KOSPI · 308170 · Auto parts · ₩308170

CTR Mobility씨티알모빌리티

308170 · KOSPI · ₩308170 · 씨티알모빌리티

₩3,480▲ ₩210 (6.42%)End-of-day · Oct 27, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩48B
Equity value: −₩236B
WACC: 4.5%

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 ₩3,480, the model needs an operating margin of 2.6% every year (it uses 0.7%).
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: —
Bull: ₩31,851; +815.3%

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 (0.7%).

Revenue growth

Revenue growth, year 12.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (2.9% 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 3 years' revenue growth (2.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.7%
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 & amortisation3.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending5.7%
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 capital9.3%
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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 0.18, 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)5.61%
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): ₩446B
Net debt (borrowings and leases − cash and deposits): ₩187B
Shares: 8,610,000
Share price: ₩3,480
Market cap: ₩30B

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	₩444B	₩432B	₩461B	₩459B	₩473B	₩487B	₩502B	₩517B
Growth	5.0%	−2.7%	6.8%	2.9%	3.0%	3.0%	3.0%	3.0%
EBIT	₩525M	₩3.9B	₩5.8B	₩3.2B	₩3.3B	₩3.4B	₩3.5B	₩3.6B
EBIT margin	0.1%	0.9%	1.3%	0.7%	0.7%	0.7%	0.7%	0.7%
After-tax EBIT	₩380M	₩2.8B	₩4.2B	₩2.3B	₩2.4B	₩2.5B	₩2.5B	₩2.6B
+ Depreciation	₩15B	₩14B	₩13B	₩14B	₩15B	₩15B	₩16B	₩16B
− Capital spending	₩21B	₩32B	₩23B	₩26B	₩27B	₩28B	₩29B	₩29B
− Working capital	−₩5.9B	−₩4.6B	₩21B	₩1.2B	₩1.3B	₩1.3B	₩1.4B	₩1.4B
Free cash flow	₩447M	−₩10B	−₩26B	−₩11B	−₩11B	−₩12B	−₩12B	−₩12B
Discount factor	—	—	—	0.957	0.915	0.876	0.838	0.801
Present value	—	—	—	−₩10B	−₩10B	−₩10B	−₩9.9B	−₩9.8B

Terminal value ₩2.4B, worth ₩1.9B today: -4% 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 ₩9,806 a share)Now 0.35×	₩4,7100.48×	₩8,9590.91×	₩15,3421.56×

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%
3.5%	—	—	—	—	—
4.0%	—	—	—	—	—
4.5%	—	—	—	—	—
5.0%	—	—	—	—	—
5.5%	—	—	—	—	—

Now (TTM)

Market cap: ₩30B
Enterprise value: ₩217B
P/E: —
P/B: 0.4×
P/S: 0.1×
EV/EBITDA: 12.2×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,820	₩5,930	₩12,300	₩13,000	₩22,500
Market cap	₩59B	₩51B	₩106B	₩112B	₩194B
P/E	—	—	—	99.2×	135.7×
P/B	0.7×	0.7×	1.2×	1.1×	2.0×
P/S	0.1×	0.1×	0.2×	0.3×	0.5×
EV/EBITDA	12.1×	11.2×	15.7×	16.7×	16.4×
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
CTR Mobility	—	0.4×	0.1×	12.2×	0.0%
Hyundai Mobis	8.2×	0.6×	0.5×	—	2.0%
SL	6.0×	0.8×	0.4×	3.7×	0.0%
HL Mando	10.5×	0.6×	0.2×	—	2.0%
Samhyun	—	13.0×	18.3×	—	0.0%
Hyundai WIA	19.0×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.6×	0.7×	0.9×	—	6.7%
Similar companies (median)	10.5×	0.7×	0.4×	3.7×	2.0%

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

Also known as: CTR Mobility / 씨티알모빌리티 / 308170 / KRX:308170

Source: KRX statistical information