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Furonteer

370090 · KOSDAQ · ₩370090 · 퓨런티어

₩4,930▼ ₩320 (6.10%)End-of-day · Oct 29, 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

₩1,503

vs the current price (₩4,930)

Enterprise value
−₩17B
Equity value
₩13B
WACC
7.5%

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 70% 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 ₩4,930, the model needs an operating margin of 7.6% every year (it uses −9.1%).
  • Margins ranged from −59.0% to 15.4% 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
₩1,787
−63.7%
Base
₩1,503
−69.5%
Bull
₩1,190
−75.9%

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 (−9.1%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-23.3% 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 (-23.3% 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 (-23.3% 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 (-23.3% 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 (-23.3% a year, annual reports), fading to 3% by year 5.

Business

  • -9.1%

    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.

  • 1.6%

    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%

    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).

  • 25.7%

    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.

  • 0.63

    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 0.45, 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)
₩17B
Net debt (borrowings and leases − cash and deposits)
−₩28B
+ Stakes and investments
₩1.8B
Associates, long-term financial assets and deposits (book value)
Shares
8,556,830
Share price
₩4,930
Market cap
₩42B

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₩47B₩25B₩12B₩15B₩14B₩14B₩14B₩14B
Growth73.0%−45.6%−52.1%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩7.2B−₩3.8B−₩7.2B−₩1.4B−₩1.3B−₩1.3B−₩1.2B−₩1.3B
EBIT margin15.4%−14.8%−59.0%−9.1%−9.1%−9.1%−9.1%−9.1%
After-tax EBIT₩5.2B−₩2.7B−₩5.2B−₩1B−₩940M−₩907M−₩906M−₩933M
+ Depreciation———₩244M₩228M₩220M₩220M₩226M
− Capital spending₩1.4B₩442M₩151M₩306M₩285M₩275M₩275M₩283M
− Working capital−₩4B₩801M−₩217M−₩436M−₩263M−₩128M−₩7.1M₩106M
Free cash flow———−₩633M−₩734M−₩834M−₩953M−₩1.1B
Discount factor———0.9300.8660.8060.7500.697
Present value———−₩589M−₩636M−₩672M−₩715M−₩764M

Terminal value −₩19B, worth −₩13B today: 80% 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 ₩4,663 a share)Now 1.06×₩10,1662.18×₩19,1844.11×₩27,8405.97×

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%
6.5%₩1,490₩1,293₩1,051₩748₩357
7.0%₩1,660₩1,497₩1,300₩1,059₩757
7.5%₩1,804₩1,666₩1,503₩1,307₩1,067
8.0%₩1,927₩1,809₩1,672₩1,510₩1,315
8.5%₩2,033₩1,932₩1,815₩1,679₩1,517

Now (TTM)

Market cap
₩42B
Enterprise value
₩14B
P/E
—
P/B
1.1×
P/S
2.5×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩16,910₩26,450₩33,400₩18,450
Market cap₩145B₩226B₩286B₩158B
P/E—3,617.3×38.0×79.7×
P/B3.5×4.8×5.8×4.1×
P/S11.9×8.9×6.1×5.9×
EV/EBITDA————
Dividend yield0.0%———

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Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Furonteer—1.1×2.5×—0.0%
TSE27.5×6.1×5.1×—0.2%
Kctech22.1×3.4×4.1×17.1×0.5%
Classys12.7×3.2×4.7×9.9×3.7%
Park Systems69.0×4.7×8.2×—0.2%
DI42.2×5.8×2.6×—0.6%
Curiox Biosystems—21.3×182.0×—0.0%
Similar companies (median)27.5×5.3×4.9×13.5×0.3%

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

Also known as: Furonteer / 퓨런티어 / 370090 / KRX:370090

Source: KRX statistical information