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Toptec

108230 · KOSDAQ · ₩108230 · 톱텍

₩2,620▲ ₩10 (0.38%)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

₩5,472

vs the current price (₩2,620)

Enterprise value
₩30B
Equity value
₩208B
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 109% 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 ₩2,620, the model needs an operating margin of −3.8% every year (it uses 2.2%).
  • Margins ranged from −53.8% to 11.5% 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.
  • 69% 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 13.0× against a typical 12.2× 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
₩4,798
+83.1%
Base
₩5,472
+108.8%
Bull
₩6,826
+160.5%

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 (2.2%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-20.9% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-20.9% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-20.9% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-20.9% 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 (-20.9% a year, annual reports), fading to 3% by year 5.

Business

  • 2.2%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 1.7%

    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).

  • 2.1%

    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).

  • 36.1%

    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 0.35, 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)
₩173B
Net debt (borrowings and leases − cash and deposits)
−₩180B
− Minority interests
₩2.2B
Shares
38,023,245
Share price
₩2,620
Market cap
₩100B

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₩602B₩474B₩171B₩156B₩146B₩140B₩140B₩144B
Growth74.4%−21.3%−63.9%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩69B₩12B−₩3.1B₩3.4B₩3.2B₩3.1B₩3.1B₩3.2B
EBIT margin11.5%2.6%−1.8%2.2%2.2%2.2%2.2%2.2%
After-tax EBIT₩50B₩9.1B−₩2.3B₩2.5B₩2.3B₩2.2B₩2.2B₩2.3B
+ Depreciation———₩2.7B₩2.5B₩2.4B₩2.4B₩2.5B
− Capital spending₩22B₩2.9B₩3.6B₩3.3B₩3.1B₩2.9B₩2.9B₩3B
− Working capital₩83B−₩92B−₩7.6B−₩6.3B−₩3.8B−₩1.8B−₩101M₩1.5B
Free cash flow———₩8.1B₩5.5B₩3.5B₩1.8B₩207M
Discount factor———0.9310.8670.8070.7510.700
Present value———₩7.6B₩4.8B₩2.8B₩1.3B₩145M

Terminal value ₩19B, worth ₩13B today: 45% 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 ₩10,276 a share)Now 0.25×₩3,9980.39×₩7,9610.77×₩10,9611.07×
Price / earnings (last 12 months: ₩201 a share)Now 13.0×₩4842.41×₩2,45012.2×₩5,01625.0×

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%
6.4%₩5,681₩5,636₩5,580₩5,509₩5,415
6.9%₩5,618₩5,574₩5,521₩5,454₩5,369
7.4%₩5,565₩5,523₩5,472₩5,410₩5,332
7.9%₩5,520₩5,479₩5,431₩5,373₩5,302
8.4%₩5,480₩5,441₩5,396₩5,342₩5,277

Now (TTM)

Market cap
₩100B
Enterprise value
−₩81B
P/E
13.0×
P/B
0.3×
P/S
0.6×
EV/EBITDA
—
Dividend yield
3.8%

Over time (at each year end)

20252024202320222021
Price₩4,570₩4,550₩7,670₩6,530₩9,270
Market cap₩174B₩173B₩292B₩248B₩352B
P/E—4.9×5.1×17.0×—
P/B0.5×0.4×0.8×0.8×1.2×
P/S1.0×0.4×0.5×0.7×2.1×
EV/EBITDA—————
Dividend yield2.2%3.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Toptec13.0×0.3×0.6×—3.8%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Similar companies (median)664.7×19.1×34.5×1,116.1×0.0%

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

Also known as: Toptec / 톱텍 / 108230 / KRX:108230

Source: KRX statistical information