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Piolink

170790 · KOSDAQ · ₩170790 · 파이오링크

₩8,200▲ ₩150 (1.86%)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

₩22,227

vs the current price (₩8,200)

Enterprise value
₩107B
Equity value
₩142B
WACC
7.3%

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 171% 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 ₩8,200, the model needs an operating margin of 3.2% every year (it uses 12.5%).
  • Margins ranged from 4.4% to 20.1% 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.
  • 42% 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 7.8× against a typical 7.9× 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
₩15,993
+95.0%
Base
₩22,227
+171.1%
Bull
₩32,856
+300.7%

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 (12.5%).

Revenue growth

  • 2.1%

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

    Default: the last 3 years' revenue growth (2.1% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (2.1% 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 (2.1% 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 (2.1% 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 (2.1% a year, annual reports), fading to 3% by year 5.

Business

  • 12.5%

    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.

  • 2.3%

    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).

  • 2.9%

    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).

  • 32.6%

    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.

  • 0.6

    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 0.32, 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)
₩68B
Net debt (borrowings and leases − cash and deposits)
−₩35B
− Minority interests
₩75M
Shares
6,397,335
Share price
₩8,200
Market cap
₩52B

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₩59B₩58B₩66B₩69B₩71B₩72B₩74B₩77B
Growth−4.2%−1.2%12.6%2.1%2.3%2.6%2.8%3.0%
EBIT₩9B₩2.6B₩5.4B₩8.6B₩8.8B₩9.1B₩9.3B₩9.6B
EBIT margin15.3%4.4%8.2%12.5%12.5%12.5%12.5%12.5%
After-tax EBIT₩6.5B₩1.9B₩3.9B₩6.3B₩6.4B₩6.6B₩6.7B₩7B
+ Depreciation———₩1.6B₩1.6B₩1.7B₩1.7B₩1.8B
− Capital spending₩2.4B₩1.3B₩1.7B₩2B₩2B₩2.1B₩2.2B₩2.2B
− Working capital−₩18B−₩390M−₩3.1B₩463M₩517M₩598M₩661M₩728M
Free cash flow———₩5.4B₩5.5B₩5.5B₩5.6B₩5.8B
Discount factor———0.9320.8680.8090.7530.702
Present value———₩5B₩4.7B₩4.5B₩4.2B₩4B

Terminal value ₩120B, worth ₩84B today: 79% 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 ₩12,928 a share)Now 0.63×₩8,3000.64×₩11,6340.90×₩20,0381.55×
Price / earnings (last 12 months: ₩1,048 a share)Now 7.82×₩5,9455.67×₩8,2697.89×₩10,77110.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩746 a share)Now 11.0×₩4,2335.67×₩5,8877.89×₩7,66810.3×

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%
6.3%₩23,365₩24,611₩26,141₩28,068₩30,568
6.8%₩21,796₩22,788₩23,981₩25,448₩27,293
7.3%₩20,476₩21,278₩22,227₩23,370₩24,774
7.8%₩19,350₩20,007₩20,775₩21,683₩22,777
8.3%₩18,379₩18,923₩19,552₩20,286₩21,155

Now (TTM)

Market cap
₩52B
Enterprise value
₩15B
P/E
7.8×
P/B
0.6×
P/S
0.8×
EV/EBITDA
—
Dividend yield
4.4%

Over time (at each year end)

20252024202320222021
Price₩8,800₩8,780₩10,620₩12,100₩17,650
Market cap₩56B₩56B₩68B₩77B₩113B
P/E7.5×10.4×6.4×6.4×10.1×
P/B0.7×0.7×0.8×1.1×1.8×
P/S0.9×1.0×1.2×1.3×2.1×
EV/EBITDA—————
Dividend yield4.1%3.4%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Piolink7.8×0.6×0.8×—4.4%
Samsung Electronics8.7×2.3×2.7×—0.8%
LG Electronics24.7×1.0×0.3×—0.9%
Hanwha Vision16.4×2.1×1.0×—0.0%
RFHIC37.6×3.4×6.1×—0.9%
KMW—4.9×8.1×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)16.4×2.2×2.1×—0.6%

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

Also known as: Piolink / 파이오링크 / 170790 / KRX:170790

Source: KRX statistical information