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Abko

129890 · KOSDAQ · ₩129890 · 앱코

₩940 ₩0 (0.00%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩24B
Equity value
−₩20B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩940, the model needs an operating margin of 5.2% every year (it uses −0.5%).
  • Margins ranged from −18.6% to 5.2% 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.
  • 91% 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.
  • Today's P/E is 7.8× against a typical 9.3× 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
—
Bull
—

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 (−0.5%).

Revenue growth

  • 0.3%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 1%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 3 years' revenue growth (0.3% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0.3% 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 (0.3% a year, annual reports), fading to 3% by year 5.

Business

  • -0.5%

    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.

  • 5.7%

    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).

  • 7.2%

    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).

  • 21.5%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.03, 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.

  • 5.53%

    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)
₩82B
Net debt (borrowings and leases − cash and deposits)
−₩3.4B
Shares
45,545,602
Share price
₩940
Market cap
₩43B

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₩99B₩93B₩83B₩82B₩83B₩84B₩86B₩89B
Growth19.7%−5.6%−10.6%0.3%1.0%1.7%2.3%3.0%
EBIT₩2.2B₩4.8B₩3.2B−₩410M−₩414M−₩421M−₩431M−₩444M
EBIT margin2.2%5.2%3.8%−0.5%−0.5%−0.5%−0.5%−0.5%
After-tax EBIT₩1.6B₩3.5B₩2.3B−₩297M−₩300M−₩305M−₩312M−₩322M
+ Depreciation———₩4.7B₩4.7B₩4.8B₩4.9B₩5.1B
− Capital spending₩1.2B₩10B₩7.8B₩5.9B₩6B₩6.1B₩6.2B₩6.4B
− Working capital−₩32B₩8.5B−₩9B₩53M₩176M₩303M₩417M₩556M
Free cash flow———−₩1.6B−₩1.7B−₩1.9B−₩2B−₩2.2B
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩1.5B−₩1.5B−₩1.5B−₩1.5B−₩1.6B

Terminal value −₩23B, worth −₩16B today: 68% 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 ₩1,234 a share)Now 0.76×₩8680.70×₩1,0040.81×₩1,9541.58×
Price / earnings (last 12 months: ₩120 a share)Now 7.85×₩7856.55×₩1,1129.28×₩1,24210.4×

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%
6.3%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩43B
Enterprise value
₩39B
P/E
7.8×
P/B
0.8×
P/S
0.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,070₩994₩837₩1,206₩2,750
Market cap₩49B₩45B₩38B₩55B₩125B
P/E7.6×9.6×21.1×——
P/B0.8×0.8×0.7×1.0×1.7×
P/S0.6×0.5×0.4×0.7×1.2×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Abko7.8×0.8×0.5×—0.0%
Samsung Electronics8.7×2.3×2.7×—0.8%
LG Electronics24.7×1.0×0.3×—0.9%
Hanwha Vision16.4×2.1×1.0×—0.0%
RFHIC37.6×3.4×6.1×—0.9%
KMW—4.9×8.1×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)16.4×2.2×2.1×—0.6%

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

Also known as: Abko / 앱코 / 129890 / KRX:129890

Source: KRX statistical information