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Asflow

159010 · KOSDAQ · ₩159010 · 아스플로

₩31,750▼ ₩3,900 (10.94%)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

With these assumptions the model gives no positive value.

Enterprise value
₩18B
Equity value
−₩31B
WACC
9.1%

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 ₩31,750, the model needs an operating margin of 66.5% every year (it uses 3.6%).
  • Margins ranged from −10.3% to 11.8% 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.
  • 78% 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 57.6× against a typical 24.1× 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 (3.6%).

Revenue growth

  • -8.5%

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

    Default: the last 3 years' revenue growth (-8.5% a year, annual reports), fading to 3% by year 5.

  • -5.6%

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

    Default: the last 3 years' revenue growth (-8.5% a year, annual reports), fading to 3% by year 5.

  • -2.7%

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

    Default: the last 3 years' revenue growth (-8.5% a year, annual reports), fading to 3% by year 5.

  • 0.1%

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

    Default: the last 3 years' revenue growth (-8.5% 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 (-8.5% a year, annual reports), fading to 3% by year 5.

Business

  • 3.6%

    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.

  • 4.6%

    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).

  • 5.8%

    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.

  • 4.01%

    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.

  • 1.03

    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 1.05, 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)
₩87B
Net debt (borrowings and leases − cash and deposits)
₩49B
Shares
13,334,739
Share price
₩31,750
Market cap
₩423B

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₩87B₩84B₩68B₩80B₩75B₩73B₩73B₩75B
Growth−2.0%−3.8%−18.8%−8.5%−5.6%−2.7%0.1%3.0%
EBIT₩6.4B−₩1.9B−₩7B₩2.9B₩2.7B₩2.6B₩2.6B₩2.7B
EBIT margin7.3%−2.2%−10.3%3.6%3.6%3.6%3.6%3.6%
After-tax EBIT₩4.6B−₩1.4B−₩5.1B₩2.1B₩2B₩1.9B₩1.9B₩2B
+ Depreciation———₩3.7B₩3.5B₩3.4B₩3.4B₩3.5B
− Capital spending₩3.4B₩5.9B₩4.4B₩4.6B₩4.4B₩4.2B₩4.2B₩4.4B
− Working capital₩9.8B−₩3B₩2.7B−₩3B−₩1.8B−₩812M₩29M₩879M
Free cash flow———₩4.1B₩2.8B₩1.8B₩1B₩185M
Discount factor———0.9170.8400.7700.7060.647
Present value———₩3.7B₩2.4B₩1.4B₩708M₩120M

Terminal value ₩15B, worth ₩9.5B today: 53% 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 ₩4,552 a share)Now 6.97×₩5,1401.13×₩9,8732.17×₩15,8843.49×
Price / earnings (last 12 months: ₩551 a share)Now 57.6×₩8,50415.4×₩13,26824.1×₩23,67643.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,645 a share)Now 12.0×₩40,83615.4×₩63,71624.1×₩113,69943.0×

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%
8.1%—————
8.6%—————
9.1%—————
9.6%—————
10.1%—————

Now (TTM)

Market cap
₩423B
Enterprise value
₩472B
P/E
57.6×
P/B
7.0×
P/S
4.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,765₩4,190₩10,410₩9,590₩7,936
Market cap₩64B₩56B₩139B₩128B₩106B
P/E——38.8×14.1×26.6×
P/B1.4×1.0×2.4×2.4×2.3×
P/S0.9×0.7×1.6×1.4×1.8×
EV/EBITDA————31.4×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Asflow57.6×7.0×4.9×—0.0%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—3.5%
Similar companies (median)626.0×18.1×32.8×1,053.3×0.0%

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

Also known as: Asflow / 아스플로 / 159010 / KRX:159010

Source: KRX statistical information