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Boratr

250000 · KOSDAQ · ₩250000 · 보라티알

₩5,100 ₩0 (0.00%)End-of-day · Oct 29, 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

₩37,891

vs the current price (₩5,100)

Enterprise value
₩199B
Equity value
₩256B
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 643% 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 ₩5,100, the model needs an operating margin of 0.9% every year (it uses 12.4%).
  • Margins ranged from 8.9% to 17.0% 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
₩26,468
+419.0%
Base
₩37,891
+643.0%
Bull
₩57,331
+1,024.1%

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 (12.4%).

Revenue growth

  • 13.8%

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

    Default: the last 3 years' revenue growth (13.8% a year, annual reports), fading to 3% by year 5.

  • 11.1%

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

    Default: the last 3 years' revenue growth (13.8% a year, annual reports), fading to 3% by year 5.

  • 8.4%

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

    Default: the last 3 years' revenue growth (13.8% a year, annual reports), fading to 3% by year 5.

  • 5.7%

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

    Default: the last 3 years' revenue growth (13.8% 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 (13.8% a year, annual reports), fading to 3% by year 5.

Business

  • 12.4%

    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.

  • 1.9%

    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).

  • 2.3%

    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 0.16, 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)
₩106B
Net debt (borrowings and leases − cash and deposits)
−₩57B
Shares
6,750,733
Share price
₩5,100
Market cap
₩34B

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₩77B₩91B₩102B₩120B₩133B₩145B₩153B₩157B
Growth10.7%18.8%11.9%13.8%11.1%8.4%5.7%3.0%
EBIT₩13B₩13B₩9.1B₩15B₩17B₩18B₩19B₩20B
EBIT margin17.0%14.0%8.9%12.4%12.4%12.4%12.4%12.4%
After-tax EBIT₩9.5B₩9.3B₩6.6B₩11B₩12B₩13B₩14B₩14B
+ Depreciation———₩2.3B₩2.5B₩2.7B₩2.9B₩3B
− Capital spending₩139M₩6.1B₩135M₩2.8B₩3.1B₩3.3B₩3.5B₩3.6B
− Working capital−₩11B₩22B₩53B₩5.8B₩5.3B₩4.5B₩3.3B₩1.8B
Free cash flow———₩4.5B₩6.1B₩7.9B₩9.8B₩12B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩4.2B₩5.3B₩6.4B₩7.4B₩8.2B

Terminal value ₩239B, worth ₩167B today: 84% 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 ₩11,968 a share)Now 0.43×₩6,9800.58×₩10,7050.89×₩17,1001.43×

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%₩40,257₩42,457₩45,153₩48,533₩52,904
6.9%₩37,314₩39,056₩41,148₩43,709₩46,922
7.4%₩34,838₩36,237₩37,891₩39,877₩42,309
7.9%₩32,725₩33,865₩35,193₩36,761₩38,645
8.4%₩30,902₩31,840₩32,920₩34,179₩35,665

Now (TTM)

Market cap
₩34B
Enterprise value
−₩23B
P/E
—
P/B
0.4×
P/S
0.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,960₩9,770₩11,020₩10,700₩13,000
Market cap₩54B₩66B₩74B₩72B₩88B
P/E233.5×6.9×7.9×4.2×14.0×
P/B0.6×0.7×0.9×0.9×1.5×
P/S0.5×0.7×1.0×1.0×1.4×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Boratr—0.4×0.3×—0.0%
Samsung C&T18.8×0.5×1.2×—0.9%
POSCO International10.5×1.2×0.3×—3.8%
ISC45.4×6.1×12.7×—0.5%
Youngone5.1×0.7×0.7×—3.1%
Dong SUH Companies19.2×1.6×5.1×—4.1%
Shinsegae13.9×0.4×0.3×—2.1%
Similar companies (median)16.3×1.0×1.0×—2.6%

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

Also known as: Boratr / 보라티알 / 250000 / KRX:250000

Source: KRX statistical information