KOSDAQ · 382800 · Machinery · ₩382800

GnBS eco지앤비에스 에코

382800 · KOSDAQ · ₩382800 · 지앤비에스 에코

₩5,590▲ ₩140 (2.57%)End-of-day · Oct 28, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩9,199

vs the current price (₩5,590)

Enterprise value: ₩276B
Equity value: ₩293B
WACC: 8.4%

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 is 65% 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 ₩5,590, the model needs an operating margin of 11.9% every year (it uses 18.1%).
Or revenue growth −15.6 points a year higher than assumed in each of the 5 years.
Margins ranged from 8.4% to 22.4% 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.
36% 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.
Today's P/E is 8.2× against a typical 10.5× over the last 10 years.

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: ₩6,333; +13.3%
Base: ₩9,199; +64.6%
Bull: ₩13,738; +145.8%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (18.1%).

Revenue growth

Revenue growth, year 111.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 29.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (11.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin18.1%
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.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation8%
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).
Capital spending10%
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).
Working capital40%
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

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.08%
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.
Beta0.78
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 0.67, adjusted toward 1 and kept between 0.6 and 2.0.
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩126B
Net debt (borrowings and leases − cash and deposits): −₩13B
+ Stakes and investments: ₩3.4B; Associates, long-term financial assets and deposits (book value)
Shares: 31,831,041
Share price: ₩5,590
Market cap: ₩178B

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	₩89B	₩71B	₩92B	₩141B	₩155B	₩166B	₩175B	₩180B
Growth	36.2%	−20.8%	29.9%	11.9%	9.7%	7.5%	5.2%	3.0%
EBIT	₩18B	₩12B	₩7.8B	₩26B	₩28B	₩30B	₩32B	₩33B
EBIT margin	20.5%	16.5%	8.4%	18.1%	18.1%	18.1%	18.1%	18.1%
After-tax EBIT	₩13B	₩8.4B	₩5.6B	₩19B	₩20B	₩22B	₩23B	₩24B
+ Depreciation	—	—	—	₩11B	₩12B	₩13B	₩14B	₩14B
− Capital spending	₩3.3B	₩12B	₩8.1B	₩14B	₩15B	₩17B	₩18B	₩18B
− Working capital	−₩2.6B	₩7.6B	₩8B	₩6B	₩5.5B	₩4.6B	₩3.5B	₩2.1B
Free cash flow	—	—	—	₩9.7B	₩12B	₩14B	₩16B	₩18B
Discount factor	—	—	—	0.923	0.851	0.786	0.725	0.669
Present value	—	—	—	₩8.9B	₩10B	₩11B	₩12B	₩12B

Terminal value ₩333B, worth ₩223B 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:

	Low	Typical	High
Price / book (book value ₩4,060 a share)Now 1.38×	₩3,5840.88×	₩5,9701.47×	₩9,4022.32×
Price / earnings (last 12 months: ₩680 a share)Now 8.22×	₩4,6416.83×	₩7,10310.5×	₩14,78221.7×
P/E on run-rate earnings (Q2 2026 × 4: ₩644 a share)Now 8.67×	₩4,4016.83×	₩6,73510.5×	₩14,01621.7×

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%
7.4%	₩9,761	₩10,303	₩10,945	₩11,717	₩12,663
7.9%	₩9,030	₩9,476	₩9,997	₩10,614	₩11,355
8.4%	₩8,399	₩8,770	₩9,199	₩9,700	₩10,292
8.9%	₩7,849	₩8,162	₩8,519	₩8,930	₩9,411
9.4%	₩7,367	₩7,631	₩7,931	₩8,274	₩8,669

Now (TTM)

Market cap: ₩178B
Enterprise value: ₩164B
P/E: 8.2×
P/B: 1.4×
P/S: 1.4×
EV/EBITDA: —
Dividend yield: 2.1%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩2,830	₩3,330	₩5,630	₩2,775	₩5,013
Market cap	₩90B	₩106B	₩179B	₩88B	₩160B
P/E	14.2×	8.5×	10.2×	6.0×	15.4×
P/B	0.8×	1.0×	2.0×	1.2×	2.9×
P/S	1.0×	1.5×	2.0×	1.3×	3.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	4.2%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
GnBS eco	8.2×	1.4×	1.4×	—	2.1%
Doosan Enerbility	217.2×	4.8×	2.2×	—	0.0%
Hanmi Semiconductor	87.4×	26.0×	35.2×	78.7×	0.4%
Jusung Engineering	1,189.7×	14.6×	38.2×	2,291.7×	0.0%
Rainbow Robotics	4,610.6×	59.1×	174.0×	—	0.0%
EO Technics	47.5×	6.9×	11.6×	—	0.0%
Wonik IPS	28.2×	4.5×	5.3×	42.7×	0.2%
Similar companies (median)	152.3×	10.7×	23.4×	78.7×	0.0%

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

Also known as: GnBS eco / 지앤비에스 에코 / 382800 / KRX:382800

Source: KRX statistical information