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NRobotics

138360 · KOSDAQ · ₩138360 · 앤로보틱스

₩2,100▼ ₩70 (3.23%)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
₩1.4B
Equity value
−₩17B
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 ₩2,100, the model needs an operating margin of 32.4% every year (it uses 2.4%).
  • Margins ranged from −22.3% to 8.0% 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.
  • 75% 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.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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
₩23
−98.9%

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 (2.4%).

Revenue growth

  • 16%

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

    Default: the last 3 years' revenue growth (16% a year, annual reports), fading to 3% by year 5.

  • 12.8%

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

    Default: the last 3 years' revenue growth (16% a year, annual reports), fading to 3% by year 5.

  • 9.5%

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

    Default: the last 3 years' revenue growth (16% a year, annual reports), fading to 3% by year 5.

  • 6.3%

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

    Default: the last 3 years' revenue growth (16% 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 (16% a year, annual reports), fading to 3% by year 5.

Business

  • 2.4%

    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.

  • 1.8%

    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).

  • 2.3%

    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).

  • 40%

    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.

  • 0.64

    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 0.46, 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)
₩35B
Net debt (borrowings and leases − cash and deposits)
₩18B
Shares
87,973,934
Share price
₩2,100
Market cap
₩185B

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₩10B₩22B₩23B₩40B₩45B₩50B₩53B₩54B
Growth−31.2%109.1%8.7%16.0%12.8%9.5%6.3%3.0%
EBIT−₩2.3B−₩1.2B₩581M₩963M₩1.1B₩1.2B₩1.3B₩1.3B
EBIT margin−22.3%−5.4%2.5%2.4%2.4%2.4%2.4%2.4%
After-tax EBIT−₩1.7B−₩849M₩422M₩698M₩788M₩863M₩917M₩944M
+ Depreciation———₩722M₩815M₩892M₩948M₩977M
− Capital spending₩586M₩201M₩61M₩923M₩1B₩1.1B₩1.2B₩1.2B
− Working capital−₩17B−₩2.3B−₩4.1B₩2.2B₩2.1B₩1.7B₩1.2B₩632M
Free cash flow———−₩1.7B−₩1.5B−₩1.1B−₩596M₩41M
Discount factor———0.9320.8680.8090.7540.703
Present value———−₩1.6B−₩1.3B−₩895M−₩449M₩29M

Terminal value ₩7.9B, worth ₩5.6B today: 409% 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 ₩1,090 a share)Now 1.93×₩1,2781.17×₩2,4262.23×₩5,1084.69×

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
₩185B
Enterprise value
₩203B
P/E
27.3×
P/B
1.9×
P/S
5.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,005₩628₩1,071₩2,240₩2,240
Market cap₩88B₩55B₩94B₩197B₩197B
P/E12.9×12.0×——133.9×
P/B1.0×1.1×2.5×5.0×4.3×
P/S3.8×2.6×9.2×13.2×22.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
NRobotics27.3×1.9×5.3×—0.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
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: NRobotics / 앤로보틱스 / 138360 / KRX:138360

Source: KRX statistical information