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YMT

251370 · KOSDAQ · ₩251370 · 와이엠티

₩6,890▼ ₩430 (5.87%)End-of-day · Oct 30, 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

₩2,236

vs the current price (₩6,890)

Enterprise value
₩30B
Equity value
₩40B
WACC
7.7%

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 is 68% 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 ₩6,890, the model needs an operating margin of 9.5% every year (it uses 5.4%).
  • Or revenue growth +46.4 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −2.5% to 13.7% 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
₩99
−98.6%
Base
₩2,236
−67.5%
Bull
₩6,135
−11.0%

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 (5.4%).

Revenue growth

  • 3.5%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.3%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.2%

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

    Default: the last 3 years' revenue growth (3.5% a year, annual reports), fading to 3% by year 5.

  • 3.1%

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

    Default: the last 3 years' revenue growth (3.5% 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 (3.5% a year, annual reports), fading to 3% by year 5.

Business

  • 5.4%

    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.

  • 18.4%

    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).

  • 23%

    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).

  • 15.4%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.68

    How much the share moves when the market moves: 1 means just like the market.

    Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.52, 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.

  • 5.51%

    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)
₩151B
Net debt (borrowings and leases − cash and deposits)
−₩25B
+ Stakes and investments
₩3.6B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩19B
Shares
18,013,213
Share price
₩6,890
Market cap
₩124B

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₩127B₩137B₩145B₩156B₩161B₩166B₩171B₩177B
Growth−2.4%7.7%5.4%3.5%3.3%3.2%3.1%3.0%
EBIT−₩3.2B₩3.6B₩13B₩8.4B₩8.7B₩9B₩9.3B₩9.5B
EBIT margin−2.5%2.6%8.9%5.4%5.4%5.4%5.4%5.4%
After-tax EBIT−₩2.3B₩2.6B₩9.4B₩6.1B₩6.3B₩6.5B₩6.7B₩6.9B
+ Depreciation———₩29B₩30B₩31B₩32B₩32B
− Capital spending₩28B₩37B₩29B₩36B₩37B₩38B₩39B₩41B
− Working capital−₩7.2B₩3.4B−₩4B₩812M₩793M₩794M₩794M₩792M
Free cash flow———−₩1.9B−₩1.9B−₩1.9B−₩2B−₩2B
Discount factor———0.9280.8610.7990.7420.689
Present value———−₩1.7B−₩1.6B−₩1.5B−₩1.5B−₩1.4B

Terminal value ₩55B, worth ₩38B today: 126% 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 ₩11,266 a share)Now 0.61×₩10,8530.96×₩17,6781.57×₩35,1043.12×

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%
6.7%₩2,495₩2,630₩2,793₩2,992₩3,243
7.2%₩2,259₩2,364₩2,487₩2,635₩2,816
7.7%₩2,061₩2,142₩2,236₩2,348₩2,482
8.2%₩1,891₩1,955₩2,028₩2,113₩2,213
8.7%₩1,745₩1,795₩1,852₩1,918₩1,994

Now (TTM)

Market cap
₩124B
Enterprise value
₩98B
P/E
—
P/B
0.6×
P/S
0.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩11,770₩9,790₩10,470₩13,900₩22,600
Market cap₩212B₩176B₩189B₩250B₩407B
P/E————42.0×
P/B1.1×1.0×1.5×2.0×3.6×
P/S1.5×1.3×1.5×1.9×3.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
YMT—0.6×0.8×—0.0%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha5.9×0.4×0.1×—1.5%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×8.9×0.0%
Kumho Petro Chemical5.3×0.4×0.4×—1.6%
Similar companies (median)5.3×0.4×0.4×8.9×0.4%

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

Also known as: YMT / 와이엠티 / 251370 / KRX:251370

Source: KRX statistical information