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Anapass

123860 · KOSDAQ · ₩123860 · 아나패스

₩10,410▼ ₩290 (2.71%)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

₩22,706

vs the current price (₩10,410)

Enterprise value
₩216B
Equity value
₩275B
WACC
7.4%

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 118% 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 ₩10,410, the model needs an operating margin of 3.8% every year (it uses 10.7%).
  • Or revenue growth −26.1 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −16.2% to 18.6% 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.
  • Today's P/E is 355.8× against a typical 38.7× 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
₩15,473
+48.6%
Base
₩22,706
+118.1%
Bull
₩34,702
+233.4%

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 (10.7%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (35.7% 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 (35.7% 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 (35.7% 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 (35.7% 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 (35.7% a year, annual reports), fading to 3% by year 5.

Business

  • 10.7%

    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%

    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).

  • 5.1%

    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).

  • -1.7%

    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 0.32, 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)
₩94B
Net debt (borrowings and leases − cash and deposits)
−₩60B
Shares
12,123,415
Share price
₩10,410
Market cap
₩126B

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₩71B₩182B₩108B₩117B₩140B₩159B₩173B₩178B
Growth65.1%155.0%−40.6%25.0%19.5%14.0%8.5%3.0%
EBIT₩4.5B₩20B₩20B₩13B₩15B₩17B₩18B₩19B
EBIT margin6.3%11.0%18.6%10.7%10.7%10.7%10.7%10.7%
After-tax EBIT₩3.2B₩15B₩15B₩9.1B₩11B₩12B₩13B₩14B
+ Depreciation₩4.4B₩4.4B₩3.8B₩4.7B₩5.6B₩6.4B₩6.9B₩7.1B
− Capital spending₩4.9B₩3.6B₩6.9B₩6B₩7.1B₩8.1B₩8.8B₩9.1B
− Working capital−₩15B−₩14B−₩648M−₩397M−₩388M−₩332M−₩230M−₩88M
Free cash flow₩18B₩29B₩12B₩8.2B₩9.7B₩11B₩12B₩12B
Discount factor———0.9310.8670.8070.7510.700
Present value———₩7.6B₩8.4B₩8.8B₩8.8B₩8.4B

Terminal value ₩248B, worth ₩174B today: 81% 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 ₩5,657 a share)Now 1.84×₩14,2562.52×₩27,3394.83×₩39,8567.05×
Price / earnings (last 12 months: ₩29 a share)Now 355.8×₩2789.49×₩1,13338.7×₩2,06170.4×

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%
6.4%₩23,310₩24,920₩26,895₩29,376₩32,585
6.9%₩21,691₩23,005₩24,586₩26,527₩28,964
7.4%₩20,326₩21,415₩22,706₩24,260₩26,167
7.9%₩19,159₩20,074₩21,145₩22,413₩23,941
8.4%₩18,151₩18,929₩19,828₩20,880₩22,127

Now (TTM)

Market cap
₩126B
Enterprise value
₩67B
P/E
355.8×
P/B
1.8×
P/S
1.3×
EV/EBITDA
5.1×
Dividend yield
2.4%

Over time (at each year end)

20252024202320222021
Price₩17,350₩20,600₩21,450₩24,200₩27,000
Market cap₩210B₩250B₩260B₩293B₩327B
P/E77.5×13.2×97.0×—25.9×
P/B2.8×3.4×4.8×7.8×6.8×
P/S1.9×1.4×3.6×6.8×6.8×
EV/EBITDA5.9×7.3×24.7×—24.8×
Dividend yield1.4%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Anapass355.8×1.8×1.3×5.1×2.4%
SK hynix6.7×4.1×5.7×—0.2%
DB HiTek12.6×1.8×2.8×—0.8%
Fadu—40.1×14.0×—0.0%
Hana Micron14.4×4.5×1.2×—0.2%
Jeju Semiconductor10.4×5.4×3.6×—0.0%
SFA Semicon—3.1×3.3×—0.0%
Similar companies (median)11.5×4.3×3.4×—0.1%

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

Also known as: Anapass / 아나패스 / 123860 / KRX:123860

Source: KRX statistical information