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Ecopro Materials

450080 · KOSPI · ₩450080 · 에코프로머티

₩28,150▼ ₩400 (1.40%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value
−₩934B
Equity value
−₩2.2T
WACC
7.2%

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 ₩28,150, the model needs an operating margin of 68.2% every year (it uses −6.3%).
  • Margins ranged from −21.6% to 5.9% 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.
  • 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

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (−6.3%).

Revenue growth

  • -10%

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

    Default: the last 3 years' revenue growth (-16.1% a year, annual reports), fading to 3% by year 5.

  • -6.7%

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

    Default: the last 3 years' revenue growth (-16.1% a year, annual reports), fading to 3% by year 5.

  • -3.5%

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

    Default: the last 3 years' revenue growth (-16.1% a year, annual reports), fading to 3% by year 5.

  • -0.2%

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

    Default: the last 3 years' revenue growth (-16.1% 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 (-16.1% a year, annual reports), fading to 3% by year 5.

Business

  • -6.3%

    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.

  • 53.8%

    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).

  • 67.3%

    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).

  • 40%

    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.

  • 4.01%

    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.

  • 0.87

    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 0.8, 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.

  • 5.51%

    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)
₩524B
Net debt (borrowings and leases − cash and deposits)
₩945B
+ Stakes and investments
₩2.8B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩326B
Shares
70,813,870
Share price
₩28,150
Market cap
₩2T

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₩953B₩300B₩393B₩471B₩440B₩424B₩423B₩436B
Growth43.2%−68.5%30.9%−10.0%−6.7%−3.5%−0.2%3.0%
EBIT₩8.8B−₩65B−₩65B−₩30B−₩28B−₩27B−₩27B−₩27B
EBIT margin0.9%−21.6%−16.7%−6.3%−6.3%−6.3%−6.3%−6.3%
After-tax EBIT₩6.4B−₩47B−₩47B−₩22B−₩20B−₩19B−₩19B−₩20B
+ Depreciation———₩254B₩237B₩228B₩228B₩235B
− Capital spending₩130B₩334B₩302B₩317B₩296B₩286B₩285B₩294B
− Working capital−₩56B₩83B−₩70B−₩21B−₩13B−₩6.2B−₩339M₩5.1B
Free cash flow———−₩64B−₩67B−₩71B−₩76B−₩84B
Discount factor———0.9320.8690.8110.7560.705
Present value———−₩60B−₩58B−₩57B−₩58B−₩59B

Terminal value −₩911B, worth −₩642B today: 69% 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 ₩16,389 a share)Now 1.72×₩38,7002.36×₩81,4164.97×₩486,90029.7×

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%
6.2%—————
6.7%—————
7.2%—————
7.7%—————
8.2%—————

Now (TTM)

Market cap
₩2T
Enterprise value
₩2.9T
P/E
27.8×
P/B
1.7×
P/S
3.8×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

202520242023
Price₩52,100₩65,800₩188,500
Market cap₩3.7T₩4.7T₩13T
P/E153.1×—2,645.8×
P/B3.2×6.3×16.7×
P/S9.4×15.5×14.0×
EV/EBITDA———
Dividend yield0.0%——

Loading data for this company — check back soon

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Ecopro Materials27.8×1.7×3.8×—0.0%
LG Energy Solution—3.8×3.2×—0.0%
Samsung SDI1,162.4×1.8×3.1×—0.0%
POSCO Future M323.6×3.4×5.0×—0.2%
Ecopro BM203.3×5.0×3.9×—0.1%
L&F—4.3×1.2×14.9×0.0%
DN Automotive6.1×1.0×0.6×—2.5%
Similar companies (median)263.5×3.6×3.2×14.9×0.1%

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

Also known as: Ecopro Materials / 에코프로머티 / 450080 / KRX:450080

Source: KRX statistical information