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Atec Mobility

224110 · KOSDAQ · ₩224110 · 에이텍모빌리티

₩6,970▼ ₩140 (1.97%)End-of-day · Oct 28, 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

₩18,377

vs the current price (₩6,970)

Enterprise value
₩84B
Equity value
₩93B
WACC
7.4%

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 164% 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 ₩6,970, the model needs an operating margin of 2.0% every year (it uses 5.9%).
  • Or revenue growth −23.1 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 36.4× against a typical 36.4× 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
₩9,542
+36.9%
Base
₩18,377
+163.7%
Bull
₩33,413
+379.4%

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 (5.9%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (30.6% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (30.6% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (30.6% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (30.6% 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 3 years' revenue growth (30.6% a year, annual reports), fading to 3% by year 5.

Business

  • 5.9%

    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.

  • 2.1%

    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).

  • 4%

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

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

  • -9%

    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.

  • 4.08%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 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 0.04, 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.

  • 5.58%

    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)
₩65B
Net debt (borrowings and leases − cash and deposits)
−₩4.1B
+ Stakes and investments
₩5.5B
Associates, long-term financial assets and deposits (book value)
Shares
5,080,386
Share price
₩6,970
Market cap
₩35B

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₩38B₩44B₩64B₩81B₩97B₩110B₩119B₩123B
Growth32.0%15.3%46.3%25.0%19.5%14.0%8.5%3.0%
EBIT₩2.3B₩2.8B₩6.2B₩4.8B₩5.7B₩6.5B₩7B₩7.3B
EBIT margin6.1%6.4%9.6%5.9%5.9%5.9%5.9%5.9%
After-tax EBIT₩1.7B₩2.1B₩4.5B₩3.5B₩4.1B₩4.7B₩5.1B₩5.3B
+ Depreciation₩841M₩955M₩1.2B₩1.7B₩2B₩2.3B₩2.5B₩2.6B
− Capital spending———₩3.2B₩3.9B₩4.4B₩4.8B₩4.9B
− Working capital−₩3.9B₩941M−₩7B−₩1.5B−₩1.4B−₩1.2B−₩842M−₩322M
Free cash flow———₩3.4B₩3.7B₩3.8B₩3.7B₩3.2B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩3.1B₩3.2B₩3.1B₩2.8B₩2.3B

Terminal value ₩99B, worth ₩69B 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 ₩13,535 a share)Now 0.51×₩8,9300.66×₩20,2011.49×₩25,8151.91×
Price / earnings (last 12 months: ₩191 a share)Now 36.4×₩7984.17×₩6,97036.4×₩13,32169.6×

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%
6.4%₩18,668₩20,329₩22,372₩24,943₩28,278
6.9%₩17,156₩18,522₩20,168₩22,193₩24,741
7.4%₩15,884₩17,024₩18,377₩20,009₩22,015
7.9%₩14,799₩15,763₩16,893₩18,233₩19,851
8.4%₩13,862₩14,687₩15,643₩16,762₩18,091

Now (TTM)

Market cap
₩35B
Enterprise value
₩30B
P/E
36.4×
P/B
0.5×
P/S
0.5×
EV/EBITDA
5.4×
Dividend yield
4.3%

Over time (at each year end)

20252024202320222021
Price₩9,550₩18,420₩14,820₩9,610₩24,450
Market cap₩49B₩94B₩75B₩49B₩124B
P/E70.9×5.3×33.4×46.6×24.1×
P/B0.7×1.6×1.7×1.2×3.2×
P/S0.8×2.1×2.0×1.7×4.9×
EV/EBITDA2.4×23.9×21.9×24.7×170.0×
Dividend yield3.1%1.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Atec Mobility36.4×0.5×0.5×5.4×4.3%
Samsung Electronics9.5×2.5×2.9×—0.7%
LG Electronics25.3×1.0×0.3×—0.8%
Hanwha Vision17.0×2.1×1.1×—0.0%
RFHIC41.3×3.7×6.7×—0.8%
KMW—5.0×8.1×—0.0%
Intellian Technologies13.4×2.0×1.6×—0.4%
Similar companies (median)17.0×2.3×2.3×—0.5%

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

Also known as: Atec Mobility / 에이텍모빌리티 / 224110 / KRX:224110

Source: KRX statistical information