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Genic

123330 · KOSDAQ · ₩123330 · 제닉

₩16,580▲ ₩200 (1.22%)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

₩3,490

vs the current price (₩16,580)

Enterprise value
₩30B
Equity value
₩28B
WACC
7.3%

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 is 79% 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 ₩16,580, the model needs an operating margin of 6.0% every year (it uses 2.1%).
  • Margins ranged from −14.3% to 19.1% 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.
  • 53% 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.

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
₩3,490
−78.9%
Bull
₩14,157
−14.6%

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 (2.1%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (35.5% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (35.5% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (35.5% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (35.5% 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 (35.5% a year, annual reports), fading to 3% by year 5.

Business

  • 2.1%

    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.

  • 3.6%

    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).

  • 3.2%

    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).

  • 12.8%

    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.

  • 0.6

    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 -0.25, 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)
₩114B
Net debt (borrowings and leases − cash and deposits)
₩1.9B
Shares
7,968,680
Share price
₩16,580
Market cap
₩132B

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₩28B₩50B₩78B₩143B₩171B₩195B₩211B₩217B
Growth−10.7%77.8%56.7%25.0%19.5%14.0%8.5%3.0%
EBIT−₩4B₩6B₩15B₩3B₩3.6B₩4.1B₩4.4B₩4.6B
EBIT margin−14.3%12.1%19.1%2.1%2.1%2.1%2.1%2.1%
After-tax EBIT−₩2.9B₩4.4B₩11B₩2.2B₩2.6B₩3B₩3.2B₩3.3B
+ Depreciation₩1.6B₩1.5B₩1.6B₩5.1B₩6.1B₩7B₩7.6B₩7.8B
− Capital spending₩841M₩1.7B₩2.7B₩4.6B₩5.5B₩6.2B₩6.8B₩7B
− Working capital−₩5.7B₩6.2B−₩2.4B₩3.7B₩3.6B₩3.1B₩2.1B₩811M
Free cash flow₩3.5B−₩2B₩12B−₩911M−₩284M₩682M₩1.9B₩3.4B
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩849M−₩246M₩552M₩1.5B₩2.4B

Terminal value ₩38B, worth ₩26B 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 ₩7,001 a share)Now 2.37×₩13,9231.99×₩17,4432.49×₩77,09211.0×

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%
6.3%₩4,124₩4,282₩4,475₩4,714₩5,021
6.8%₩3,692₩3,802₩3,931₩4,088₩4,282
7.3%₩3,329₩3,404₩3,490₩3,592₩3,714
7.8%₩3,020₩3,070₩3,125₩3,189₩3,264
8.3%₩2,754₩2,785₩2,818₩2,856₩2,898

Now (TTM)

Market cap
₩132B
Enterprise value
₩131B
P/E
4.5×
P/B
2.4×
P/S
1.2×
EV/EBITDA
6.2×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩16,520₩22,950₩3,600₩4,400₩6,180
Market cap₩132B₩183B₩29B₩35B₩49B
P/E7.0×24.2×———
P/B3.2×8.3×2.5×2.2×2.6×
P/S1.7×3.7×1.0×1.1×1.3×
EV/EBITDA7.3×24.8×———
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Genic4.5×2.4×1.2×6.2×0.0%
LG Chem—0.5×0.3×—0.8%
Hanwha Solutions—0.6×0.4×—0.0%
Hanwha6.3×0.4×0.1×—1.4%
SKC—2.1×2.0×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—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: Genic / 제닉 / 123330 / KRX:123330

Source: KRX statistical information