KOSDAQ · 121600 · Chemicals · ₩121600

Advanced Nano Products나노신소재

121600 · KOSDAQ · ₩121600 · 나노신소재

₩61,300▲ ₩3,600 (6.24%)End-of-day · Oct 28, 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: −₩77B
Equity value: −₩1.8B
WACC: 8.5%

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 ₩61,300, the model needs an operating margin of 49.0% every year (it uses 9.0%).
Margins ranged from 3.4% to 21.1% 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.
50% 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 48.9× against a typical 83.2× 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: ₩5,044; −91.8%

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 (9.0%).

Revenue growth

Revenue growth, year 111.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 29.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.8% 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 (11.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9%
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 & amortisation8.8%
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).
Capital spending38.8%
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).
Working capital40%
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 rate4.11%
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.
Beta0.79
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 0.69, 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)5.61%
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): ₩129B
Net debt (borrowings and leases − cash and deposits): −₩76B
Shares: 12,262,191
Share price: ₩61,300
Market cap: ₩752B

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	₩83B	₩88B	₩112B	₩145B	₩158B	₩170B	₩179B	₩184B
Growth	4.1%	5.5%	27.3%	11.8%	9.6%	7.4%	5.2%	3.0%
EBIT	₩12B	₩3B	₩4.7B	₩13B	₩14B	₩15B	₩16B	₩17B
EBIT margin	14.3%	3.4%	4.2%	9.0%	9.0%	9.0%	9.0%	9.0%
After-tax EBIT	₩8.6B	₩2.2B	₩3.4B	₩9.4B	₩10B	₩11B	₩12B	₩12B
+ Depreciation	—	₩7B	₩11B	₩13B	₩14B	₩15B	₩16B	₩16B
− Capital spending	₩40B	₩51B	₩12B	₩56B	₩61B	₩66B	₩69B	₩72B
− Working capital	−₩80B	₩6.4B	−₩28B	₩6.1B	₩5.6B	₩4.7B	₩3.5B	₩2.1B
Free cash flow	—	−₩48B	₩30B	−₩40B	−₩43B	−₩45B	−₩46B	−₩45B
Discount factor	—	—	—	0.922	0.850	0.784	0.723	0.666
Present value	—	—	—	−₩37B	−₩36B	−₩35B	−₩33B	−₩30B

Terminal value ₩141B, worth ₩94B today: -122% 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 ₩21,650 a share)Now 2.83×	₩54,7032.53×	₩110,6255.11×	₩189,6288.76×
Price / earnings (last 12 months: ₩1,254 a share)Now 48.9×	₩55,70044.4×	₩104,32983.2×	₩118,73394.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,973 a share)Now 31.1×	₩87,63744.4×	₩164,14983.2×	₩186,81294.7×

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%
7.5%	₩415	₩827	₩1,311	₩1,888	₩2,590
8.0%	—	₩129	₩505	₩945	₩1,471
8.5%	—	—	—	₩195	₩594
9.0%	—	—	—	—	—
9.5%	—	—	—	—	—

Now (TTM)

Market cap: ₩752B
Enterprise value: ₩675B
P/E: 48.9×
P/B: 2.8×
P/S: 5.8×
EV/EBITDA: 30.4×
Dividend yield: 0.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩49,950	₩58,200	₩120,600	₩77,500	₩68,700
Market cap	₩612B	₩714B	₩1.5T	₩950B	₩842B
P/E	374.6×	—	88.2×	49.5×	113.4×
P/B	2.5×	2.9×	6.2×	4.8×	8.4×
P/S	5.5×	8.1×	17.8×	11.9×	13.8×
EV/EBITDA	34.7×	62.4×	—	46.0×	96.3×
Dividend yield	0.5%	0.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Advanced Nano Products	48.9×	2.8×	5.8×	30.4×	0.4%
LG Chem	—	0.5×	0.3×	—	0.8%
Hanwha Solutions	—	0.6×	0.4×	—	0.0%
Hanwha	6.3×	0.4×	0.1×	—	1.4%
SKC	—	2.1×	2.0×	—	0.0%
KCC	0.9×	0.3×	0.5×	8.9×	0.0%
Kumho Petro Chemical	5.3×	0.4×	0.4×	—	1.6%
Similar companies (median)	5.3×	0.4×	0.4×	8.9×	0.4%

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

Also known as: Advanced Nano Products / 나노신소재 / 121600 / KRX:121600

Source: KRX statistical information