Almac알멕

Almac's shares have surged sharply over the past year, but trailing profits are thin and the stock trades at a high earnings multiple.

Almac is an aluminum extrusion maker focused on EV battery cases, battery pack frames and automotive parts, with customers including Volkswagen, Audi, Porsche, General Motors and Jaguar Land Rover, mainly through LG Energy Solution. Trailing twelve-month revenue to H1 2026 was ₩194.6B with a 3.6% operating margin and a 1.7% net margin, while free cash flow was negative at about -₩29.6B. The share price closed at ₩69,900 on 2026-10-23, up 216.3% over one year, and the market value is about ₩446.8B.

What stands out

• Revenue grew 19.7% in 2025 to ₩187.8B after falling 27.4% in 2024, but 2025 net income was a loss of about ₩1.3B.
• Trailing net income of ₩3.3B gives a P/E of 137.3, well above the peer range shown (roughly 8 to 18), while P/B is 2.8.
• Borrowings of ₩20.1B exceed cash of ₩21.0B only slightly, and liabilities are 124.3% of equity.
• The company pays no dividend, and the in-house DCF base value of ₩7,455 is far below the current price; the bear and bull values are ₩3,790 and ₩15,200.
• Foreign ownership fell from 11.9% to 0.8% over about 60 days, while institutions were net buyers over the last 20 days and foreign and retail investors were net sellers.

What to watch

• Next quarterly and annual results, to see whether the thin margins and negative free cash flow improve.
• The repeated 5%+ holding reports filed in 2026, which show changes in major shareholdings.
• The March 2026 CEO change and any further board or management filings; the data does not explain the reasons for these changes.