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KoMi

183300 · KOSDAQ · ₩183300 · 코미코

₩24,700▼ ₩650 (2.56%)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

₩33,811

vs the current price (₩24,700)

Enterprise value
₩2.4T
Equity value
₩1.7T
WACC
7.1%

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 37% 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 ₩24,700, the model needs an operating margin of 15.7% every year (it uses 18.6%).
  • Or revenue growth −5.2 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 10.7% to 22.9% 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.
  • Today's P/E is 39.7× against a typical 15.7× 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
₩16,565
−32.9%
Base
₩33,811
+36.9%
Bull
₩62,591
+153.4%

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 (18.6%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (28% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (28% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (28% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (28% 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 (28% a year, annual reports), fading to 3% by year 5.

Business

  • 18.6%

    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.

  • 20.8%

    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).

  • 26%

    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).

  • -1.1%

    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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.79

    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 0.69, 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.

  • 5.58%

    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)
₩656B
Net debt (borrowings and leases − cash and deposits)
₩552B
+ Stakes and investments
₩9.1B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩112B
Shares
51,363,275
Share price
₩24,700
Market cap
₩1.3T

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₩307B₩507B₩604B₩820B₩980B₩1.1T₩1.2T₩1.2T
Growth6.6%65.0%19.1%25.0%19.5%14.0%8.5%3.0%
EBIT₩33B₩112B₩111B₩153B₩182B₩208B₩225B₩232B
EBIT margin10.7%22.2%18.4%18.6%18.6%18.6%18.6%18.6%
After-tax EBIT₩24B₩82B₩80B₩111B₩132B₩151B₩163B₩168B
+ Depreciation———₩171B₩204B₩232B₩252B₩260B
− Capital spending₩34B₩156B₩220B₩213B₩255B₩291B₩315B₩325B
− Working capital−₩60B₩62B₩100B−₩1.8B−₩1.8B−₩1.5B−₩1B−₩400M
Free cash flow———₩70B₩83B₩94B₩101B₩104B
Discount factor———0.9340.8720.8140.7600.710
Present value———₩65B₩72B₩77B₩77B₩74B

Terminal value ₩2.9T, worth ₩2T today: 85% 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 ₩5,582 a share)Now 4.43×₩9,8791.77×₩15,6242.80×₩25,9124.64×
Price / earnings (last 12 months: ₩623 a share)Now 39.7×₩5,9569.57×₩9,80315.7×₩18,94530.4×

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%
6.1%₩35,469₩40,163₩46,002₩53,465₩63,337
6.6%₩30,845₩34,631₩39,239₩44,973₩52,300
7.1%₩26,988₩30,095₩33,811₩38,337₩43,967
7.6%₩23,721₩26,309₩29,361₩33,011₩37,454
8.1%₩20,920₩23,104₩25,646₩28,643₩32,227

Now (TTM)

Market cap
₩1.3T
Enterprise value
₩1.8T
P/E
39.7×
P/B
4.4×
P/S
1.9×
EV/EBITDA
—
Dividend yield
1.2%

Over time (at each year end)

20252024202320222021
Price₩18,043₩7,470₩13,165₩8,797₩13,695
Market cap₩927B₩384B₩676B₩452B₩703B
P/E18.6×6.9×21.4×10.8×14.9×
P/B3.4×1.4×3.2×1.8×3.2×
P/S1.5×0.8×2.2×1.6×2.7×
EV/EBITDA—————
Dividend yield1.6%2.7%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
KoMi39.7×4.4×1.9×—1.2%
Doosan Enerbility200.6×4.5×2.0×—0.0%
Hanmi Semiconductor84.5×25.1×34.0×76.1×0.4%
Jusung Engineering1,135.2×13.9×36.4×2,185.7×0.0%
Rainbow Robotics4,308.5×55.2×162.6×—0.0%
EO Technics47.1×6.8×11.5×—0.0%
Doosan Bobcat13,805.1×923.8×743.7×—3.5%
Similar companies (median)667.9×19.5×35.2×1,130.9×0.0%

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

Also known as: KoMi / 코미코 / 183300 / KRX:183300

Source: KRX statistical information