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Innometry

302430 · KOSDAQ · ₩302430 · 이노메트리

₩6,020▲ ₩120 (2.03%)End-of-day · Oct 27, 2026 · End-of-day prices.
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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
−₩23B
Equity value
−₩13B
WACC
7.9%

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 ₩6,020, the model needs an operating margin of 10.9% every year (it uses −3.9%).
  • Margins ranged from −14.8% to 9.8% 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.
  • 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
—
Bull
—

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 (−3.9%).

Revenue growth

  • -10%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-20.1% a year, annual reports), fading to 3% by year 5.

  • -6.7%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-20.1% a year, annual reports), fading to 3% by year 5.

  • -3.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-20.1% a year, annual reports), fading to 3% by year 5.

  • -0.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (-20.1% 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 3 years' revenue growth (-20.1% a year, annual reports), fading to 3% by year 5.

Business

  • -3.9%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 2.8%

    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).

  • 3.5%

    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).

  • 36.2%

    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.

  • 4.03%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-27.

  • 0.71

    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 0.57, 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.

  • 5.53%

    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)
₩51B
Net debt (borrowings and leases − cash and deposits)
−₩9B
Shares
9,803,208
Share price
₩6,020
Market cap
₩59B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩84B₩53B₩39B₩46B₩43B₩42B₩42B₩43B
Growth10.7%−36.7%−27.2%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩8.2B−₩7.2B−₩5.7B−₩1.8B−₩1.7B−₩1.6B−₩1.6B−₩1.7B
EBIT margin9.8%−13.6%−14.8%−3.9%−3.9%−3.9%−3.9%−3.9%
After-tax EBIT₩6B−₩5.2B−₩4.1B−₩1.3B−₩1.2B−₩1.2B−₩1.2B−₩1.2B
+ Depreciation———₩1.3B₩1.2B₩1.2B₩1.2B₩1.2B
− Capital spending₩2.8B₩2B₩1.4B₩1.6B₩1.5B₩1.5B₩1.5B₩1.5B
− Working capital₩6.8B−₩15B₩2.8B−₩1.9B−₩1.1B−₩547M−₩30M₩452M
Free cash flow———₩229M−₩401M−₩923M−₩1.4B−₩2B
Discount factor———0.9260.8580.7950.7370.683
Present value———₩212M−₩344M−₩734M−₩1.1B−₩1.3B

Terminal value −₩28B, worth −₩19B today: 86% 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:

LowTypicalHigh
Price / book (book value ₩5,899 a share)Now 1.02×₩6,4101.09×₩9,3411.58×₩15,9232.70×

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%
6.9%—————
7.4%—————
7.9%—————
8.4%—————
8.9%—————

Now (TTM)

Market cap
₩59B
Enterprise value
₩49B
P/E
—
P/B
1.0×
P/S
1.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩7,070₩7,170₩11,290₩12,850₩15,450
Market cap₩69B₩70B₩111B₩126B₩151B
P/E——14.2×46.9×39.2×
P/B1.2×1.1×1.7×2.3×2.8×
P/S1.8×1.3×1.3×1.7×3.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Innometry—1.0×1.1×—0.0%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Similar companies (median)664.7×19.1×34.5×1,116.1×0.0%

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

Also known as: Innometry / 이노메트리 / 302430 / KRX:302430

Source: KRX statistical information