Iste아이에스티이
212710 · KOSDAQ · ₩212710 · 아이에스티이
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
- −₩40B
- Equity value
- −₩40B
- WACC
- 8.6%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩4,595, the model needs an operating margin of 15.8% every year (it uses −7.6%).
- 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
Sign in to change the assumptions and see the results update. Sign in
Cycle options
Margin path
Every year uses the cycle-average margin (−7.6%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-21.6% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-21.6% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-21.6% a year, annual reports), fading to 3% by year 5.
- -0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-21.6% 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 1 years' revenue growth (-21.6% a year, annual reports), fading to 3% by year 5.
Business
- -7.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 17.6%
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).
- 22%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
- -10%
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 2 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.
- 4.01%
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.
- 0.83
How much the share moves when the market moves: 1 means just like the market.
Default: 89 weeks of weekly returns against KOSPI (official index); raw beta 0.75, 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.
- 5.51%
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)
- ₩42B
- Net debt (borrowings and leases − cash and deposits)
- ₩172M
- + Stakes and investments
- ₩272M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 9,714,978
- Share price
- ₩4,595
- Market cap
- ₩45B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩41B | ₩32B | ₩38B | ₩35B | ₩34B | ₩34B | ₩35B |
| Growth | — | −21.6% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩638M | −₩5.8B | −₩2.9B | −₩2.7B | −₩2.6B | −₩2.6B | −₩2.6B |
| EBIT margin | 1.6% | −18.1% | −7.6% | −7.6% | −7.6% | −7.6% | −7.6% |
| After-tax EBIT | ₩462M | −₩4.2B | −₩2.1B | −₩1.9B | −₩1.9B | −₩1.9B | −₩1.9B |
| + Depreciation | — | — | ₩6.6B | ₩6.2B | ₩6B | ₩5.9B | ₩6.1B |
| − Capital spending | ₩5.2B | ₩10B | ₩8.3B | ₩7.7B | ₩7.4B | ₩7.4B | ₩7.7B |
| − Working capital | — | −₩7.3B | ₩418M | ₩252M | ₩123M | ₩6.8M | −₩101M |
| Free cash flow | — | — | −₩4.1B | −₩3.7B | −₩3.5B | −₩3.4B | −₩3.3B |
| Discount factor | — | — | 0.921 | 0.849 | 0.782 | 0.720 | 0.663 |
| Present value | — | — | −₩3.8B | −₩3.2B | −₩2.7B | −₩2.4B | −₩2.2B |
Terminal value −₩38B, worth −₩25B today: 64% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% |
|---|---|---|---|---|---|
| 7.6% | — | — | — | — | — |
| 8.1% | — | — | — | — | — |
| 8.6% | — | — | — | — | — |
| 9.1% | — | — | — | — | — |
| 9.6% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩45B
- Enterprise value
- ₩44B
- P/E
- —
- P/B
- 1.9×
- P/S
- 1.1×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩8,040 |
| Market cap | ₩78B |
| P/E | — |
| P/B | 3.8× |
| P/S | 2.4× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Iste | — | 1.9× | 1.1× | — | 0.0% |
| SK hynix | 6.4× | 3.9× | 5.5× | — | 0.2% |
| DB HiTek | 11.6× | 1.7× | 2.6× | — | 0.9% |
| Fadu | — | 36.3× | 12.7× | — | 0.0% |
| Hana Micron | 13.0× | 4.0× | 1.1× | — | 0.2% |
| Jeju Semiconductor | 9.6× | 4.9× | 3.3× | — | 0.0% |
| SFA Semicon | — | 2.8× | 3.0× | — | 0.0% |
| Similar companies (median) | 10.6× | 4.0× | 3.1× | — | 0.1% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Iste / 아이에스티이 / 212710 / KRX:212710
Source: KRX statistical information