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131290 · KOSDAQ · ₩131290 · 티에스이

₩260,000▲ ₩19,000 (7.88%)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

₩86,788

vs the current price (₩260,000)

Enterprise value
₩977B
Equity value
₩960B
WACC
7.5%

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 67% 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 ₩260,000, the model needs an operating margin of 35.8% every year (it uses 14.3%).
  • Or revenue growth +31.4 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −1.0% to 17.8% 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 27.5× against a typical 16.9× 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
₩53,216
−79.5%
Base
₩86,788
−66.6%
Bull
₩143,370
−44.9%

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 (14.3%).

Revenue growth

  • 8.1%

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

    Default: the last 3 years' revenue growth (8.1% a year, annual reports), fading to 3% by year 5.

  • 6.8%

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

    Default: the last 3 years' revenue growth (8.1% a year, annual reports), fading to 3% by year 5.

  • 5.6%

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

    Default: the last 3 years' revenue growth (8.1% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (8.1% 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 (8.1% a year, annual reports), fading to 3% by year 5.

Business

  • 14.3%

    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.

  • 11%

    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).

  • 13.7%

    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).

  • 35.8%

    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.

  • 0.62

    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 0.43, 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)
₩568B
Net debt (borrowings and leases − cash and deposits)
−₩79B
+ Stakes and investments
₩12B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩107B
Shares
11,061,429
Share price
₩260,000
Market cap
₩2.9T

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₩249B₩348B₩429B₩614B₩655B₩692B₩722B₩744B
Growth−26.6%39.7%23.2%8.1%6.8%5.6%4.3%3.0%
EBIT−₩2.4B₩40B₩49B₩88B₩94B₩99B₩103B₩106B
EBIT margin−1.0%11.5%11.5%14.3%14.3%14.3%14.3%14.3%
After-tax EBIT−₩1.7B₩29B₩36B₩64B₩68B₩72B₩75B₩77B
+ Depreciation———₩68B₩72B₩76B₩79B₩82B
− Capital spending₩51B₩30B₩51B₩84B₩90B₩95B₩99B₩102B
− Working capital−₩38B₩37B₩14B₩16B₩15B₩13B₩11B₩7.8B
Free cash flow———₩31B₩35B₩40B₩45B₩49B
Discount factor———0.9300.8650.8050.7480.696
Present value———₩28B₩31B₩32B₩33B₩34B

Terminal value ₩1.2T, worth ₩818B today: 84% 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 ₩42,844 a share)Now 6.07×₩56,9801.33×₩81,5031.90×₩204,4404.77×
Price / earnings (last 12 months: ₩9,461 a share)Now 27.5×₩75,5787.99×₩159,80116.9×₩352,80037.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩13,327 a share)Now 19.5×₩106,4627.99×₩225,10216.9×₩496,96837.3×

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%
6.5%₩93,200₩99,826₩107,899₩117,959₩130,854
7.0%₩84,648₩89,946₩96,283₩104,004₩113,624
7.5%₩77,424₩81,724₩86,788₩92,845₩100,224
8.0%₩71,243₩74,777₩78,885₩83,723₩89,508
8.5%₩65,896₩68,832₩72,207₩76,128₩80,746

Now (TTM)

Market cap
₩2.9T
Enterprise value
₩2.8T
P/E
27.5×
P/B
6.1×
P/S
5.1×
EV/EBITDA
—
Dividend yield
0.2%

Over time (at each year end)

20252024202320222021
Price₩57,600₩41,250₩49,450₩36,950₩73,700
Market cap₩637B₩456B₩547B₩409B₩815B
P/E16.7×10.7×4,523.9×8.2×18.2×
P/B1.6×1.3×1.9×1.4×3.4×
P/S1.5×1.3×2.2×1.2×2.6×
EV/EBITDA—————
Dividend yield0.8%1.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TSE27.5×6.1×5.1×—0.2%
Kctech20.8×3.2×3.8×16.1×0.5%
Classys12.6×3.1×4.7×9.8×3.8%
Park Systems68.1×4.6×8.1×—0.2%
Curiox Biosystems—21.9×187.1×—0.0%
DI36.7×5.0×2.2×—0.7%
Seers24.1×14.8×10.4×—0.0%
Similar companies (median)24.1×4.8×6.4×13.0×0.4%

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

Also known as: TSE / 티에스이 / 131290 / KRX:131290

Source: KRX statistical information