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Nexa Dynamics

351320 · KOSDAQ · ₩351320 · 넥사다이내믹스

₩5,200▼ ₩40 (0.76%)End-of-day · Oct 30, 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
−₩11B
Equity value
−₩29B
WACC
6.9%

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 −98.1% to 4.6% 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.
  • 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

  • -10%

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

    Default: the last 3 years' revenue growth (-26.6% 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 (-26.6% 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 (-26.6% 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 (-26.6% 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 (-26.6% 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 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.

  • 6.3%

    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).

  • 7.9%

    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).

  • 9.1%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.6

    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 0.25, 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.

  • 5.51%

    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)
₩4.4B
Net debt (borrowings and leases − cash and deposits)
₩31B
+ Stakes and investments
₩13B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩465M
Shares
43,495,535
Share price
₩5,200
Market cap
₩226B

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₩16B₩8.6B₩13B₩4B₩3.7B₩3.6B₩3.6B₩3.7B
Growth−50.9%−47.0%51.9%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩8.6B−₩8.4B−₩9.5B−₩792M−₩739M−₩713M−₩711M−₩733M
EBIT margin−52.9%−98.1%−72.7%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩6.2B−₩6.1B−₩6.9B−₩574M−₩536M−₩517M−₩516M−₩531M
+ Depreciation———₩249M₩233M₩225M₩224M₩231M
− Capital spending₩2.5B₩343M₩516M₩313M₩292M₩282M₩281M₩289M
− Working capital−₩7.6B−₩7.1B−₩1B−₩40M−₩24M−₩12M−₩648,755₩9.7M
Free cash flow———−₩597M−₩571M−₩562M−₩572M−₩600M
Discount factor———0.9350.8750.8180.7660.716
Present value———−₩559M−₩499M−₩460M−₩438M−₩429M

Terminal value −₩12B, worth −₩8.3B today: 78% 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 ₩437 a share)Now 11.9×₩1,3123.00×₩2,1414.90×₩2,9186.67×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2022, 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%
5.9%—————
6.4%—————
6.9%—————
7.4%—————
7.9%—————

Now (TTM)

Market cap
₩226B
Enterprise value
₩256B
P/E
—
P/B
11.9×
P/S
51.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,269₩1,312₩2,720₩2,760₩5,430
Market cap₩55B₩57B₩118B₩120B₩236B
P/E———153.3×—
P/B2.7×3.2×6.1×4.4×8.8×
P/S4.2×6.7×7.3×3.6×6.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Nexa Dynamics—11.9×51.4×—0.0%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—3.5%
Similar companies (median)626.0×18.1×32.8×1,053.3×0.0%

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

Also known as: Nexa Dynamics / 넥사다이내믹스 / 351320 / KRX:351320

Source: KRX statistical information