Parataxis Ethereum파라택시스이더리움
290560 · KOSDAQ · ₩290560 · 파라택시스이더리움
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
₩2,650
vs the current price (₩1,077)
- Enterprise value
- ₩61B
- Equity value
- ₩59B
- WACC
- 7.1%
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 146% 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 ₩1,077, the model needs an operating margin of 10.5% every year (it uses 21.6%).
- Or revenue growth −22.3 points a year higher than assumed in each of the 5 years.
- Margins ranged from 14.7% to 25.9% 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.
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
- ₩1,731
- +60.7%
- Base
- ₩2,650
- +146.0%
- Bull
- ₩4,191
- +289.1%
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 (21.6%).
Revenue growth
- 15.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.7% a year, annual reports), fading to 3% by year 5.
- 12.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.7% a year, annual reports), fading to 3% by year 5.
- 9.3%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.7% a year, annual reports), fading to 3% by year 5.
- 6.2%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (15.7% 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 (15.7% a year, annual reports), fading to 3% by year 5.
Business
- 21.6%
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.
- 3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- 40%
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.
- 4.01%
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.
- 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 0.19, 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.
- 5.51%
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)
- ₩16B
- Net debt (borrowings and leases − cash and deposits)
- ₩1.8B
- Shares
- 22,362,730
- Share price
- ₩1,077
- Market cap
- ₩24B
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 | ₩10B | ₩12B | ₩14B | ₩18B | ₩21B | ₩22B | ₩24B | ₩25B |
| Growth | — | 13.1% | 18.4% | 15.7% | 12.5% | 9.3% | 6.2% | 3.0% |
| EBIT | ₩1.5B | ₩2.4B | ₩3.6B | ₩3.9B | ₩4.4B | ₩4.8B | ₩5.1B | ₩5.3B |
| EBIT margin | 14.7% | 20.1% | 25.9% | 21.6% | 21.6% | 21.6% | 21.6% | 21.6% |
| After-tax EBIT | ₩1.1B | ₩1.7B | ₩2.6B | ₩2.9B | ₩3.2B | ₩3.5B | ₩3.7B | ₩3.8B |
| + Depreciation | — | — | — | ₩548M | ₩616M | ₩673M | ₩715M | ₩737M |
| − Capital spending | — | — | — | ₩730M | ₩822M | ₩898M | ₩954M | ₩982M |
| − Working capital | — | ₩5.8B | −₩5.9B | ₩991M | ₩913M | ₩764M | ₩557M | ₩286M |
| Free cash flow | — | — | — | ₩1.7B | ₩2.1B | ₩2.5B | ₩2.9B | ₩3.3B |
| Discount factor | — | — | — | 0.934 | 0.872 | 0.814 | 0.761 | 0.710 |
| Present value | — | — | — | ₩1.6B | ₩1.8B | ₩2.1B | ₩2.2B | ₩2.4B |
Terminal value ₩72B, worth ₩51B 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 ₩1,255 a share)Now 0.86× | ₩1,0770.86× | ₩1,8061.44× | ₩4,8733.88× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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% |
|---|---|---|---|---|---|
| 6.1% | ₩2,814 | ₩3,057 | ₩3,358 | ₩3,743 | ₩4,252 |
| 6.6% | ₩2,538 | ₩2,731 | ₩2,965 | ₩3,256 | ₩3,628 |
| 7.1% | ₩2,308 | ₩2,464 | ₩2,650 | ₩2,876 | ₩3,157 |
| 7.6% | ₩2,113 | ₩2,241 | ₩2,391 | ₩2,571 | ₩2,789 |
| 8.1% | ₩1,946 | ₩2,052 | ₩2,175 | ₩2,321 | ₩2,494 |
Now (TTM)
- Market cap
- ₩24B
- Enterprise value
- ₩26B
- P/E
- —
- P/B
- 0.9×
- P/S
- 1.5×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Price | ₩1,570 | ₩1,176 | ₩2,332 |
| Market cap | ₩35B | ₩26B | ₩52B |
| P/E | 10.5× | 10.5× | — |
| P/B | 1.3× | 1.2× | 2.7× |
| P/S | 2.5× | 2.2× | 5.0× |
| EV/EBITDA | — | — | — |
| Dividend yield | 0.0% | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Parataxis Ethereum | — | 0.9× | 1.5× | — | 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: Parataxis Ethereum / 파라택시스이더리움 / 290560 / KRX:290560
Source: KRX statistical information