KOSDAQ · 212560 · Auto parts · ₩212560

Neooto네오오토

212560 · KOSDAQ · ₩212560 · 네오오토

₩8,490▼ ₩320 (3.63%)End-of-day · Oct 30, 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

₩15,388

vs the current price (₩8,490)

Enterprise value: ₩174B
Equity value: ₩208B
WACC: 7.5%

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 81% 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 ₩8,490, the model needs an operating margin of 3.1% every year (it uses 5.4%).
Or revenue growth −16.3 points a year higher than assumed in each of the 5 years.
Today's P/E is 9.5× against a typical 7.4× 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: ₩7,455; −12.2%
Base: ₩15,388; +81.2%
Bull: ₩29,066; +242.4%

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 (5.4%).

Revenue growth

Revenue growth, year 112.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 210%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.3% 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 (12.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin5.4%
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 & amortisation6.4%
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 spending8%
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 capital-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

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 rate4.01%
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.
Beta0.64
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 0.46, 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)5.51%
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): ₩237B
Net debt (borrowings and leases − cash and deposits): −₩31B
+ Stakes and investments: ₩3.2B; Associates, long-term financial assets and deposits (book value)
Shares: 13,486,348
Share price: ₩8,490
Market cap: ₩114B

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	₩198B	₩219B	₩232B	₩266B	₩292B	₩314B	₩331B	₩341B
Growth	20.8%	10.3%	6.2%	12.3%	10.0%	7.6%	5.3%	3.0%
EBIT	₩10B	₩13B	₩14B	₩14B	₩16B	₩17B	₩18B	₩18B
EBIT margin	5.2%	5.8%	5.9%	5.4%	5.4%	5.4%	5.4%	5.4%
After-tax EBIT	₩7.5B	₩9.2B	₩9.9B	₩10B	₩11B	₩12B	₩13B	₩13B
+ Depreciation	—	—	—	₩17B	₩19B	₩20B	₩21B	₩22B
− Capital spending	₩6.9B	₩8.9B	₩38B	₩21B	₩23B	₩25B	₩26B	₩27B
− Working capital	₩3.1B	−₩14B	−₩7B	−₩291M	−₩266M	−₩222M	−₩167M	−₩99M
Free cash flow	—	—	—	₩6.4B	₩7B	₩7.5B	₩7.8B	₩8B
Discount factor	—	—	—	0.930	0.865	0.804	0.748	0.696
Present value	—	—	—	₩6B	₩6.1B	₩6B	₩5.9B	₩5.6B

Terminal value ₩207B, worth ₩144B today: 83% 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 ₩11,595 a share)Now 0.73×	₩6,6740.58×	₩7,9740.69×	₩10,2340.88×
Price / earnings (last 12 months: ₩896 a share)Now 9.48×	₩3,8444.29×	₩6,6547.43×	₩10,11011.3×

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%
6.5%	₩15,817	₩16,996	₩18,436	₩20,233	₩22,540
7.0%	₩14,634	₩15,600	₩16,759	₩18,174	₩19,941
7.5%	₩13,633	₩14,438	₩15,388	₩16,527	₩17,918
8.0%	₩12,777	₩13,455	₩14,246	₩15,180	₩16,300
8.5%	₩12,036	₩12,614	₩13,280	₩14,058	₩14,976

Now (TTM)

Market cap: ₩114B
Enterprise value: ₩84B
P/E: 9.5×
P/B: 0.7×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 2.4%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,850	₩5,239	₩6,280	₩4,405	₩4,405
Market cap	₩119B	₩71B	₩85B	₩59B	₩59B
P/E	8.0×	4.0×	7.1×	7.6×	9.0×
P/B	0.9×	0.6×	0.8×	0.6×	0.7×
P/S	0.5×	0.3×	0.4×	0.4×	0.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	2.3%	2.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Neooto	9.5×	0.7×	0.5×	—	2.4%
Hyundai Mobis	8.3×	0.6×	0.5×	—	1.9%
SL	5.9×	0.8×	0.4×	3.6×	0.0%
HL Mando	10.3×	0.6×	0.2×	—	2.0%
Hyundai WIA	18.9×	0.4×	0.2×	—	2.4%
Samhyun	—	11.2×	15.8×	—	0.0%
SNT Dynamics	12.5×	0.7×	0.8×	—	7.3%
Similar companies (median)	10.3×	0.6×	0.4×	3.6×	2.0%

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

Also known as: Neooto / 네오오토 / 212560 / KRX:212560

Source: KRX statistical information