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NanoTIM

417010 · KOSDAQ · ₩417010 · 나노팀

₩4,970▼ ₩190 (3.68%)End-of-day · Oct 30, 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
−₩43B
Equity value
−₩82B
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 ₩4,970, the model needs an operating margin of 27.4% every year (it uses 2.3%).
  • Margins ranged from −11.6% to 11.5% 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.
  • 92% 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 (2.3%).

Revenue growth

  • 1.6%

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

    Default: the last 3 years' revenue growth (1.6% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (1.6% 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 (1.6% 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 3 years' revenue growth (1.6% 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 (1.6% a year, annual reports), fading to 3% by year 5.

Business

  • 2.3%

    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.

  • 42.9%

    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).

  • 53.6%

    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).

  • 20.6%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.65

    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 0.48, 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.

  • 5.51%

    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)
₩44B
Net debt (borrowings and leases − cash and deposits)
₩39B
+ Stakes and investments
₩49M
Associates, long-term financial assets and deposits (book value)
Shares
20,172,728
Share price
₩4,970
Market cap
₩100B

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₩47B₩32B₩40B₩45B₩46B₩47B₩48B₩50B
Growth22.7%−31.4%24.5%1.6%1.9%2.3%2.6%3.0%
EBIT₩5.4B−₩3.8B−₩501M₩1B₩1.1B₩1.1B₩1.1B₩1.1B
EBIT margin11.5%−11.6%−1.2%2.3%2.3%2.3%2.3%2.3%
After-tax EBIT₩3.9B−₩2.7B−₩364M₩753M₩767M₩785M₩805M₩829M
+ Depreciation———₩19B₩20B₩20B₩21B₩21B
− Capital spending₩28B₩17B₩20B₩24B₩25B₩25B₩26B₩27B
− Working capital−₩524M₩2.1B₩389M₩146M₩177M₩218M₩252M₩298M
Free cash flow———−₩4.2B−₩4.3B−₩4.5B−₩4.6B−₩4.8B
Discount factor———0.9380.8800.8260.7750.727
Present value———−₩4B−₩3.8B−₩3.7B−₩3.6B−₩3.5B

Terminal value −₩34B, worth −₩24B today: 57% 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 ₩2,435 a share)Now 2.04×₩5,3282.19×₩9,6773.97×₩22,8249.37×

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
₩100B
Enterprise value
₩138B
P/E
83.4×
P/B
2.0×
P/S
2.3×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩7,150₩7,100₩15,490
Market cap₩144B₩143B₩312B
P/E144.6×—64.1×
P/B3.0×3.2×6.3×
P/S3.6×4.4×6.6×
EV/EBITDA———
Dividend yield0.0%——

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Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
NanoTIM83.4×2.0×2.3×—0.0%
Doosan Enerbility193.9×4.3×2.0×—0.0%
Hanmi Semiconductor78.4×23.3×31.6×70.6×0.4%
Jusung Engineering1,058.2×13.0×34.0×2,036.0×0.0%
Rainbow Robotics4,137.6×53.0×156.2×—0.0%
EO Technics44.1×6.4×10.8×—0.0%
Doosan Bobcat13,622.5×911.6×733.9×—3.5%
Similar companies (median)626.0×18.1×32.8×1,053.3×0.0%

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

Also known as: NanoTIM / 나노팀 / 417010 / KRX:417010

Source: KRX statistical information