KOSDAQ · 439580 · Retail & Trade · ₩439580

Bluemtec블루엠텍

439580 · KOSDAQ · ₩439580 · 블루엠텍

₩1,928▲ ₩18 (0.94%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩133B
Equity value: −₩150B
WACC: 6.3%

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 ₩1,928, the model needs an operating margin of 2.3% every year (it uses −1.3%).
100% 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

Cycle options

Margin path

Every year uses the cycle-average margin (−1.3%).

Revenue growth

Revenue growth, year 125%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (27.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 219.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (27.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 314%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (27.8% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 48.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (27.8% 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 (27.8% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-1.3%
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 & amortisation5.6%
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 spending7.1%
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).
Working capital-1.5%
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 rate4.01%
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.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.25, 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)5.51%
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): ₩205B
Net debt (borrowings and leases − cash and deposits): ₩30B
+ Stakes and investments: ₩12B; Associates, long-term financial assets and deposits (book value)
Shares: 33,846,547
Share price: ₩1,928
Market cap: ₩65B

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	₩114B	₩133B	₩186B	₩256B	₩306B	₩349B	₩379B	₩390B
Growth	—	17.1%	39.5%	25.0%	19.5%	14.0%	8.5%	3.0%
EBIT	₩1.3B	−₩6.9B	−₩2B	−₩3.3B	−₩4B	−₩4.5B	−₩4.9B	−₩5.1B
EBIT margin	1.2%	−5.2%	−1.1%	−1.3%	−1.3%	−1.3%	−1.3%	−1.3%
After-tax EBIT	₩974M	−₩5B	−₩1.4B	−₩2.4B	−₩2.9B	−₩3.3B	−₩3.6B	−₩3.7B
+ Depreciation	—	—	—	₩14B	₩17B	₩20B	₩21B	₩22B
− Capital spending	₩21B	₩2.5B	₩2B	₩18B	₩22B	₩25B	₩27B	₩28B
− Working capital	—	−₩8B	−₩988M	−₩769M	−₩750M	−₩643M	−₩445M	−₩171M
Free cash flow	—	—	—	−₩5.5B	−₩6.7B	−₩7.9B	−₩8.8B	−₩9.4B
Discount factor	—	—	—	0.941	0.885	0.833	0.784	0.738
Present value	—	—	—	−₩5.2B	−₩6B	−₩6.6B	−₩6.9B	−₩6.9B

Terminal value −₩137B, worth −₩101B today: 76% 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 ₩1,440 a share)Now 1.34×	₩1,9611.36×	₩4,8283.35×	₩8,4415.86×

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%
5.3%	—	—	—	—	—
5.8%	—	—	—	—	—
6.3%	—	—	—	—	—
6.8%	—	—	—	—	—
7.3%	—	—	—	—	—

Now (TTM)

Market cap: ₩65B
Enterprise value: ₩87B
P/E: 15.5×
P/B: 1.3×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023
Price	₩4,420	₩3,949	₩9,055
Market cap	₩150B	₩134B	₩306B
P/E	—	—	—
P/B	3.3×	2.8×	6.7×
P/S	0.8×	1.0×	2.7×
EV/EBITDA	—	—	—
Dividend yield	0.0%	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Bluemtec	15.5×	1.3×	0.3×	—	0.0%
Samsung C&T	18.1×	0.5×	1.2×	—	0.9%
POSCO International	10.3×	1.2×	0.3×	—	3.8%
ISC	42.6×	5.7×	11.9×	—	0.5%
Youngone	5.2×	0.7×	0.7×	—	3.0%
Dong SUH Companies	19.6×	1.7×	5.3×	—	4.0%
SK Gas	7.4×	0.6×	0.3×	—	3.5%
Similar companies (median)	14.2×	1.0×	0.9×	—	3.3%

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

Also known as: Bluemtec / 블루엠텍 / 439580 / KRX:439580

Source: KRX statistical information