KOSDAQ · 347890 · Medical & precision devices · ₩347890

MX On엠엑스온

347890 · KOSDAQ · ₩347890 · 엠엑스온

₩3,690▼ ₩10 (0.27%)End-of-day · Oct 29, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩14,458

vs the current price (₩3,690)

Enterprise value: ₩321B
Equity value: ₩246B
WACC: 6.3%

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 292% 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 ₩3,690, the model needs an operating margin of 6.9% every year (it uses 13.5%).
Or revenue growth −23.3 points a year higher than assumed in each of the 5 years.
Margins ranged from −9.4% to 29.3% 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.
100% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
Today's P/E is 26.9× against a typical 17.8× over the last 10 years.

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: ₩6,880; +86.4%
Base: ₩14,458; +291.8%
Bull: ₩28,383; +669.2%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (13.5%).

Revenue growth

Revenue growth, year 114.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 211.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 38.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (14.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin13.5%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation1.4%
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).
Capital spending1.8%
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).
Working capital40%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
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.
Beta0.6
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 0.24, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩120B
Net debt (borrowings and leases − cash and deposits): ₩29B
+ Stakes and investments: ₩1.4B; Associates, long-term financial assets and deposits (book value)
− Minority interests: ₩48B
Shares: 17,013,204
Share price: ₩3,690
Market cap: ₩63B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩33B	₩37B	₩62B	₩138B	₩153B	₩167B	₩176B	₩182B
Growth	−20.8%	11.4%	69.2%	14.3%	11.5%	8.7%	5.8%	3.0%
EBIT	₩5.6B	₩5.6B	−₩5.8B	₩19B	₩21B	₩23B	₩24B	₩25B
EBIT margin	17.0%	15.3%	−9.4%	13.5%	13.5%	13.5%	13.5%	13.5%
After-tax EBIT	₩4.1B	₩4.1B	−₩4.2B	₩13B	₩15B	₩16B	₩17B	₩18B
+ Depreciation	—	—	—	₩1.9B	₩2.1B	₩2.3B	₩2.5B	₩2.5B
− Capital spending	₩584M	₩551M	₩1.4B	₩2.5B	₩2.8B	₩3B	₩3.2B	₩3.3B
− Working capital	−₩397M	₩1.5B	₩29B	₩6.9B	₩6.3B	₩5.3B	₩3.9B	₩2.1B
Free cash flow	—	—	—	₩6B	₩8.1B	₩10B	₩13B	₩15B
Discount factor	—	—	—	0.940	0.884	0.832	0.782	0.736
Present value	—	—	—	₩5.7B	₩7.1B	₩8.6B	₩9.9B	₩11B

Terminal value ₩379B, worth ₩279B today: 87% 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 ₩4,313 a share)Now 0.86×	₩4,2921.00×	₩7,5021.74×	₩10,1192.35×
Price / earnings (last 12 months: ₩137 a share)Now 26.9×	₩1,99414.6×	₩2,43417.8×	₩4,29031.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩496 a share)Now 7.44×	₩7,22414.6×	₩8,82017.8×	₩15,54331.3×

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%
5.3%	₩15,930	₩17,912	₩20,485	₩23,959	₩28,917
5.8%	₩13,678	₩15,183	₩17,077	₩19,534	₩22,853
6.3%	₩11,851	₩13,021	₩14,458	₩16,266	₩18,611
6.8%	₩10,340	₩11,268	₩12,384	₩13,755	₩15,480
7.3%	₩9,070	₩9,817	₩10,702	₩11,766	₩13,073

Now (TTM)

Market cap: ₩63B
Enterprise value: ₩85B
P/E: 26.9×
P/B: 0.9×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 1.6%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩6,420	₩5,430	₩7,690	₩7,970	₩9,160
Market cap	₩109B	₩92B	₩131B	₩136B	₩156B
P/E	64.1×	14.5×	20.7×	12.9×	15.5×
P/B	1.5×	1.3×	1.8×	1.9×	2.4×
P/S	1.8×	2.5×	4.0×	3.3×	4.0×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.9%	4.1%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
MX On	26.9×	0.9×	0.5×	—	1.6%
TSE	27.5×	6.1×	5.1×	—	0.2%
Kctech	22.1×	3.4×	4.1×	17.1×	0.5%
Classys	12.7×	3.2×	4.7×	9.9×	3.7%
Park Systems	69.0×	4.7×	8.2×	—	0.2%
DI	42.2×	5.8×	2.6×	—	0.6%
Curiox Biosystems	—	21.3×	182.0×	—	0.0%
Similar companies (median)	27.5×	5.3×	4.9×	13.5×	0.3%

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

Also known as: MX On / 엠엑스온 / 347890 / KRX:347890

Source: KRX statistical information