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TPC

130740 · KOSDAQ · ₩130740 · 티피씨글로벌

₩1,937▲ ₩38 (2.00%)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

With these assumptions the model gives no positive value.

Enterprise value
−₩29B
Equity value
−₩17B
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 ₩1,937, the model needs an operating margin of 1.8% every year (it uses −2.3%).
  • 100% 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
—

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 (−2.3%).

Revenue growth

  • -0.8%

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

    Default: the last 3 years' revenue growth (-0.8% 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 (-0.8% a year, annual reports), fading to 3% by year 5.

  • 1.1%

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

    Default: the last 3 years' revenue growth (-0.8% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (-0.8% 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 (-0.8% a year, annual reports), fading to 3% by year 5.

Business

  • -2.3%

    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.

  • 1.6%

    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).

  • 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).

  • 16.4%

    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 -0.11, 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)
₩74B
Net debt (borrowings and leases − cash and deposits)
−₩8B
+ Stakes and investments
₩3.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩406M
Shares
11,276,679
Share price
₩1,937
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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩79B₩80B₩79B₩73B₩73B₩74B₩76B₩78B
Growth−2.3%1.2%−1.3%−0.8%0.1%1.1%2.0%3.0%
EBIT−₩2.8B−₩902M−₩3.3B−₩1.7B−₩1.7B−₩1.7B−₩1.7B−₩1.8B
EBIT margin−3.5%−1.1%−4.1%−2.3%−2.3%−2.3%−2.3%−2.3%
After-tax EBIT−₩2B−₩654M−₩2.4B−₩1.2B−₩1.2B−₩1.2B−₩1.3B−₩1.3B
+ Depreciation———₩1.2B₩1.2B₩1.2B₩1.2B₩1.2B
− Capital spending——₩1.6B₩1.5B₩1.5B₩1.5B₩1.5B₩1.6B
− Working capital−₩18B₩12B−₩4.7B−₩97M₩12M₩132M₩243M₩373M
Free cash flow———−₩1.4B−₩1.5B−₩1.7B−₩1.8B−₩2B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩1.3B−₩1.3B−₩1.3B−₩1.4B−₩1.4B

Terminal value −₩32B, worth −₩22B today: 77% 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 ₩7,185 a share)Now 0.27×₩2,0720.29×₩3,3150.46×₩4,6090.64×

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%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩22B
Enterprise value
₩14B
P/E
1.3×
P/B
0.3×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,829₩1,930₩2,925₩2,895₩4,550
Market cap₩21B₩22B₩33B₩33B₩51B
P/E———14.7×—
P/B0.3×0.3×0.5×0.5×0.8×
P/S0.3×0.3×0.4×0.4×0.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TPC1.3×0.3×0.3×—0.0%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.1×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—13.4×18.9×—0.0%
Hyundai WIA19.3×0.4×0.2×—2.4%
SNT Dynamics13.4×0.7×0.9×—6.8%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

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

Also known as: TPC / 티피씨글로벌 / 130740 / KRX:130740

Source: KRX statistical information