KOSDAQ · 115530 · Electronic components · ₩115530

Cnplus씨엔플러스

115530 · KOSDAQ · ₩115530 · 씨엔플러스

₩2,910▲ ₩90 (3.19%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

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: −₩6B
Equity value: −₩15B
WACC: 10.3%

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 ₩2,910, the model needs an operating margin of 7.4% every year (it uses 1.3%).
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 21.3× against a typical 36.4× 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

Cycle options

Margin path

Every year uses the cycle-average margin (1.3%).

Revenue growth

Revenue growth, year 17.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.3%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation5.5%
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).
Capital spending6.9%
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).
Working capital26.6%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta1.58
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 1.86, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩63B
Net debt (borrowings and leases − cash and deposits): ₩9.3B
+ Stakes and investments: ₩637M; Associates, long-term financial assets and deposits (book value)
Shares: 8,582,055
Share price: ₩2,910
Market cap: ₩25B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩36B	₩47B	₩54B	₩68B	₩72B	₩76B	₩79B	₩82B
Growth	−15.8%	31.0%	12.9%	7.6%	6.4%	5.3%	4.1%	3.0%
EBIT	₩961M	−₩37M	₩368M	₩886M	₩942M	₩992M	₩1B	₩1.1B
EBIT margin	2.7%	−0.1%	0.7%	1.3%	1.3%	1.3%	1.3%	1.3%
After-tax EBIT	₩697M	−₩27M	₩266M	₩642M	₩683M	₩719M	₩749M	₩771M
+ Depreciation	—	—	—	₩3.7B	₩4B	₩4.2B	₩4.4B	₩4.5B
− Capital spending	₩673M	₩8.4B	₩579M	₩4.7B	₩5B	₩5.3B	₩5.5B	₩5.6B
− Working capital	₩7.6B	−₩4.7B	₩991M	₩1.3B	₩1.2B	₩1B	₩832M	₩634M
Free cash flow	—	—	—	−₩1.6B	−₩1.5B	−₩1.4B	−₩1.2B	−₩1B
Discount factor	—	—	—	0.906	0.821	0.745	0.675	0.612
Present value	—	—	—	−₩1.4B	−₩1.2B	−₩1B	−₩807M	−₩617M

Terminal value −₩1.4B, worth −₩855M today: 14% 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:

	Low	Typical	High
Price / book (book value ₩1,263 a share)Now 2.30×	₩3,1372.48×	₩4,8843.87×	₩9,1237.22×
Price / earnings (last 12 months: ₩136 a share)Now 21.3×	₩3,07522.6×	₩4,96636.4×	₩9,18367.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩168 a share)Now 17.4×	₩3,78122.6×	₩6,10636.4×	₩11,29167.4×

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%
9.3%	—	—	—	—	—
9.8%	—	—	—	—	—
10.3%	—	—	—	—	—
10.8%	—	—	—	—	—
11.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩25B
Enterprise value: ₩34B
P/E: 21.3×
P/B: 2.3×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩3,370	₩3,910	₩3,500	₩5,000	₩8,000
Market cap	₩29B	₩34B	₩30B	₩43B	₩69B
P/E	—	—	76.7×	24.7×	—
P/B	4.2×	3.5×	2.7×	3.7×	6.9×
P/S	0.5×	0.7×	0.8×	1.0×	2.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Cnplus	21.3×	2.3×	0.4×	—	0.0%
Samsung Electro-Mechanics	95.9×	9.4×	7.8×	—	0.2%
Doosan	37.2×	5.2×	0.7×	—	0.4%
Hanwha Systems	69.5×	2.7×	3.0×	—	0.8%
LG Innotek	12.4×	1.3×	0.3×	—	0.5%
Daeduck Electronics	44.9×	7.0×	5.1×	—	0.4%
Isupetasys	33.8×	7.9×	5.2×	—	0.0%
Similar companies (median)	41.1×	6.1×	4.0×	—	0.4%

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

Also known as: Cnplus / 씨엔플러스 / 115530 / KRX:115530

Source: KRX statistical information