P&S Robotics피앤에스로보틱스
460940 · KOSDAQ · ₩460940 · 피앤에스로보틱스
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
₩2,166
vs the current price (₩4,220)
- Enterprise value
- ₩445M
- Equity value
- ₩29B
- WACC
- 9.3%
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 49% 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 ₩4,220, the model needs an operating margin of 46.5% every year (it uses 4.1%).
- 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
- ₩2,096
- −50.3%
- Base
- ₩2,166
- −48.7%
- Bull
- ₩2,293
- −45.7%
Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.
Assumptions
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Cycle options
Margin path
Every year uses the cycle-average margin (4.1%).
Revenue growth
- 7.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (7.5% a year, annual reports), fading to 3% by year 5.
- 6.4%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (7.5% a year, annual reports), fading to 3% by year 5.
- 5.3%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (7.5% a year, annual reports), fading to 3% by year 5.
- 4.1%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (7.5% 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 1 years' revenue growth (7.5% a year, annual reports), fading to 3% by year 5.
Business
- 4.1%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 2 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.
- 9.5%
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).
- 11.8%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 2 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 2 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.
- 0.96
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 0.93, 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)
- ₩5.6B
- Net debt (borrowings and leases − cash and deposits)
- −₩27B
- + Stakes and investments
- ₩1.9B
- Associates, long-term financial assets and deposits (book value)
- Shares
- 13,455,280
- Share price
- ₩4,220
- Market cap
- ₩57B
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.
| FY2024 | FY2025 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|---|---|
| Revenue | ₩7.1B | ₩7.6B | ₩6B | ₩6.4B | ₩6.7B | ₩7B | ₩7.2B |
| Growth | — | 7.5% | 7.5% | 6.4% | 5.3% | 4.1% | 3.0% |
| EBIT | ₩1.6B | ₩1B | ₩245M | ₩261M | ₩275M | ₩286M | ₩295M |
| EBIT margin | 22.8% | 13.1% | 4.1% | 4.1% | 4.1% | 4.1% | 4.1% |
| After-tax EBIT | ₩1.2B | ₩727M | ₩178M | ₩189M | ₩199M | ₩207M | ₩214M |
| + Depreciation | — | — | ₩568M | ₩605M | ₩637M | ₩663M | ₩683M |
| − Capital spending | ₩9.2M | ₩1.8B | ₩706M | ₩751M | ₩791M | ₩823M | ₩848M |
| − Working capital | — | ₩4.2B | ₩167M | ₩153M | ₩135M | ₩110M | ₩84M |
| Free cash flow | — | — | −₩127M | −₩110M | −₩90M | −₩63M | −₩35M |
| Discount factor | — | — | 0.915 | 0.837 | 0.766 | 0.701 | 0.641 |
| Present value | — | — | −₩116M | −₩92M | −₩69M | −₩44M | −₩23M |
Terminal value ₩1.2B, worth ₩789M today: 177% 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 ₩3,165 a share)Now 1.33× | ₩4,9721.57× | ₩7,3782.33× | ₩12,6233.99× |
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% |
|---|---|---|---|---|---|
| 8.3% | ₩2,188 | ₩2,184 | ₩2,178 | ₩2,172 | ₩2,165 |
| 8.8% | ₩2,181 | ₩2,177 | ₩2,172 | ₩2,166 | ₩2,159 |
| 9.3% | ₩2,176 | ₩2,171 | ₩2,166 | ₩2,161 | ₩2,154 |
| 9.8% | ₩2,171 | ₩2,166 | ₩2,162 | ₩2,156 | ₩2,150 |
| 10.3% | ₩2,166 | ₩2,162 | ₩2,158 | ₩2,152 | ₩2,146 |
Now (TTM)
- Market cap
- ₩57B
- Enterprise value
- ₩29B
- P/E
- 44.0×
- P/B
- 1.3×
- P/S
- 10.2×
- EV/EBITDA
- —
- Dividend yield
- 0.9%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩12,340 | ₩5,350 |
| Market cap | ₩166B | ₩72B |
| P/E | 60.4× | 31.0× |
| P/B | 3.8× | 1.8× |
| P/S | 21.7× | 10.1× |
| EV/EBITDA | — | — |
| Dividend yield | 0.3% | 0.5% |
Versus similar companies
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: P&S Robotics / 피앤에스로보틱스 / 460940 / KRX:460940
Source: KRX statistical information