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HT Robotics

396300 · KOSDAQ · ₩396300 · HT로보틱스

₩9,530▲ ₩170 (1.82%)End-of-day · Oct 27, 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
−₩7.2B
Equity value
−₩12B
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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩9,530, the model needs an operating margin of 18.3% every year (it uses 1.5%).
  • Margins ranged from −2.9% to 5.1% 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.
  • 52% 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.
  • Today's P/E is 44.6× against a typical 28.6× 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
—
Base
—
Bull
₩1,260
−86.8%

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 (1.5%).

Revenue growth

  • -0.7%

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

    Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.

  • 0.2%

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

    Default: the last 3 years' revenue growth (-0.7% a year, annual reports), fading to 3% by year 5.

  • 1.2%

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

    Default: the last 3 years' revenue growth (-0.7% 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 3 years' revenue growth (-0.7% 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 (-0.7% a year, annual reports), fading to 3% by year 5.

Business

  • 1.5%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 11.9%

    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).

  • 14.9%

    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).

  • -10%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 0.6

    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 0.31, 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.

  • 5.61%

    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)
₩119B
Net debt (borrowings and leases − cash and deposits)
₩5.3B
Shares
26,489,500
Share price
₩9,530
Market cap
₩252B

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₩87B₩92B₩86B₩118B₩118B₩120B₩122B₩126B
Growth−1.0%6.4%−7.1%−0.7%0.2%1.2%2.1%3.0%
EBIT₩2B−₩2.7B−₩1.9B₩1.8B₩1.8B₩1.8B₩1.8B₩1.9B
EBIT margin2.3%−2.9%−2.2%1.5%1.5%1.5%1.5%1.5%
After-tax EBIT₩1.4B−₩1.9B−₩1.3B₩1.3B₩1.3B₩1.3B₩1.3B₩1.4B
+ Depreciation———₩14B₩14B₩14B₩15B₩15B
− Capital spending₩28B₩6.9B₩4.4B₩18B₩18B₩18B₩18B₩19B
− Working capital−₩11B−₩15B₩24B₩83M−₩24M−₩142M−₩252M−₩367M
Free cash flow———−₩2.3B−₩2.2B−₩2.1B−₩2.1B−₩2B
Discount factor———0.9320.8680.8090.7530.702
Present value———−₩2.2B−₩1.9B−₩1.7B−₩1.6B−₩1.4B

Terminal value ₩2.3B, worth ₩1.6B today: -23% 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 ₩3,007 a share)Now 3.17×₩2,7060.90×₩4,5701.52×₩8,7392.91×
Price / earnings (last 12 months: ₩214 a share)Now 44.6×₩2,93013.7×₩6,10828.6×₩10,72550.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩149 a share)Now 63.9×₩2,04513.7×₩4,26228.6×₩7,48350.2×

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%
6.3%—————
6.8%—————
7.3%—————
7.8%—————
8.3%—————

Now (TTM)

Market cap
₩252B
Enterprise value
₩258B
P/E
44.6×
P/B
3.2×
P/S
2.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩2,380₩2,300₩4,075₩4,485
Market cap₩63B₩61B₩108B₩119B
P/E44.3×23.9×17.0×31.0×
P/B0.8×0.9×1.5×1.9×
P/S0.7×0.7×1.2×1.4×
EV/EBITDA————
Dividend yield0.0%———

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Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
HT Robotics44.6×3.2×2.1×—0.0%
CS Wind385.5×1.3×0.6×—2.5%
Hankuk Carbon7.8×1.2×0.9×—2.1%
Taewoong65.8×0.8×1.3×21.0×0.0%
YG-15.1×0.8×0.5×—1.8%
Bosung Power Technology18.8×2.1×1.8×8.5×0.0%
Hansun Engineering37.9×2.7×3.1×15.0×0.0%
Similar companies (median)28.4×1.2×1.1×15.0×0.9%

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

Also known as: HT Robotics / HT로보틱스 / 396300 / KRX:396300

Source: KRX statistical information