KOSDAQ · 290740 · Electronic components · ₩290740

Actro액트로

290740 · KOSDAQ · ₩290740 · 액트로

₩9,550▼ ₩120 (1.24%)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

₩4,188

vs the current price (₩9,550)

Enterprise value: ₩6.8B
Equity value: ₩42B
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 56% 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 ₩9,550, the model needs an operating margin of 1.8% every year (it uses 0.8%).
Or revenue growth +35.7 points a year higher than assumed in each of the 5 years.
77% 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 8.1× against a typical 10.0× 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: ₩4,188; −56.2%
Bull: ₩19,041; +99.4%

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 (0.8%).

Revenue growth

Revenue growth, year 122.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 217.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 312.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.6% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 47.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (22.6% 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 (22.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.8%
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 & amortisation4.9%
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 spending6.1%
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 capital-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 0.35, 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): ₩235B
Net debt (borrowings and leases − cash and deposits): −₩35B
− Minority interests: ₩1.8M
Shares: 10,065,011
Share price: ₩9,550
Market cap: ₩96B

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	₩157B	₩203B	₩245B	₩288B	₩339B	₩382B	₩412B	₩425B
Growth	17.9%	29.5%	20.6%	22.6%	17.7%	12.8%	7.9%	3.0%
EBIT	₩4.7B	₩2.4B	₩6.6B	₩2.3B	₩2.7B	₩3.1B	₩3.3B	₩3.4B
EBIT margin	3.0%	1.2%	2.7%	0.8%	0.8%	0.8%	0.8%	0.8%
After-tax EBIT	₩3.4B	₩1.8B	₩4.8B	₩1.7B	₩2B	₩2.2B	₩2.4B	₩2.5B
+ Depreciation	—	—	—	₩14B	₩17B	₩19B	₩20B	₩21B
− Capital spending	₩9.6B	₩11B	₩16B	₩18B	₩21B	₩23B	₩25B	₩26B
− Working capital	−₩11B	₩13B	−₩4.9B	−₩2.1B	−₩2B	−₩1.7B	−₩1.2B	−₩495M
Free cash flow	—	—	—	₩338M	−₩63M	−₩635M	−₩1.3B	−₩2.1B
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩315M	−₩54M	−₩513M	−₩1B	−₩1.5B

Terminal value ₩14B, worth ₩9.6B today: 141% 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 ₩8,306 a share)Now 1.15×	₩6,5360.79×	₩8,8171.06×	₩11,8201.42×
Price / earnings (last 12 months: ₩1,181 a share)Now 8.08×	₩9,1607.75×	₩11,82010.0×	₩44,91338.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩663 a share)Now 14.4×	₩5,1437.75×	₩6,63610.0×	₩25,21538.0×

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%	₩3,979	₩4,189	₩4,449	₩4,777	₩5,205
6.9%	₩3,905	₩4,085	₩4,304	₩4,574	₩4,915
7.4%	₩3,843	₩4,000	₩4,188	₩4,415	₩4,695
7.9%	₩3,792	₩3,930	₩4,093	₩4,286	₩4,521
8.4%	₩3,749	₩3,871	₩4,014	₩4,181	₩4,381

Now (TTM)

Market cap: ₩96B
Enterprise value: ₩61B
P/E: 8.1×
P/B: 1.1×
P/S: 0.4×
EV/EBITDA: —
Dividend yield: 1.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩16,160	₩5,060	₩8,060	₩5,990	₩8,820
Market cap	₩163B	₩51B	₩81B	₩60B	₩89B
P/E	22.1×	34.3×	14.1×	—	30.9×
P/B	2.2×	0.7×	1.2×	0.9×	1.2×
P/S	0.7×	0.3×	0.5×	0.5×	1.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.6%	2.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Actro	8.1×	1.1×	0.4×	—	1.0%
Samsung Electro-Mechanics	95.9×	9.4×	7.8×	—	0.2%
Doosan	37.2×	5.2×	0.7×	—	0.4%
Hanwha Systems	69.5×	2.7×	3.0×	—	0.8%
LG Innotek	12.4×	1.3×	0.3×	—	0.5%
Daeduck Electronics	44.9×	7.0×	5.1×	—	0.4%
Isupetasys	33.8×	7.9×	5.2×	—	0.0%
Similar companies (median)	41.1×	6.1×	4.0×	—	0.4%

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

Also known as: Actro / 액트로 / 290740 / KRX:290740

Source: KRX statistical information