KOSDAQ · 448280 · Business services · ₩448280

Ecoeye에코아이

448280 · KOSDAQ · ₩448280 · 에코아이

₩8,630▲ ₩150 (1.77%)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

₩1,734

vs the current price (₩8,630)

Enterprise value: ₩51B
Equity value: ₩51B
WACC: 7.3%

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 is 80% 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 ₩8,630, the model needs an operating margin of 54.2% every year (it uses 11.1%).
Or revenue growth +49.1 points a year higher than assumed in each of the 5 years.
Margins ranged from 0.8% to 28.1% over the last 3 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.

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: ₩1,128; −86.9%
Base: ₩1,734; −79.9%
Bull: ₩2,787; −67.7%

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 (11.1%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-30.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-30.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-30.9% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 2 years' revenue growth (-30.9% 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 (-30.9% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin11.1%
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 & amortisation0.2%
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 spending0.3%
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 capital40%
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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.27, 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): ₩45B
Net debt (borrowings and leases − cash and deposits): −₩278M
− Minority interests: ₩2,289
Shares: 29,631,129
Share price: ₩8,630
Market cap: ₩256B

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	₩65B	₩26B	₩31B	₩40B	₩37B	₩36B	₩36B	₩37B
Growth	—	−60.2%	20.0%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	₩18B	₩199M	₩953M	₩4.5B	₩4.2B	₩4B	₩4B	₩4.1B
EBIT margin	28.1%	0.8%	3.1%	11.1%	11.1%	11.1%	11.1%	11.1%
After-tax EBIT	₩13B	₩144M	₩691M	₩3.2B	₩3B	₩2.9B	₩2.9B	₩3B
+ Depreciation	—	—	—	₩80M	₩75M	₩72M	₩72M	₩74M
− Capital spending	₩70M	₩174M	₩42M	₩120M	₩112M	₩108M	₩108M	₩111M
− Working capital	—	₩250M	−₩6.1B	−₩1.8B	−₩1.1B	−₩524M	−₩29M	₩433M
Free cash flow	—	—	—	₩5B	₩4.1B	₩3.4B	₩2.9B	₩2.5B
Discount factor	—	—	—	0.932	0.868	0.809	0.754	0.703
Present value	—	—	—	₩4.6B	₩3.5B	₩2.7B	₩2.2B	₩1.8B

Terminal value ₩52B, worth ₩36B today: 71% 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 ₩4,235 a share)Now 2.04×	₩6,2561.48×	₩9,6202.27×	₩13,7893.26×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2024, 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%
6.3%	₩1,862	₩1,970	₩2,102	₩2,269	₩2,485
6.8%	₩1,712	₩1,797	₩1,899	₩2,024	₩2,182
7.3%	₩1,586	₩1,654	₩1,734	₩1,830	₩1,948
7.8%	₩1,479	₩1,533	₩1,597	₩1,673	₩1,763
8.3%	₩1,385	₩1,430	₩1,482	₩1,542	₩1,613

Now (TTM)

Market cap: ₩256B
Enterprise value: ₩255B
P/E: 48.1×
P/B: 2.0×
P/S: 5.7×
EV/EBITDA: —
Dividend yield: 0.8%

Over time (at each year end)

	2025	2024	2023
Price	₩11,550	₩8,133	₩15,900
Market cap	₩342B	₩241B	₩471B
P/E	191.8×	106.9×	30.0×
P/B	2.7×	1.9×	3.6×
P/S	11.1×	9.4×	7.3×
EV/EBITDA	—	—	—
Dividend yield	0.6%	2.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Ecoeye	48.1×	2.0×	5.7×	—	0.8%
S-1	24.3×	2.2×	1.3×	—	0.0%
Cheil Worldwide	8.5×	1.2×	0.4×	—	6.7%
Doosan Tesna	50.9×	3.9×	5.3×	—	0.2%
Lotte Tour Development	15.2×	2.1×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.2×	—	1.3%
Innocean Worldwide	5.4×	0.6×	0.3×	—	6.8%
Similar companies (median)	11.8×	1.6×	1.2×	—	0.8%

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

Also known as: Ecoeye / 에코아이 / 448280 / KRX:448280

Source: KRX statistical information