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C&G Hi Tech

264660 · KOSDAQ · ₩264660 · 씨앤지하이테크

₩12,830▲ ₩490 (3.97%)End-of-day · Oct 28, 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

₩21,774

vs the current price (₩12,830)

Enterprise value
₩186B
Equity value
₩212B
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 70% 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 ₩12,830, the model needs an operating margin of 6.5% every year (it uses 10.5%).
  • Or revenue growth −24.2 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 6.3× against a typical 11.2× 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
₩14,301
+11.5%
Base
₩21,774
+69.7%
Bull
₩34,584
+169.6%

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 (10.5%).

Revenue growth

  • 0.6%

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

    Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.

  • 1.8%

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

    Default: the last 3 years' revenue growth (0.6% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (0.6% 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 (0.6% a year, annual reports), fading to 3% by year 5.

Business

  • 10.5%

    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.

  • 4.4%

    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).

  • 5.5%

    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).

  • 39.4%

    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.

  • 4.11%

    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.

  • 0.64

    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.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 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)
₩166B
Net debt (borrowings and leases − cash and deposits)
−₩19B
+ Stakes and investments
₩7.3B
Associates, long-term financial assets and deposits (book value)
Shares
9,721,172
Share price
₩12,830
Market cap
₩125B

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₩167B₩151B₩196B₩167B₩169B₩172B₩176B₩181B
Growth−13.5%−9.3%29.8%0.6%1.2%1.8%2.4%3.0%
EBIT₩13B₩13B₩25B₩17B₩18B₩18B₩18B₩19B
EBIT margin7.6%8.6%12.6%10.5%10.5%10.5%10.5%10.5%
After-tax EBIT₩9.2B₩9.4B₩18B₩13B₩13B₩13B₩13B₩14B
+ Depreciation———₩7.3B₩7.4B₩7.6B₩7.7B₩8B
− Capital spending₩16B₩5.1B₩7B₩9.2B₩9.3B₩9.4B₩9.7B₩10B
− Working capital−₩20B₩22B₩23B₩391M₩788M₩1.2B₩1.6B₩2.1B
Free cash flow———₩10B₩10B₩10B₩9.8B₩9.7B
Discount factor———0.9290.8630.8020.7450.692
Present value———₩9.7B₩8.8B₩8B₩7.3B₩6.7B

Terminal value ₩209B, worth ₩145B today: 78% 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 ₩15,110 a share)Now 0.85×₩14,4020.95×₩18,5281.23×₩24,0031.59×
Price / earnings (last 12 months: ₩2,045 a share)Now 6.27×₩12,0845.91×₩22,94711.2×₩41,94620.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩2,341 a share)Now 5.48×₩13,8315.91×₩26,26511.2×₩48,01120.5×

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%₩23,400₩24,565₩25,975₩27,721₩29,941
7.1%₩21,654₩22,574₩23,669₩24,995₩26,635
7.6%₩20,173₩20,910₩21,774₩22,801₩24,045
8.1%₩18,902₩19,499₩20,189₩20,998₩21,959
8.6%₩17,798₩18,286₩18,844₩19,489₩20,245

Now (TTM)

Market cap
₩125B
Enterprise value
₩105B
P/E
6.3×
P/B
0.8×
P/S
0.8×
EV/EBITDA
—
Dividend yield
4.3%

Over time (at each year end)

20252024202320222021
Price₩15,900₩9,310₩12,710₩11,750₩13,800
Market cap₩155B₩91B₩124B₩114B₩134B
P/E7.9×13.1×9.6×6.8×27.0×
P/B1.1×0.7×1.1×1.2×1.7×
P/S0.8×0.6×0.7×0.6×1.3×
EV/EBITDA—————
Dividend yield3.5%1.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
C&G Hi Tech6.3×0.8×0.8×—4.3%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
Similar companies (median)152.3×10.7×23.4×78.7×0.0%

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

Also known as: C&G Hi Tech / 씨앤지하이테크 / 264660 / KRX:264660

Source: KRX statistical information