Nordmason노드메이슨
317860 · KONEX · ₩317860 · 노드메이슨
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
- −₩38B
- Equity value
- −₩43B
- 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 ₩4,450, the model needs an operating margin of 7.0% every year (it uses −8.9%).
- Margins ranged from −20.2% to 5.1% 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 (−8.9%).
Revenue growth
- 9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.
- 7.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.
- 6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9% a year, annual reports), fading to 3% by year 5.
- 4.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (9% 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 (9% a year, annual reports), fading to 3% by year 5.
Business
- -8.9%
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.
- 3.3%
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).
- 4.1%
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).
- -0.5%
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 0.06, 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 (FY 2025)
- ₩21B
- Net debt (borrowings and leases − cash and deposits)
- ₩5.6B
- + Stakes and investments
- ₩3.1M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 4,513,215
- Share price
- ₩4,450
- Market cap
- ₩20B
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 | ₩19B | ₩21B | ₩21B | ₩23B | ₩25B | ₩26B | ₩27B | ₩28B |
| Growth | 19.4% | 10.2% | −1.6% | 9.0% | 7.5% | 6.0% | 4.5% | 3.0% |
| EBIT | −₩3.6B | −₩190M | −₩1.7B | −₩2.1B | −₩2.2B | −₩2.3B | −₩2.4B | −₩2.5B |
| EBIT margin | −18.4% | −0.9% | −8.1% | −8.9% | −8.9% | −8.9% | −8.9% | −8.9% |
| After-tax EBIT | −₩2.6B | −₩138M | −₩1.2B | −₩1.5B | −₩1.6B | −₩1.7B | −₩1.8B | −₩1.8B |
| + Depreciation | — | — | — | ₩760M | ₩817M | ₩866M | ₩905M | ₩932M |
| − Capital spending | ₩61M | ₩2.4B | ₩175M | ₩944M | ₩1B | ₩1.1B | ₩1.1B | ₩1.2B |
| − Working capital | −₩3.3B | −₩1.6B | −₩8B | −₩9.5M | −₩8.6M | −₩7.4M | −₩5.9M | −₩4.1M |
| Free cash flow | — | — | — | −₩1.7B | −₩1.8B | −₩1.9B | −₩2B | −₩2B |
| Discount factor | — | — | — | 0.937 | 0.879 | 0.824 | 0.772 | 0.724 |
| Present value | — | — | — | −₩1.6B | −₩1.6B | −₩1.6B | −₩1.5B | −₩1.5B |
Terminal value −₩42B, worth −₩30B today: 80% 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 ₩488 a share)Now 9.11× | ₩8951.83× | ₩1,5453.16× | ₩4,1008.39× |
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
- ₩20B
- Enterprise value
- ₩26B
- P/E
- —
- P/B
- 9.1×
- P/S
- 1.0×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩4,800 | ₩5,900 | ₩5,330 | ₩6,960 | ₩8,100 |
| Market cap | ₩22B | ₩27B | ₩24B | ₩31B | ₩37B |
| P/E | — | — | — | — | 266.5× |
| P/B | 9.8× | 3.8× | 2.9× | 2.5× | 3.5× |
| P/S | 1.0× | 1.2× | 1.2× | 1.9× | 2.0× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Nordmason | — | 9.1× | 1.0× | — | 0.0% |
| APR | 25.0× | 16.7× | 4.7× | 24.7× | 1.8% |
| Amorepacific | 25.5× | 1.3× | 1.6× | — | 1.0% |
| LG H&H | — | 0.7× | 0.6× | 6.9× | 0.8% |
| Cosmax | 16.0× | 4.6× | 1.1× | 13.7× | 1.3% |
| Kolmar Korea | 15.0× | 2.8× | 0.9× | — | 0.7% |
| d'Alba Global | 17.0× | 7.3× | 2.9× | — | 1.8% |
| Similar companies (median) | 17.0× | 3.7× | 1.4× | 13.7× | 1.1% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Nordmason / 노드메이슨 / 317860 / KRX:317860
Source: KRX statistical information