Lincsolution링크솔루션
474650 · KOSDAQ · ₩474650 · 링크솔루션
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
- −₩159B
- Equity value
- −₩167B
- WACC
- 8.0%
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 ₩16,830, the model needs an operating margin of 75.7% every year (it uses −20.0%).
- 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 (−20.0%).
Revenue growth
- 17.3%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.3% a year, annual reports), fading to 3% by year 5.
- 13.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.3% a year, annual reports), fading to 3% by year 5.
- 10.2%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.3% a year, annual reports), fading to 3% by year 5.
- 6.6%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (17.3% 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 (17.3% a year, annual reports), fading to 3% by year 5.
Business
- -20%
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.
- 12.3%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 2 annual reports (cash flow statements; equipment and intangibles).
- 119.4%
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.
- 0.8
How much the share moves when the market moves: 1 means just like the market.
Default: 72 weeks of weekly returns against KOSPI (official index); raw beta 0.71, 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)
- ₩16B
- Net debt (borrowings and leases − cash and deposits)
- ₩10B
- + Stakes and investments
- ₩2.5B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩629M
- Shares
- 5,757,382
- Share price
- ₩16,830
- Market cap
- ₩97B
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 | ₩11B | ₩13B | ₩18B | ₩21B | ₩23B | ₩24B | ₩25B |
| Growth | — | 17.3% | 17.3% | 13.7% | 10.2% | 6.6% | 3.0% |
| EBIT | −₩4B | −₩7.4B | −₩3.7B | −₩4.2B | −₩4.6B | −₩4.9B | −₩5B |
| EBIT margin | −35.7% | −56.2% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩2.9B | −₩5.3B | −₩2.7B | −₩3B | −₩3.3B | −₩3.5B | −₩3.7B |
| + Depreciation | ₩1.2B | ₩1.8B | ₩2.3B | ₩2.6B | ₩2.8B | ₩3B | ₩3.1B |
| − Capital spending | ₩6.9B | ₩23B | ₩22B | ₩25B | ₩27B | ₩29B | ₩30B |
| − Working capital | — | ₩854M | ₩1.1B | ₩1B | ₩849M | ₩605M | ₩293M |
| Free cash flow | −₩8.6B | −₩28B | −₩23B | −₩26B | −₩29B | −₩30B | −₩31B |
| Discount factor | — | — | 0.926 | 0.858 | 0.794 | 0.735 | 0.681 |
| Present value | — | — | −₩22B | −₩23B | −₩23B | −₩22B | −₩21B |
Terminal value −₩71B, worth −₩48B today: 30% 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% |
|---|---|---|---|---|---|
| 7.0% | — | — | — | — | — |
| 7.5% | — | — | — | — | — |
| 8.0% | — | — | — | — | — |
| 8.5% | — | — | — | — | — |
| 9.0% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩97B
- Enterprise value
- ₩107B
- P/E
- —
- P/B
- 2.8×
- P/S
- 6.2×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩60,000 |
| Market cap | ₩345B |
| P/E | — |
| P/B | 9.0× |
| P/S | 26.3× |
| 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 |
|---|---|---|---|---|---|
| Lincsolution | — | 2.8× | 6.2× | — | 0.0% |
| Doosan Enerbility | 200.6× | 4.5× | 2.0× | — | 0.0% |
| Hanmi Semiconductor | 84.5× | 25.1× | 34.0× | 76.1× | 0.4% |
| Jusung Engineering | 1,135.2× | 13.9× | 36.4× | 2,185.7× | 0.0% |
| Rainbow Robotics | 4,308.5× | 55.2× | 162.6× | — | 0.0% |
| EO Technics | 47.1× | 6.8× | 11.5× | — | 0.0% |
| Doosan Bobcat | 13,805.1× | 923.8× | 743.7× | — | 3.5% |
| Similar companies (median) | 667.9× | 19.5× | 35.2× | 1,130.9× | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Lincsolution / 링크솔루션 / 474650 / KRX:474650
Source: KRX statistical information