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BCnC

146320 · KOSDAQ · ₩146320 · 비씨엔씨

₩9,250▲ ₩220 (2.44%)End-of-day · Oct 27, 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
−₩13B
Equity value
−₩95B
WACC
6.4%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩9,250, the model needs an operating margin of 18.7% every year (it uses 5.9%).
  • Margins ranged from −2.7% to 14.4% 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.
  • 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.
  • Today's P/E is 39.9× against a typical 40.1× 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
—
Base
—
Bull
—

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 (5.9%).

Revenue growth

  • 2.2%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 3 years' revenue growth (2.2% a year, annual reports), fading to 3% by year 5.

  • 2.8%

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

    Default: the last 3 years' revenue growth (2.2% 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 (2.2% a year, annual reports), fading to 3% by year 5.

Business

  • 5.9%

    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.

  • 9.1%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 26.4%

    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.

  • 4.03%

    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.

  • 0.73

    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 0.6, 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.

  • 5.53%

    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)
₩96B
Net debt (borrowings and leases − cash and deposits)
₩82B
− Minority interests
₩275M
Shares
12,797,923
Share price
₩9,250
Market cap
₩118B

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₩65B₩77B₩88B₩98B₩101B₩103B₩106B₩109B
Growth−20.4%18.5%13.2%2.2%2.4%2.6%2.8%3.0%
EBIT−₩42M−₩2.1B₩3.9B₩5.8B₩5.9B₩6.1B₩6.3B₩6.5B
EBIT margin−0.1%−2.7%4.5%5.9%5.9%5.9%5.9%5.9%
After-tax EBIT−₩30M−₩1.5B₩2.8B₩4.2B₩4.3B₩4.4B₩4.5B₩4.7B
+ Depreciation₩4.6B₩7.3B₩9.6B₩9B₩9.2B₩9.4B₩9.7B₩10B
− Capital spending₩21B₩30B₩7B₩26B₩27B₩27B₩28B₩29B
− Working capital₩3B₩5.9B₩15B₩847M₩945M₩1B₩1.2B₩1.3B
Free cash flow−₩20B−₩30B−₩9.9B−₩14B−₩14B−₩15B−₩15B−₩16B
Discount factor———0.9400.8830.8300.7800.734
Present value———−₩13B−₩12B−₩12B−₩12B−₩11B

Terminal value ₩65B, worth ₩48B today: -382% 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 ₩6,230 a share)Now 1.48×₩9,3241.50×₩17,0412.74×₩23,8953.84×
Price / earnings (last 12 months: ₩232 a share)Now 39.9×₩6,11026.3×₩9,30740.1×₩21,36192.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩146 a share)Now 63.3×₩3,84626.3×₩5,85840.1×₩13,44492.0×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
5.4%—————
5.9%—————
6.4%—————
6.9%—————
7.4%—————

Now (TTM)

Market cap
₩118B
Enterprise value
₩201B
P/E
39.9×
P/B
1.5×
P/S
1.2×
EV/EBITDA
13.5×
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩13,570₩8,060₩21,650₩15,100
Market cap₩174B₩103B₩277B₩193B
P/E151.2×—223.8×19.3×
P/B2.2×1.4×3.7×2.6×
P/S2.0×1.3×4.2×2.4×
EV/EBITDA18.5×33.1×69.6×14.6×
Dividend yield0.0%———

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BCnC39.9×1.5×1.2×13.5×0.0%
SK hynix6.0×3.7×5.2×—0.2%
DB HiTek11.9×1.7×2.7×—0.9%
Fadu—37.7×13.2×—0.0%
Hana Micron13.8×4.3×1.1×—0.2%
Jeju Semiconductor9.5×4.9×3.3×—0.0%
SFA Semicon—3.0×3.2×—0.0%
Similar companies (median)10.7×4.0×3.2×—0.1%

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

Also known as: BCnC / 비씨엔씨 / 146320 / KRX:146320

Source: KRX statistical information