KOSDAQ · 448900 · Auto parts · ₩448900

PIM Korea한국피아이엠

448900 · KOSDAQ · ₩448900 · 한국피아이엠

₩51,400▲ ₩4,350 (9.25%)End-of-day · Oct 28, 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: −₩13B
Equity value: −₩23B
WACC: 9.9%

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:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
92% 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 (2.3%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin2.3%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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 & amortisation22.4%
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 spending28%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 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 1 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 rate4.08%
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.
Beta1.1
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 1.15, 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)5.58%
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): ₩38B
Net debt (borrowings and leases − cash and deposits): ₩11B
Shares: 6,074,457
Share price: ₩51,400
Market cap: ₩312B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩37B	₩39B	₩41B	₩42B	₩43B	₩44B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩1.5B	₩905M	₩932M	₩960M	₩989M	₩1B
EBIT margin	3.9%	2.3%	2.3%	2.3%	2.3%	2.3%
After-tax EBIT	₩1.1B	₩656M	₩676M	₩696M	₩717M	₩738M
+ Depreciation	—	₩8.8B	₩9.1B	₩9.3B	₩9.6B	₩9.9B
− Capital spending	₩10B	₩11B	₩11B	₩12B	₩12B	₩12B
− Working capital	—	₩458M	₩472M	₩486M	₩501M	₩516M
Free cash flow	—	−₩2B	−₩2.1B	−₩2.1B	−₩2.2B	−₩2.3B
Discount factor	—	0.910	0.827	0.753	0.685	0.623
Present value	—	−₩1.8B	−₩1.7B	−₩1.6B	−₩1.5B	−₩1.4B

Terminal value −₩7.8B, worth −₩4.9B today: 38% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
8.9%	—	—	—	—	—
9.4%	—	—	—	—	—
9.9%	—	—	—	—	—
10.4%	—	—	—	—	—
10.9%	—	—	—	—	—

Now (TTM)

Market cap: ₩312B
Enterprise value: ₩322B
P/E: 143.0×
P/B: 5.3×
P/S: 8.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩43,800
Market cap	₩266B
P/E	—
P/B	4.7×
P/S	7.2×
EV/EBITDA	—
Dividend yield	0.0%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
PIM Korea	143.0×	5.3×	8.2×	—	0.0%
Hyundai Mobis	8.7×	0.6×	0.5×	—	1.8%
SL	6.1×	0.9×	0.4×	3.7×	0.0%
HL Mando	10.7×	0.6×	0.2×	—	1.9%
Samhyun	—	13.4×	18.9×	—	0.0%
Hyundai WIA	19.3×	0.4×	0.2×	—	2.4%
SNT Dynamics	13.4×	0.7×	0.9×	—	6.8%
Similar companies (median)	10.7×	0.7×	0.5×	3.7×	1.9%

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

Also known as: PIM Korea / 한국피아이엠 / 448900 / KRX:448900

Source: KRX statistical information