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Aptocrom

109960 · KOSDAQ · ₩109960 · 앱토크롬

₩1,745▲ ₩2 (0.11%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩18B
Equity value
−₩14B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩1,745, the model needs an operating margin of 16.8% every year (it uses −11.1%).
  • Margins ranged from −30.6% to 5.9% 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.
  • 100% 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.
  • 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 0.7× against a typical 17.0× 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
—
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 (−11.1%).

Revenue growth

  • 0.7%

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

    Default: the last 3 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.

  • 1.3%

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

    Default: the last 3 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (0.7% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (0.7% 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 (0.7% a year, annual reports), fading to 3% by year 5.

Business

  • -11.1%

    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.

  • 0.2%

    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).

  • 0.3%

    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 -2.49, 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)
₩11B
Net debt (borrowings and leases − cash and deposits)
−₩3.5B
Shares
15,132,233
Share price
₩1,745
Market cap
₩26B

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₩16B₩16B₩9.8B₩11B₩11B₩11B₩11B₩12B
Growth66.8%2.5%−40.2%0.7%1.3%1.9%2.4%3.0%
EBIT₩189M₩967M−₩2.3B−₩1.2B−₩1.2B−₩1.2B−₩1.3B−₩1.3B
EBIT margin1.2%5.9%−23.3%−11.1%−11.1%−11.1%−11.1%−11.1%
After-tax EBIT₩137M₩701M−₩1.7B−₩874M−₩885M−₩902M−₩924M−₩951M
+ Depreciation———₩22M₩22M₩22M₩23M₩24M
− Capital spending₩28M₩82M₩14M₩33M₩33M₩34M₩34M₩35M
− Working capital−₩92B₩37B−₩9.3B₩30M₩56M₩84M₩108M₩138M
Free cash flow———−₩915M−₩953M−₩997M−₩1B−₩1.1B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩852M−₩826M−₩804M−₩783M−₩770M

Terminal value −₩20B, worth −₩14B today: 77% 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 ₩23,906 a share)Now 0.07×₩3,5150.15×₩15,2940.64×₩111,9834.68×
Price / earnings (last 12 months: ₩2,541 a share)Now 0.69×₩1,8870.74×₩43,12417.0×₩189,18074.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩12,181 a share)Now 0.14×₩9,0450.74×₩206,70317.0×₩906,79074.4×

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%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩26B
Enterprise value
₩23B
P/E
0.7×
P/B
0.1×
P/S
2.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,820₩10,045₩15,019₩43,108₩80,584
Market cap₩73B₩152B₩227B₩652B₩1.2T
P/E——52.8×—460.2×
P/B0.2×0.5×0.8×3.3×5.5×
P/S7.4×9.3×14.2×68.0×144.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Aptocrom0.7×0.1×2.4×—0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.6×1.3×0.3×—3.7%
ISC45.3×6.0×12.6×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies18.9×1.6×5.1×—4.2%
Shinsegae14.4×0.5×0.3×—2.0%
Similar companies (median)16.6×1.0×1.0×—2.6%

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

Also known as: Aptocrom / 앱토크롬 / 109960 / KRX:109960

Source: KRX statistical information