2690.51×₩3,4571.39×

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%
4.5%—————
5.0%—————
5.5%—————
6.0%—————
6.5%—————

Now (TTM)

Market cap
₩32B
Enterprise value
₩71B
P/E
—
P/B
0.5×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,388₩1,071₩1,766₩2,010₩5,860
Market cap₩38B₩29B₩48B₩55B₩161B
P/E———0.2×3.1×
P/B0.6×0.4×0.5×0.6×1.2×
P/S0.9×0.5×0.8×1.1×0.4×
EV/EBITDA——20.7×9.5×2.6×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Fine Technix—0.5×0.8×—0.0%
LS Electric61.1×11.2×4.2×37.8×0.0%
Hyosung Heavy Industries30.5×6.9×2.8×—0.4%
HD Hyundai Electric18.7×7.0×3.7×—0.0%
Gaon Cable110.9×13.4×2.5×57.9×0.0%
Sanil Electric26.6×7.2×8.2×—0.8%
Taihan Cable & Solution—2.1×1.0×—0.0%
Similar companies (median)30.5×7.1×3.2×47.8×0.0%

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

Also known as: Fine Technix / 파인테크닉스 / 106240 / KRX:106240

Source: KRX statistical information