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Inno Instrument

215790 · KOSDAQ · ₩215790 · 이노인스트루먼트

₩2,390▼ ₩155 (6.09%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩98B
Equity value
−₩111B
WACC
5.9%

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 ₩2,390, the model needs an operating margin of 6.8% every year (it uses −14.4%).
  • Margins ranged from −66.7% to 15.7% 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.
  • 81% 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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−14.4%).

Revenue growth

  • -4.3%

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

    Default: the last 3 years' revenue growth (-4.3% a year, annual reports), fading to 3% by year 5.

  • -2.5%

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

    Default: the last 3 years' revenue growth (-4.3% a year, annual reports), fading to 3% by year 5.

  • -0.7%

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

    Default: the last 3 years' revenue growth (-4.3% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (-4.3% 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 (-4.3% a year, annual reports), fading to 3% by year 5.

Business

  • -14.4%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 3.9%

    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).

  • 4.9%

    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).

  • 40%

    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.

  • 4.01%

    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.

  • 0.6

    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 0.24, 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)
₩37B
Net debt (borrowings and leases − cash and deposits)
₩13B
Shares
8,056,629
Share price
₩2,390
Market cap
₩19B

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₩44B₩41B₩44B₩36B₩35B₩35B₩35B₩36B
Growth−12.0%−6.1%6.1%−4.3%−2.5%−0.7%1.2%3.0%
EBIT−₩19B−₩27B−₩9.2B−₩5.2B−₩5B−₩5B−₩5B−₩5.2B
EBIT margin−43.0%−66.7%−21.0%−14.4%−14.4%−14.4%−14.4%−14.4%
After-tax EBIT−₩14B−₩20B−₩6.7B−₩3.7B−₩3.6B−₩3.6B−₩3.7B−₩3.8B
+ Depreciation———₩1.4B₩1.4B₩1.4B₩1.4B₩1.4B
− Capital spending₩3.7B₩1.8B₩801M₩1.8B₩1.7B₩1.7B₩1.7B₩1.8B
− Working capital−₩9.3B−₩13B−₩6.8B−₩643M−₩358M−₩98M₩166M₩421M
Free cash flow———−₩3.4B−₩3.6B−₩3.9B−₩4.2B−₩4.6B
Discount factor———0.9440.8910.8410.7940.749
Present value———−₩3.3B−₩3.2B−₩3.3B−₩3.3B−₩3.4B

Terminal value −₩109B, worth −₩81B 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:

LowTypicalHigh
Price / book (book value ₩4,978 a share)Now 0.48×₩1,6300.33×₩2,6110.52×₩4,1780.84×

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%
4.9%—————
5.4%—————
5.9%—————
6.4%—————
6.9%—————

Now (TTM)

Market cap
₩19B
Enterprise value
₩32B
P/E
24.2×
P/B
0.5×
P/S
0.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩2,715₩2,350₩5,660₩6,275₩9,275
Market cap₩22B₩19B₩46B₩51B₩75B
P/E———9.0×7.3×
P/B0.6×0.4×0.6×0.5×0.8×
P/S0.5×0.5×1.0×1.0×1.6×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Inno Instrument24.2×0.5×0.5×—0.0%
Samsung Electronics8.8×2.3×2.7×—0.7%
LG Electronics23.6×0.9×0.3×—0.9%
Hanwha Vision21.8×2.7×1.4×—0.0%
RFHIC39.7×3.5×6.5×—0.8%
KMW—4.9×7.9×—0.0%
Intellian Technologies12.9×2.0×1.6×—0.4%
Similar companies (median)21.8×2.5×2.1×—0.6%

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

Also known as: Inno Instrument / 이노인스트루먼트 / 215790 / KRX:215790

Source: KRX statistical information