3ALogics쓰리에이로직스
177900 · KOSDAQ · ₩177900 · 쓰리에이로직스
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
- −₩28B
- Equity value
- −₩36B
- WACC
- 6.7%
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 ₩2,950, the model needs an operating margin of 23.1% every year (it uses −7.5%).
- 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 (−7.5%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-20% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-20% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-20% a year, annual reports), fading to 3% by year 5.
- -0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-20% 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 (-20% 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 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.
- 30.2%
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).
- 37.7%
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.
- 4.01%
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.
- 0.64
How much the share moves when the market moves: 1 means just like the market.
Default: 96 weeks of weekly returns against KOSPI (official index); raw beta 0.46, 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)
- ₩17B
- Net debt (borrowings and leases − cash and deposits)
- ₩9.1B
- + Stakes and investments
- ₩1.1B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 9,627,600
- Share price
- ₩2,950
- Market cap
- ₩28B
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 | ₩18B | ₩14B | ₩16B | ₩15B | ₩14B | ₩14B | ₩15B |
| Growth | — | −20.0% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩1.7B | −₩2.7B | −₩1.2B | −₩1.1B | −₩1.1B | −₩1.1B | −₩1.1B |
| EBIT margin | 9.7% | −18.5% | −7.5% | −7.5% | −7.5% | −7.5% | −7.5% |
| After-tax EBIT | ₩1.3B | −₩1.9B | −₩854M | −₩797M | −₩769M | −₩768M | −₩791M |
| + Depreciation | — | — | ₩4.7B | ₩4.4B | ₩4.3B | ₩4.3B | ₩4.4B |
| − Capital spending | ₩4B | ₩7.7B | ₩5.9B | ₩5.5B | ₩5.3B | ₩5.3B | ₩5.5B |
| − Working capital | — | ₩285M | −₩698M | −₩421M | −₩205M | −₩11M | ₩169M |
| Free cash flow | — | — | −₩1.3B | −₩1.5B | −₩1.6B | −₩1.8B | −₩2.1B |
| Discount factor | — | — | 0.937 | 0.879 | 0.824 | 0.772 | 0.724 |
| Present value | — | — | −₩1.3B | −₩1.3B | −₩1.3B | −₩1.4B | −₩1.5B |
Terminal value −₩29B, worth −₩21B today: 76% 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% |
|---|---|---|---|---|---|
| 5.7% | — | — | — | — | — |
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩28B
- Enterprise value
- ₩37B
- P/E
- —
- P/B
- 0.6×
- P/S
- 1.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩6,370 | ₩7,690 |
| Market cap | ₩61B | ₩74B |
| P/E | — | 8.6× |
| P/B | 1.3× | 1.5× |
| P/S | 4.2× | 4.1× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| 3ALogics | — | 0.6× | 1.6× | — | 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: 3ALogics / 쓰리에이로직스 / 177900 / KRX:177900
Source: KRX statistical information