Motivelink모티브링크
463480 · KOSDAQ · ₩463480 · 모티브링크
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
- −₩36B
- Equity value
- −₩36B
- WACC
- 7.4%
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 ₩3,150, the model needs an operating margin of 4.7% every year (it uses −2.1%).
- 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
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Cycle options
Margin path
Every year uses the cycle-average margin (−2.1%).
Revenue growth
- 9.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.2% a year, annual reports), fading to 3% by year 5.
- 7.6%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.2% a year, annual reports), fading to 3% by year 5.
- 6.1%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.2% a year, annual reports), fading to 3% by year 5.
- 4.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (9.2% 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 (9.2% a year, annual reports), fading to 3% by year 5.
Business
- -2.1%
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.
- 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).
- 5%
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).
- 11%
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.
- 4.08%
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.
- 0.61
How much the share moves when the market moves: 1 means just like the market.
Default: 88 weeks of weekly returns against KOSPI (official index); raw beta 0.42, 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.
- 5.58%
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)
- ₩68B
- Net debt (borrowings and leases − cash and deposits)
- ₩1.8M
- + Stakes and investments
- ₩29M
- Associates, long-term financial assets and deposits (book value)
- Shares
- 12,390,358
- Share price
- ₩3,150
- Market cap
- ₩39B
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 | ₩62B | ₩67B | ₩74B | ₩80B | ₩85B | ₩88B | ₩91B |
| Growth | — | 9.2% | 9.2% | 7.6% | 6.1% | 4.5% | 3.0% |
| EBIT | ₩1.7B | −₩1.7B | −₩1.6B | −₩1.7B | −₩1.8B | −₩1.9B | −₩1.9B |
| EBIT margin | 2.8% | −2.6% | −2.1% | −2.1% | −2.1% | −2.1% | −2.1% |
| After-tax EBIT | ₩1.2B | −₩1.2B | −₩1.1B | −₩1.2B | −₩1.3B | −₩1.3B | −₩1.4B |
| + Depreciation | — | — | ₩3B | ₩3.2B | ₩3.4B | ₩3.5B | ₩3.6B |
| − Capital spending | ₩2.9B | ₩3.6B | ₩3.7B | ₩4B | ₩4.2B | ₩4.4B | ₩4.6B |
| − Working capital | — | ₩1.1B | ₩687M | ₩620M | ₩535M | ₩419M | ₩292M |
| Free cash flow | — | — | −₩2.6B | −₩2.6B | −₩2.7B | −₩2.6B | −₩2.6B |
| Discount factor | — | — | 0.931 | 0.866 | 0.806 | 0.751 | 0.699 |
| Present value | — | — | −₩2.4B | −₩2.3B | −₩2.2B | −₩2B | −₩1.8B |
Terminal value −₩37B, worth −₩26B today: 71% 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% |
|---|---|---|---|---|---|
| 6.4% | — | — | — | — | — |
| 6.9% | — | — | — | — | — |
| 7.4% | — | — | — | — | — |
| 7.9% | — | — | — | — | — |
| 8.4% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩39B
- Enterprise value
- ₩37B
- P/E
- —
- P/B
- 1.1×
- P/S
- 0.6×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩7,720 |
| Market cap | ₩96B |
| P/E | — |
| P/B | 2.6× |
| P/S | 1.4× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Loading data for this company — check back soon
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Motivelink | — | 1.1× | 0.6× | — | 0.0% |
| Samsung Electro-Mechanics | 95.9× | 9.4× | 7.8× | — | 0.2% |
| Doosan | 37.2× | 5.2× | 0.7× | — | 0.4% |
| Hanwha Systems | 69.5× | 2.7× | 3.0× | — | 0.8% |
| LG Innotek | 12.4× | 1.3× | 0.3× | — | 0.5% |
| Daeduck Electronics | 44.9× | 7.0× | 5.1× | — | 0.4% |
| Isupetasys | 33.8× | 7.9× | 5.2× | — | 0.0% |
| Similar companies (median) | 41.1× | 6.1× | 4.0× | — | 0.4% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Motivelink / 모티브링크 / 463480 / KRX:463480
Source: KRX statistical information