KOSDAQ · 475230 · Metal products · ₩475230

NRB엔알비

475230 · KOSDAQ · ₩475230 · 엔알비

₩7,880▼ ₩410 (4.95%)End-of-day · Oct 30, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩12B
Equity value: −₩78B
WACC: 5.9%

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 ₩7,880, the model needs an operating margin of 19.1% every year (it uses 8.0%).
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

Cycle options

Margin path

Every year uses the cycle-average margin (8.0%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin8%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 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 & amortisation52.9%
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).
Capital spending66.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
Working capital-10%
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 1 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 rate4.01%
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.
Beta0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 65 weeks of weekly returns against KOSPI (official index); raw beta 0.38, 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)5.51%
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): ₩74B
Net debt (borrowings and leases − cash and deposits): ₩67B
+ Stakes and investments: ₩996M; Associates, long-term financial assets and deposits (book value)
Shares: 10,898,683
Share price: ₩7,880
Market cap: ₩86B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩59B	₩76B	₩78B	₩81B	₩83B	₩85B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩4.5B	₩6.1B	₩6.3B	₩6.4B	₩6.6B	₩6.8B
EBIT margin	7.6%	8.0%	8.0%	8.0%	8.0%	8.0%
After-tax EBIT	₩3.3B	₩4.4B	₩4.5B	₩4.7B	₩4.8B	₩5B
+ Depreciation	—	₩40B	₩41B	₩43B	₩44B	₩45B
− Capital spending	₩39B	₩50B	₩52B	₩53B	₩55B	₩56B
− Working capital	—	−₩221M	−₩228M	−₩235M	−₩242M	−₩249M
Free cash flow	—	−₩5.4B	−₩5.6B	−₩5.7B	−₩5.9B	−₩6.1B
Discount factor	—	0.945	0.892	0.843	0.796	0.752
Present value	—	−₩5.1B	−₩5B	−₩4.8B	−₩4.7B	−₩4.6B

Terminal value ₩16B, worth ₩12B today: -100% 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%
4.9%	—	—	—	—	—
5.4%	—	—	—	—	—
5.9%	—	—	—	—	—
6.4%	—	—	—	—	—
6.9%	—	—	—	—	—

Now (TTM)

Market cap: ₩86B
Enterprise value: ₩152B
P/E: 15.9×
P/B: 0.9×
P/S: 1.2×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025
Price	₩14,780
Market cap	₩161B
P/E	—
P/B	1.9×
P/S	2.7×
EV/EBITDA	—
Dividend yield	0.0%

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
NRB	15.9×	0.9×	1.2×	—	0.0%
CS Wind	373.3×	1.3×	0.6×	—	2.6%
Hankuk Carbon	7.6×	1.2×	0.9×	—	2.1%
Taewoong	60.7×	0.7×	1.2×	19.5×	0.0%
YG-1	5.1×	0.8×	0.5×	—	1.9%
Bosung Power Technology	18.2×	2.1×	1.8×	8.2×	0.0%
HT Robotics	39.3×	2.8×	1.9×	—	0.0%
Similar companies (median)	28.7×	1.2×	1.0×	13.8×	0.9%

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

Also known as: NRB / 엔알비 / 475230 / KRX:475230

Source: KRX statistical information