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Elensys

264850 · KOSDAQ · ₩264850 · 이랜시스

₩5,250▼ ₩30 (0.57%)End-of-day · Oct 26, 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

₩1,932

vs the current price (₩5,250)

Enterprise value
₩50B
Equity value
₩59B
WACC
8.3%

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 63% 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 ₩5,250, the model needs an operating margin of 20.6% every year (it uses 7.2%).
  • Or revenue growth +31.9 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 38.8× against a typical 29.6× 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
₩1,209
−77.0%
Base
₩1,932
−63.2%
Bull
₩3,135
−40.3%

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 (7.2%).

Revenue growth

  • -5.6%

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

    Default: the last 3 years' revenue growth (-5.6% a year, annual reports), fading to 3% by year 5.

  • -3.4%

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

    Default: the last 3 years' revenue growth (-5.6% a year, annual reports), fading to 3% by year 5.

  • -1.3%

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

    Default: the last 3 years' revenue growth (-5.6% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (-5.6% 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 (-5.6% a year, annual reports), fading to 3% by year 5.

Business

  • 7.2%

    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.

  • 1.9%

    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).

  • 2.3%

    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).

  • 17%

    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.

  • 4.03%

    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.

  • 0.77

    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 0.65, 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.

  • 5.53%

    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)
₩74B
Net debt (borrowings and leases − cash and deposits)
−₩7.1B
+ Stakes and investments
₩1.8B
Associates, long-term financial assets and deposits (book value)
Shares
30,294,612
Share price
₩5,250
Market cap
₩159B

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₩68B₩72B₩70B₩70B₩68B₩67B₩68B₩70B
Growth−17.1%4.5%−2.8%−5.6%−3.4%−1.3%0.9%3.0%
EBIT₩5.4B₩5.9B₩3.9B₩5.1B₩4.9B₩4.8B₩4.9B₩5B
EBIT margin8.0%8.2%5.6%7.2%7.2%7.2%7.2%7.2%
After-tax EBIT₩3.9B₩4.2B₩2.8B₩3.7B₩3.5B₩3.5B₩3.5B₩3.6B
+ Depreciation———₩1.3B₩1.3B₩1.3B₩1.3B₩1.3B
− Capital spending₩634M₩2.4B₩1.9B₩1.6B₩1.6B₩1.5B₩1.6B₩1.6B
− Working capital−₩3.2B₩688M₩953M−₩709M−₩406M−₩150M₩102M₩345M
Free cash flow———₩4.1B₩3.7B₩3.4B₩3.2B₩3B
Discount factor———0.9240.8530.7880.7280.672
Present value———₩3.8B₩3.1B₩2.7B₩2.3B₩2B

Terminal value ₩53B, worth ₩36B today: 72% 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 ₩1,816 a share)Now 2.89×₩3,5101.93×₩5,2482.89×₩7,1843.96×
Price / earnings (last 12 months: ₩135 a share)Now 38.8×₩1,90814.1×₩4,01329.6×₩6,11245.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩24 a share)Now 215.7×₩34314.1×₩72129.6×₩1,09945.1×

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%
7.3%₩2,032₩2,125₩2,234₩2,367₩2,530
7.8%₩1,906₩1,982₩2,070₩2,176₩2,303
8.3%₩1,797₩1,860₩1,932₩2,018₩2,119
8.8%₩1,702₩1,754₩1,815₩1,885₩1,966
9.3%₩1,618₩1,663₩1,713₩1,771₩1,838

Now (TTM)

Market cap
₩159B
Enterprise value
₩151B
P/E
38.8×
P/B
2.9×
P/S
2.1×
EV/EBITDA
—
Dividend yield
1.0%

Over time (at each year end)

20252024202320222021
Price₩6,850₩4,460₩4,145₩2,400₩3,480
Market cap₩208B₩135B₩126B₩73B₩105B
P/E48.9×27.1×25.2×14.1×16.9×
P/B3.8×2.6×2.7×1.7×2.8×
P/S3.0×1.9×1.8×0.9×1.3×
EV/EBITDA—————
Dividend yield0.7%1.1%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Elensys38.8×2.9×2.1×—1.0%
Samsung Electro-Mechanics82.9×8.2×6.7×—0.2%
Doosan34.9×4.9×0.6×—0.4%
Hanwha Systems68.5×2.7×2.9×—0.8%
LG Innotek13.1×1.4×0.4×—0.5%
Isupetasys30.5×7.1×4.7×—0.0%
Daeduck Electronics38.9×6.1×4.4×—0.4%
Similar companies (median)36.9×5.5×3.6×—0.4%

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

Also known as: Elensys / 이랜시스 / 264850 / KRX:264850

Source: KRX statistical information