KOSDAQ · 288180 · Aerospace & Defense · ₩288180

KP Aero Industries케이피항공산업

288180 · KOSDAQ · ₩288180 · 케이피항공산업

₩6,210▼ ₩230 (3.57%)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

₩348

vs the current price (₩6,210)

Enterprise value: ₩6.3B
Equity value: ₩2.6B
WACC: 9.1%

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 94% 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 ₩6,210, the model needs an operating margin of 8.3% every year (it uses 3.7%).
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: ₩348; −94.4%
Bull: ₩4,113; −33.8%

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 (3.7%).

Revenue growth

Revenue growth, year 124.9%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (24.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.4%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (24.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 313.9%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (24.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (24.9% 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 2 years' revenue growth (24.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin3.7%
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.
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 & amortisation12.4%
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).
Capital spending15.5%
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).
Working capital10.4%
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 rate4.01%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-30.
Beta1
How much the share moves when the market moves: 1 means just like the market.
Default: not enough price history yet, so 1.0 (the market average).
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)5.51%
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): ₩54B
Net debt (borrowings and leases − cash and deposits): ₩3.7B
Shares: 7,393,262
Share price: ₩6,210
Market cap: ₩46B

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	₩35B	₩50B	₩54B	₩68B	₩81B	₩92B	₩100B	₩103B
Growth	—	43.6%	8.6%	24.9%	19.4%	13.9%	8.5%	3.0%
EBIT	₩861M	₩3.5B	₩2.6B	₩2.5B	₩3B	₩3.4B	₩3.7B	₩3.8B
EBIT margin	2.5%	7.0%	4.9%	3.7%	3.7%	3.7%	3.7%	3.7%
After-tax EBIT	₩624M	₩2.5B	₩1.9B	₩1.8B	₩2.2B	₩2.5B	₩2.7B	₩2.8B
+ Depreciation	—	—	—	₩8.4B	₩10B	₩11B	₩12B	₩13B
− Capital spending	₩4.8B	₩13B	₩3.4B	₩10B	₩12B	₩14B	₩15B	₩16B
− Working capital	—	−₩6.9B	−₩3.1B	₩1.4B	₩1.4B	₩1.2B	₩812M	₩311M
Free cash flow	—	—	—	−₩1.7B	−₩1.7B	−₩1.5B	−₩1.2B	−₩739M
Discount factor	—	—	—	0.917	0.840	0.770	0.706	0.647
Present value	—	—	—	−₩1.5B	−₩1.4B	−₩1.2B	−₩867M	−₩478M

Terminal value ₩18B, worth ₩12B today: 188% 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%
8.1%	₩528	₩598	₩679	₩773	₩885
8.6%	₩381	₩436	₩500	₩572	₩657
9.1%	₩254	₩298	₩348	₩404	₩469
9.6%	₩143	₩178	₩218	₩262	₩312
10.1%	₩46	₩74	₩105	₩140	₩179

Now (TTM)

Market cap: ₩46B
Enterprise value: ₩49B
P/E: —
P/B: 1.3×
P/S: 0.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
KP Aero Industries	—	1.3×	0.8×	—	0.0%
Hanwha Aerospace	19.4×	3.3×	1.3×	—	0.9%
Korea Aerospace Industries	55.2×	5.2×	2.2×	—	0.5%
LIG Defense&Aerospace	32.8×	5.9×	2.0×	—	0.7%
Satrec Initiative	66.8×	2.5×	3.0×	39.6×	0.2%
Firstec	16.8×	2.8×	0.7×	—	0.0%
Samyang Comtech	8.3×	1.4×	1.5×	—	0.0%
Similar companies (median)	26.1×	3.0×	1.8×	39.6×	0.3%

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

Also known as: KP Aero Industries / 케이피항공산업 / 288180 / KRX:288180

Source: KRX statistical information