Bitmax비트맥스
377030 · KOSDAQ · ₩377030 · 비트맥스
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
- −₩90B
- Equity value
- −₩83B
- WACC
- 8.6%
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 ₩1,912, the model needs an operating margin of 4.6% every year (it uses −20.0%).
- Margins ranged from −935.9% to −39.9% 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
- —
- 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 (−20.0%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (111% a year, annual reports), fading to 3% by year 5.
- 19.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (111% a year, annual reports), fading to 3% by year 5.
- 14%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (111% a year, annual reports), fading to 3% by year 5.
- 8.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (111% 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 (111% a year, annual reports), fading to 3% by year 5.
Business
- -20%
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.
- 3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
- 4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
- -10%
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.
- 4.08%
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.
- 0.82
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 0.73, 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.
- 5.58%
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)
- ₩24B
- Net debt (borrowings and leases − cash and deposits)
- −₩6.6B
- Shares
- 14,291,702
- Share price
- ₩1,912
- Market cap
- ₩27B
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 | ₩1.8B | ₩37B | ₩27B | ₩30B | ₩36B | ₩41B | ₩44B | ₩46B |
| Growth | −39.0% | 2,005.4% | −26.8% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | −₩17B | −₩19B | −₩11B | −₩6B | −₩7.2B | −₩8.2B | −₩8.9B | −₩9.1B |
| EBIT margin | −935.9% | −49.9% | −39.9% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩12B | −₩13B | −₩7.9B | −₩4.3B | −₩5.2B | −₩5.9B | −₩6.4B | −₩6.6B |
| + Depreciation | — | — | — | ₩900M | ₩1.1B | ₩1.2B | ₩1.3B | ₩1.4B |
| − Capital spending | — | — | — | ₩1.2B | ₩1.4B | ₩1.6B | ₩1.8B | ₩1.8B |
| − Working capital | −₩27B | −₩941M | −₩85B | −₩600M | −₩585M | −₩502M | −₩347M | −₩133M |
| Free cash flow | — | — | — | −₩4B | −₩5B | −₩5.8B | −₩6.5B | −₩6.9B |
| Discount factor | — | — | — | 0.921 | 0.848 | 0.781 | 0.719 | 0.662 |
| Present value | — | — | — | −₩3.7B | −₩4.2B | −₩4.6B | −₩4.7B | −₩4.6B |
Terminal value −₩103B, worth −₩68B today: 76% 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 ₩62 a share)Now 30.8× | ₩2874.62× | ₩78012.6× | ₩4,26168.6× |
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% |
|---|---|---|---|---|---|
| 7.6% | — | — | — | — | — |
| 8.1% | — | — | — | — | — |
| 8.6% | — | — | — | — | — |
| 9.1% | — | — | — | — | — |
| 9.6% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩27B
- Enterprise value
- ₩21B
- P/E
- —
- P/B
- 30.8×
- P/S
- 1.1×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Price | ₩6,697 | ₩5,343 | ₩25,883 | ₩44,862 | ₩126,091 |
| Market cap | ₩96B | ₩76B | ₩370B | ₩641B | ₩1.8T |
| P/E | — | — | — | — | — |
| P/B | 9.0× | 5.4× | 14.5× | 16.8× | 116.0× |
| P/S | 3.5× | 2.1× | 209.5× | 221.4× | 761.2× |
| EV/EBITDA | — | — | — | — | — |
| Dividend yield | 0.0% | — | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Bitmax | — | 30.8× | 1.1× | — | 0.0% |
| Hyundai Autoever | 50.3× | 5.1× | 2.1× | — | 0.5% |
| Krafton | 10.1× | 1.2× | 1.9× | — | 1.2% |
| NC | 7.0× | 1.2× | 2.1× | 8.4× | 0.6% |
| Netmarble | 7.0× | 0.5× | 1.0× | — | 2.6% |
| PearlAbyss | 7.9× | 2.1× | 3.0× | 5.2× | 0.0% |
| Shift UP | 8.9× | 1.8× | 7.1× | — | 0.0% |
| Similar companies (median) | 8.4× | 1.5× | 2.1× | 6.8× | 0.6% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Bitmax / 비트맥스 / 377030 / KRX:377030
Source: KRX statistical information