Fine M-Tec파인엠텍
441270 · KOSDAQ · ₩441270 · 파인엠텍
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
- −₩102B
- Equity value
- −₩273B
- WACC
- 6.4%
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 gives no positive value at these assumptions. What we can see:
- To match today's price of ₩8,840, the model needs an operating margin of 11.2% every year (it uses 2.4%).
- 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 (2.4%).
Revenue growth
- 25%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.1% a year, annual reports), fading to 3% by year 5.
- 19.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.1% a year, annual reports), fading to 3% by year 5.
- 14%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.1% a year, annual reports), fading to 3% by year 5.
- 8.5%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (27.1% 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 (27.1% a year, annual reports), fading to 3% by year 5.
Business
- 2.4%
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.
- 3.1%
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).
- 17.9%
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).
- -1.9%
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.
- 0.6
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.
- 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)
- ₩260B
- Net debt (borrowings and leases − cash and deposits)
- ₩157B
- + Stakes and investments
- ₩15B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩30B
- Shares
- 42,718,275
- Share price
- ₩8,840
- Market cap
- ₩378B
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 | ₩380B | ₩382B | ₩239B | ₩325B | ₩389B | ₩443B | ₩481B | ₩495B |
| Growth | 226.6% | 0.6% | −37.4% | 25.0% | 19.5% | 14.0% | 8.5% | 3.0% |
| EBIT | ₩20B | −₩7.9B | ₩1.9B | ₩7.8B | ₩9.3B | ₩11B | ₩12B | ₩12B |
| EBIT margin | 5.4% | −2.1% | 0.8% | 2.4% | 2.4% | 2.4% | 2.4% | 2.4% |
| After-tax EBIT | ₩15B | −₩5.7B | ₩1.4B | ₩5.7B | ₩6.8B | ₩7.7B | ₩8.4B | ₩8.6B |
| + Depreciation | ₩12B | ₩12B | — | ₩10B | ₩12B | ₩14B | ₩15B | ₩15B |
| − Capital spending | ₩54B | ₩52B | ₩62B | ₩58B | ₩70B | ₩79B | ₩86B | ₩89B |
| − Working capital | −₩28B | −₩20B | ₩109B | −₩1.2B | −₩1.2B | −₩1B | −₩716M | −₩274M |
| Free cash flow | ₩1B | −₩26B | — | −₩41B | −₩50B | −₩57B | −₩62B | −₩64B |
| Discount factor | — | — | — | 0.940 | 0.883 | 0.830 | 0.780 | 0.733 |
| Present value | — | — | — | −₩39B | −₩44B | −₩47B | −₩48B | −₩47B |
Terminal value ₩169B, worth ₩124B today: -121% 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 ₩5,241 a share)Now 1.69× | ₩7,9881.52× | ₩12,6122.41× | ₩17,5793.35× |
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% |
|---|---|---|---|---|---|
| 5.4% | — | — | — | — | — |
| 5.9% | — | — | — | — | — |
| 6.4% | — | — | — | — | — |
| 6.9% | — | — | — | — | — |
| 7.4% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩378B
- Enterprise value
- ₩535B
- P/E
- —
- P/B
- 1.7×
- P/S
- 1.5×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Price | ₩9,830 | ₩5,280 | ₩9,010 | ₩6,160 |
| Market cap | ₩420B | ₩226B | ₩385B | ₩263B |
| P/E | — | — | 36.6× | — |
| P/B | 2.2× | 1.6× | 2.6× | 2.3× |
| P/S | 1.8× | 0.6× | 1.0× | 2.3× |
| EV/EBITDA | — | 49.8× | 11.3× | 26.9× |
| Dividend yield | 0.0% | — | — | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Fine M-Tec | — | 1.7× | 1.5× | — | 0.0% |
| Samsung Electro-Mechanics | 95.9× | 9.4× | 7.8× | — | 0.2% |
| Doosan | 37.2× | 5.2× | 0.7× | — | 0.4% |
| Hanwha Systems | 69.5× | 2.7× | 3.0× | — | 0.8% |
| LG Innotek | 12.4× | 1.3× | 0.3× | — | 0.5% |
| Daeduck Electronics | 44.9× | 7.0× | 5.1× | — | 0.4% |
| Isupetasys | 33.8× | 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: Fine M-Tec / 파인엠텍 / 441270 / KRX:441270
Source: KRX statistical information