KOSDAQ · 141000 · Machinery · ₩141000

Viatron Technologies비아트론

141000 · KOSDAQ · ₩141000 · 비아트론

₩10,360▼ ₩450 (4.16%)End-of-day · Oct 29, 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

₩6,292

vs the current price (₩10,360)

Enterprise value: ₩60B
Equity value: ₩76B
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 is 39% 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 ₩10,360, the model needs an operating margin of 16.6% every year (it uses 9.8%).
Or revenue growth +19.5 points a year higher than assumed in each of the 5 years.
Margins ranged from −6.0% to 19.7% 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.
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.
Today's P/E is 12.0× against a typical 9.0× 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: ₩4,342; −58.1%
Base: ₩6,292; −39.3%
Bull: ₩9,709; −6.3%

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 (9.8%).

Revenue growth

Revenue growth, year 1-2.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 30.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-2.8% 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 (-2.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9.8%
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 & amortisation3.7%
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).
Capital spending4.7%
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).
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.
Beta0.6
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 0.19, 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): ₩58B
Net debt (borrowings and leases − cash and deposits): −₩4.4B
+ Stakes and investments: ₩12B; Associates, long-term financial assets and deposits (book value)
Shares: 12,114,710
Share price: ₩10,360
Market cap: ₩126B

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	₩28B	₩58B	₩65B	₩56B	₩55B	₩55B	₩56B	₩58B
Growth	−60.5%	107.2%	12.2%	−2.8%	−1.4%	0.1%	1.5%	3.0%
EBIT	−₩1.7B	₩6.8B	₩9.2B	₩5.5B	₩5.4B	₩5.4B	₩5.5B	₩5.7B
EBIT margin	−6.0%	11.6%	14.1%	9.8%	9.8%	9.8%	9.8%	9.8%
After-tax EBIT	−₩1.2B	₩4.9B	₩6.7B	₩4B	₩3.9B	₩3.9B	₩4B	₩4.1B
+ Depreciation	—	—	—	₩2.1B	₩2B	₩2B	₩2.1B	₩2.1B
− Capital spending	₩2.1B	₩1.9B	₩2.1B	₩2.6B	₩2.6B	₩2.6B	₩2.6B	₩2.7B
− Working capital	−₩46B	₩5.9B	₩61B	−₩647M	−₩314M	₩22M	₩332M	₩675M
Free cash flow	—	—	—	₩4.1B	₩3.7B	₩3.4B	₩3.1B	₩2.9B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩3.8B	₩3.2B	₩2.7B	₩2.3B	₩2B

Terminal value ₩65B, worth ₩46B today: 76% 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 ₩15,331 a share)Now 0.68×	₩7,7800.51×	₩9,4440.62×	₩11,8490.77×
Price / earnings (last 12 months: ₩863 a share)Now 12.0×	₩4,5385.26×	₩7,7939.03×	₩20,72824.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,623 a share)Now 6.38×	₩8,5315.26×	₩14,6509.03×	₩38,96924.0×

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%	₩6,726	₩7,031	₩7,403	₩7,869	₩8,471
6.9%	₩6,268	₩6,506	₩6,790	₩7,138	₩7,574
7.4%	₩5,882	₩6,070	₩6,292	₩6,557	₩6,882
7.9%	₩5,552	₩5,703	₩5,878	₩6,084	₩6,331
8.4%	₩5,267	₩5,389	₩5,529	₩5,691	₩5,883

Now (TTM)

Market cap: ₩126B
Enterprise value: ₩121B
P/E: 12.0×
P/B: 0.7×
P/S: 2.2×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩7,300	₩7,160	₩8,840	₩8,630	₩11,050
Market cap	₩88B	₩87B	₩107B	₩105B	₩134B
P/E	8.2×	6.4×	65.7×	6.5×	9.6×
P/B	0.5×	0.5×	0.6×	0.6×	0.8×
P/S	1.4×	1.5×	3.8×	1.5×	1.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.4%	1.4%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Viatron Technologies	12.0×	0.7×	2.2×	—	1.0%
Doosan Enerbility	200.6×	4.5×	2.0×	—	0.0%
Hanmi Semiconductor	84.5×	25.1×	34.0×	76.1×	0.4%
Jusung Engineering	1,135.2×	13.9×	36.4×	2,185.7×	0.0%
Rainbow Robotics	4,308.5×	55.2×	162.6×	—	0.0%
EO Technics	47.1×	6.8×	11.5×	—	0.0%
Doosan Bobcat	13,805.1×	923.8×	743.7×	—	3.5%
Similar companies (median)	667.9×	19.5×	35.2×	1,130.9×	0.0%

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

Also known as: Viatron Technologies / 비아트론 / 141000 / KRX:141000

Source: KRX statistical information