KOSDAQ · 160980 · Machinery · ₩160980

Cymechs싸이맥스

160980 · KOSDAQ · ₩160980 · 싸이맥스

₩19,870▲ ₩880 (4.63%)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

₩30,649

vs the current price (₩19,870)

Enterprise value: ₩229B
Equity value: ₩335B
WACC: 8.0%

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 54% 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 ₩19,870, the model needs an operating margin of 6.6% every year (it uses 13.1%).
Or revenue growth −20.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 4.5% to 14.2% 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.
Today's P/E is 13.0× against a typical 13.0× 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: ₩23,456; +18.0%
Base: ₩30,649; +54.2%
Bull: ₩42,374; +113.3%

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 (13.1%).

Revenue growth

Revenue growth, year 1-5.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-3.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-1.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-5.5% 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 (-5.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin13.1%
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 & amortisation0.6%
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).
Capital spending0.7%
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 capital26.9%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
Beta0.71
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 0.56, 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)5.61%
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): ₩173B
Net debt (borrowings and leases − cash and deposits): −₩94B
+ Stakes and investments: ₩13B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩1.5B
Shares: 10,924,243
Share price: ₩19,870
Market cap: ₩217B

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	₩157B	₩165B	₩164B	₩164B	₩158B	₩156B	₩158B	₩162B
Growth	−19.7%	5.4%	−0.4%	−5.5%	−3.4%	−1.3%	0.9%	3.0%
EBIT	₩7.1B	₩23B	₩23B	₩21B	₩21B	₩20B	₩21B	₩21B
EBIT margin	4.5%	14.2%	14.2%	13.1%	13.1%	13.1%	13.1%	13.1%
After-tax EBIT	₩5.2B	₩17B	₩17B	₩16B	₩15B	₩15B	₩15B	₩15B
+ Depreciation	—	—	—	₩983M	₩949M	₩937M	₩945M	₩974M
− Capital spending	₩515M	₩2B	₩870M	₩1.1B	₩1.1B	₩1.1B	₩1.1B	₩1.1B
− Working capital	−₩47B	−₩10B	−₩24B	−₩2.6B	−₩1.5B	−₩553M	₩378M	₩1.3B
Free cash flow	—	—	—	₩18B	₩16B	₩15B	₩14B	₩14B
Discount factor	—	—	—	0.926	0.857	0.794	0.735	0.680
Present value	—	—	—	₩17B	₩14B	₩12B	₩11B	₩9.5B

Terminal value ₩245B, worth ₩167B today: 73% 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 ₩18,590 a share)Now 1.07×	₩13,4260.72×	₩19,5051.05×	₩26,7941.44×
Price / earnings (last 12 months: ₩1,532 a share)Now 13.0×	₩11,7037.64×	₩19,87013.0×	₩41,68327.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,298 a share)Now 6.03×	₩25,1877.64×	₩42,76313.0×	₩89,70727.2×

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%
7.0%	₩31,845	₩33,149	₩34,711	₩36,616	₩38,992
7.5%	₩30,172	₩31,239	₩32,496	₩34,002	₩35,839
8.0%	₩28,737	₩29,621	₩30,649	₩31,862	₩33,313
8.5%	₩27,493	₩28,233	₩29,085	₩30,076	₩31,244
9.0%	₩26,404	₩27,030	₩27,743	₩28,564	₩29,519

Now (TTM)

Market cap: ₩217B
Enterprise value: ₩123B
P/E: 13.0×
P/B: 1.1×
P/S: 1.3×
EV/EBITDA: —
Dividend yield: 2.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩14,600	₩8,530	₩14,440	₩11,600	₩20,000
Market cap	₩159B	₩93B	₩158B	₩127B	₩218B
P/E	10.7×	6.0×	14.3×	16.6×	9.0×
P/B	0.8×	0.5×	1.0×	0.8×	1.5×
P/S	1.0×	0.6×	1.0×	0.6×	0.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.7%	4.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Cymechs	13.0×	1.1×	1.3×	—	2.0%
Doosan Enerbility	208.4×	4.6×	2.1×	—	0.0%
Hanmi Semiconductor	82.2×	24.4×	33.1×	74.0×	0.4%
Jusung Engineering	1,121.0×	13.7×	36.0×	2,158.2×	0.0%
Rainbow Robotics	4,006.5×	51.3×	151.2×	—	0.0%
EO Technics	44.8×	6.5×	10.9×	—	0.0%
Doosan Bobcat	13,664.7×	914.4×	736.1×	—	3.5%
Similar companies (median)	664.7×	19.1×	34.5×	1,116.1×	0.0%

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

Also known as: Cymechs / 싸이맥스 / 160980 / KRX:160980

Source: KRX statistical information