Ask Warren

Robotis

108490 · KOSDAQ · ₩108490 · 로보티즈

₩251,000▲ ₩4,500 (1.83%)End-of-day · Oct 27, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩11,482

vs the current price (₩251,000)

Enterprise value
−₩88B
Equity value
₩168B
WACC
9.1%

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 95% 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:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −18.2% to 8.6% 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.

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
₩12,192
−95.1%
Base
₩11,482
−95.4%
Bull
₩10,737
−95.7%

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 (−9.5%).

Revenue growth

  • 14.6%

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

    Default: the last 3 years' revenue growth (14.6% a year, annual reports), fading to 3% by year 5.

  • 11.7%

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

    Default: the last 3 years' revenue growth (14.6% a year, annual reports), fading to 3% by year 5.

  • 8.8%

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

    Default: the last 3 years' revenue growth (14.6% 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 (14.6% 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 (14.6% a year, annual reports), fading to 3% by year 5.

Business

  • -9.5%

    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.

  • 7.3%

    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).

  • 9.6%

    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.

  • 0.91

    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 0.86, 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)
₩48B
Net debt (borrowings and leases − cash and deposits)
−₩234B
+ Stakes and investments
₩24B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩1.3B
Shares
14,671,028
Share price
₩251,000
Market cap
₩3.7T

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₩29B₩30B₩39B₩55B₩62B₩67B₩71B₩73B
Growth12.7%3.1%29.6%14.6%11.7%8.8%5.9%3.0%
EBIT−₩5.3B−₩3B₩3.3B−₩5.2B−₩5.8B−₩6.4B−₩6.7B−₩6.9B
EBIT margin−18.2%−9.9%8.6%−9.5%−9.5%−9.5%−9.5%−9.5%
After-tax EBIT−₩3.8B−₩2.2B₩2.4B−₩3.8B−₩4.2B−₩4.6B−₩4.9B−₩5B
+ Depreciation₩2.3B₩2.3B₩2.4B₩4B₩4.5B₩4.9B₩5.2B₩5.3B
− Capital spending₩2.3B₩4.4B₩2.4B₩5.3B₩5.9B₩6.4B₩6.8B₩7B
− Working capital−₩46B₩13B₩41B₩2.8B₩2.6B₩2.2B₩1.6B₩851M
Free cash flow₩42B−₩17B−₩39B−₩7.9B−₩8.2B−₩8.3B−₩8.1B−₩7.6B
Discount factor———0.9160.8400.7700.7050.647
Present value———−₩7.2B−₩6.9B−₩6.4B−₩5.7B−₩4.9B

Terminal value −₩88B, worth −₩57B today: 65% 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 ₩24,526 a share)Now 10.2×₩84,0523.43×₩119,6794.88×₩363,99914.8×

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%
8.1%₩11,475₩11,061₩10,578₩10,009₩9,326
8.6%₩11,837₩11,478₩11,064₩10,581₩10,012
9.1%₩12,155₩11,841₩11,482₩11,068₩10,586
9.6%₩12,436₩12,160₩11,846₩11,488₩11,074
10.1%₩12,688₩12,443₩12,166₩11,853₩11,495

Now (TTM)

Market cap
₩3.7T
Enterprise value
₩3.4T
P/E
—
P/B
10.2×
P/S
76.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩261,000₩23,250₩30,600₩22,500₩24,700
Market cap₩3.8T₩341B₩449B₩330B₩362B
P/E754.7×———498.6×
P/B12.2×3.6×4.7×3.9×5.2×
P/S98.3×11.4×15.4×12.8×16.2×
EV/EBITDA637.1×———401.1×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Robotis—10.2×76.6×—0.0%
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: Robotis / 로보티즈 / 108490 / KRX:108490

Source: KRX statistical information