KOSDAQ · 356860 · Electronic components · ₩356860

TLB티엘비

356860 · KOSDAQ · ₩356860 · 티엘비

₩41,600▲ ₩3,450 (9.04%)End-of-day · Oct 28, 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

₩6,098

vs the current price (₩41,600)

Enterprise value: ₩164B
Equity value: ₩145B
WACC: 10.3%

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 85% 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 ₩41,600, the model needs an operating margin of 36.5% every year (it uses 8.2%).
Or revenue growth +57.3 points a year higher than assumed in each of the 5 years.
Analysts' forecasts for 2026: revenue ₩371B, operating profit ₩43B (11.6% margin) (1 broker). The model starts from the last 12 months reported.
Analysts' forecasts for 2027: revenue ₩533B, operating profit ₩67B (12.6% margin) (1 broker). The model starts from the last 12 months reported.
Margins ranged from 1.8% to 17.4% 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.
Today's P/E is 30.0× against a typical 32.9× 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: ₩2,758; −93.4%
Base: ₩6,098; −85.3%
Bull: ₩11,264; −72.9%

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 (8.2%).

Revenue growth

Revenue growth, year 15.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 24.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 34.1%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.3% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 43.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (5.3% 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 (5.3% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin8.2%
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 & amortisation10.3%
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).
Capital spending12.9%
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).
Working capital15.8%
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 rate4.08%
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.
Beta1.16
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 1.24, 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)5.58%
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): ₩306B
Net debt (borrowings and leases − cash and deposits): ₩20B
+ Stakes and investments: ₩136M; Associates, long-term financial assets and deposits (book value)
Shares: 23,701,260
Share price: ₩41,600
Market cap: ₩986B

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	₩171B	₩180B	₩258B	₩322B	₩337B	₩351B	₩363B	₩374B
Growth	−22.7%	5.1%	43.6%	5.3%	4.7%	4.1%	3.6%	3.0%
EBIT	₩3B	₩3.4B	₩26B	₩26B	₩28B	₩29B	₩30B	₩31B
EBIT margin	1.8%	1.9%	10.0%	8.2%	8.2%	8.2%	8.2%	8.2%
After-tax EBIT	₩2.2B	₩2.4B	₩19B	₩19B	₩20B	₩21B	₩22B	₩22B
+ Depreciation	—	—	—	₩33B	₩35B	₩36B	₩37B	₩39B
− Capital spending	₩25B	₩18B	₩37B	₩42B	₩43B	₩45B	₩47B	₩48B
− Working capital	₩4.3B	₩2.4B	₩18B	₩2.6B	₩2.4B	₩2.2B	₩2B	₩1.7B
Free cash flow	—	—	—	₩8.2B	₩8.9B	₩9.5B	₩10B	₩11B
Discount factor	—	—	—	0.906	0.821	0.744	0.675	0.612
Present value	—	—	—	₩7.4B	₩7.3B	₩7.1B	₩6.9B	₩6.6B

Terminal value ₩211B, worth ₩129B 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:

	Low	Typical	High
Price / book (book value ₩6,110 a share)Now 6.81×	₩10,5411.73×	₩15,0992.47×	₩41,6006.81×
Price / earnings (last 12 months: ₩1,388 a share)Now 30.0×	₩10,1147.29×	₩45,65032.9×	₩81,22558.5×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,821 a share)Now 22.8×	₩13,2657.29×	₩59,87432.9×	₩106,53458.5×

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%
9.3%	₩6,529	₩6,828	₩7,167	₩7,554	₩8,000
9.8%	₩6,055	₩6,310	₩6,597	₩6,922	₩7,294
10.3%	₩5,633	₩5,853	₩6,098	₩6,373	₩6,685
10.8%	₩5,256	₩5,446	₩5,656	₩5,891	₩6,155
11.3%	₩4,916	₩5,081	₩5,263	₩5,465	₩5,690

Now (TTM)

Market cap: ₩986B
Enterprise value: ₩1T
P/E: 30.0×
P/B: 6.8×
P/S: 3.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩28,512	₩6,222	₩14,566	₩8,964	₩9,703
Market cap	₩676B	₩147B	₩345B	₩212B	₩230B
P/E	35.5×	40.8×	137.3×	7.0×	18.5×
P/B	5.4×	1.3×	3.1×	1.9×	2.8×
P/S	2.6×	0.8×	2.0×	1.0×	1.3×
EV/EBITDA	—	—	—	—	—
Dividend yield	0.0%	0.0%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
TLB	30.0×	6.8×	3.2×	—	0.0%
Samsung Electro-Mechanics	96.8×	9.5×	7.8×	—	0.2%
Doosan	39.2×	5.5×	0.7×	—	0.4%
Hanwha Systems	71.2×	2.8×	3.0×	—	0.8%
LG Innotek	13.1×	1.4×	0.4×	—	0.5%
Isupetasys	35.4×	8.3×	5.4×	—	0.0%
Daeduck Electronics	44.8×	7.0×	5.0×	—	0.4%
Similar companies (median)	42.0×	6.3×	4.0×	—	0.4%

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

Also known as: TLB / 티엘비 / 356860 / KRX:356860

Source: KRX statistical information