KOSDAQ · 137400 · Machinery · ₩137400

People & Technology피엔티

137400 · KOSDAQ · ₩137400 · 피엔티

₩27,850▲ ₩800 (2.96%)End-of-day · Oct 28, 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

₩54,651

vs the current price (₩27,850)

Enterprise value: ₩1.5T
Equity value: ₩1.3T
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 is 96% 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 ₩27,850, the model needs an operating margin of 10.2% every year (it uses 14.3%).
Or revenue growth −15.6 points a year higher than assumed in each of the 5 years.
38% 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.
Today's P/E is 7.9× against a typical 14.9× 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: ₩28,278; +1.5%
Base: ₩54,651; +96.2%
Bull: ₩99,863; +258.6%

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 (14.3%).

Revenue growth

Revenue growth, year 121.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 216.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 312.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (21.3% 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 (21.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin14.3%
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.
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 & amortisation12.6%
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).
Capital spending15.8%
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).
Working capital40%
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 rate4.08%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-29.
Beta0.78
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 0.68, 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)5.58%
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): ₩699B
Net debt (borrowings and leases − cash and deposits): ₩230B
+ Stakes and investments: ₩4.2B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩6.3B
Shares: 23,690,728
Share price: ₩27,850
Market cap: ₩660B

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	₩545B	₩1T	₩745B	₩847B	₩989B	₩1.1T	₩1.2T	₩1.2T
Growth	30.5%	89.8%	−28.0%	21.3%	16.7%	12.1%	7.6%	3.0%
EBIT	₩77B	₩163B	₩96B	₩121B	₩141B	₩159B	₩171B	₩176B
EBIT margin	14.1%	15.8%	12.8%	14.3%	14.3%	14.3%	14.3%	14.3%
After-tax EBIT	₩56B	₩118B	₩69B	₩88B	₩103B	₩115B	₩124B	₩127B
+ Depreciation	—	—	—	₩107B	₩125B	₩140B	₩150B	₩155B
− Capital spending	₩126B	₩73B	₩128B	₩134B	₩156B	₩175B	₩188B	₩194B
− Working capital	₩105B	₩112B	₩78B	₩60B	₩57B	₩48B	₩34B	₩14B
Free cash flow	—	—	—	₩1.2B	₩14B	₩32B	₩52B	₩74B
Discount factor	—	—	—	0.932	0.869	0.811	0.756	0.705
Present value	—	—	—	₩1.1B	₩12B	₩26B	₩39B	₩52B

Terminal value ₩2T, worth ₩1.4T today: 91% 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 ₩31,061 a share)Now 0.90×	₩37,5851.21×	₩80,0802.58×	₩180,1835.80×
Price / earnings (last 12 months: ₩3,516 a share)Now 7.92×	₩27,1227.71×	₩52,38314.9×	₩78,68222.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,002 a share)Now 27.8×	₩7,7287.71×	₩14,92514.9×	₩22,41922.4×

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%	₩60,026	₩65,484	₩72,208	₩80,703	₩91,785
6.8%	₩52,991	₩57,297	₩62,494	₩68,895	₩76,981
7.3%	₩47,101	₩50,554	₩54,651	₩59,594	₩65,682
7.8%	₩42,101	₩44,908	₩48,190	₩52,084	₩56,782
8.3%	₩37,807	₩40,115	₩42,781	₩45,898	₩49,595

Now (TTM)

Market cap: ₩660B
Enterprise value: ₩890B
P/E: 7.9×
P/B: 0.9×
P/S: 0.9×
EV/EBITDA: —
Dividend yield: 0.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩37,600	₩37,850	₩50,400	₩43,350	₩43,800
Market cap	₩891B	₩897B	₩1.2T	₩1T	₩1T
P/E	12.0×	6.3×	17.1×	17.1×	19.4×
P/B	1.3×	1.5×	2.6×	4.2×	5.6×
P/S	1.2×	0.9×	2.2×	2.5×	2.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.5%	0.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
People & Technology	7.9×	0.9×	0.9×	—	0.7%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	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: People & Technology / 피엔티 / 137400 / KRX:137400

Source: KRX statistical information