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Nextin

348210 · KOSDAQ · ₩348210 · 넥스틴

₩26,600▲ ₩600 (2.31%)End-of-day · Oct 27, 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

₩6,838

vs the current price (₩26,600)

Enterprise value
₩136B
Equity value
₩72B
WACC
7.9%

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 74% 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 ₩26,600, the model needs an operating margin of 68.7% every year (it uses 29.8%).
  • Or revenue growth +23.8 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −1.7% to 49.2% 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.

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
₩3,003
−88.7%
Base
₩6,838
−74.3%
Bull
₩12,962
−51.3%

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 (29.8%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-16.5% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-16.5% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-16.5% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-16.5% 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 (-16.5% a year, annual reports), fading to 3% by year 5.

Business

  • 29.8%

    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.

  • 20.9%

    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).

  • 26.1%

    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).

  • 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.

  • 0.85

    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 0.78, 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)
₩55B
Net debt (borrowings and leases − cash and deposits)
₩65B
+ Stakes and investments
₩173M
Associates, long-term financial assets and deposits (book value)
Shares
10,477,005
Share price
₩26,600
Market cap
₩279B

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₩88B₩114B₩67B₩50B₩47B₩45B₩45B₩46B
Growth−23.5%29.3%−41.2%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩36B₩47B−₩1.2B₩15B₩14B₩13B₩13B₩14B
EBIT margin41.1%41.3%−1.7%29.8%29.8%29.8%29.8%29.8%
After-tax EBIT₩26B₩34B−₩842M₩11B₩10B₩9.7B₩9.7B₩10B
+ Depreciation———₩10B₩9.7B₩9.4B₩9.4B₩9.7B
− Capital spending₩17B₩16B₩30B₩13B₩12B₩12B₩12B₩12B
− Working capital₩27B−₩3B₩3.1B−₩2.2B−₩1.3B−₩652M−₩36M₩538M
Free cash flow———₩10B₩9B₩8B₩7.4B₩7B
Discount factor———0.9270.8590.7960.7380.684
Present value———₩9.6B₩7.7B₩6.4B₩5.5B₩4.8B

Terminal value ₩150B, worth ₩102B today: 75% 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 ₩14,154 a share)Now 1.88×₩47,4343.35×₩76,1695.38×₩141,88210.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩531 a share)Now 50.1×₩7,49314.1×₩10,25719.3×₩20,92439.4×

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%
6.9%₩7,501₩8,397₩9,476₩10,798₩12,458
7.4%₩6,431₩7,165₩8,034₩9,080₩10,362
7.9%₩5,516₩6,126₩6,838₩7,681₩8,695
8.4%₩4,726₩5,238₩5,829₩6,520₩7,337
8.9%₩4,036₩4,471₩4,967₩5,541₩6,210

Now (TTM)

Market cap
₩279B
Enterprise value
₩342B
P/E
—
P/B
1.9×
P/S
5.0×
EV/EBITDA
—
Dividend yield
1.9%

Over time (at each year end)

20252024202320222021
Price₩71,900₩51,100₩69,400₩49,850₩60,200
Market cap₩753B₩535B₩727B₩522B₩631B
P/E—13.9×23.5×12.0×34.9×
P/B5.0×3.4×5.7×5.2×9.6×
P/S11.3×4.7×8.3×4.5×11.0×
EV/EBITDA—————
Dividend yield0.7%1.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Nextin—1.9×5.0×—1.9%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Similar companies (median)664.7×19.1×34.5×1,116.1×0.0%

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

Also known as: Nextin / 넥스틴 / 348210 / KRX:348210

Source: KRX statistical information