KOSDAQ · 389680 · Software · ₩389680

Udmtek유디엠텍

389680 · KOSDAQ · ₩389680 · 유디엠텍

₩2,910▲ ₩15 (0.52%)End-of-day · Oct 27, 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

₩6

vs the current price (₩2,910)

Enterprise value: −₩7.7B
Equity value: ₩54M
WACC: 7.3%

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 100% 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 ₩2,910, the model needs an operating margin of 46.6% 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: ₩183; −93.7%
Base: ₩6; −99.8%
Bull: —

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 (−20.0%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-47.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-47.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-47.1% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-47.1% 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 1 years' revenue growth (-47.1% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-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.
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 & amortisation4.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
Capital spending6.6%
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).
Working capital-0.9%
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

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 rate4.03%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-27.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 101 weeks of weekly returns against KOSPI (official index); raw beta -0.15, 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)5.53%
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): ₩3.4B
Net debt (borrowings and leases − cash and deposits): −₩7.6B
+ Stakes and investments: ₩162M; Associates, long-term financial assets and deposits (book value)
Shares: 8,320,693
Share price: ₩2,910
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.

	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩6.1B	₩3.2B	₩3.1B	₩2.9B	₩2.8B	₩2.8B	₩2.9B
Growth	—	−47.1%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩2B	−₩3.6B	−₩617M	−₩575M	−₩555M	−₩554M	−₩571M
EBIT margin	−33.1%	−113.5%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩1.5B	−₩2.6B	−₩447M	−₩417M	−₩403M	−₩402M	−₩414M
+ Depreciation	₩127M	₩199M	₩126M	₩118M	₩114M	₩114M	₩117M
− Capital spending	₩180M	₩330M	₩204M	₩190M	₩183M	₩183M	₩188M
− Working capital	—	₩16M	₩3.1M	₩1.9M	₩906,289	₩49,975	−₩748,131
Free cash flow	−₩1.5B	−₩2.8B	−₩527M	−₩491M	−₩473M	−₩471M	−₩484M
Discount factor	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	−₩491M	−₩426M	−₩382M	−₩355M	−₩340M

Terminal value −₩8.1B, worth −₩5.7B today: 74% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
6.3%	—	—	—	—	—
6.8%	₩53	—	—	—	—
7.3%	₩120	₩68	₩6	—	—
7.8%	₩177	₩134	₩83	₩22	—
8.3%	₩227	₩190	₩147	₩97	₩38

Now (TTM)

Market cap: ₩24B
Enterprise value: ₩17B
P/E: —
P/B: 2.6×
P/S: 7.1×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024
Price	₩2,540	₩3,445
Market cap	₩21B	₩29B
P/E	—	—
P/B	2.0×	2.2×
P/S	6.6×	4.7×
EV/EBITDA	—	—
Dividend yield	0.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Udmtek	—	2.6×	7.1×	—	0.0%
Hyundai Autoever	46.8×	4.7×	2.0×	—	0.6%
Krafton	10.0×	1.2×	1.9×	—	1.2%
NC	6.9×	1.2×	2.0×	8.3×	0.6%
Netmarble	7.1×	0.5×	1.0×	—	2.6%
PearlAbyss	7.9×	2.0×	3.0×	5.1×	0.0%
Shift UP	9.0×	1.8×	7.1×	—	0.0%
Similar companies (median)	8.4×	1.5×	2.0×	6.7×	0.6%

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

Also known as: Udmtek / 유디엠텍 / 389680 / KRX:389680

Source: KRX statistical information