Ask Warren

QuantaMatrix

317690 · KOSDAQ · ₩317690 · 퀀타매트릭스

₩2,060▼ ₩85 (3.96%)End-of-day · Oct 27, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩112

vs the current price (₩2,060)

Enterprise value
−₩19B
Equity value
₩2.2B
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 95% 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 ₩2,060, the model needs an operating margin of 34.3% every year (it uses −20.0%).
  • Margins ranged from −3,349.6% to −421.8% 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
₩300
−85.4%
Base
₩112
−94.6%
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 (−20.0%).

Revenue growth

  • 25%

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

    Default: the last 3 years' revenue growth (42.1% a year, annual reports), fading to 3% by year 5.

  • 19.5%

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

    Default: the last 3 years' revenue growth (42.1% a year, annual reports), fading to 3% by year 5.

  • 14%

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

    Default: the last 3 years' revenue growth (42.1% a year, annual reports), fading to 3% by year 5.

  • 8.5%

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

    Default: the last 3 years' revenue growth (42.1% 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 (42.1% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    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.

  • 26.2%

    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).

  • 32.8%

    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).

  • 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.

  • 4.11%

    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.

  • 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 0.3, 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.

  • 5.61%

    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)
₩3.1B
Net debt (borrowings and leases − cash and deposits)
−₩21B
+ Stakes and investments
₩619M
Associates, long-term financial assets and deposits (book value)
Shares
20,135,029
Share price
₩2,060
Market cap
₩41B

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₩3.1B₩2.5B₩3.7B₩3.9B₩4.7B₩5.4B₩5.8B₩6B
Growth142.5%−19.9%47.7%25.0%19.5%14.0%8.5%3.0%
EBIT−₩22B−₩16B−₩16B−₩786M−₩940M−₩1.1B−₩1.2B−₩1.2B
EBIT margin−720.0%−646.7%−421.8%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩16B−₩12B−₩11B−₩570M−₩681M−₩777M−₩843M−₩868M
+ Depreciation———₩1B₩1.2B₩1.4B₩1.5B₩1.6B
− Capital spending₩1.8B₩528M₩677M₩1.3B₩1.5B₩1.8B₩1.9B₩2B
− Working capital−₩29B₩1.4B₩1.6B₩315M₩307M₩263M₩182M₩70M
Free cash flow———−₩1.1B−₩1.3B−₩1.4B−₩1.4B−₩1.3B
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩1.1B−₩1.1B−₩1.1B−₩1.1B−₩932M

Terminal value −₩20B, worth −₩14B today: 73% 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 ₩1,594 a share)Now 1.29×₩2,9171.83×₩6,0623.80×₩28,21917.7×

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%₩94₩9———
6.9%₩173₩103₩18——
7.4%₩240₩181₩112₩28—
7.9%₩298₩248₩190₩120₩37
8.4%₩347₩305₩255₩197₩129

Now (TTM)

Market cap
₩41B
Enterprise value
₩19B
P/E
—
P/B
1.3×
P/S
13.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,790₩6,460₩4,660₩4,620₩10,800
Market cap₩96B₩130B₩94B₩93B₩217B
P/E—————
P/B2.4×19.9×5.2×2.3×3.7×
P/S26.1×52.1×30.1×72.3×395.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
QuantaMatrix—1.3×13.2×—0.0%
TSE27.5×6.1×5.1×—0.2%
Kctech20.8×3.2×3.8×16.1×0.5%
Classys12.6×3.1×4.7×9.8×3.8%
Park Systems68.1×4.6×8.1×—0.2%
Curiox Biosystems—21.9×187.1×—0.0%
DI36.7×5.0×2.2×—0.7%
Similar companies (median)27.5×4.8×4.9×13.0×0.4%

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

Also known as: QuantaMatrix / 퀀타매트릭스 / 317690 / KRX:317690

Source: KRX statistical information