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Egtronics

377330 · KOSDAQ · ₩377330 · 이지트로닉스

₩2,970▼ ₩545 (15.50%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩35B
Equity value
−₩45B
WACC
6.4%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩2,970, the model needs an operating margin of 22.3% every year (it uses −20.0%).
  • Margins ranged from −140.7% to −0.2% 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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−20.0%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-15.1% 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 (-15.1% 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 (-15.1% 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 (-15.1% 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 (-15.1% 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.

  • 5.2%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • 7.4%

    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).

  • 40%

    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.

  • 0.6

    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 0.11, 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)
₩13B
Net debt (borrowings and leases − cash and deposits)
₩10B
+ Stakes and investments
₩3.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩3B
Shares
8,139,954
Share price
₩2,970
Market cap
₩24B

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₩35B₩37B₩13B₩11B₩11B₩10B₩10B₩11B
Growth62.9%3.7%−63.7%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT−₩4B−₩4B−₩19B−₩2.3B−₩2.1B−₩2B−₩2B−₩2.1B
EBIT margin−11.3%−11.0%−140.7%−20.0%−20.0%−20.0%−20.0%−20.0%
After-tax EBIT−₩2.9B−₩2.9B−₩14B−₩1.7B−₩1.5B−₩1.5B−₩1.5B−₩1.5B
+ Depreciation₩939M₩1.2B₩1.3B₩592M₩552M₩533M₩532M₩548M
− Capital spending₩3.8B₩1.1B₩1.1B₩842M₩786M₩758M₩757M₩779M
− Working capital−₩7.2B₩2.7B−₩14B−₩506M−₩305M−₩149M−₩8.2M₩123M
Free cash flow₩1.4B−₩5.5B₩682M−₩1.4B−₩1.5B−₩1.6B−₩1.7B−₩1.9B
Discount factor———0.9400.8840.8310.7810.734
Present value———−₩1.3B−₩1.3B−₩1.3B−₩1.3B−₩1.4B

Terminal value −₩39B, worth −₩28B today: 81% 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 ₩4,122 a share)Now 0.72×₩2,7480.67×₩4,0010.97×₩7,2581.76×

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%
5.4%—————
5.9%—————
6.4%—————
6.9%—————
7.4%—————

Now (TTM)

Market cap
₩24B
Enterprise value
₩34B
P/E
—
P/B
0.7×
P/S
1.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩3,975₩4,355₩8,180₩9,960
Market cap₩32B₩35B₩67B₩81B
P/E————
P/B0.8×0.7×1.2×1.3×
P/S2.4×1.0×1.9×3.8×
EV/EBITDA————
Dividend yield0.0%3.4%——

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Egtronics—0.7×1.9×—0.0%
LS Electric63.5×11.6×4.3×39.3×0.0%
Hyosung Heavy Industries31.8×7.2×2.9×—0.4%
HD Hyundai Electric19.6×7.4×3.8×—0.0%
Gaon Cable117.0×14.2×2.6×61.1×0.0%
Sanil Electric27.9×7.6×8.5×—0.8%
Taihan Cable & Solution—2.3×1.0×—0.0%
Similar companies (median)31.8×7.5×3.4×50.2×0.0%

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

Also known as: Egtronics / 이지트로닉스 / 377330 / KRX:377330

Source: KRX statistical information