KOSDAQ · 417790 · Electronics · ₩417790

Truen트루엔

417790 · KOSDAQ · ₩417790 · 트루엔

₩6,930▼ ₩30 (0.43%)End-of-day · Oct 28, 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

₩22,477

vs the current price (₩6,930)

Enterprise value: ₩165B
Equity value: ₩235B
WACC: 7.4%

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 224% 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 ₩6,930, the model needs an operating margin of 2.9% every year (it uses 26.6%).
Today's P/E is 5.8× against a typical 6.7× 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: ₩17,440; +151.7%
Base: ₩22,477; +224.3%
Bull: ₩30,652; +342.3%

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 (26.6%).

Revenue growth

Revenue growth, year 12%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 22.3%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 32.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 42.8%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin26.6%
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.
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 & amortisation11.4%
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 spending14.3%
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).
Working capital16.4%
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

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 rate4.11%
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.
Beta0.6
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 0.15, 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)5.61%
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): ₩49B
Net debt (borrowings and leases − cash and deposits): −₩70B
+ Stakes and investments: ₩222M; Associates, long-term financial assets and deposits (book value)
Shares: 10,468,391
Share price: ₩6,930
Market cap: ₩73B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩47B	₩54B	₩49B	₩50B	₩51B	₩52B	₩54B	₩56B
Growth	—	13.6%	−8.4%	2.0%	2.3%	2.5%	2.8%	3.0%
EBIT	₩11B	₩15B	₩13B	₩13B	₩14B	₩14B	₩14B	₩15B
EBIT margin	24.1%	28.8%	27.0%	26.6%	26.6%	26.6%	26.6%	26.6%
After-tax EBIT	₩8.3B	₩11B	₩9.6B	₩9.7B	₩9.9B	₩10B	₩10B	₩11B
+ Depreciation	—	—	—	₩5.7B	₩5.8B	₩6B	₩6.2B	₩6.3B
− Capital spending	₩19B	₩814M	₩315M	₩7.2B	₩7.3B	₩7.5B	₩7.7B	₩7.9B
− Working capital	—	−₩4.1B	₩3.3B	₩161M	₩189M	₩210M	₩241M	₩265M
Free cash flow	—	—	—	₩8B	₩8.2B	₩8.4B	₩8.6B	₩8.8B
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩7.5B	₩7.1B	₩6.8B	₩6.5B	₩6.2B

Terminal value ₩187B, worth ₩131B today: 79% 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:

	Low	Typical	High
Price / book (book value ₩10,668 a share)Now 0.65×	₩6,8010.64×	₩10,6531.00×	₩14,5721.37×
Price / earnings (last 12 months: ₩1,195 a share)Now 5.80×	₩6,9405.81×	₩8,0246.71×	₩11,5799.69×
P/E on run-rate earnings (Q2 2026 × 4: ₩908 a share)Now 7.63×	₩5,2735.81×	₩6,0966.71×	₩8,7979.69×

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%
6.4%	₩23,155	₩24,492	₩26,131	₩28,189	₩30,849
6.9%	₩21,726	₩22,812	₩24,117	₩25,718	₩27,728
7.4%	₩20,522	₩21,417	₩22,477	₩23,752	₩25,316
7.9%	₩19,492	₩20,241	₩21,115	₩22,150	₩23,396
8.4%	₩18,603	₩19,235	₩19,966	₩20,820	₩21,832

Now (TTM)

Market cap: ₩73B
Enterprise value: ₩2.1B
P/E: 5.8×
P/B: 0.6×
P/S: 1.5×
EV/EBITDA: —
Dividend yield: 2.9%

Over time (at each year end)

	2025	2024	2023
Price	₩8,220	₩10,000	₩11,820
Market cap	₩86B	₩105B	₩124B
P/E	7.1×	7.3×	11.3×
P/B	0.8×	1.1×	1.4×
P/S	1.8×	2.0×	2.6×
EV/EBITDA	—	—	—
Dividend yield	2.4%	2.3%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Truen	5.8×	0.6×	1.5×	—	2.9%
Samsung Electronics	9.5×	2.5×	2.9×	—	0.7%
LG Electronics	25.3×	1.0×	0.3×	—	0.8%
Hanwha Vision	17.0×	2.1×	1.1×	—	0.0%
RFHIC	41.3×	3.7×	6.7×	—	0.8%
KMW	—	5.0×	8.1×	—	0.0%
Intellian Technologies	13.4×	2.0×	1.6×	—	0.4%
Similar companies (median)	17.0×	2.3×	2.3×	—	0.5%

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

Also known as: Truen / 트루엔 / 417790 / KRX:417790

Source: KRX statistical information