LAT엘에이티
311060 · KONEX · ₩311060 · 엘에이티
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
- −₩32B
- Equity value
- −₩40B
- WACC
- 6.7%
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 ₩4,565, the model needs an operating margin of 9.8% every year (it uses −1.0%).
- Margins ranged from −24.1% to 10.1% 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 (−1.0%).
Revenue growth
- 20.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.3% a year, annual reports), fading to 3% by year 5.
- 16%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.3% a year, annual reports), fading to 3% by year 5.
- 11.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.3% a year, annual reports), fading to 3% by year 5.
- 7.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (20.3% 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 (20.3% a year, annual reports), fading to 3% by year 5.
Business
- -1%
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.
- 18.1%
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).
- 22.6%
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).
- 8%
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 -0.14, 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 (FY 2025)
- ₩29B
- Net debt (borrowings and leases − cash and deposits)
- ₩7.5B
- Shares
- 7,872,134
- Share price
- ₩4,565
- Market cap
- ₩36B
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 | ₩9.3B | ₩41B | ₩29B | ₩35B | ₩41B | ₩46B | ₩49B | ₩51B |
| Growth | −44.8% | 337.5% | −27.9% | 20.3% | 16.0% | 11.7% | 7.3% | 3.0% |
| EBIT | −₩2.2B | ₩588M | ₩735M | −₩354M | −₩410M | −₩458M | −₩492M | −₩507M |
| EBIT margin | −24.1% | 1.4% | 2.5% | −1.0% | −1.0% | −1.0% | −1.0% | −1.0% |
| After-tax EBIT | −₩1.6B | ₩426M | ₩533M | −₩256M | −₩298M | −₩332M | −₩357M | −₩367M |
| + Depreciation | — | — | — | ₩6.4B | ₩7.4B | ₩8.3B | ₩8.9B | ₩9.2B |
| − Capital spending | ₩5.6B | ₩3B | ₩130M | ₩8B | ₩9.3B | ₩10B | ₩11B | ₩11B |
| − Working capital | −₩708M | −₩440M | ₩439M | ₩478M | ₩453M | ₩384M | ₩268M | ₩118M |
| Free cash flow | — | — | — | −₩2.3B | −₩2.6B | −₩2.8B | −₩2.8B | −₩2.8B |
| Discount factor | — | — | — | 0.937 | 0.878 | 0.822 | 0.771 | 0.722 |
| Present value | — | — | — | −₩2.2B | −₩2.3B | −₩2.3B | −₩2.2B | −₩2B |
Terminal value −₩29B, worth −₩21B today: 66% 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 ₩1,507 a share)Now 3.03× | ₩3,4632.30× | ₩7,2824.83× | ₩11,0967.36× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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% |
|---|---|---|---|---|---|
| 5.7% | — | — | — | — | — |
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩36B
- Enterprise value
- ₩43B
- P/E
- 74.8×
- P/B
- 3.0×
- P/S
- 1.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩3,265 | ₩4,195 | ₩3,650 | ₩2,400 | ₩2,138 |
| Market cap | ₩26B | ₩33B | ₩29B | ₩19B | ₩17B |
| P/E | 53.5× | 431.8× | — | 16.7× | — |
| P/B | 2.2× | 3.0× | 5.7× | 3.5× | 5.1× |
| P/S | 0.9× | 0.8× | 3.1× | 1.1× | 1.8× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| LAT | 74.8× | 3.0× | 1.2× | — | 0.0% |
| Doosan Enerbility | 193.9× | 4.3× | 2.0× | — | 0.0% |
| Hanmi Semiconductor | 78.4× | 23.3× | 31.6× | 70.6× | 0.4% |
| Jusung Engineering | 1,058.2× | 13.0× | 34.0× | 2,036.0× | 0.0% |
| Rainbow Robotics | 4,137.6× | 53.0× | 156.2× | — | 0.0% |
| EO Technics | 44.1× | 6.4× | 10.8× | — | 0.0% |
| Doosan Bobcat | 13,622.5× | 911.6× | 733.9× | — | 3.5% |
| Similar companies (median) | 626.0× | 18.1× | 32.8× | 1,053.3× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: LAT / 엘에이티 / 311060 / KRX:311060
Source: KRX statistical information