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Pemtron

168360 · KOSDAQ · ₩168360 · 펨트론

₩10,600▲ ₩880 (9.05%)End-of-day · Oct 28, 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

₩2,025

vs the current price (₩10,600)

Enterprise value
₩58B
Equity value
₩45B
WACC
9.0%

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 81% 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 ₩10,600, the model needs an operating margin of 27.7% every year (it uses 7.5%).
  • Or revenue growth +41.4 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −6.4% to 10.9% over the last 4 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.

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
₩792
−92.5%
Base
₩2,025
−80.9%
Bull
₩3,997
−62.3%

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 (7.5%).

Revenue growth

  • 4.5%

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

    Default: the last 3 years' revenue growth (4.5% a year, annual reports), fading to 3% by year 5.

  • 4.2%

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

    Default: the last 3 years' revenue growth (4.5% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 3 years' revenue growth (4.5% a year, annual reports), fading to 3% by year 5.

  • 3.4%

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

    Default: the last 3 years' revenue growth (4.5% 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 (4.5% a year, annual reports), fading to 3% by year 5.

Business

  • 7.5%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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.

  • 5.4%

    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).

  • 6.7%

    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).

  • 10%

    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.

  • 4.11%

    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.

  • 0.98

    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 0.97, 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.

  • 5.61%

    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)
₩83B
Net debt (borrowings and leases − cash and deposits)
₩26B
+ Stakes and investments
₩13B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩32M
Shares
22,392,557
Share price
₩10,600
Market cap
₩237B

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₩74B₩57B₩70B₩87B₩90B₩94B₩97B₩100B
Growth20.5%−22.7%22.6%4.5%4.2%3.8%3.4%3.0%
EBIT₩8.1B−₩3.6B₩3.2B₩6.5B₩6.8B₩7B₩7.3B₩7.5B
EBIT margin10.9%−6.4%4.6%7.5%7.5%7.5%7.5%7.5%
After-tax EBIT₩5.8B−₩2.6B₩2.3B₩4.7B₩4.9B₩5.1B₩5.3B₩5.4B
+ Depreciation———₩4.7B₩4.9B₩5.1B₩5.2B₩5.4B
− Capital spending₩5.3B₩3.4B₩4.9B₩5.8B₩6.1B₩6.3B₩6.5B₩6.7B
− Working capital−₩6.7B₩1.8B−₩578M₩374M₩364M₩343M₩319M₩291M
Free cash flow———₩3.2B₩3.4B₩3.5B₩3.7B₩3.8B
Discount factor———0.9180.8420.7730.7090.651
Present value———₩3B₩2.8B₩2.7B₩2.6B₩2.5B

Terminal value ₩69B, worth ₩45B today: 77% 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 ₩2,342 a share)Now 4.53×₩9,7424.16×₩15,1226.46×₩45,20119.3×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
8.0%₩2,160₩2,311₩2,487₩2,694₩2,943
8.5%₩1,965₩2,092₩2,238₩2,409₩2,610
9.0%₩1,795₩1,902₩2,025₩2,167₩2,333
9.5%₩1,645₩1,737₩1,842₩1,961₩2,098
10.0%₩1,512₩1,591₩1,681₩1,782₩1,898

Now (TTM)

Market cap
₩237B
Enterprise value
₩263B
P/E
1,858.4×
P/B
4.5×
P/S
2.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩15,090₩5,230₩8,960₩2,780
Market cap₩338B₩117B₩201B₩62B
P/E——28.2×11.9×
P/B13.2×4.2×6.2×2.4×
P/S4.8×2.1×2.7×1.0×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Pemtron1,858.4×4.5×2.9×—0.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
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: Pemtron / 펨트론 / 168360 / KRX:168360

Source: KRX statistical information