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Metacare

118000 · KOSPI · ₩118000 · 메타케어

₩997▼ ₩301 (23.19%)End-of-day · Oct 30, 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
−₩53B
Equity value
−₩105B
WACC
5.9%

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 ₩997, the model needs an operating margin of 10.1% every year (it uses −0.9%).
  • Margins ranged from −16.0% to 7.4% 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
—
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

Start from

Preliminary results are the company's early announcement of a quarter's sales and operating profit, before the full report. Including them swaps that quarter in for the same quarter a year earlier.

Margin path

Every year uses the cycle-average margin (−0.9%).

Revenue growth

  • 19.8%

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

    Default: the last 3 years' revenue growth (19.8% a year, annual reports), fading to 3% by year 5.

  • 15.6%

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

    Default: the last 3 years' revenue growth (19.8% a year, annual reports), fading to 3% by year 5.

  • 11.4%

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

    Default: the last 3 years' revenue growth (19.8% a year, annual reports), fading to 3% by year 5.

  • 7.2%

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

    Default: the last 3 years' revenue growth (19.8% 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 (19.8% a year, annual reports), fading to 3% by year 5.

Business

  • -0.9%

    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.

  • 12.2%

    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).

  • 15.2%

    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).

  • 37.6%

    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

  • 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.

  • 1.34

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 1.51, 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)
₩40B
Net debt (borrowings and leases − cash and deposits)
₩63B
+ Stakes and investments
₩24B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩12B
Shares
22,055,785
Share price
₩997
Market cap
₩22B

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₩56B₩20B₩33B₩48B₩55B₩62B₩66B₩68B
Growth191.9%−63.8%62.4%19.8%15.6%11.4%7.2%3.0%
EBIT−₩8.9B₩1.5B₩1.3B−₩431M−₩498M−₩555M−₩595M−₩612M
EBIT margin−16.0%7.4%4.0%−0.9%−0.9%−0.9%−0.9%−0.9%
After-tax EBIT−₩6.5B₩1.1B₩960M−₩312M−₩361M−₩402M−₩431M−₩444M
+ Depreciation———₩5.8B₩6.7B₩7.5B₩8.1B₩8.3B
− Capital spending₩5B₩2.9B₩7.3B₩7.3B₩8.4B₩9.4B₩10B₩10B
− Working capital−₩519M−₩11B₩3.5B₩3B₩2.8B₩2.4B₩1.7B₩745M
Free cash flow———−₩4.7B−₩4.8B−₩4.6B−₩4.1B−₩3.2B
Discount factor———0.9440.8920.8420.7950.751
Present value———−₩4.5B−₩4.3B−₩3.9B−₩3.2B−₩2.4B

Terminal value −₩47B, worth −₩35B today: 66% 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 ₩5,686 a share)Now 0.18×₩2,1840.38×₩4,3450.76×₩13,2882.34×

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%
4.9%—————
5.4%—————
5.9%—————
6.4%—————
6.9%—————

Now (TTM)

Market cap
₩22B
Enterprise value
₩83B
P/E
—
P/B
0.2×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,050₩2,820₩4,000₩5,200₩15,050
Market cap₩67B₩62B₩88B₩115B₩332B
P/E135.0×6.7×——42.9×
P/B0.6×0.5×0.8×1.2×2.8×
P/S2.0×3.1×1.6×6.0×17.8×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Metacare—0.2×0.6×—0.0%
Samsung C&T18.1×0.5×1.2×—0.9%
POSCO International10.3×1.2×0.3×—3.8%
ISC42.6×5.7×11.9×—0.5%
Youngone5.2×0.7×0.7×—3.0%
Dong SUH Companies19.6×1.7×5.3×—4.0%
SK Gas7.4×0.6×0.3×—3.5%
Similar companies (median)14.2×1.0×0.9×—3.3%

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

Also known as: Metacare / 메타케어 / 118000 / KRX:118000

Source: KRX statistical information