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TFE

425420 · KOSDAQ · ₩425420 · 티에프이

₩85,700▲ ₩1,000 (1.18%)End-of-day · Oct 29, 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

₩18,284

vs the current price (₩85,700)

Enterprise value
₩226B
Equity value
₩226B
WACC
7.5%

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 is 79% 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 ₩85,700, the model needs an operating margin of 43.5% every year (it uses 12.7%).
  • Or revenue growth +47.6 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 6.0% to 17.1% 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.
  • Today's P/E is 51.6× against a typical 38.5× 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
₩10,336
−87.9%
Base
₩18,284
−78.7%
Bull
₩31,812
−62.9%

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 (12.7%).

Revenue growth

  • 20.6%

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

    Default: the last 3 years' revenue growth (20.6% a year, annual reports), fading to 3% by year 5.

  • 16.2%

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

    Default: the last 3 years' revenue growth (20.6% a year, annual reports), fading to 3% by year 5.

  • 11.8%

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

    Default: the last 3 years' revenue growth (20.6% a year, annual reports), fading to 3% by year 5.

  • 7.4%

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

    Default: the last 3 years' revenue growth (20.6% 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 (20.6% a year, annual reports), fading to 3% by year 5.

Business

  • 12.7%

    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.

  • 13.9%

    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).

  • 17.4%

    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).

  • 34.8%

    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.

  • 4.08%

    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.

  • 0.62

    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 0.44, 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.

  • 5.58%

    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)
₩131B
Net debt (borrowings and leases − cash and deposits)
₩134M
Shares
12,347,181
Share price
₩85,700
Market cap
₩1.1T

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₩80B₩74B₩112B₩157B₩183B₩205B₩220B₩226B
Growth26.0%−8.3%51.8%20.6%16.2%11.8%7.4%3.0%
EBIT₩9.2B₩4.4B₩19B₩20B₩23B₩26B₩28B₩29B
EBIT margin11.5%6.0%17.1%12.7%12.7%12.7%12.7%12.7%
After-tax EBIT₩6.7B₩3.2B₩14B₩15B₩17B₩19B₩20B₩21B
+ Depreciation———₩22B₩25B₩28B₩31B₩31B
− Capital spending₩11B₩18B₩15B₩27B₩32B₩36B₩38B₩39B
− Working capital−₩31B₩42B−₩974M₩9.4B₩8.9B₩7.5B₩5.3B₩2.3B
Free cash flow———−₩373M₩1.6B₩4.2B₩7.3B₩11B
Discount factor———0.9300.8650.8050.7490.697
Present value———−₩347M₩1.4B₩3.4B₩5.4B₩7.4B

Terminal value ₩299B, worth ₩209B today: 92% 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 ₩12,228 a share)Now 7.01×₩28,0392.29×₩56,6314.63×₩80,3376.57×
Price / earnings (last 12 months: ₩1,660 a share)Now 51.6×₩33,69420.3×₩63,90038.5×₩127,62876.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩811 a share)Now 105.7×₩16,45420.3×₩31,20538.5×₩62,32776.9×

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%
6.5%₩19,830₩21,300₩23,091₩25,325₩28,192
7.0%₩17,877₩19,045₩20,443₩22,146₩24,271
7.5%₩16,231₩17,174₩18,284₩19,611₩21,230
8.0%₩14,827₩15,596₩16,491₩17,545₩18,805
8.5%₩13,615₩14,250₩14,981₩15,829₩16,829

Now (TTM)

Market cap
₩1.1T
Enterprise value
₩1.1T
P/E
51.6×
P/B
7.0×
P/S
8.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

2025202420232022
Price₩36,400₩16,160₩36,000₩7,840
Market cap₩449B₩200B₩444B₩97B
P/E24.8×137.4×40.0×14.4×
P/B4.1×2.5×6.2×1.6×
P/S4.0×2.7×5.5×1.5×
EV/EBITDA————
Dividend yield0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
TFE51.6×7.0×8.1×—0.0%
Samsung Electro-Mechanics95.9×9.4×7.8×—0.2%
Doosan37.2×5.2×0.7×—0.4%
Hanwha Systems69.5×2.7×3.0×—0.8%
LG Innotek12.4×1.3×0.3×—0.5%
Daeduck Electronics44.9×7.0×5.1×—0.4%
Isupetasys33.8×7.9×5.2×—0.0%
Similar companies (median)41.1×6.1×4.0×—0.4%

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

Also known as: TFE / 티에프이 / 425420 / KRX:425420

Source: KRX statistical information