KOSDAQ · 128540 · Auto parts · ₩128540

Ecocab에코캡

128540 · KOSDAQ · ₩128540 · 에코캡

₩806▼ ₩5 (0.62%)End-of-day · Oct 30, 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: −₩19B
Equity value: −₩6.6B
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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩806, the model needs an operating margin of 2.4% every year (it uses 1.2%).
Margins ranged from −14.4% to 14.1% 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.
39% 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.

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: ₩1,743; +116.3%

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 (1.2%).

Revenue growth

Revenue growth, year 17.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 26.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 35.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 44.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (7.7% 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 (7.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin1.2%
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.
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 & amortisation3.3%
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 spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital38.9%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta0.61
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.42, 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)5.51%
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): ₩145B
Net debt (borrowings and leases − cash and deposits): −₩12B
Shares: 26,690,460
Share price: ₩806
Market cap: ₩22B

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	₩136B	₩139B	₩152B	₩156B	₩166B	₩175B	₩183B	₩188B
Growth	11.7%	1.9%	9.6%	7.7%	6.5%	5.3%	4.2%	3.0%
EBIT	₩4B	₩20B	−₩3.2B	₩1.9B	₩2B	₩2.1B	₩2.2B	₩2.3B
EBIT margin	2.9%	14.1%	−2.1%	1.2%	1.2%	1.2%	1.2%	1.2%
After-tax EBIT	₩2.9B	₩14B	−₩2.3B	₩1.4B	₩1.4B	₩1.5B	₩1.6B	₩1.6B
+ Depreciation	₩4.4B	₩4.9B	₩4.7B	₩5.2B	₩5.5B	₩5.8B	₩6B	₩6.2B
− Capital spending	—	—	—	₩6.2B	₩6.7B	₩7B	₩7.3B	₩7.5B
− Working capital	₩6.1B	₩23B	−₩21B	₩4.3B	₩3.9B	₩3.4B	₩2.9B	₩2.1B
Free cash flow	—	—	—	−₩4.1B	−₩3.7B	−₩3.1B	−₩2.6B	−₩1.8B
Discount factor	—	—	—	0.931	0.868	0.808	0.753	0.701
Present value	—	—	—	−₩3.8B	−₩3.2B	−₩2.5B	−₩1.9B	−₩1.3B

Terminal value −₩8.5B, worth −₩6B today: 32% 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 ₩4,467 a share)Now 0.18×	₩1,7380.39×	₩3,2610.73×	₩14,0923.15×

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%	₩114	—	—	—	—
6.9%	₩104	—	—	—	—
7.4%	₩96	—	—	—	—
7.9%	₩90	—	—	—	—
8.4%	₩86	—	—	—	—

Now (TTM)

Market cap: ₩22B
Enterprise value: ₩9.2B
P/E: 2.2×
P/B: 0.2×
P/S: 0.1×
EV/EBITDA: 0.7×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,770	₩1,304	₩2,800	₩3,850	₩7,344
Market cap	₩47B	₩35B	₩75B	₩103B	₩196B
P/E	—	1.7×	35.9×	—	—
P/B	0.4×	0.3×	0.8×	1.2×	4.0×
P/S	0.3×	0.3×	0.5×	0.8×	2.3×
EV/EBITDA	24.7×	2.4×	11.6×	44.5×	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ecocab	2.2×	0.2×	0.1×	0.7×	0.0%
Hyundai Mobis	8.3×	0.6×	0.5×	—	1.9%
SL	5.9×	0.8×	0.4×	3.6×	0.0%
HL Mando	10.3×	0.6×	0.2×	—	2.0%
Hyundai WIA	18.9×	0.4×	0.2×	—	2.4%
Samhyun	—	11.2×	15.8×	—	0.0%
SNT Dynamics	12.5×	0.7×	0.8×	—	7.3%
Similar companies (median)	10.3×	0.6×	0.4×	3.6×	2.0%

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

Also known as: Ecocab / 에코캡 / 128540 / KRX:128540

Source: KRX statistical information