Airrane에어레인
163280 · KOSDAQ · ₩163280 · 에어레인
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
- −₩14B
- Equity value
- −₩10B
- WACC
- 7.1%
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 ₩3,695, the model needs an operating margin of 21.0% every year (it uses 9.7%).
- 70% 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.
- 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.
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
- ₩203
- −94.5%
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 (9.7%).
Revenue growth
- 14.6%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.6% a year, annual reports), fading to 3% by year 5.
- 11.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.6% a year, annual reports), fading to 3% by year 5.
- 8.8%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.6% a year, annual reports), fading to 3% by year 5.
- 5.9%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.6% 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 1 years' revenue growth (14.6% a year, annual reports), fading to 3% by year 5.
Business
- 9.7%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 58.6%
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).
- 73.3%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 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 2 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.
- 4.08%
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.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 103 weeks of weekly returns against KOSPI (official index); raw beta 0.39, 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.
- 5.58%
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)
- ₩27B
- Net debt (borrowings and leases − cash and deposits)
- ₩4.7B
- + Stakes and investments
- ₩8.8B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 13,603,078
- Share price
- ₩3,695
- Market cap
- ₩50B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩24B | ₩28B | ₩31B | ₩35B | ₩38B | ₩40B | ₩41B |
| Growth | — | 14.6% | 14.6% | 11.7% | 8.8% | 5.9% | 3.0% |
| EBIT | ₩1.9B | ₩3.1B | ₩3B | ₩3.4B | ₩3.7B | ₩3.9B | ₩4B |
| EBIT margin | 7.6% | 11.0% | 9.7% | 9.7% | 9.7% | 9.7% | 9.7% |
| After-tax EBIT | ₩1.4B | ₩2.2B | ₩2.2B | ₩2.4B | ₩2.7B | ₩2.8B | ₩2.9B |
| + Depreciation | — | — | ₩18B | ₩20B | ₩22B | ₩23B | ₩24B |
| − Capital spending | ₩15B | ₩25B | ₩23B | ₩25B | ₩28B | ₩29B | ₩30B |
| − Working capital | — | ₩14B | ₩1.6B | ₩1.5B | ₩1.2B | ₩893M | ₩481M |
| Free cash flow | — | — | −₩4B | −₩4.1B | −₩4.1B | −₩4B | −₩3.6B |
| Discount factor | — | — | 0.934 | 0.872 | 0.814 | 0.760 | 0.710 |
| Present value | — | — | −₩3.7B | −₩3.6B | −₩3.4B | −₩3B | −₩2.6B |
Terminal value ₩3.1B, worth ₩2.2B today: -16% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% |
|---|---|---|---|---|---|
| 6.1% | — | — | — | — | — |
| 6.6% | — | — | — | — | — |
| 7.1% | — | — | — | — | — |
| 7.6% | — | — | — | — | — |
| 8.1% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩50B
- Enterprise value
- ₩55B
- P/E
- 7.4×
- P/B
- 0.7×
- P/S
- 1.9×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩6,475 | ₩6,650 |
| Market cap | ₩88B | ₩90B |
| P/E | 31.5× | 45.8× |
| P/B | 1.3× | 1.4× |
| P/S | 3.1× | 3.7× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Airrane | 7.4× | 0.7× | 1.9× | — | 0.0% |
| Doosan Enerbility | 217.2× | 4.8× | 2.2× | — | 0.0% |
| Hanmi Semiconductor | 87.4× | 26.0× | 35.2× | 78.7× | 0.4% |
| Jusung Engineering | 1,189.7× | 14.6× | 38.2× | 2,291.7× | 0.0% |
| Rainbow Robotics | 4,610.6× | 59.1× | 174.0× | — | 0.0% |
| EO Technics | 47.5× | 6.9× | 11.6× | — | 0.0% |
| Wonik IPS | 28.2× | 4.5× | 5.3× | 42.7× | 0.2% |
| Similar companies (median) | 152.3× | 10.7× | 23.4× | 78.7× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Airrane / 에어레인 / 163280 / KRX:163280
Source: KRX statistical information