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Kornic Automation

391710 · KOSDAQ · ₩391710 · 코닉오토메이션

₩1,102▲ ₩14 (1.29%)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

₩138

vs the current price (₩1,102)

Enterprise value
−₩343M
Equity value
₩5.9B
WACC
8.0%

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 88% 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 ₩1,102, the model needs an operating margin of 11.7% every year (it uses 1.6%).
  • Margins ranged from −9.1% to 11.1% over the last 4 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
₩16
−98.6%
Base
₩138
−87.5%
Bull
₩376
−65.9%

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 (1.6%).

Revenue growth

  • 0%

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

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 1.5%

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

    Default: the last 3 years' revenue growth (0% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0% 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 (0% a year, annual reports), fading to 3% by year 5.

Business

  • 1.6%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 4 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: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 6.6%

    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).

  • 26.1%

    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.

  • 0.71

    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 0.56, 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)
₩34B
Net debt (borrowings and leases − cash and deposits)
−₩6.2B
+ Stakes and investments
₩55M
Associates, long-term financial assets and deposits (book value)
Shares
42,620,470
Share price
₩1,102
Market cap
₩47B

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₩27B₩56B₩30B₩34B₩34B₩35B₩35B₩37B
Growth−9.1%103.0%−45.8%0.0%0.8%1.5%2.3%3.0%
EBIT₩1.8B₩45M−₩2.7B₩542M₩546M₩554M₩567M₩584M
EBIT margin6.7%0.1%−9.1%1.6%1.6%1.6%1.6%1.6%
After-tax EBIT₩1.3B₩33M−₩2B₩393M₩396M₩402M₩411M₩423M
+ Depreciation———₩1.8B₩1.8B₩1.8B₩1.8B₩1.9B
− Capital spending₩3.8B₩233M₩1.6B₩2.2B₩2.3B₩2.3B₩2.3B₩2.4B
− Working capital−₩2.6B−₩2.1B₩7B₩0₩71M₩134M₩208M₩277M
Free cash flow———−₩81M−₩153M−₩217M−₩293M−₩365M
Discount factor———0.9260.8580.7940.7350.681
Present value———−₩75M−₩131M−₩172M−₩215M−₩249M

Terminal value ₩734M, worth ₩500M today: -146% 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 ₩443 a share)Now 2.49×₩1,1022.49×₩1,7603.97×₩3,7598.48×

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%
7.0%₩164₩153₩140₩124₩103
7.5%₩161₩151₩139₩124₩106
8.0%₩158₩149₩138₩125₩109
8.5%₩155₩147₩137₩125₩111
9.0%₩153₩145₩136₩125₩113

Now (TTM)

Market cap
₩47B
Enterprise value
₩40B
P/E
—
P/B
2.5×
P/S
1.4×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩2,290₩1,440₩2,600₩3,855
Market cap₩98B₩61B₩111B₩164B
P/E—59.9×47.4×—
P/B4.0×2.4×4.2×7.3×
P/S3.2×1.1×4.1×5.5×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Kornic Automation—2.5×1.4×—0.0%
Doosan Enerbility217.2×4.8×2.2×—0.0%
Hanmi Semiconductor87.4×26.0×35.2×78.7×0.4%
Jusung Engineering1,189.7×14.6×38.2×2,291.7×0.0%
Rainbow Robotics4,610.6×59.1×174.0×—0.0%
EO Technics47.5×6.9×11.6×—0.0%
Wonik IPS28.2×4.5×5.3×42.7×0.2%
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: Kornic Automation / 코닉오토메이션 / 391710 / KRX:391710

Source: KRX statistical information