Ask Warren

Genohco

361390 · KOSDAQ · ₩361390 · 제노코

₩10,200▲ ₩510 (5.26%)End-of-day · Oct 28, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩3,654

vs the current price (₩10,200)

Enterprise value
−₩1.1B
Equity value
₩36B
WACC
7.4%

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 64% 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 ₩10,200, the model needs an operating margin of 7.7% every year (it uses 0.4%).
  • Margins ranged from −3.8% to 9.4% 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.
  • 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
₩2,339
−77.1%
Base
₩3,654
−64.2%
Bull
₩6,152
−39.7%

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 (0.4%).

Revenue growth

  • 5.6%

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

    Default: the last 3 years' revenue growth (5.6% a year, annual reports), fading to 3% by year 5.

  • 4.9%

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

    Default: the last 3 years' revenue growth (5.6% a year, annual reports), fading to 3% by year 5.

  • 4.3%

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

    Default: the last 3 years' revenue growth (5.6% a year, annual reports), fading to 3% by year 5.

  • 3.6%

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

    Default: the last 3 years' revenue growth (5.6% 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 (5.6% a year, annual reports), fading to 3% by year 5.

Business

  • 0.4%

    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.

  • 2.8%

    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).

  • 3.5%

    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).

  • 0.2%

    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.

  • 4.11%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.35, 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.

  • 5.61%

    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)
₩58B
Net debt (borrowings and leases − cash and deposits)
−₩30B
+ Stakes and investments
₩6.6B
Associates, long-term financial assets and deposits (book value)
Shares
9,736,381
Share price
₩10,200
Market cap
₩99B

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₩55B₩57B₩60B₩61B₩64B₩66B₩69B₩71B
Growth8.7%3.1%4.9%5.6%4.9%4.3%3.6%3.0%
EBIT₩1.2B−₩2.2B−₩2.1B₩243M₩255M₩266M₩276M₩284M
EBIT margin2.1%−3.8%−3.5%0.4%0.4%0.4%0.4%0.4%
After-tax EBIT₩835M−₩1.6B−₩1.5B₩176M₩185M₩193M₩200M₩206M
+ Depreciation———₩1.7B₩1.8B₩1.9B₩1.9B₩2B
− Capital spending₩551M₩4.1B₩1.3B₩2.1B₩2.2B₩2.3B₩2.4B₩2.5B
− Working capital₩6.2B−₩12B₩20B₩6.4M₩6M₩5.5M₩4.8M₩4.1M
Free cash flow———−₩256M−₩267M−₩278M−₩287M−₩295M
Discount factor———0.9310.8670.8070.7510.700
Present value———−₩238M−₩232M−₩224M−₩216M−₩206M

Terminal value ₩80M, worth ₩56M today: -5% 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 ₩6,753 a share)Now 1.51×₩21,2863.15×₩33,8895.02×₩53,1777.87×

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%
6.4%₩3,653₩3,653₩3,653₩3,652₩3,652
6.9%₩3,654₩3,654₩3,653₩3,653₩3,652
7.4%₩3,655₩3,655₩3,654₩3,654₩3,653
7.9%₩3,656₩3,655₩3,655₩3,655₩3,654
8.4%₩3,657₩3,656₩3,656₩3,656₩3,655

Now (TTM)

Market cap
₩99B
Enterprise value
₩69B
P/E
—
P/B
1.5×
P/S
1.7×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩17,880₩14,550₩16,680₩19,950₩29,200
Market cap₩174B₩142B₩162B₩194B₩284B
P/E——98.1×71.5×48.6×
P/B3.4×4.1×4.7×5.7×9.1×
P/S2.9×2.5×2.9×3.8×6.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Genohco—1.5×1.7×—0.0%
Samsung Electronics9.5×2.5×2.9×—0.7%
LG Electronics25.3×1.0×0.3×—0.8%
Hanwha Vision17.0×2.1×1.1×—0.0%
RFHIC41.3×3.7×6.7×—0.8%
KMW—5.0×8.1×—0.0%
Intellian Technologies13.4×2.0×1.6×—0.4%
Similar companies (median)17.0×2.3×2.3×—0.5%

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

Also known as: Genohco / 제노코 / 361390 / KRX:361390

Source: KRX statistical information