KOSDAQ · 285490 · Consumer goods · ₩285490

Novatech노바텍

285490 · KOSDAQ · ₩285490 · 노바텍

₩11,160▼ ₩150 (1.33%)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

₩18,653

vs the current price (₩11,160)

Enterprise value: ₩98B
Equity value: ₩197B
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 67% 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 ₩11,160, the model needs an operating margin of 4.7% every year (it uses 20.7%).
Margins ranged from 12.1% to 36.4% 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.
98% 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 3.5× against a typical 9.7× 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: ₩15,752; +41.1%
Base: ₩18,653; +67.1%
Bull: ₩23,470; +110.3%

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 (20.7%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-20.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-20.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-20.5% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-20.5% 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 (-20.5% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin20.7%
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 & amortisation2.9%
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).
Capital spending3.6%
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 capital39.4%
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

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 0.27, 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): ₩47B
Net debt (borrowings and leases − cash and deposits): −₩99B
+ Stakes and investments: ₩4.7B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩4.4B
Shares: 10,575,831
Share price: ₩11,160
Market cap: ₩118B

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	₩92B	₩66B	₩56B	₩42B	₩40B	₩38B	₩38B	₩39B
Growth	−16.4%	−28.8%	−15.5%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩26B	₩13B	₩6.7B	₩8.8B	₩8.2B	₩7.9B	₩7.9B	₩8.1B
EBIT margin	27.7%	19.2%	12.1%	20.7%	20.7%	20.7%	20.7%	20.7%
After-tax EBIT	₩19B	₩9.1B	₩4.9B	₩6.4B	₩5.9B	₩5.7B	₩5.7B	₩5.9B
+ Depreciation	—	—	—	₩1.2B	₩1.1B	₩1.1B	₩1.1B	₩1.1B
− Capital spending	₩4.9B	₩1.3B	₩2B	₩1.5B	₩1.4B	₩1.4B	₩1.4B	₩1.4B
− Working capital	₩20B	−₩24B	−₩6.7B	−₩1.9B	−₩1.1B	−₩545M	−₩30M	₩450M
Free cash flow	—	—	—	₩7.9B	₩6.8B	₩6B	₩5.5B	₩5.2B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩7.4B	₩5.9B	₩4.8B	₩4.1B	₩3.6B

Terminal value ₩103B, worth ₩72B today: 74% 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 ₩16,141 a share)Now 0.69×	₩13,8520.86×	₩24,7821.54×	₩50,3613.12×
Price / earnings (last 12 months: ₩3,201 a share)Now 3.49×	₩17,7715.55×	₩30,9719.67×	₩48,18915.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩8,776 a share)Now 1.27×	₩48,7195.55×	₩84,9049.67×	₩132,10815.1×

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%
6.4%	₩19,173	₩19,851	₩20,682	₩21,726	₩23,077
6.9%	₩18,365	₩18,909	₩19,563	₩20,366	₩21,374
7.4%	₩17,684	₩18,127	₩18,653	₩19,284	₩20,059
7.9%	₩17,101	₩17,468	₩17,896	₩18,403	₩19,013
8.4%	₩16,597	₩16,904	₩17,258	₩17,671	₩18,160

Now (TTM)

Market cap: ₩118B
Enterprise value: ₩19B
P/E: 3.5×
P/B: 0.7×
P/S: 2.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩20,050	₩14,660	₩23,950	₩20,500	₩42,200
Market cap	₩212B	₩155B	₩253B	₩217B	₩446B
P/E	12.0×	9.0×	8.5×	13.1×	11.0×
P/B	1.3×	0.9×	1.6×	1.7×	3.8×
P/S	3.8×	2.4×	2.7×	2.0×	4.9×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Novatech	3.5×	0.7×	2.5×	—	0.0%
Spigen Korea	3.3×	0.3×	0.4×	—	0.0%
Samick Musical Instruments	2.2×	0.3×	0.4×	—	4.9%
Alux	—	1.8×	1.1×	—	0.0%
Xplus	—	3.4×	6.2×	—	0.0%
E-World	—	0.3×	0.6×	—	0.0%
Envioneer	—	1.1×	2.4×	—	0.0%
Similar companies (median)	2.8×	0.7×	0.9×	—	0.0%

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

Also known as: Novatech / 노바텍 / 285490 / KRX:285490

Source: KRX statistical information