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Park Systems

140860 · KOSDAQ · ₩140860 · 파크시스템스

₩219,500▼ ₩9,000 (3.94%)End-of-day · Oct 30, 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

₩87,833

vs the current price (₩219,500)

Enterprise value
₩599B
Equity value
₩615B
WACC
7.7%

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 60% 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 ₩219,500, the model needs an operating margin of 45.5% every year (it uses 20.5%).
  • Or revenue growth +26.1 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 66.3× against a typical 43.8× 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
₩58,549
−73.3%
Base
₩87,833
−60.0%
Bull
₩135,368
−38.3%

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 (20.5%).

Revenue growth

  • 18.2%

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

    Default: the last 3 years' revenue growth (18.2% a year, annual reports), fading to 3% by year 5.

  • 14.4%

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

    Default: the last 3 years' revenue growth (18.2% a year, annual reports), fading to 3% by year 5.

  • 10.6%

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

    Default: the last 3 years' revenue growth (18.2% 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 (18.2% 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 (18.2% a year, annual reports), fading to 3% by year 5.

Business

  • 20.5%

    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.

  • 13.7%

    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).

  • 17.2%

    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).

  • 34.5%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.67

    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 0.5, 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.

  • 5.51%

    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)
₩195B
Net debt (borrowings and leases − cash and deposits)
−₩14B
+ Stakes and investments
₩2.3B
Associates, long-term financial assets and deposits (book value)
Shares
7,002,469
Share price
₩219,500
Market cap
₩1.5T

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₩145B₩175B₩206B₩230B₩263B₩291B₩311B₩320B
Growth16.3%20.9%17.5%18.2%14.4%10.6%6.8%3.0%
EBIT₩28B₩39B₩42B₩47B₩54B₩60B₩64B₩66B
EBIT margin19.0%22.0%20.5%20.5%20.5%20.5%20.5%20.5%
After-tax EBIT₩20B₩28B₩31B₩34B₩39B₩43B₩46B₩48B
+ Depreciation———₩32B₩36B₩40B₩43B₩44B
− Capital spending₩13B₩29B₩54B₩40B₩45B₩50B₩54B₩55B
− Working capital−₩4.1B₩6.7B₩27B₩12B₩11B₩9.6B₩6.8B₩3.2B
Free cash flow———₩14B₩18B₩23B₩29B₩33B
Discount factor———0.9290.8620.8010.7430.690
Present value———₩13B₩16B₩19B₩21B₩23B

Terminal value ₩735B, worth ₩507B today: 85% 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 ₩48,598 a share)Now 4.52×₩343,1797.06×₩418,9068.62×₩530,86210.9×
Price / earnings (last 12 months: ₩3,312 a share)Now 66.3×₩109,17033.0×₩145,12443.8×₩233,82570.6×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,481 a share)Now 148.2×₩48,81633.0×₩64,89343.8×₩104,55670.6×

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%
6.7%₩92,982₩99,720₩107,880₩117,973₩130,784
7.2%₩84,903₩90,371₩96,882₩104,768₩114,522
7.7%₩78,046₩82,549₩87,833₩94,124₩101,744
8.2%₩72,156₩75,909₩80,260₩85,365₩91,443
8.7%₩67,045₩70,206₩73,832₩78,034₩82,966

Now (TTM)

Market cap
₩1.5T
Enterprise value
₩1.5T
P/E
66.3×
P/B
4.5×
P/S
7.9×
EV/EBITDA
—
Dividend yield
0.2%

Over time (at each year end)

20252024202320222021
Price₩209,000₩211,500₩173,500₩113,900₩153,000
Market cap₩1.5T₩1.5T₩1.2T₩798B₩1.1T
P/E42.5×34.6×49.5×28.5×117.9×
P/B6.5×7.9×8.5×6.7×11.9×
P/S7.1×8.5×8.4×6.4×12.6×
EV/EBITDA—————
Dividend yield0.2%0.2%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Park Systems66.3×4.5×7.9×—0.2%
TSE23.5×5.2×4.3×—0.2%
Kctech19.8×3.0×3.6×15.3×0.5%
Classys12.4×3.1×4.6×9.7×3.8%
DI37.8×5.2×2.3×—0.6%
LivsMed—6.1×19.4×—0.0%
Seers20.5×12.6×8.9×—0.0%
Similar companies (median)20.5×5.2×4.5×12.5×0.4%

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

Also known as: Park Systems / 파크시스템스 / 140860 / KRX:140860

Source: KRX statistical information