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318060 · KOSDAQ · ₩318060 · 그래피

₩10,500▼ ₩100 (0.94%)End-of-day · Oct 29, 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
−₩74B
Equity value
−₩74B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩10,500, the model needs an operating margin of 36.7% every year (it uses −20.0%).
  • 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 (−20.0%).

Revenue growth

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

  • 3%

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

    Default: not enough revenue history, so 3%.

Business

  • -20%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 1 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.

  • 11.5%

    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).

  • 14.4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: average of the last 1 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 1 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.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 61 weeks of weekly returns against KOSPI (official index); raw beta 0.29, 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.

  • 5.58%

    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)
₩24B
Net debt (borrowings and leases − cash and deposits)
₩354M
Shares
11,194,377
Share price
₩10,500
Market cap
₩118B

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.

FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩21B₩24B₩25B₩26B₩26B₩27B
Growth—3.0%3.0%3.0%3.0%3.0%
EBIT−₩11B−₩4.8B−₩5B−₩5.1B−₩5.3B−₩5.5B
EBIT margin−53.8%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩8B−₩3.5B−₩3.6B−₩3.7B−₩3.8B−₩4B
+ Depreciation—₩2.8B₩2.9B₩3B₩3B₩3.1B
− Capital spending₩3B₩3.5B₩3.6B₩3.7B₩3.8B₩3.9B
− Working capital—−₩71M−₩73M−₩75M−₩77M−₩79M
Free cash flow—−₩4.1B−₩4.3B−₩4.4B−₩4.5B−₩4.7B
Discount factor—0.9310.8670.8080.7520.701
Present value—−₩3.9B−₩3.7B−₩3.6B−₩3.4B−₩3.3B

Terminal value −₩80B, worth −₩56B today: 76% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%—————
6.9%—————
7.4%—————
7.9%—————
8.4%—————

Now (TTM)

Market cap
₩118B
Enterprise value
₩118B
P/E
—
P/B
7.8×
P/S
5.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025
Price₩24,550
Market cap₩275B
P/E—
P/B13.1×
P/S13.4×
EV/EBITDA—
Dividend yield0.0%

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Graphy—7.8×5.0×—0.0%
LG Chem—0.5×0.3×—0.9%
Hanwha Solutions—0.5×0.3×—0.0%
Hanwha6.1×0.4×0.1×—1.4%
SKC—1.8×1.7×—0.0%
KCC0.9×0.3×0.5×9.0×0.0%
Kumho Petro Chemical5.2×0.4×0.4×—1.6%
Similar companies (median)5.2×0.4×0.4×9.0×0.4%

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

Also known as: Graphy / 그래피 / 318060 / KRX:318060

Source: KRX statistical information