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UTI

179900 · KOSDAQ · ₩179900 · 유티아이

₩2,275▲ ₩135 (6.31%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩162B
Equity value
−₩240B
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 ₩2,275, the model needs an operating margin of 82.8% every year (it uses −20.0%).
  • Margins ranged from −241.9% to −4.9% 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 (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-18.2% 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 3 years' revenue growth (-18.2% 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 3 years' revenue growth (-18.2% 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 3 years' revenue growth (-18.2% 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 (-18.2% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 39.1%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 171%

    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.

  • 4.01%

    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.

  • 0.95

    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 0.92, 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)
₩20B
Net debt (borrowings and leases − cash and deposits)
₩79B
+ Stakes and investments
₩586M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩23M
Shares
21,569,319
Share price
₩2,275
Market cap
₩49B

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₩19B₩19B₩20B₩18B₩17B₩16B₩16B₩17B
Growth−46.9%−4.1%7.6%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩20B−₩32B−₩48B−₩3.6B−₩3.4B−₩3.2B−₩3.2B−₩3.3B
EBIT margin−101.9%−173.7%−241.9%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩14B−₩23B−₩35B−₩2.6B−₩2.4B−₩2.4B−₩2.3B−₩2.4B
+ Depreciation₩7.5B₩7.3B—₩7B₩6.6B₩6.3B₩6.3B₩6.5B
− Capital spending₩9.8B₩16B₩75B₩31B₩29B₩28B₩28B₩28B
− Working capital−₩77B₩28B−₩78B₩200M₩121M₩59M₩3.2M−₩49M
Free cash flow₩60B−₩60B—−₩27B−₩25B−₩24B−₩24B−₩24B
Discount factor———0.9430.8900.8400.7920.747
Present value———−₩25B−₩22B−₩20B−₩19B−₩18B

Terminal value −₩77B, worth −₩58B today: 36% 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 ₩3,344 a share)Now 0.68×₩14,8164.43×₩30,2589.05×₩178,91853.5×

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%
5.0%—————
5.5%—————
6.0%—————
6.5%—————
7.0%—————

Now (TTM)

Market cap
₩49B
Enterprise value
₩124B
P/E
—
P/B
0.7×
P/S
2.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩19,990₩26,100₩36,000₩25,800₩16,000
Market cap₩431B₩563B₩776B₩556B₩345B
P/E————268.8×
P/B6.6×7.6×45.2×11.8×5.7×
P/S21.6×30.3×40.1×15.3×7.6×
EV/EBITDA———198.9×67.4×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
UTI—0.7×2.5×—0.0%
Samsung Electro-Mechanics95.9×9.4×7.8×—0.2%
Doosan37.2×5.2×0.7×—0.4%
Hanwha Systems69.5×2.7×3.0×—0.8%
LG Innotek12.4×1.3×0.3×—0.5%
Daeduck Electronics44.9×7.0×5.1×—0.4%
Isupetasys33.8×7.9×5.2×—0.0%
Similar companies (median)41.1×6.1×4.0×—0.4%

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

Also known as: UTI / 유티아이 / 179900 / KRX:179900

Source: KRX statistical information