KOSDAQ · 474170 · Aerospace & Defense · ₩474170

Lumir루미르

474170 · KOSDAQ · ₩474170 · 루미르

₩5,040▲ ₩90 (1.82%)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

₩146

vs the current price (₩5,040)

Enterprise value: −₩13B
Equity value: ₩2.6B
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 is 97% 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 ₩5,040, the model needs an operating margin of 54.4% every year (it uses −8.2%).
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: ₩260; −94.8%
Base: ₩146; −97.1%
Bull: ₩20; −99.6%

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 (−8.2%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-26% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-6.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-26% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-3.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-26% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 4-0.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-26% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (-26% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-8.2%
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.
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 & amortisation3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: not in the statements, so a typical level.
Capital spending4%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: not in the statements, so a typical level.
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 2 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.
Beta0.6
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 0.35, 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): ₩13B
Net debt (borrowings and leases − cash and deposits): −₩15B
Shares: 17,817,696
Share price: ₩5,040
Market cap: ₩90B

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	₩14B	₩11B	₩12B	₩11B	₩11B	₩11B	₩11B
Growth	—	−26.0%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩1.2B	−₩594M	−₩980M	−₩914M	−₩882M	−₩880M	−₩907M
EBIT margin	−8.4%	−5.6%	−8.2%	−8.2%	−8.2%	−8.2%	−8.2%
After-tax EBIT	−₩871M	−₩431M	−₩710M	−₩663M	−₩640M	−₩638M	−₩657M
+ Depreciation	—	—	₩358M	₩334M	₩323M	₩322M	₩332M
− Capital spending	—	—	₩478M	₩446M	₩430M	₩429M	₩442M
− Working capital	—	−₩9.8B	−₩531M	−₩320M	−₩156M	−₩8.6M	₩129M
Free cash flow	—	—	−₩299M	−₩454M	−₩591M	−₩737M	−₩897M
Discount factor	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	−₩278M	−₩394M	−₩477M	−₩554M	−₩628M

Terminal value −₩15B, worth −₩10B today: 82% 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%	₩154	₩73	—	—	—
6.9%	₩216	₩149	₩69	—	—
7.4%	₩269	₩213	₩146	₩65	—
7.9%	₩314	₩266	₩209	₩142	₩61
8.4%	₩353	₩311	₩263	₩206	₩139

Now (TTM)

Market cap: ₩90B
Enterprise value: ₩75B
P/E: —
P/B: 1.0×
P/S: 6.8×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024
Price	₩9,050	₩10,370
Market cap	₩161B	₩185B
P/E	3,531.3×	—
P/B	2.6×	3.0×
P/S	15.3×	12.9×
EV/EBITDA	—	—
Dividend yield	0.0%	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Lumir	—	1.0×	6.8×	—	0.0%
Hanwha Aerospace	20.1×	3.4×	1.4×	—	0.9%
Korea Aerospace Industries	56.5×	5.3×	2.3×	—	0.5%
LIG Defense&Aerospace	34.5×	6.2×	2.1×	—	0.7%
Satrec Initiative	64.2×	2.4×	2.8×	37.9×	0.2%
Firstec	17.7×	2.9×	0.7×	—	0.0%
Samyang Comtech	8.5×	1.5×	1.6×	—	0.0%
Similar companies (median)	27.3×	3.1×	1.8×	37.9×	0.3%

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

Also known as: Lumir / 루미르 / 474170 / KRX:474170

Source: KRX statistical information