KOSDAQ · 142210 · Retail & Trade · ₩142210

Unitrontech유니트론텍

142210 · KOSDAQ · ₩142210 · 유니트론텍

₩7,010▲ ₩240 (3.55%)End-of-day · Oct 27, 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

₩41,142

vs the current price (₩7,010)

Enterprise value: ₩1.1T
Equity value: ₩854B
WACC: 5.4%

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 487% 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 ₩7,010, the model needs an operating margin of 2.5% every year (it uses 5.1%).
Or revenue growth −29.5 points a year higher than assumed in each of the 5 years.
Today's P/E is 3.3× against a typical 6.1× 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: ₩6,361; −9.3%
Base: ₩41,142; +486.9%
Bull: ₩116,959; +1,568.5%

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 (5.1%).

Revenue growth

Revenue growth, year 113.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 210.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (13.6% 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 (13.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.1%
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 & amortisation0.1%
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 spending0.1%
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 capital23.4%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.74
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 0.61, 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)5.53%
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): ₩951B
Net debt (borrowings and leases − cash and deposits): ₩270B
− Minority interests: ₩15B
Shares: 20,751,403
Share price: ₩7,010
Market cap: ₩145B

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	₩598B	₩712B	₩769B	₩1.1T	₩1.2T	₩1.3T	₩1.4T	₩1.4T
Growth	13.9%	19.1%	8.0%	13.6%	10.9%	8.3%	5.6%	3.0%
EBIT	₩31B	₩36B	₩32B	₩55B	₩61B	₩66B	₩70B	₩72B
EBIT margin	5.2%	5.1%	4.2%	5.1%	5.1%	5.1%	5.1%	5.1%
After-tax EBIT	₩22B	₩26B	₩23B	₩40B	₩44B	₩48B	₩51B	₩52B
+ Depreciation	—	—	—	₩1.1B	₩1.2B	₩1.3B	₩1.4B	₩1.4B
− Capital spending	₩151M	₩823M	₩1.6B	₩1.1B	₩1.2B	₩1.3B	₩1.4B	₩1.4B
− Working capital	−₩4.9B	₩32B	₩43B	₩30B	₩28B	₩23B	₩17B	₩9.6B
Free cash flow	—	—	—	₩9.7B	₩17B	₩25B	₩34B	₩43B
Discount factor	—	—	—	0.948	0.899	0.853	0.809	0.767
Present value	—	—	—	₩9.2B	₩15B	₩21B	₩27B	₩33B

Terminal value ₩1.3T, worth ₩1T 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 ₩8,110 a share)Now 0.86×	₩6,4000.79×	₩7,8000.96×	₩12,8511.58×
Price / earnings (last 12 months: ₩2,135 a share)Now 3.28×	₩9,6184.51×	₩12,9996.09×	₩22,15510.4×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,207 a share)Now 2.19×	₩14,4494.51×	₩19,5296.09×	₩33,28510.4×

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%
4.4%	₩46,993	₩54,527	₩65,119	₩81,129	₩108,188
4.9%	₩38,729	₩44,020	₩51,087	₩61,022	₩76,038
5.4%	₩32,335	₩36,188	₩41,142	₩47,758	₩57,058
5.9%	₩27,244	₩30,128	₩33,728	₩38,356	₩44,536
6.4%	₩23,097	₩25,302	₩27,990	₩31,346	₩35,659

Now (TTM)

Market cap: ₩145B
Enterprise value: ₩415B
P/E: 3.3×
P/B: 0.9×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 2.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,110	₩4,855	₩4,100	₩3,775	₩5,222
Market cap	₩127B	₩101B	₩85B	₩78B	₩108B
P/E	10.0×	4.8×	4.6×	4.8×	13.3×
P/B	0.9×	0.8×	0.8×	0.9×	1.8×
P/S	0.2×	0.1×	0.1×	0.1×	0.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.7%	3.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Unitrontech	3.3×	0.9×	0.2×	—	2.4%
Samsung C&T	17.5×	0.5×	1.1×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	41.4×	5.5×	11.5×	—	0.6%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.0×	1.6×	5.1×	—	4.1%
Shinsegae	13.7×	0.4×	0.3×	—	2.1%
Similar companies (median)	15.6×	1.0×	0.9×	—	2.6%

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

Also known as: Unitrontech / 유니트론텍 / 142210 / KRX:142210

Source: KRX statistical information