ALT에이엘티
172670 · KOSDAQ · ₩172670 · 에이엘티
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
- −₩108B
- Equity value
- −₩193B
- WACC
- 6.0%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩9,870, the model needs an operating margin of 27.4% every year (it uses 1.8%).
- Margins ranged from −33.3% to 18.1% 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.
- 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
- —
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 (1.8%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (3% 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 (3% 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 (3% 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 (3% 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 (3% a year, annual reports), fading to 3% by year 5.
Business
- 1.8%
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.
- 63.7%
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).
- 79.6%
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).
- 20.2%
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.
- 0.72
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.59, 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)
- ₩57B
- Net debt (borrowings and leases − cash and deposits)
- ₩84B
- − Minority interests
- ₩934M
- Shares
- 8,960,259
- Share price
- ₩9,870
- Market cap
- ₩88B
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 | ₩48B | ₩37B | ₩48B | ₩59B | ₩61B | ₩63B | ₩64B | ₩66B |
| Growth | 7.6% | −23.1% | 31.9% | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | ₩4.9B | −₩12B | −₩7.4B | ₩1.1B | ₩1.1B | ₩1.1B | ₩1.2B | ₩1.2B |
| EBIT margin | 10.3% | −33.3% | −15.3% | 1.8% | 1.8% | 1.8% | 1.8% | 1.8% |
| After-tax EBIT | ₩3.5B | −₩8.9B | −₩5.4B | ₩770M | ₩793M | ₩817M | ₩842M | ₩867M |
| + Depreciation | — | — | — | ₩38B | ₩39B | ₩40B | ₩41B | ₩42B |
| − Capital spending | ₩52B | ₩40B | ₩9.7B | ₩47B | ₩48B | ₩50B | ₩51B | ₩53B |
| − Working capital | ₩45B | −₩11B | ₩6.2B | ₩347M | ₩358M | ₩368M | ₩379M | ₩391M |
| Free cash flow | — | — | — | −₩9B | −₩9.2B | −₩9.5B | −₩9.8B | −₩10B |
| Discount factor | — | — | — | 0.943 | 0.889 | 0.839 | 0.791 | 0.746 |
| Present value | — | — | — | −₩8.5B | −₩8.2B | −₩8B | −₩7.7B | −₩7.5B |
Terminal value −₩92B, worth −₩68B today: 63% 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 ₩10,244 a share)Now 0.96× | ₩7,1920.70× | ₩10,6881.04× | ₩20,8022.03× |
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% |
|---|---|---|---|---|---|
| 5.0% | — | — | — | — | — |
| 5.5% | — | — | — | — | — |
| 6.0% | — | — | — | — | — |
| 6.5% | — | — | — | — | — |
| 7.0% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩88B
- Enterprise value
- ₩172B
- P/E
- —
- P/B
- 1.0×
- P/S
- 1.5×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩12,930 | ₩9,390 | ₩22,950 |
| Market cap | ₩116B | ₩84B | ₩206B |
| P/E | — | — | 39.6× |
| P/B | 1.2× | 0.8× | 1.9× |
| P/S | 2.4× | 2.3× | 4.3× |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| ALT | — | 1.0× | 1.5× | — | 0.0% |
| SK hynix | 6.4× | 3.9× | 5.5× | — | 0.2% |
| DB HiTek | 11.6× | 1.7× | 2.6× | — | 0.9% |
| Fadu | — | 36.3× | 12.7× | — | 0.0% |
| Hana Micron | 13.0× | 4.0× | 1.1× | — | 0.2% |
| Jeju Semiconductor | 9.6× | 4.9× | 3.3× | — | 0.0% |
| SFA Semicon | — | 2.8× | 3.0× | — | 0.0% |
| Similar companies (median) | 10.6× | 4.0× | 3.1× | — | 0.1% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: ALT / 에이엘티 / 172670 / KRX:172670
Source: KRX statistical information