KOSDAQ · 250930 · Rubber & plastics · ₩250930

YeSUN Tech예선테크

250930 · KOSDAQ · ₩250930 · 예선테크

₩1,070▼ ₩15 (1.38%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩61B
Equity value: −₩89B
WACC: 4.7%

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 ₩1,070, the model needs an operating margin of 5.0% every year (it uses −6.8%).
Margins ranged from −19.9% to −2.1% 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.
66% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
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

Cycle options

Margin path

Every year uses the cycle-average margin (−6.8%).

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 (-10.7% 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 (-10.7% 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 (-10.7% 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 (-10.7% 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 (-10.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-6.8%
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 & amortisation2.3%
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).
Capital spending2.8%
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).
Working capital20.7%
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.
Beta0.6
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 -0.78, 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): ₩40B
Net debt (borrowings and leases − cash and deposits): ₩28B
Shares: 6,600,088
Share price: ₩1,070
Market cap: ₩7.1B

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	₩44B	₩44B	₩38B	₩36B	₩34B	₩32B	₩32B	₩33B
Growth	−17.0%	−1.1%	−13.2%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩8.8B	−₩3.2B	−₩813M	−₩2.4B	−₩2.3B	−₩2.2B	−₩2.2B	−₩2.3B
EBIT margin	−19.9%	−7.4%	−2.1%	−6.8%	−6.8%	−6.8%	−6.8%	−6.8%
After-tax EBIT	−₩6.4B	−₩2.3B	−₩590M	−₩1.8B	−₩1.7B	−₩1.6B	−₩1.6B	−₩1.6B
+ Depreciation	—	—	—	₩828M	₩773M	₩746M	₩744M	₩766M
− Capital spending	₩387M	₩2.4B	₩816M	₩1B	₩941M	₩908M	₩906M	₩933M
− Working capital	−₩7.4B	−₩7.8B	₩5.7B	−₩828M	−₩499M	−₩243M	−₩13M	₩201M
Free cash flow	—	—	—	−₩1.1B	−₩1.3B	−₩1.5B	−₩1.7B	−₩2B
Discount factor	—	—	—	0.955	0.911	0.870	0.831	0.793
Present value	—	—	—	−₩1.1B	−₩1.2B	−₩1.3B	−₩1.4B	−₩1.6B

Terminal value −₩69B, worth −₩55B today: 89% 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 ₩2,524 a share)Now 0.42×	₩1,8650.74×	₩2,5361.00×	₩3,6971.46×

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%
3.7%	—	—	—	—	—
4.2%	—	—	—	—	—
4.7%	—	—	—	—	—
5.2%	—	—	—	—	—
5.7%	—	—	—	—	—

Now (TTM)

Market cap: ₩7.1B
Enterprise value: ₩32B
P/E: 2.7×
P/B: 0.4×
P/S: 0.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,455	₩2,280	₩3,700	₩5,575	₩10,375
Market cap	₩16B	₩15B	₩24B	₩37B	₩68B
P/E	—	—	—	—	28.1×
P/B	1.1×	0.9×	1.1×	1.1×	1.7×
P/S	0.4×	0.3×	0.6×	0.7×	1.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
YeSUN Tech	2.7×	0.4×	0.2×	—	0.0%
Hankook Tire & Technology	5.8×	0.5×	0.3×	—	4.0%
Kumho Tire	3.1×	0.6×	0.3×	—	0.0%
Pum-Tech Korea	20.1×	2.6×	2.1×	—	0.7%
Dongwon Systems	9.7×	0.7×	0.4×	5.7×	2.8%
Nexen Tire	3.5×	0.3×	0.2×	—	3.6%
PI Advanced Materials	12.8×	1.2×	1.7×	5.2×	2.2%
Similar companies (median)	7.8×	0.6×	0.4×	5.5×	2.5%

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

Also known as: YeSUN Tech / 예선테크 / 250930 / KRX:250930

Source: KRX statistical information