KOSDAQ · 200470 · Semiconductors · ₩200470

Apact에이팩트

200470 · KOSDAQ · ₩200470 · 에이팩트

₩10,050▲ ₩680 (7.26%)End-of-day · Oct 27, 2026 · End-of-day prices.

Trade

Sell Buy

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: −₩85B
Equity value: −₩169B
WACC: 9.3%

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 ₩10,050, the model needs an operating margin of 30.7% every year (it uses −2.3%).
Analysts' forecasts for 2026: revenue ₩222B, operating profit — (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩371B, operating profit — (1 broker). The model starts from the last 12 months reported.
Margins ranged from −24.8% to 8.5% 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.
61% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
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

Cycle options

Margin path

Every year uses the cycle-average margin (−2.3%).

Revenue growth

Revenue growth, year 114.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-2.3%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation11.5%
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).
Capital spending14.3%
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).
Working capital0.2%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.11%
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.
Beta1.12
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 1.18, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩137B
Net debt (borrowings and leases − cash and deposits): ₩86B
+ Stakes and investments: ₩1.8B; Associates, long-term financial assets and deposits (book value)
Shares: 44,587,651
Share price: ₩10,050
Market cap: ₩448B

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	₩94B	₩87B	₩111B	₩157B	₩175B	₩190B	₩202B	₩208B
Growth	27.3%	−7.5%	28.0%	14.7%	11.7%	8.8%	5.9%	3.0%
EBIT	−₩23B	−₩22B	₩5.3B	−₩3.6B	−₩4B	−₩4.4B	−₩4.6B	−₩4.8B
EBIT margin	−24.4%	−24.8%	4.7%	−2.3%	−2.3%	−2.3%	−2.3%	−2.3%
After-tax EBIT	−₩17B	−₩16B	₩3.8B	−₩2.6B	−₩2.9B	−₩3.2B	−₩3.4B	−₩3.5B
+ Depreciation	—	—	—	₩18B	₩20B	₩22B	₩23B	₩24B
− Capital spending	₩19B	₩12B	₩9.8B	₩22B	₩25B	₩27B	₩29B	₩30B
− Working capital	₩3.2B	−₩582M	₩7.3B	₩40M	₩37M	₩31M	₩22M	₩12M
Free cash flow	—	—	—	−₩7B	−₩7.9B	−₩8.5B	−₩9B	−₩9.3B
Discount factor	—	—	—	0.915	0.838	0.767	0.702	0.642
Present value	—	—	—	−₩6.4B	−₩6.6B	−₩6.5B	−₩6.3B	−₩6B

Terminal value −₩82B, worth −₩53B today: 62% 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 ₩1,831 a share)Now 5.49×	₩2,4251.32×	₩4,1692.28×	₩9,9545.44×

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%
8.3%	—	—	—	—	—
8.8%	—	—	—	—	—
9.3%	—	—	—	—	—
9.8%	—	—	—	—	—
10.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩448B
Enterprise value: ₩534B
P/E: 41.4×
P/B: 5.5×
P/S: 3.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,790	₩2,145	₩3,265	₩2,475	₩4,449
Market cap	₩303B	₩96B	₩146B	₩110B	₩198B
P/E	57.9×	—	—	35.7×	74.4×
P/B	4.3×	1.7×	1.5×	1.0×	2.8×
P/S	2.7×	1.1×	1.6×	1.5×	4.2×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Apact	41.4×	5.5×	3.3×	—	0.0%
SK hynix	6.0×	3.7×	5.2×	—	0.2%
DB HiTek	11.9×	1.7×	2.7×	—	0.9%
Fadu	—	37.7×	13.2×	—	0.0%
Hana Micron	13.8×	4.3×	1.1×	—	0.2%
Jeju Semiconductor	9.5×	4.9×	3.3×	—	0.0%
SFA Semicon	—	3.0×	3.2×	—	0.0%
Similar companies (median)	10.7×	4.0×	3.2×	—	0.1%

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

Also known as: Apact / 에이팩트 / 200470 / KRX:200470

Source: KRX statistical information