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Asia Pacific Satellite lnc

211270 · KOSDAQ · ₩211270 · AP위성

₩8,780▼ ₩350 (3.83%)End-of-day · Oct 27, 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

₩5,429

vs the current price (₩8,780)

Enterprise value
₩10B
Equity value
₩82B
WACC
7.3%

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 is 38% 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 ₩8,780, the model needs an operating margin of 16.3% every year (it uses 3.5%).
  • Or revenue growth +42.0 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −9.0% to 20.4% 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
₩4,830
−45.0%
Base
₩5,429
−38.2%
Bull
₩6,511
−25.8%

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 (3.5%).

Revenue growth

  • -3.7%

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

    Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.

  • -2.1%

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

    Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.

  • -0.4%

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

    Default: the last 3 years' revenue growth (-3.7% a year, annual reports), fading to 3% by year 5.

  • 1.3%

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

    Default: the last 3 years' revenue growth (-3.7% 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 (-3.7% a year, annual reports), fading to 3% by year 5.

Business

  • 3.5%

    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.

  • 1.2%

    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).

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • -1.4%

    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.

  • 4.03%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 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 0.32, 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.

  • 5.53%

    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)
₩32B
Net debt (borrowings and leases − cash and deposits)
−₩70B
+ Stakes and investments
₩2.3B
Associates, long-term financial assets and deposits (book value)
Shares
15,082,304
Share price
₩8,780
Market cap
₩132B

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₩49B₩59B₩48B₩31B₩30B₩30B₩30B₩31B
Growth−7.8%18.6%−18.5%−3.7%−2.1%−0.4%1.3%3.0%
EBIT₩10B₩7.3B−₩4.3B₩1.1B₩1.1B₩1.1B₩1.1B₩1.1B
EBIT margin20.4%12.5%−9.0%3.5%3.5%3.5%3.5%3.5%
After-tax EBIT₩7.3B₩5.3B−₩3.1B₩783M₩767M₩764M₩774M₩797M
+ Depreciation₩498M₩610M₩739M₩370M₩363M₩361M₩366M₩377M
− Capital spending———₩1.2B₩1.2B₩1.2B₩1.2B₩1.3B
− Working capital−₩17B₩20B₩3.7B₩17M₩9.1M₩1.7M−₩5.5M−₩13M
Free cash flow———−₩98M−₩88M−₩81M−₩75M−₩70M
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩91M−₩77M−₩65M−₩56M−₩49M

Terminal value ₩15B, worth ₩10B today: 103% 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 ₩6,771 a share)Now 1.30×₩10,9091.61×₩14,3692.12×₩19,7062.91×

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%
6.3%₩5,450₩5,530₩5,627₩5,750₩5,910
6.8%₩5,375₩5,440₩5,518₩5,613₩5,734
7.3%₩5,312₩5,366₩5,429₩5,506₩5,600
7.8%₩5,259₩5,304₩5,357₩5,419₩5,495
8.3%₩5,213₩5,252₩5,296₩5,348₩5,409

Now (TTM)

Market cap
₩132B
Enterprise value
₩63B
P/E
—
P/B
1.3×
P/S
4.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩12,670₩12,630₩13,600₩10,050₩14,500
Market cap₩191B₩190B₩205B₩152B₩219B
P/E—18.3×19.5×37.2×156.0×
P/B1.8×1.8×2.2×1.8×2.7×
P/S4.0×3.2×4.1×2.8×5.4×
EV/EBITDA—13.6×10.4×15.9×101.8×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Asia Pacific Satellite lnc—1.3×4.1×—0.0%
Samsung Electronics8.7×2.3×2.7×—0.8%
LG Electronics24.7×1.0×0.3×—0.9%
Hanwha Vision16.4×2.1×1.0×—0.0%
RFHIC37.6×3.4×6.1×—0.9%
KMW—4.9×8.1×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)16.4×2.2×2.1×—0.6%

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

Also known as: Asia Pacific Satellite lnc / AP위성 / 211270 / KRX:211270

Source: KRX statistical information