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Ecopro BM

247540 · KOSDAQ · ₩247540 · 에코프로비엠

₩94,600▲ ₩5,000 (5.58%)End-of-day · Oct 27, 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
₩341B
Equity value
−₩2.2T
WACC
8.7%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩94,600, the model needs an operating margin of 64.4% every year (it uses 5.2%).
  • Margins ranged from −1.2% to 7.7% 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.
  • 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 (5.2%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-22.1% 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 3 years' revenue growth (-22.1% 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 3 years' revenue growth (-22.1% 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 3 years' revenue growth (-22.1% 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 (-22.1% a year, annual reports), fading to 3% by year 5.

Business

  • 5.2%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

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

  • 17.5%

    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).

  • 21.8%

    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).

  • 17.4%

    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.

  • 4.11%

    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.

  • 1.06

    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 1.1, 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.

  • 5.61%

    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)
₩2.3T
Net debt (borrowings and leases − cash and deposits)
₩2.4T
+ Stakes and investments
₩143B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩301B
Shares
97,830,434
Share price
₩94,600
Market cap
₩9.3T

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₩6.9T₩2.8T₩2.5T₩2.1T₩1.9T₩1.9T₩1.9T₩1.9T
Growth28.8%−59.9%−8.5%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩156B−₩34B₩143B₩108B₩101B₩97B₩97B₩100B
EBIT margin2.3%−1.2%5.7%5.2%5.2%5.2%5.2%5.2%
After-tax EBIT₩113B−₩25B₩104B₩78B₩73B₩70B₩70B₩72B
+ Depreciation———₩363B₩339B₩327B₩326B₩336B
− Capital spending₩757B₩1T₩438B₩452B₩422B₩407B₩406B₩418B
− Working capital−₩10B−₩534B−₩1.6B−₩40B−₩24B−₩12B−₩650M₩9.7B
Free cash flow———₩29B₩14B₩1.9B−₩9.2B−₩20B
Discount factor———0.9200.8460.7780.7160.658
Present value———₩27B₩12B₩1.5B−₩6.6B−₩13B

Terminal value ₩487B, worth ₩321B today: 94% 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 ₩18,350 a share)Now 5.16×₩109,1005.95×₩221,92912.1×₩384,96621.0×

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%
7.7%—————
8.2%—————
8.7%—————
9.2%—————
9.7%—————

Now (TTM)

Market cap
₩9.3T
Enterprise value
₩12T
P/E
211.6×
P/B
5.2×
P/S
4.0×
EV/EBITDA
—
Dividend yield
0.1%

Over time (at each year end)

20252024202320222021
Price₩146,600₩109,900₩288,000₩92,100₩125,554
Market cap₩14T₩11T₩28T₩9T₩12T
P/E364.3×——38.8×121.8×
P/B8.3×6.3×20.5×6.6×22.3×
P/S5.7×3.9×4.1×1.7×8.3×
EV/EBITDA—————
Dividend yield0.1%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ecopro BM211.6×5.2×4.0×—0.1%
LG Energy Solution—4.0×3.4×—0.0%
Samsung SDI1,087.4×1.7×2.9×—0.0%
POSCO Future M320.4×3.4×5.0×—0.2%
L&F—4.4×1.2×15.2×0.0%
DN Automotive6.2×1.0×0.6×—2.4%
Ecopro Materials29.3×1.8×4.0×—0.0%
Similar companies (median)174.8×2.6×3.2×15.2×0.0%

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

Also known as: Ecopro BM / 에코프로비엠 / 247540 / KRX:247540

Source: KRX statistical information