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Envioneer

317870 · KOSDAQ · ₩317870 · 엔바이오니아

₩4,755▲ ₩5 (0.11%)End-of-day · Oct 28, 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
−₩112B
Equity value
−₩135B
WACC
6.2%

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 ₩4,755, the model needs an operating margin of 33.1% every year (it uses −14.1%).
  • Margins ranged from −43.6% to −1.4% 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 (−14.1%).

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

  • -14.1%

    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.

  • 92.5%

    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).

  • 115.6%

    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).

  • -10%

    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 0.34, 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)
₩18B
Net debt (borrowings and leases − cash and deposits)
₩23B
+ Stakes and investments
₩6.4B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩6.1B
Shares
8,841,895
Share price
₩4,755
Market cap
₩42B

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₩15B₩14B₩14B₩19B₩21B₩22B₩23B₩24B
Growth32.9%−2.9%0.4%9.0%7.5%6.0%4.5%3.0%
EBIT−₩205M−₩2.1B−₩6.2B−₩2.7B−₩2.9B−₩3.1B−₩3.3B−₩3.4B
EBIT margin−1.4%−14.8%−43.6%−14.1%−14.1%−14.1%−14.1%−14.1%
After-tax EBIT−₩149M−₩1.5B−₩4.5B−₩2B−₩2.1B−₩2.3B−₩2.4B−₩2.4B
+ Depreciation———₩18B₩19B₩20B₩21B₩22B
− Capital spending₩19B₩15B₩16B₩22B₩24B₩26B₩27B₩28B
− Working capital−₩1.5B−₩1.9B−₩7.5B−₩160M−₩146M−₩125M−₩100M−₩69M
Free cash flow———−₩6.3B−₩6.8B−₩7.3B−₩7.6B−₩7.9B
Discount factor———0.9410.8860.8350.7860.740
Present value———−₩5.9B−₩6B−₩6.1B−₩6B−₩5.8B

Terminal value −₩111B, worth −₩82B 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 ₩4,325 a share)Now 1.10×₩9,9102.29×₩16,6843.86×₩26,7246.18×

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%
5.2%—————
5.7%—————
6.2%—————
6.7%—————
7.2%—————

Now (TTM)

Market cap
₩42B
Enterprise value
₩65B
P/E
—
P/B
1.1×
P/S
2.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩11,410₩14,090₩14,480₩5,230₩11,550
Market cap₩101B₩125B₩128B₩46B₩102B
P/E—————
P/B3.4×3.2×3.4×2.3×5.7×
P/S7.1×8.8×8.7×4.2×11.5×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Envioneer—1.1×2.4×—0.0%
Spigen Korea3.3×0.3×0.4×—0.0%
Novatech3.5×0.7×2.5×—0.0%
Samick Musical Instruments2.3×0.3×0.4×—4.8%
Alux—1.9×1.1×—0.0%
Xplus—2.8×5.1×—0.0%
E-World—0.3×0.6×—0.0%
Similar companies (median)3.3×0.5×0.9×—0.0%

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

Also known as: Envioneer / 엔바이오니아 / 317870 / KRX:317870

Source: KRX statistical information