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Nano

187790 · KOSDAQ · ₩187790 · 나노

₩2,300▼ ₩25 (1.08%)End-of-day · Oct 28, 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

₩394

vs the current price (₩2,300)

Enterprise value
₩29B
Equity value
₩12B
WACC
6.6%

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 83% 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 ₩2,300, the model needs an operating margin of 6.1% every year (it uses 2.8%).
  • Or revenue growth +24.3 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −5.3% to 6.5% 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.
  • Today's P/E is 45.1× against a typical 6.1× 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
—
Base
₩394
−82.9%
Bull
₩2,619
+13.9%

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 (2.8%).

Revenue growth

  • 8.6%

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

    Default: the last 3 years' revenue growth (8.6% a year, annual reports), fading to 3% by year 5.

  • 7.2%

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

    Default: the last 3 years' revenue growth (8.6% a year, annual reports), fading to 3% by year 5.

  • 5.8%

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

    Default: the last 3 years' revenue growth (8.6% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (8.6% 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 (8.6% a year, annual reports), fading to 3% by year 5.

Business

  • 2.8%

    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.

  • 7.5%

    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).

  • 9.4%

    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).

  • -4.6%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.28, 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.

  • 5.61%

    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)
₩93B
Net debt (borrowings and leases − cash and deposits)
₩24B
+ Stakes and investments
₩7.2B
Associates, long-term financial assets and deposits (book value)
Shares
30,840,830
Share price
₩2,300
Market cap
₩71B

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₩88B₩89B₩86B₩101B₩109B₩115B₩120B₩123B
Growth31.8%0.6%−3.3%8.6%7.2%5.8%4.4%3.0%
EBIT₩1.6B₩1.7B₩5.5B₩2.8B₩3B₩3.2B₩3.4B₩3.5B
EBIT margin1.8%1.9%6.5%2.8%2.8%2.8%2.8%2.8%
After-tax EBIT₩1.2B₩1.2B₩4B₩2.1B₩2.2B₩2.3B₩2.4B₩2.5B
+ Depreciation———₩7.6B₩8.1B₩8.6B₩9B₩9.3B
− Capital spending₩3.7B₩718M₩20B₩9.5B₩10B₩11B₩11B₩12B
− Working capital₩3B₩22B₩8.3B−₩369M−₩335M−₩290M−₩232M−₩165M
Free cash flow———₩500M₩476M₩439M₩388M₩326M
Discount factor———0.9390.8810.8270.7760.728
Present value———₩470M₩420M₩363M₩301M₩237M

Terminal value ₩38B, worth ₩28B today: 94% 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 ₩1,334 a share)Now 1.72×₩1,5691.18×₩2,3001.72×₩5,0273.77×
Price / earnings (last 12 months: ₩51 a share)Now 45.1×₩581.14×₩3136.14×₩2,30845.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩66 a share)Now 35.0×₩751.14×₩4046.14×₩2,97945.3×

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%
5.6%₩399₩532₩704₩931₩1,249
6.1%₩290₩397₩530₩700₩927
6.6%₩201₩288₩394₩527₩697
7.1%₩127₩200₩286₩392₩524
7.6%₩65₩126₩198₩284₩389

Now (TTM)

Market cap
₩71B
Enterprise value
₩95B
P/E
45.1×
P/B
1.7×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,480₩1,125₩1,493₩1,131₩1,860
Market cap₩107B₩35B₩46B₩35B₩57B
P/E15.3×1.1×———
P/B2.5×1.1×87.6×55.7×1.8×
P/S1.3×0.4×0.5×0.5×1.1×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Nano45.1×1.7×0.8×—0.0%
LG Chem—0.5×0.3×—0.8%
Hanwha Solutions—0.6×0.4×—0.0%
Hanwha6.3×0.4×0.1×—1.4%
SKC—2.1×2.0×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: Nano / 나노 / 187790 / KRX:187790

Source: KRX statistical information