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Tomatosystem

393210 · KOSDAQ · ₩393210 · 토마토시스템

₩3,970▲ ₩265 (7.15%)End-of-day · Oct 26, 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
−₩59B
Equity value
−₩78B
WACC
6.6%

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 ₩3,970, the model needs an operating margin of 22.8% every year (it uses −3.9%).
  • Margins ranged from −15.8% to 10.6% over the last 3 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.
  • 100% 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.
  • 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 (−3.9%).

Revenue growth

  • 1.3%

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

    Default: the last 2 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 2 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.

  • 2.1%

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

    Default: the last 2 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.

  • 2.6%

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

    Default: the last 2 years' revenue growth (1.3% 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 2 years' revenue growth (1.3% a year, annual reports), fading to 3% by year 5.

Business

  • -3.9%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 3 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.

  • 37%

    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).

  • 46.2%

    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).

  • 28%

    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.

  • 4.03%

    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.

  • 0.64

    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 0.47, 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.

  • 5.53%

    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)
₩33B
Net debt (borrowings and leases − cash and deposits)
₩22B
+ Stakes and investments
₩3.4B
Associates, long-term financial assets and deposits (book value)
Shares
15,614,544
Share price
₩3,970
Market cap
₩62B

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₩22B₩27B₩33B₩34B₩34B₩35B₩36B
Growth—−18.6%26.1%1.3%1.7%2.1%2.6%3.0%
EBIT₩2.8B−₩3.4B−₩2.4B−₩1.3B−₩1.3B−₩1.3B−₩1.4B−₩1.4B
EBIT margin10.6%−15.8%−8.7%−3.9%−3.9%−3.9%−3.9%−3.9%
After-tax EBIT₩2B−₩2.5B−₩1.7B−₩931M−₩947M−₩967M−₩992M−₩1B
+ Depreciation———₩12B₩12B₩13B₩13B₩13B
− Capital spending₩1.5B₩9.3B₩24B₩15B₩15B₩16B₩16B₩17B
− Working capital—−₩11B−₩6.8B₩118M₩157M₩197M₩249M₩295M
Free cash flow———−₩4.1B−₩4.2B−₩4.3B−₩4.5B−₩4.6B
Discount factor———0.9380.8800.8250.7740.726
Present value———−₩3.8B−₩3.7B−₩3.6B−₩3.5B−₩3.4B

Terminal value −₩57B, worth −₩41B today: 70% 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 ₩1,733 a share)Now 2.29×₩3,4702.00×₩5,3283.07×₩7,6744.43×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2023, 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%
5.6%—————
6.1%—————
6.6%—————
7.1%—————
7.6%—————

Now (TTM)

Market cap
₩62B
Enterprise value
₩83B
P/E
249.2×
P/B
2.3×
P/S
1.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩5,140₩4,245₩4,085
Market cap₩80B₩66B₩64B
P/E——19.4×
P/B3.1×2.4×2.1×
P/S2.9×3.1×2.4×
EV/EBITDA———
Dividend yield0.0%——

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Tomatosystem249.2×2.3×1.9×—0.0%
Hyundai Autoever44.9×4.5×1.9×—0.6%
Krafton10.1×1.2×1.9×—1.2%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.0×0.5×1.0×—2.6%
PearlAbyss8.0×2.1×3.0×5.2×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.5×1.5×2.0×6.8×0.6%

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

Also known as: Tomatosystem / 토마토시스템 / 393210 / KRX:393210

Source: KRX statistical information