KOSDAQ · 264450 · Electronics · ₩264450

Ubiquoss유비쿼스

264450 · KOSDAQ · ₩264450 · 유비쿼스

₩10,420▲ ₩140 (1.36%)End-of-day · Oct 29, 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

₩23,307

vs the current price (₩10,420)

Enterprise value: ₩271B
Equity value: ₩342B
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 124% 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 ₩10,420, the model needs an operating margin of 7.1% every year (it uses 20.0%).
Margins ranged from 11.9% to 22.9% 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.
39% 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 4.7× against a typical 6.1× 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: ₩17,343; +66.4%
Base: ₩23,307; +123.7%
Bull: ₩33,232; +218.9%

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 (20.0%).

Revenue growth

Revenue growth, year 1-4.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-2.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-4.5% 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 (-4.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin20%
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: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
Working capital40%
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 rate4.08%
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.
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 0.28, 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)5.58%
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): ₩122B
Net debt (borrowings and leases − cash and deposits): −₩71B
+ Stakes and investments: ₩360M; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩50M
Shares: 14,665,493
Share price: ₩10,420
Market cap: ₩153B

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	₩150B	₩104B	₩116B	₩116B	₩113B	₩112B	₩114B	₩117B
Growth	12.4%	−30.9%	12.2%	−4.5%	−2.6%	−0.8%	1.1%	3.0%
EBIT	₩29B	₩12B	₩23B	₩23B	₩23B	₩22B	₩23B	₩23B
EBIT margin	19.3%	11.9%	19.8%	20.0%	20.0%	20.0%	20.0%	20.0%
After-tax EBIT	₩21B	₩9B	₩17B	₩17B	₩16B	₩16B	₩16B	₩17B
+ Depreciation	₩2.9B	₩2.9B	₩2.7B	₩2.7B	₩2.6B	₩2.6B	₩2.6B	₩2.7B
− Capital spending	—	—	—	₩4.7B	₩4.5B	₩4.5B	₩4.5B	₩4.7B
− Working capital	₩43B	−₩55B	₩22B	−₩2.2B	−₩1.2B	−₩363M	₩494M	₩1.4B
Free cash flow	—	—	—	₩17B	₩16B	₩15B	₩14B	₩14B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩16B	₩14B	₩12B	₩11B	₩9.5B

Terminal value ₩299B, worth ₩209B today: 77% 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 ₩14,040 a share)Now 0.74×	₩9,8240.70×	₩13,2520.94×	₩23,2731.66×
Price / earnings (last 12 months: ₩2,219 a share)Now 4.69×	₩11,5035.18×	₩13,5966.13×	₩16,5977.48×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,731 a share)Now 3.82×	₩14,1545.18×	₩16,7306.13×	₩20,4237.48×

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%	₩24,393	₩25,795	₩27,514	₩29,672	₩32,466
6.9%	₩22,718	₩23,842	₩25,195	₩26,853	₩28,935
7.4%	₩21,306	₩22,223	₩23,307	₩24,611	₩26,211
7.9%	₩20,100	₩20,857	₩21,741	₩22,787	₩24,044
8.4%	₩19,058	₩19,691	₩20,420	₩21,272	₩22,281

Now (TTM)

Market cap: ₩153B
Enterprise value: ₩82B
P/E: 4.7×
P/B: 0.7×
P/S: 1.3×
EV/EBITDA: 2.8×
Dividend yield: 4.5%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩9,700	₩8,000	₩10,833	₩9,800	₩15,167
Market cap	₩142B	₩117B	₩159B	₩144B	₩222B
P/E	5.9×	5.5×	6.1×	6.7×	7.7×
P/B	0.7×	0.7×	1.0×	1.0×	1.7×
P/S	1.2×	1.1×	1.1×	1.1×	1.6×
EV/EBITDA	2.3×	2.2×	4.4×	4.0×	5.7×
Dividend yield	4.8%	2.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ubiquoss	4.7×	0.7×	1.3×	2.8×	4.5%
Samsung Electronics	9.1×	2.4×	2.8×	—	0.7%
LG Electronics	24.3×	0.9×	0.3×	—	0.9%
Hanwha Vision	20.8×	2.6×	1.3×	—	0.0%
RFHIC	41.5×	3.7×	6.8×	—	0.8%
KMW	—	5.3×	8.6×	—	0.0%
Intellian Technologies	13.9×	2.1×	1.7×	—	0.4%
Similar companies (median)	20.8×	2.5×	2.2×	—	0.5%

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

Also known as: Ubiquoss / 유비쿼스 / 264450 / KRX:264450

Source: KRX statistical information