KOSDAQ · 282880 · Machinery · ₩282880

Cowin Robotics코윈로보틱스

282880 · KOSDAQ · ₩282880 · 코윈로보틱스

₩9,700▲ ₩100 (1.04%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩71B
Equity value: −₩189B
WACC: 6.3%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩9,700, the model needs an operating margin of 12.0% every year (it uses −0.5%).
Margins ranged from −16.4% to 7.3% 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.
100% 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.
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.
Today's P/E is 21.1× against a typical 49.0× 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: —
Base: —
Bull: —

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 (−0.5%).

Revenue growth

Revenue growth, year 1-8.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-5.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.4% 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 (-8.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-0.5%
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.
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 & amortisation10.7%
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 spending13.4%
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 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.
Beta0.67
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 0.5, 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): ₩178B
Net debt (borrowings and leases − cash and deposits): ₩71B
+ Stakes and investments: ₩31B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩78B
Shares: 11,694,082
Share price: ₩9,700
Market cap: ₩113B

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	₩336B	₩244B	₩155B	₩163B	₩154B	₩150B	₩151B	₩155B
Growth	67.0%	−27.3%	−36.7%	−8.4%	−5.5%	−2.7%	0.2%	3.0%
EBIT	₩23B	₩3.6B	−₩25B	−₩817M	−₩772M	−₩751M	−₩753M	−₩775M
EBIT margin	6.8%	1.5%	−16.4%	−0.5%	−0.5%	−0.5%	−0.5%	−0.5%
After-tax EBIT	₩17B	₩2.6B	−₩18B	−₩592M	−₩560M	−₩545M	−₩546M	−₩562M
+ Depreciation	—	—	—	₩17B	₩17B	₩16B	₩16B	₩17B
− Capital spending	₩27B	₩22B	₩36B	₩22B	₩21B	₩20B	₩20B	₩21B
− Working capital	₩2.6B	₩18B	−₩40B	−₩6B	−₩3.6B	−₩1.7B	₩120M	₩1.8B
Free cash flow	—	—	—	₩990M	−₩1.1B	−₩2.9B	−₩4.7B	−₩6.6B
Discount factor	—	—	—	0.940	0.884	0.832	0.782	0.735
Present value	—	—	—	₩931M	−₩1B	−₩2.4B	−₩3.7B	−₩4.8B

Terminal value −₩81B, worth −₩60B 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 ₩14,889 a share)Now 0.65×	₩12,2010.82×	₩24,8231.67×	₩49,0793.30×
Price / earnings (last 12 months: ₩461 a share)Now 21.1×	₩4,3149.37×	₩22,55849.0×	₩28,76262.5×

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%
5.3%	—	—	—	—	—
5.8%	—	—	—	—	—
6.3%	—	—	—	—	—
6.8%	—	—	—	—	—
7.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩113B
Enterprise value: ₩184B
P/E: 21.1×
P/B: 0.7×
P/S: 0.6×
EV/EBITDA: —
Dividend yield: 2.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩16,030	₩13,070	₩28,050	₩23,000	₩31,150
Market cap	₩187B	₩153B	₩328B	₩269B	₩364B
P/E	110.2×	9.4×	27.8×	102.5×	65.3×
P/B	1.1×	0.9×	2.0×	2.1×	3.5×
P/S	1.2×	0.6×	1.0×	1.3×	3.4×
EV/EBITDA	—	—	—	—	—
Dividend yield	1.2%	1.5%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Cowin Robotics	21.1×	0.7×	0.6×	—	2.1%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	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: Cowin Robotics / 코윈로보틱스 / 282880 / KRX:282880

Source: KRX statistical information