Zenix Robotics제닉스로보틱스
381620 · KOSDAQ · ₩381620 · 제닉스로보틱스
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
- −₩33B
- Equity value
- −₩39B
- WACC
- 9.1%
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 ₩4,920, the model needs an operating margin of 48.8% every year (it uses −20.0%).
- 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 1 years' revenue growth (-64.3% 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 1 years' revenue growth (-64.3% 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 1 years' revenue growth (-64.3% 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 1 years' revenue growth (-64.3% 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 1 years' revenue growth (-64.3% 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 2 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.
- 8.8%
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).
- 10.9%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 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 2 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.
- 1.02
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 1.04, 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)
- ₩19B
- Net debt (borrowings and leases − cash and deposits)
- ₩6.8B
- + Stakes and investments
- ₩300M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 13,117,920
- Share price
- ₩4,920
- Market cap
- ₩65B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩63B | ₩23B | ₩17B | ₩16B | ₩15B | ₩15B | ₩16B |
| Growth | — | −64.3% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩4.3B | −₩12B | −₩3.4B | −₩3.2B | −₩3.1B | −₩3.1B | −₩3.1B |
| EBIT margin | 6.8% | −54.3% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | ₩3.1B | −₩8.9B | −₩2.5B | −₩2.3B | −₩2.2B | −₩2.2B | −₩2.3B |
| + Depreciation | — | — | ₩1.5B | ₩1.4B | ₩1.3B | ₩1.3B | ₩1.4B |
| − Capital spending | ₩6.9B | — | ₩1.9B | ₩1.7B | ₩1.7B | ₩1.7B | ₩1.7B |
| − Working capital | — | −₩1.2B | −₩755M | −₩455M | −₩222M | −₩12M | ₩183M |
| Free cash flow | — | — | −₩2.1B | −₩2.2B | −₩2.3B | −₩2.5B | −₩2.8B |
| Discount factor | — | — | 0.917 | 0.840 | 0.770 | 0.706 | 0.648 |
| Present value | — | — | −₩1.9B | −₩1.8B | −₩1.8B | −₩1.8B | −₩1.8B |
Terminal value −₩37B, worth −₩24B today: 72% 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 ₩3,440 a share)Now 1.43× | ₩5,7901.68× | ₩6,9672.03× | ₩11,3673.30× |
Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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% |
|---|---|---|---|---|---|
| 8.1% | — | — | — | — | — |
| 8.6% | — | — | — | — | — |
| 9.1% | — | — | — | — | — |
| 9.6% | — | — | — | — | — |
| 10.1% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩65B
- Enterprise value
- ₩71B
- P/E
- —
- P/B
- 1.4×
- P/S
- 3.4×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩12,580 | ₩7,620 |
| Market cap | ₩165B | ₩100B |
| P/E | — | 16.5× |
| P/B | 3.4× | 1.7× |
| P/S | 7.3× | 1.6× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | 1.3% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Zenix Robotics | — | 1.4× | 3.4× | — | 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: Zenix Robotics / 제닉스로보틱스 / 381620 / KRX:381620
Source: KRX statistical information