KOSDAQ · 394420 · Medical & precision devices · ₩394420

RecensMedical리센스메디컬

394420 · KOSDAQ · ₩394420 · 리센스메디컬

₩5,320▼ ₩280 (5.00%)End-of-day · Oct 29, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩20B
Equity value: −₩23B
WACC: 9.6%

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 ₩5,320, the model needs an operating margin of 70.9% 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

Cycle options

Margin path

Every year uses the cycle-average margin (−20.0%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin-20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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 & amortisation7.3%
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 spending9.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 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 1 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.
Beta1.05
How much the share moves when the market moves: 1 means just like the market.
Default: 30 weeks of weekly returns against KOSPI (official index); raw beta 1.08, 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): ₩8.8B
Net debt (borrowings and leases − cash and deposits): ₩2.3B
Shares: 10,999,701
Share price: ₩5,320
Market cap: ₩59B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩8.8B	₩9.1B	₩9.4B	₩9.6B	₩9.9B	₩10B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	−₩11B	−₩1.8B	−₩1.9B	−₩1.9B	−₩2B	−₩2B
EBIT margin	−120.5%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩7.7B	−₩1.3B	−₩1.4B	−₩1.4B	−₩1.4B	−₩1.5B
+ Depreciation	—	₩664M	₩684M	₩704M	₩725M	₩747M
− Capital spending	₩807M	₩828M	₩852M	₩878M	₩904M	₩931M
− Working capital	—	₩106M	₩109M	₩112M	₩116M	₩119M
Free cash flow	—	−₩1.6B	−₩1.6B	−₩1.7B	−₩1.7B	−₩1.8B
Discount factor	—	0.912	0.832	0.759	0.692	0.631
Present value	—	−₩1.4B	−₩1.4B	−₩1.3B	−₩1.2B	−₩1.1B

Terminal value −₩22B, worth −₩14B today: 68% 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%
8.6%	—	—	—	—	—
9.1%	—	—	—	—	—
9.6%	—	—	—	—	—
10.1%	—	—	—	—	—
10.6%	—	—	—	—	—

Now (TTM)

Market cap: ₩59B
Enterprise value: ₩60B
P/E: —
P/B: 2.9×
P/S: 6.6×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
RecensMedical	—	2.9×	6.6×	—	0.0%
TSE	27.5×	6.1×	5.1×	—	0.2%
Kctech	22.1×	3.4×	4.1×	17.1×	0.5%
Classys	12.7×	3.2×	4.7×	9.9×	3.7%
Park Systems	69.0×	4.7×	8.2×	—	0.2%
DI	42.2×	5.8×	2.6×	—	0.6%
Curiox Biosystems	—	21.3×	182.0×	—	0.0%
Similar companies (median)	27.5×	5.3×	4.9×	13.5×	0.3%

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

Also known as: RecensMedical / 리센스메디컬 / 394420 / KRX:394420

Source: KRX statistical information