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Rayence

228850 · KOSDAQ · ₩228850 · 레이언스

₩8,060▼ ₩90 (1.10%)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

₩16,571

vs the current price (₩8,060)

Enterprise value
₩129B
Equity value
₩275B
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 106% 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 ₩8,060, the model needs an operating margin of 0.2% every year (it uses 9.9%).
  • Margins ranged from −3.4% to 17.9% 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.
  • Today's P/E is 31.9× against a typical 8.9× 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
₩13,654
+69.4%
Base
₩16,571
+105.6%
Bull
₩21,683
+169.0%

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 (9.9%).

Revenue growth

  • -8%

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

    Default: the last 3 years' revenue growth (-8% a year, annual reports), fading to 3% by year 5.

  • -5.2%

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

    Default: the last 3 years' revenue growth (-8% 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 (-8% a year, annual reports), fading to 3% by year 5.

  • 0.3%

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

    Default: the last 3 years' revenue growth (-8% 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 (-8% a year, annual reports), fading to 3% by year 5.

Business

  • 9.9%

    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.

  • 3.1%

    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).

  • 3.9%

    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.

  • 4.08%

    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 -0.03, 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)
₩132B
Net debt (borrowings and leases − cash and deposits)
−₩143B
+ Stakes and investments
₩3.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩433M
Shares
16,591,014
Share price
₩8,060
Market cap
₩134B

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₩143B₩126B₩115B₩121B₩115B₩112B₩112B₩116B
Growth−2.8%−12.2%−8.6%−8.0%−5.2%−2.5%0.3%3.0%
EBIT₩20B₩6.6B−₩4B₩12B₩11B₩11B₩11B₩11B
EBIT margin13.8%5.3%−3.4%9.9%9.9%9.9%9.9%9.9%
After-tax EBIT₩14B₩4.8B−₩2.9B₩8.7B₩8.2B₩8B₩8.1B₩8.3B
+ Depreciation———₩3.8B₩3.6B₩3.5B₩3.5B₩3.6B
− Capital spending₩4.3B₩8.4B₩2.3B₩4.7B₩4.5B₩4.4B₩4.4B₩4.5B
− Working capital−₩77B₩5.7B−₩12B−₩4.2B−₩2.5B−₩1.1B₩134M₩1.3B
Free cash flow———₩12B₩9.8B₩8.3B₩7B₩6B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩11B₩8.5B₩6.7B₩5.3B₩4.2B

Terminal value ₩133B, worth ₩93B today: 72% 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 ₩14,566 a share)Now 0.55×₩5,9240.41×₩8,6620.59×₩13,7490.94×
Price / earnings (last 12 months: ₩253 a share)Now 31.9×₩1,6856.67×₩2,2548.92×₩7,32029.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩612 a share)Now 13.2×₩4,0806.67×₩5,4578.92×₩17,72129.0×

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%
6.4%₩17,218₩17,676₩18,235₩18,936₩19,842
6.9%₩16,532₩16,889₩17,318₩17,842₩18,499
7.4%₩15,953₩16,236₩16,571₩16,971₩17,461
7.9%₩15,458₩15,686₩15,950₩16,262₩16,635
8.4%₩15,030₩15,214₩15,426₩15,672₩15,962

Now (TTM)

Market cap
₩134B
Enterprise value
−₩13B
P/E
31.9×
P/B
0.6×
P/S
1.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩5,200₩6,150₩9,350₩11,000₩12,250
Market cap₩86B₩102B₩155B₩183B₩203B
P/E—13.0×7.9×8.3×14.1×
P/B0.4×0.4×0.6×0.8×1.0×
P/S0.8×0.8×1.1×1.2×1.5×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Rayence31.9×0.6×1.0×—0.0%
TSE29.1×6.4×5.4×—0.2%
Kctech21.7×3.3×4.0×16.7×0.5%
Classys12.8×3.2×4.8×10.0×3.7%
Park Systems69.3×4.7×8.3×—0.2%
DI42.0×5.8×2.6×—0.6%
LivsMed—6.7×21.5×—0.0%
Similar companies (median)29.1×5.3×5.1×13.4×0.3%

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

Also known as: Rayence / 레이언스 / 228850 / KRX:228850

Source: KRX statistical information