PangSky팡스카이
266350 · KONEX · ₩266350 · 팡스카이
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
With these assumptions the model gives no positive value.
- Enterprise value
- −₩3.1B
- Equity value
- −₩4.3B
- WACC
- 6.7%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩398, the model needs an operating margin of 27.9% every year (it uses −10.6%).
- Margins ranged from −69.7% to 10.8% over the last 3 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
- —
- Base
- —
- Bull
- —
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 (−10.6%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-68.8% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-68.8% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-68.8% a year, annual reports), fading to 3% by year 5.
- -0.2%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-68.8% 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 2 years' revenue growth (-68.8% a year, annual reports), fading to 3% by year 5.
Business
- -10.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 3 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.
- 11.9%
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).
- 14.9%
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).
- -10%
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.
- 4.08%
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.
- 0.6
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 -0.07, 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.
- 5.58%
The interest rate the company would pay to borrow.
Default: the 10-year yield plus a 1.5% credit spread.
Starting point
- Revenue (FY 2025)
- ₩2B
- Net debt (borrowings and leases − cash and deposits)
- ₩1.2B
- Shares
- 12,629,570
- Share price
- ₩398
- Market cap
- ₩5B
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 | ₩21B | ₩8.8B | ₩2B | ₩1.8B | ₩1.7B | ₩1.6B | ₩1.6B | ₩1.7B |
| Growth | — | −57.6% | −77.0% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩1.2B | −₩6.2B | ₩220M | −₩194M | −₩181M | −₩174M | −₩174M | −₩179M |
| EBIT margin | 5.6% | −69.7% | 10.8% | −10.6% | −10.6% | −10.6% | −10.6% | −10.6% |
| After-tax EBIT | ₩845M | −₩4.5B | ₩159M | −₩140M | −₩131M | −₩126M | −₩126M | −₩130M |
| + Depreciation | — | — | — | ₩218M | ₩203M | ₩196M | ₩195M | ₩201M |
| − Capital spending | ₩3.1B | — | — | ₩272M | ₩254M | ₩245M | ₩245M | ₩252M |
| − Working capital | — | −₩7B | −₩2.4B | ₩20M | ₩12M | ₩6M | ₩329,132 | −₩4.9M |
| Free cash flow | — | — | — | −₩216M | −₩194M | −₩182M | −₩176M | −₩176M |
| Discount factor | — | — | — | 0.937 | 0.878 | 0.823 | 0.771 | 0.722 |
| Present value | — | — | — | −₩202M | −₩171M | −₩150M | −₩136M | −₩127M |
Terminal value −₩3.2B, worth −₩2.3B today: 74% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% |
|---|---|---|---|---|---|
| 5.7% | — | — | — | — | — |
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩5B
- Enterprise value
- ₩6.3B
- P/E
- —
- P/B
- —
- P/S
- 2.5×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩398 | ₩499 |
| Market cap | ₩5B | ₩6.3B |
| P/E | — | — |
| P/B | — | — |
| P/S | 2.5× | 0.7× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| PangSky | — | — | 2.5× | — | 0.0% |
| Hyundai Autoever | 47.8× | 4.8× | 2.0× | — | 0.6% |
| Krafton | 10.0× | 1.2× | 1.9× | — | 1.2% |
| NC | 7.0× | 1.2× | 2.1× | 8.4× | 0.6% |
| Netmarble | 7.1× | 0.5× | 1.0× | — | 2.6% |
| PearlAbyss | 8.0× | 2.1× | 3.0× | 5.2× | 0.0% |
| Shift UP | 9.0× | 1.8× | 7.2× | — | 0.0% |
| Similar companies (median) | 8.5× | 1.5× | 2.0× | 6.8× | 0.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: PangSky / 팡스카이 / 266350 / KRX:266350
Source: KRX statistical information