KOSDAQ · 217500 · Machinery · ₩217500

Russell러셀

217500 · KOSDAQ · ₩217500 · 러셀

₩1,338▲ ₩30 (2.29%)End-of-day · Oct 28, 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

₩558

vs the current price (₩1,338)

Enterprise value: ₩3.6B
Equity value: ₩18B
WACC: 7.7%

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 58% 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 ₩1,338, the model needs an operating margin of 9.9% every year (it uses 2.2%).
Margins ranged from −19.1% to 10.7% 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.

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: ₩428; −68.0%
Base: ₩558; −58.3%
Bull: ₩823; −38.5%

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 (2.2%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-13.6% 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 (-13.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin2.2%
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 & amortisation2.1%
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).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital40%
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.
Beta0.65
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 0.48, 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): ₩32B
Net debt (borrowings and leases − cash and deposits): −₩14B
Shares: 31,812,000
Share price: ₩1,338
Market cap: ₩43B

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	₩45B	₩37B	₩27B	₩29B	₩27B	₩26B	₩26B	₩27B
Growth	6.6%	−16.2%	−27.8%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩1.9B	₩2B	−₩5.2B	₩642M	₩599M	₩578M	₩577M	₩595M
EBIT margin	4.2%	5.5%	−19.1%	2.2%	2.2%	2.2%	2.2%	2.2%
After-tax EBIT	₩1.4B	₩1.5B	−₩3.8B	₩466M	₩435M	₩419M	₩419M	₩431M
+ Depreciation	₩721M	₩738M	₩709M	₩613M	₩572M	₩552M	₩551M	₩568M
− Capital spending	—	—	—	₩1.2B	₩1.1B	₩1.1B	₩1B	₩1.1B
− Working capital	₩1.9B	₩2B	−₩17M	−₩1.3B	−₩783M	−₩381M	−₩21M	₩315M
Free cash flow	—	—	—	₩1.2B	₩700M	₩301M	−₩59M	−₩397M
Discount factor	—	—	—	0.929	0.862	0.801	0.744	0.691
Present value	—	—	—	₩1.1B	₩603M	₩241M	−₩44M	−₩274M

Terminal value ₩2.8B, worth ₩2B today: 54% 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 ₩1,820 a share)Now 0.74×	₩1,6090.88×	₩3,0251.66×	₩4,9572.72×
P/E on run-rate earnings (Q2 2026 × 4: ₩76 a share)Now 17.7×	₩1,00913.3×	₩2,04227.0×	₩3,48346.0×

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%
6.7%	₩604	₩591	₩575	₩555	₩529
7.2%	₩593	₩581	₩566	₩547	₩524
7.7%	₩584	₩572	₩558	₩541	₩520
8.2%	₩576	₩565	₩551	₩536	₩517
8.7%	₩568	₩558	₩546	₩532	₩515

Now (TTM)

Market cap: ₩43B
Enterprise value: ₩28B
P/E: —
P/B: 0.7×
P/S: 1.3×
EV/EBITDA: —
Dividend yield: 2.2%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,898	₩1,446	₩3,135	₩2,640	₩4,670
Market cap	₩60B	₩46B	₩100B	₩84B	₩149B
P/E	—	11.0×	66.2×	21.9×	24.3×
P/B	1.1×	0.8×	1.8×	1.6×	3.0×
P/S	2.2×	1.2×	2.2×	2.0×	2.6×
EV/EBITDA	—	7.9×	29.8×	10.2×	18.5×
Dividend yield	1.6%	2.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Russell	—	0.7×	1.3×	—	2.2%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	4.5×	5.3×	42.7×	0.2%
Similar companies (median)	152.3×	10.7×	23.4×	78.7×	0.0%

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

Also known as: Russell / 러셀 / 217500 / KRX:217500

Source: KRX statistical information