KOSDAQ · 348350 · Medical & precision devices · ₩348350

Withtech위드텍

348350 · KOSDAQ · ₩348350 · 위드텍

₩8,510▲ ₩110 (1.31%)End-of-day · Oct 27, 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

₩14,576

vs the current price (₩8,510)

Enterprise value: ₩63B
Equity value: ₩142B
WACC: 7.3%

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 71% 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 ₩8,510, the model needs an operating margin of 1.0% every year (it uses 9.2%).
Margins ranged from 2.2% to 19.9% 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.
67% 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 5.8× against a typical 13.7× 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: ₩11,996; +41.0%
Base: ₩14,576; +71.3%
Bull: ₩19,056; +123.9%

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 (9.2%).

Revenue growth

Revenue growth, year 1-7.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-4.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-7.3% 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 (-7.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin9.2%
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 & amortisation0.9%
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).
Capital spending1.2%
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 capital25.3%
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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
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 0.38, 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)5.53%
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): ₩64B
Net debt (borrowings and leases − cash and deposits): −₩73B
+ Stakes and investments: ₩6.8B; Associates, long-term financial assets and deposits (book value)
Shares: 9,773,600
Share price: ₩8,510
Market cap: ₩83B

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	₩50B	₩44B	₩58B	₩59B	₩57B	₩55B	₩56B	₩57B
Growth	−31.7%	−12.0%	32.5%	−7.3%	−4.7%	−2.2%	0.4%	3.0%
EBIT	₩2.4B	₩966M	₩5.1B	₩5.5B	₩5.2B	₩5.1B	₩5.1B	₩5.3B
EBIT margin	4.9%	2.2%	8.9%	9.2%	9.2%	9.2%	9.2%	9.2%
After-tax EBIT	₩1.8B	₩700M	₩3.7B	₩4B	₩3.8B	₩3.7B	₩3.7B	₩3.8B
+ Depreciation	—	—	—	₩535M	₩510M	₩499M	₩501M	₩516M
− Capital spending	₩584M	₩563M	₩608M	₩714M	₩680M	₩665M	₩668M	₩688M
− Working capital	−₩49B	₩5B	−₩2.9B	−₩1.2B	−₩707M	−₩316M	₩56M	₩423M
Free cash flow	—	—	—	₩5B	₩4.3B	₩3.8B	₩3.5B	₩3.2B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩4.6B	₩3.7B	₩3.1B	₩2.6B	₩2.3B

Terminal value ₩67B, worth ₩47B today: 74% 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 ₩13,341 a share)Now 0.64×	₩8,1840.61×	₩11,1530.84×	₩22,3961.68×
Price / earnings (last 12 months: ₩1,457 a share)Now 5.84×	₩11,4707.87×	₩19,90913.7×	₩24,41716.8×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,385 a share)Now 6.15×	₩10,9007.87×	₩18,91913.7×	₩23,20316.8×

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%
6.3%	₩15,006	₩15,454	₩16,006	₩16,699	₩17,599
6.8%	₩14,431	₩14,788	₩15,217	₩15,745	₩16,408
7.3%	₩13,947	₩14,235	₩14,576	₩14,987	₩15,491
7.8%	₩13,534	₩13,770	₩14,045	₩14,371	₩14,763
8.3%	₩13,177	₩13,372	₩13,598	₩13,860	₩14,172

Now (TTM)

Market cap: ₩83B
Enterprise value: ₩10B
P/E: 5.8×
P/B: 0.6×
P/S: 1.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩8,520	₩6,910	₩10,310	₩11,250	₩18,700
Market cap	₩83B	₩68B	₩101B	₩110B	₩183B
P/E	12.9×	9.6×	15.9×	9.0×	16.8×
P/B	0.7×	0.6×	0.9×	1.0×	1.8×
P/S	1.4×	1.5×	2.0×	1.5×	2.7×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Withtech	5.8×	0.6×	1.3×	—	0.0%
TSE	27.5×	6.1×	5.1×	—	0.2%
Kctech	20.8×	3.2×	3.8×	16.1×	0.5%
Classys	12.6×	3.1×	4.7×	9.8×	3.8%
Park Systems	68.1×	4.6×	8.1×	—	0.2%
Curiox Biosystems	—	21.9×	187.1×	—	0.0%
DI	36.7×	5.0×	2.2×	—	0.7%
Similar companies (median)	27.5×	4.8×	4.9×	13.0×	0.4%

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

Also known as: Withtech / 위드텍 / 348350 / KRX:348350

Source: KRX statistical information