KOSDAQ · 259630 · Machinery · ₩259630

mPlus엠플러스

259630 · KOSDAQ · ₩259630 · 엠플러스

₩8,820▲ ₩320 (3.76%)End-of-day · Oct 27, 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

₩18,407

vs the current price (₩8,820)

Enterprise value: ₩135B
Equity value: ₩225B
WACC: 7.6%

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 109% 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 ₩8,820, the model needs an operating margin of 1.5% every year (it uses 4.9%).
Margins ranged from −18.3% to 13.3% 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.
32% 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.
Today's P/E is 4.2× against a typical 8.5× 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: ₩11,328; +28.4%
Base: ₩18,407; +108.7%
Bull: ₩30,674; +247.8%

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 (4.9%).

Revenue growth

Revenue growth, year 116.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 213.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 39.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 46.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (16.5% 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 (16.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.9%
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.
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 & amortisation4.2%
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 spending5.3%
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).
Working capital4.2%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.64
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 0.46, 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)5.53%
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): ₩184B
Net debt (borrowings and leases − cash and deposits): −₩84B
+ Stakes and investments: ₩5.6B; Associates, long-term financial assets and deposits (book value)
Shares: 12,222,396
Share price: ₩8,820
Market cap: ₩108B

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	₩340B	₩129B	₩184B	₩215B	₩243B	₩267B	₩284B	₩292B
Growth	191.6%	−62.1%	43.1%	16.5%	13.1%	9.7%	6.4%	3.0%
EBIT	₩24B	₩10B	₩25B	₩11B	₩12B	₩13B	₩14B	₩14B
EBIT margin	7.0%	7.8%	13.3%	4.9%	4.9%	4.9%	4.9%	4.9%
After-tax EBIT	₩17B	₩7.3B	₩18B	₩7.6B	₩8.6B	₩9.5B	₩10B	₩10B
+ Depreciation	—	—	—	₩9B	₩10B	₩11B	₩12B	₩12B
− Capital spending	₩11B	₩13B	₩4.4B	₩11B	₩13B	₩14B	₩15B	₩15B
− Working capital	−₩88B	₩52B	−₩53B	₩1.3B	₩1.2B	₩990M	₩716M	₩357M
Free cash flow	—	—	—	₩4B	₩4.8B	₩5.5B	₩6.2B	₩6.8B
Discount factor	—	—	—	0.930	0.864	0.804	0.747	0.695
Present value	—	—	—	₩3.7B	₩4.1B	₩4.5B	₩4.7B	₩4.7B

Terminal value ₩164B, worth ₩114B 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:

	Low	Typical	High
Price / book (book value ₩9,580 a share)Now 0.92×	₩10,5611.10×	₩18,3561.92×	₩34,7353.63×
Price / earnings (last 12 months: ₩2,114 a share)Now 4.17×	₩9,4004.45×	₩17,9568.49×	₩25,92112.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,189 a share)Now 7.42×	₩5,2874.45×	₩10,1008.49×	₩14,58012.3×

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%
6.6%	₩18,942	₩19,890	₩21,046	₩22,485	₩24,330
7.1%	₩17,899	₩18,671	₩19,595	₩20,721	₩22,123
7.6%	₩17,018	₩17,655	₩18,407	₩19,307	₩20,404
8.1%	₩16,263	₩16,797	₩17,418	₩18,150	₩19,027
8.6%	₩15,609	₩16,061	₩16,581	₩17,186	₩17,900

Now (TTM)

Market cap: ₩108B
Enterprise value: ₩23B
P/E: 4.2×
P/B: 0.9×
P/S: 0.6×
EV/EBITDA: —
Dividend yield: 2.3%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩11,820	₩7,700	₩11,540	₩9,640	₩17,150
Market cap	₩144B	₩94B	₩141B	₩118B	₩210B
P/E	7.0×	8.6×	7.1×	—	—
P/B	1.4×	1.1×	1.9×	2.1×	4.0×
P/S	0.8×	0.7×	0.4×	1.0×	2.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.7%	1.3%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
mPlus	4.2×	0.9×	0.6×	—	2.3%
Doosan Enerbility	208.4×	4.6×	2.1×	—	0.0%
Hanmi Semiconductor	82.2×	24.4×	33.1×	74.0×	0.4%
Jusung Engineering	1,121.0×	13.7×	36.0×	2,158.2×	0.0%
Rainbow Robotics	4,006.5×	51.3×	151.2×	—	0.0%
EO Technics	44.8×	6.5×	10.9×	—	0.0%
Doosan Bobcat	13,664.7×	914.4×	736.1×	—	3.5%
Similar companies (median)	664.7×	19.1×	34.5×	1,116.1×	0.0%

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

Also known as: mPlus / 엠플러스 / 259630 / KRX:259630

Source: KRX statistical information