Bistos비스토스
419540 · KOSDAQ · ₩419540 · 비스토스
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
- −₩5.5B
- Equity value
- −₩3.5B
- WACC
- 9.5%
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 ₩2,535, the model needs an operating margin of 14.0% every year (it uses −1.2%).
- Margins ranged from −6.4% to 3.8% 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.
- 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 (−1.2%).
Revenue growth
- -10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.6% a year, annual reports), fading to 3% by year 5.
- -6.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.6% a year, annual reports), fading to 3% by year 5.
- -3.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-10.6% 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 (-10.6% 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 (-10.6% a year, annual reports), fading to 3% by year 5.
Business
- -1.2%
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.
- 3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
- 10.1%
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).
- 40%
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.
- 0.99
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 0.99, 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)
- ₩16B
- Net debt (borrowings and leases − cash and deposits)
- −₩2B
- Shares
- 5,958,253
- Share price
- ₩2,535
- Market cap
- ₩15B
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 | ₩21B | ₩20B | ₩17B | ₩14B | ₩13B | ₩13B | ₩13B | ₩13B |
| Growth | −11.1% | −4.9% | −15.6% | −10.0% | −6.7% | −3.5% | −0.2% | 3.0% |
| EBIT | ₩284M | ₩311M | −₩1.1B | −₩174M | −₩162M | −₩156M | −₩156M | −₩161M |
| EBIT margin | 1.3% | 1.5% | −6.4% | −1.2% | −1.2% | −1.2% | −1.2% | −1.2% |
| After-tax EBIT | ₩206M | ₩226M | −₩794M | −₩126M | −₩117M | −₩113M | −₩113M | −₩116M |
| + Depreciation | ₩635M | ₩684M | ₩446M | ₩434M | ₩405M | ₩391M | ₩390M | ₩402M |
| − Capital spending | ₩152M | ₩5.9B | ₩39M | ₩1.5B | ₩1.4B | ₩1.3B | ₩1.3B | ₩1.4B |
| − Working capital | ₩241M | −₩3.5B | −₩514M | −₩643M | −₩388M | −₩189M | −₩10M | ₩156M |
| Free cash flow | ₩448M | −₩1.5B | ₩126M | −₩510M | −₩688M | −₩849M | −₩1B | −₩1.2B |
| Discount factor | — | — | — | 0.914 | 0.835 | 0.763 | 0.697 | 0.637 |
| Present value | — | — | — | −₩466M | −₩574M | −₩648M | −₩715M | −₩779M |
Terminal value −₩3.6B, worth −₩2.3B today: 42% 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 ₩3,319 a share)Now 0.76× | ₩3,4501.04× | ₩9,4082.83× | ₩14,9664.51× |
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% |
|---|---|---|---|---|---|
| 8.5% | — | — | — | — | — |
| 9.0% | — | — | — | — | — |
| 9.5% | — | — | — | — | — |
| 10.0% | — | — | — | — | — |
| 10.5% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩15B
- Enterprise value
- ₩12B
- P/E
- —
- P/B
- 0.8×
- P/S
- 0.9×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Price | ₩5,350 | ₩8,350 | ₩10,875 | ₩11,925 |
| Market cap | ₩32B | ₩50B | ₩65B | ₩71B |
| P/E | — | 58.7× | 80.3× | — |
| P/B | 1.8× | 2.6× | 3.5× | 4.5× |
| P/S | 1.9× | 2.5× | 3.0× | 3.0× |
| EV/EBITDA | — | 49.0× | 68.5× | 51.6× |
| Dividend yield | 0.0% | — | — | — |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Bistos / 비스토스 / 419540 / KRX:419540
Source: KRX statistical information