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JNK Global

126880 · KOSDAQ · ₩126880 · 제이엔케이글로벌

₩2,485▼ ₩45 (1.78%)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

₩201

vs the current price (₩2,485)

Enterprise value
−₩22B
Equity value
₩4.7B
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 92% 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 ₩2,485, the model needs an operating margin of 4.6% every year (it uses 2.2%).
  • Or revenue growth +35.8 points a year higher than assumed in each of the 5 years.
  • 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.
  • Today's P/E is 18.8× against a typical 18.8× 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
₩201
−91.9%
Bull
₩3,335
+34.2%

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 (2.2%).

Revenue growth

  • -9.3%

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

    Default: the last 3 years' revenue growth (-9.3% 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 (-9.3% a year, annual reports), fading to 3% by year 5.

  • -3.1%

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

    Default: the last 3 years' revenue growth (-9.3% a year, annual reports), fading to 3% by year 5.

  • -0.1%

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

    Default: the last 3 years' revenue growth (-9.3% 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 (-9.3% a year, annual reports), fading to 3% by year 5.

Business

  • 2.2%

    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.

  • 1.2%

    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).

  • 10.8%

    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).

  • -3.1%

    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 0.16, 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)
₩205B
Net debt (borrowings and leases − cash and deposits)
−₩27B
Shares
23,168,123
Share price
₩2,485
Market cap
₩58B

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₩167B₩139B₩147B₩186B₩174B₩169B₩169B₩174B
Growth−15.4%−16.8%6.2%−9.3%−6.2%−3.1%−0.1%3.0%
EBIT₩4.1B₩3.6B₩3.2B₩4.1B₩3.8B₩3.7B₩3.7B₩3.8B
EBIT margin2.5%2.6%2.1%2.2%2.2%2.2%2.2%2.2%
After-tax EBIT₩3B₩2.6B₩2.3B₩3B₩2.8B₩2.7B₩2.7B₩2.8B
+ Depreciation₩1.7B₩1.9B₩1.8B₩2.2B₩2.1B₩2B₩2B₩2.1B
− Capital spending₩14B₩23B₩11B₩20B₩19B₩18B₩18B₩19B
− Working capital−₩69B₩14B₩21B₩590M₩357M₩167M₩5.2M−₩157M
Free cash flow₩60B−₩32B−₩28B−₩15B−₩14B−₩14B−₩14B−₩14B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩14B−₩12B−₩11B−₩10B−₩9.6B

Terminal value ₩50B, worth ₩35B today: -157% 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 ₩8,328 a share)Now 0.30×₩3,1650.38×₩7,1370.86×₩11,3991.37×
Price / earnings (last 12 months: ₩132 a share)Now 18.8×₩1300.98×₩2,48718.8×₩4,05930.7×

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%
6.4%₩160₩344₩569₩852₩1,219
6.9%₩30₩181₩363₩586₩866
7.4%—₩51₩201₩381₩602
7.9%——₩72₩220₩399
8.4%———₩92₩239

Now (TTM)

Market cap
₩58B
Enterprise value
₩30B
P/E
18.8×
P/B
0.3×
P/S
0.3×
EV/EBITDA
6.5×
Dividend yield
2.0%

Over time (at each year end)

20252024202320222021
Price₩3,830₩3,595₩5,350₩5,140₩5,940
Market cap₩89B₩83B₩124B₩119B₩138B
P/E30.4×0.9×32.8×16.1×27.9×
P/B0.6×0.4×1.1×1.1×1.4×
P/S0.6×0.6×0.7×0.6×1.2×
EV/EBITDA12.8×6.2×10.5×15.9×38.2×
Dividend yield1.3%1.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JNK Global18.8×0.3×0.3×6.5×2.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
Similar companies (median)152.3×10.7×23.4×78.7×0.0%

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

Also known as: JNK Global / 제이엔케이글로벌 / 126880 / KRX:126880

Source: KRX statistical information