AI Korea에이아이코리아
364950 · KOSDAQ · ₩364950 · 에이아이코리아
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
- −₩29B
- Equity value
- −₩24B
- WACC
- 7.2%
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:
- To match today's price of ₩3,820, the model needs an operating margin of 4.0% every year (it uses −1.6%).
- 100% 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.
- 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
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Cycle options
Margin path
Every year uses the cycle-average margin (−1.6%).
Revenue growth
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- -1.6%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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%
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).
- 2.6%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- 31.2%
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 1 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: 78 weeks of weekly returns against KOSPI (official index); raw beta 0.1, 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)
- ₩66B
- Net debt (borrowings and leases − cash and deposits)
- ₩1.6B
- + Stakes and investments
- ₩7.1B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩117M
- Shares
- 8,296,445
- Share price
- ₩3,820
- Market cap
- ₩32B
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.
| FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|
| Revenue | ₩87B | ₩68B | ₩70B | ₩73B | ₩75B | ₩77B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | ₩2.8B | −₩1.1B | −₩1.1B | −₩1.2B | −₩1.2B | −₩1.2B |
| EBIT margin | 3.2% | −1.6% | −1.6% | −1.6% | −1.6% | −1.6% |
| After-tax EBIT | ₩2B | −₩793M | −₩817M | −₩841M | −₩866M | −₩892M |
| + Depreciation | — | ₩1.4B | ₩1.4B | ₩1.5B | ₩1.5B | ₩1.5B |
| − Capital spending | ₩2.2B | ₩1.8B | ₩1.8B | ₩1.9B | ₩1.9B | ₩2B |
| − Working capital | — | ₩621M | ₩640M | ₩659M | ₩679M | ₩699M |
| Free cash flow | — | −₩1.8B | −₩1.9B | −₩1.9B | −₩2B | −₩2.1B |
| Discount factor | — | 0.933 | 0.871 | 0.813 | 0.759 | 0.708 |
| Present value | — | −₩1.7B | −₩1.6B | −₩1.6B | −₩1.5B | −₩1.5B |
Terminal value −₩30B, worth −₩21B today: 73% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.
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% |
|---|---|---|---|---|---|
| 6.2% | — | — | — | — | — |
| 6.7% | — | — | — | — | — |
| 7.2% | — | — | — | — | — |
| 7.7% | — | — | — | — | — |
| 8.2% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩32B
- Enterprise value
- ₩33B
- P/E
- 10.1×
- P/B
- 0.5×
- P/S
- 0.5×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩8,140 |
| Market cap | ₩68B |
| P/E | — |
| P/B | 1.2× |
| P/S | 0.8× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| AI Korea | 10.1× | 0.5× | 0.5× | — | 0.0% |
| Doosan Enerbility | 193.9× | 4.3× | 2.0× | — | 0.0% |
| Hanmi Semiconductor | 78.4× | 23.3× | 31.6× | 70.6× | 0.4% |
| Jusung Engineering | 1,058.2× | 13.0× | 34.0× | 2,036.0× | 0.0% |
| Rainbow Robotics | 4,137.6× | 53.0× | 156.2× | — | 0.0% |
| EO Technics | 44.1× | 6.4× | 10.8× | — | 0.0% |
| Doosan Bobcat | 13,622.5× | 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: AI Korea / 에이아이코리아 / 364950 / KRX:364950
Source: KRX statistical information