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JNB

452160 · KOSDAQ · ₩452160 · 제이엔비

₩3,125▲ ₩35 (1.13%)End-of-day · Oct 27, 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
₩7.4B
Equity value
−₩11B
WACC
6.1%

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 ₩3,125, the model needs an operating margin of 24.9% every year (it uses 8.9%).
  • Or revenue growth +41.6 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 1.2% to 21.5% 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.
  • 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
₩170
−94.6%

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 (8.9%).

Revenue growth

  • -1.4%

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

    Default: the last 2 years' revenue growth (-1.4% a year, annual reports), fading to 3% by year 5.

  • -0.3%

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

    Default: the last 2 years' revenue growth (-1.4% a year, annual reports), fading to 3% by year 5.

  • 0.8%

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

    Default: the last 2 years' revenue growth (-1.4% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 2 years' revenue growth (-1.4% 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 2 years' revenue growth (-1.4% a year, annual reports), fading to 3% by year 5.

Business

  • 8.9%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 35.5%

    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).

  • 44.3%

    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).

  • -6.2%

    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.

  • 4.11%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-28.

  • 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 0.4, 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.

  • 5.61%

    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)
₩15B
Net debt (borrowings and leases − cash and deposits)
₩18B
− Minority interests
₩671M
Shares
9,617,527
Share price
₩3,125
Market cap
₩30B

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₩15B₩16B₩15B₩15B₩15B₩15B₩16B₩16B
Growth—4.7%−7.1%−1.4%−0.3%0.8%1.9%3.0%
EBIT₩3.3B₩3.4B₩175M₩1.4B₩1.4B₩1.4B₩1.4B₩1.4B
EBIT margin21.5%21.0%1.2%8.9%8.9%8.9%8.9%8.9%
After-tax EBIT₩2.4B₩2.4B₩127M₩982M₩979M₩987M₩1B₩1B
+ Depreciation———₩5.4B₩5.4B₩5.4B₩5.5B₩5.7B
− Capital spending₩1.3B₩12B₩7.3B₩6.7B₩6.7B₩6.8B₩6.9B₩7.1B
− Working capital—−₩2.5B−₩1.8B₩13M₩2.8M−₩7.5M−₩18M−₩29M
Free cash flow———−₩371M−₩359M−₩352M−₩348M−₩348M
Discount factor———0.9420.8870.8360.7880.742
Present value———−₩349M−₩319M−₩294M−₩274M−₩258M

Terminal value ₩12B, worth ₩8.9B today: 120% 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 ₩3,913 a share)Now 0.80×₩3,2250.82×₩5,9801.53×₩10,7102.74×

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%
5.1%—————
5.6%—————
6.1%—————
6.6%—————
7.1%—————

Now (TTM)

Market cap
₩30B
Enterprise value
₩48B
P/E
—
P/B
0.8×
P/S
1.9×
EV/EBITDA
—
Dividend yield
3.2%

Over time (at each year end)

202520242023
Price₩7,070₩4,780₩12,730
Market cap₩68B₩46B₩122B
P/E—23.1×—
P/B1.7×1.2×3.5×
P/S4.6×2.9×8.0×
EV/EBITDA———
Dividend yield1.4%0.0%—

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
JNB—0.8×1.9×—3.2%
Doosan Enerbility208.4×4.6×2.1×—0.0%
Hanmi Semiconductor82.2×24.4×33.1×74.0×0.4%
Jusung Engineering1,121.0×13.7×36.0×2,158.2×0.0%
Rainbow Robotics4,006.5×51.3×151.2×—0.0%
EO Technics44.8×6.5×10.9×—0.0%
Doosan Bobcat13,664.7×914.4×736.1×—3.5%
Similar companies (median)664.7×19.1×34.5×1,116.1×0.0%

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

Also known as: JNB / 제이엔비 / 452160 / KRX:452160

Source: KRX statistical information