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Neuromeka

348340 · KOSDAQ · ₩348340 · 뉴로메카

₩17,210▼ ₩830 (4.60%)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
−₩166B
Equity value
−₩198B
WACC
8.9%

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 gives no positive value at these assumptions. What we can see:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • Margins ranged from −107.9% to −75.2% over the last 4 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 (−20.0%).

Revenue growth

  • 24.8%

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

    Default: the last 3 years' revenue growth (24.8% a year, annual reports), fading to 3% by year 5.

  • 19.3%

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

    Default: the last 3 years' revenue growth (24.8% a year, annual reports), fading to 3% by year 5.

  • 13.9%

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

    Default: the last 3 years' revenue growth (24.8% a year, annual reports), fading to 3% by year 5.

  • 8.4%

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

    Default: the last 3 years' revenue growth (24.8% 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 (24.8% a year, annual reports), fading to 3% by year 5.

Business

  • -20%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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.

  • 9.9%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 98%

    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.

  • 4.08%

    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.

  • 0.96

    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 0.94, 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)
₩18B
Net debt (borrowings and leases − cash and deposits)
₩38B
+ Stakes and investments
₩6.9B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩723M
Shares
23,408,424
Share price
₩17,210
Market cap
₩403B

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₩14B₩25B₩19B₩23B₩27B₩31B₩33B₩34B
Growth40.9%83.9%−25.0%24.8%19.3%13.9%8.4%3.0%
EBIT−₩15B−₩19B−₩15B−₩4.5B−₩5.4B−₩6.2B−₩6.7B−₩6.9B
EBIT margin−107.9%−75.2%−78.4%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩11B−₩14B−₩11B−₩3.3B−₩3.9B−₩4.5B−₩4.8B−₩5B
+ Depreciation₩901M₩2.2B₩2.7B₩2.2B₩2.7B₩3B₩3.3B₩3.4B
− Capital spending₩31B₩14B₩3.2B₩22B₩26B₩30B₩33B₩34B
− Working capital−₩26B−₩8.2B−₩19B−₩450M−₩437M−₩376M−₩259M−₩100M
Free cash flow−₩15B−₩17B₩7.8B−₩23B−₩27B−₩31B−₩34B−₩35B
Discount factor———0.9180.8430.7740.7110.653
Present value———−₩21B−₩23B−₩24B−₩24B−₩23B

Terminal value −₩78B, worth −₩51B today: 31% 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 ₩1,554 a share)Now 11.1×₩18,64412.0×₩28,05718.1×₩55,59235.8×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
7.9%—————
8.4%—————
8.9%—————
9.4%—————
9.9%—————

Now (TTM)

Market cap
₩403B
Enterprise value
₩440B
P/E
—
P/B
11.1×
P/S
22.2×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩20,900₩18,264₩23,600₩7,909
Market cap₩489B₩428B₩552B₩185B
P/E————
P/B35.2×39.3×23.0×4.7×
P/S25.8×16.9×40.2×19.0×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Neuromeka—11.1×22.2×—0.0%
Doosan Enerbility200.6×4.5×2.0×—0.0%
Hanmi Semiconductor84.5×25.1×34.0×76.1×0.4%
Jusung Engineering1,135.2×13.9×36.4×2,185.7×0.0%
Rainbow Robotics4,308.5×55.2×162.6×—0.0%
EO Technics47.1×6.8×11.5×—0.0%
Doosan Bobcat13,805.1×923.8×743.7×—3.5%
Similar companies (median)667.9×19.5×35.2×1,130.9×0.0%

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

Also known as: Neuromeka / 뉴로메카 / 348340 / KRX:348340

Source: KRX statistical information