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Genoray

122310 · KOSDAQ · ₩122310 · 제노레이

₩3,115▲ ₩20 (0.65%)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

₩8,957

vs the current price (₩3,115)

Enterprise value
₩143B
Equity value
₩130B
WACC
6.7%

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 188% 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 ₩3,115, the model needs an operating margin of 5.1% every year (it uses 9.2%).
  • Margins ranged from −0.2% to 20.1% 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.
  • 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.
  • Today's P/E is 17.4× against a typical 8.2× 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
₩4,423
+42.0%
Base
₩8,957
+187.5%
Bull
₩17,309
+455.7%

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 (9.2%).

Revenue growth

  • 9.4%

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

    Default: the last 3 years' revenue growth (9.4% a year, annual reports), fading to 3% by year 5.

  • 7.8%

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

    Default: the last 3 years' revenue growth (9.4% 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 (9.4% a year, annual reports), fading to 3% by year 5.

  • 4.6%

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

    Default: the last 3 years' revenue growth (9.4% 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 (9.4% a year, annual reports), fading to 3% by year 5.

Business

  • 9.2%

    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.

  • 4.3%

    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).

  • 5.3%

    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 0.15, 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)
₩108B
Net debt (borrowings and leases − cash and deposits)
₩12B
Shares
14,553,844
Share price
₩3,115
Market cap
₩45B

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₩98B₩107B₩108B₩118B₩127B₩135B₩141B₩146B
Growth18.5%9.3%1.0%9.4%7.8%6.2%4.6%3.0%
EBIT₩13B₩6.5B−₩243M₩11B₩12B₩12B₩13B₩13B
EBIT margin13.0%6.1%−0.2%9.2%9.2%9.2%9.2%9.2%
After-tax EBIT₩9.2B₩4.7B−₩176M₩7.9B₩8.5B₩9B₩9.4B₩9.7B
+ Depreciation———₩5.1B₩5.5B₩5.8B₩6.1B₩6.3B
− Capital spending₩8.6B₩6.3B₩1.4B₩6.3B₩6.7B₩7.2B₩7.5B₩7.7B
− Working capital−₩1.6B−₩7B₩389M₩4.1B₩3.7B₩3.2B₩2.5B₩1.7B
Free cash flow———₩2.6B₩3.5B₩4.5B₩5.5B₩6.6B
Discount factor———0.9370.8780.8230.7720.723
Present value———₩2.5B₩3.1B₩3.7B₩4.3B₩4.7B

Terminal value ₩172B, worth ₩124B today: 87% 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 ₩5,621 a share)Now 0.55×₩4,1680.74×₩5,8131.03×₩10,4631.86×
Price / earnings (last 12 months: ₩179 a share)Now 17.4×₩1,3317.43×₩1,4668.19×₩3,11517.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩167 a share)Now 18.7×₩1,2397.43×₩1,3648.19×₩2,89917.4×

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%
5.7%₩9,972₩10,791₩11,827₩13,182₩15,033
6.2%₩8,837₩9,457₩10,220₩11,186₩12,449
6.7%₩7,903₩8,381₩8,957₩9,667₩10,565
7.2%₩7,121₩7,495₩7,939₩8,473₩9,132
7.7%₩6,458₩6,754₩7,100₩7,510₩8,005

Now (TTM)

Market cap
₩45B
Enterprise value
₩58B
P/E
17.4×
P/B
0.6×
P/S
0.4×
EV/EBITDA
—
Dividend yield
4.8%

Over time (at each year end)

20252024202320222021
Price₩4,160₩5,500₩7,000₩7,740₩9,900
Market cap₩61B₩80B₩102B₩113B₩144B
P/E79.9×—8.2×8.1×10.1×
P/B0.7×0.9×1.1×1.3×1.8×
P/S0.6×0.7×1.0×1.4×1.9×
EV/EBITDA—————
Dividend yield3.6%3.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Genoray17.4×0.6×0.4×—4.8%
TSE29.1×6.4×5.4×—0.2%
Kctech21.7×3.3×4.0×16.7×0.5%
Classys12.8×3.2×4.8×10.0×3.7%
Park Systems69.3×4.7×8.3×—0.2%
DI42.0×5.8×2.6×—0.6%
LivsMed—6.7×21.5×—0.0%
Similar companies (median)29.1×5.3×5.1×13.4×0.3%

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

Also known as: Genoray / 제노레이 / 122310 / KRX:122310

Source: KRX statistical information