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Motrex

118990 · KOSDAQ · ₩118990 · 모트렉스

₩5,640▲ ₩110 (1.99%)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

₩32,371

vs the current price (₩5,640)

Enterprise value
₩1T
Equity value
₩794B
WACC
5.6%

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 474% 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 ₩5,640, the model needs an operating margin of 4.0% every year (it uses 7.9%).
  • Or revenue growth −27.6 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 7.9× against a typical 13.1× 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
₩10,121
+79.4%
Base
₩32,371
+474.0%
Bull
₩79,000
+1,300.7%

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 (7.9%).

Revenue growth

  • 7.3%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 6.2%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 5.1%

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

    Default: the last 3 years' revenue growth (7.3% a year, annual reports), fading to 3% by year 5.

  • 4.1%

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

    Default: the last 3 years' revenue growth (7.3% 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 (7.3% a year, annual reports), fading to 3% by year 5.

Business

  • 7.9%

    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.

  • 6.3%

    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).

  • 7.8%

    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).

  • 22.9%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.67

    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 0.5, 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.

  • 5.58%

    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)
₩702B
Net debt (borrowings and leases − cash and deposits)
₩200B
+ Stakes and investments
₩24B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩51B
Shares
24,537,371
Share price
₩5,640
Market cap
₩138B

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₩531B₩587B₩702B₩753B₩800B₩840B₩875B₩901B
Growth−6.6%10.5%19.7%7.3%6.2%5.1%4.1%3.0%
EBIT₩53B₩44B₩42B₩59B₩63B₩66B₩69B₩71B
EBIT margin10.0%7.4%6.0%7.9%7.9%7.9%7.9%7.9%
After-tax EBIT₩39B₩32B₩30B₩43B₩46B₩48B₩50B₩52B
+ Depreciation———₩47B₩50B₩53B₩55B₩57B
− Capital spending₩44B₩67B₩26B₩59B₩62B₩66B₩68B₩70B
− Working capital−₩17B₩77B−₩5.9B₩12B₩11B₩9.3B₩7.9B₩6B
Free cash flow———₩20B₩23B₩26B₩29B₩32B
Discount factor———0.9470.8970.8500.8050.763
Present value———₩19B₩21B₩22B₩23B₩24B

Terminal value ₩1.2T, worth ₩912B today: 89% 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 ₩11,911 a share)Now 0.47×₩9,0060.76×₩19,0961.60×₩29,4582.47×
Price / earnings (last 12 months: ₩716 a share)Now 7.88×₩5,7338.01×₩9,39613.1×₩19,09726.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,642 a share)Now 2.13×₩21,1678.01×₩34,69113.1×₩70,50926.7×

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%
4.6%₩35,843₩41,572₩49,522₩61,305₩80,594
5.1%₩29,953₩34,080₩39,543₩47,123₩58,357
5.6%₩25,360₩28,439₩32,371₩37,576₩44,798
6.1%₩21,681₩24,040₩26,971₩30,715₩35,670
6.6%₩18,669₩20,515₩22,759₩25,547₩29,109

Now (TTM)

Market cap
₩138B
Enterprise value
₩334B
P/E
7.9×
P/B
0.5×
P/S
0.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩9,510₩9,490₩17,850₩13,600₩11,023
Market cap₩233B₩233B₩438B₩334B₩270B
P/E31.5×12.0×13.9×8.7×23.4×
P/B0.9×1.0×2.1×1.9×2.0×
P/S0.3×0.4×0.8×0.6×0.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Motrex7.9×0.5×0.2×—0.0%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.1×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—13.4×18.9×—0.0%
Hyundai WIA19.3×0.4×0.2×—2.4%
SNT Dynamics13.4×0.7×0.9×—6.8%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

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

Also known as: Motrex / 모트렉스 / 118990 / KRX:118990

Source: KRX statistical information