Alux에이럭스
475580 · KOSDAQ · ₩475580 · 에이럭스
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
- −₩134B
- Equity value
- −₩146B
- WACC
- 6.8%
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 ₩5,820, the model needs an operating margin of 6.6% every year (it uses −7.5%).
- 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 (−7.5%).
Revenue growth
- 14.5%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.5% a year, annual reports), fading to 3% by year 5.
- 11.6%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.5% a year, annual reports), fading to 3% by year 5.
- 8.7%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.5% a year, annual reports), fading to 3% by year 5.
- 5.9%
How much sales grow that year, compared with the year before.
Default: the last 1 years' revenue growth (14.5% 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 (14.5% a year, annual reports), fading to 3% by year 5.
Business
- -7.5%
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.
- 4.5%
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).
- 5.6%
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).
- 1.5%
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.
- 0.6
How much the share moves when the market moves: 1 means just like the market.
Default: 104 weeks of weekly returns against KOSPI (official index); raw beta 0.23, 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)
- ₩76B
- Net debt (borrowings and leases − cash and deposits)
- ₩15B
- + Stakes and investments
- ₩2.9B
- Associates, long-term financial assets and deposits (book value)
- − Minority interests
- ₩301M
- Shares
- 13,624,900
- Share price
- ₩5,820
- Market cap
- ₩79B
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 | ₩55B | ₩63B | ₩87B | ₩97B | ₩106B | ₩112B | ₩116B |
| Growth | — | 14.5% | 14.5% | 11.6% | 8.7% | 5.9% | 3.0% |
| EBIT | ₩3B | −₩10B | −₩6.5B | −₩7.3B | −₩7.9B | −₩8.4B | −₩8.7B |
| EBIT margin | 5.5% | −16.6% | −7.5% | −7.5% | −7.5% | −7.5% | −7.5% |
| After-tax EBIT | ₩2.2B | −₩7.6B | −₩4.7B | −₩5.3B | −₩5.8B | −₩6.1B | −₩6.3B |
| + Depreciation | — | — | ₩3.9B | ₩4.4B | ₩4.8B | ₩5B | ₩5.2B |
| − Capital spending | ₩2.8B | ₩3.8B | ₩4.9B | ₩5.5B | ₩5.9B | ₩6.3B | ₩6.5B |
| − Working capital | — | −₩16B | ₩166M | ₩152M | ₩127M | ₩94M | ₩50M |
| Free cash flow | — | — | −₩5.9B | −₩6.5B | −₩7.1B | −₩7.4B | −₩7.6B |
| Discount factor | — | — | 0.937 | 0.877 | 0.822 | 0.770 | 0.721 |
| Present value | — | — | −₩5.5B | −₩5.7B | −₩5.8B | −₩5.7B | −₩5.5B |
Terminal value −₩146B, worth −₩105B today: 79% 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% |
|---|---|---|---|---|---|
| 5.8% | — | — | — | — | — |
| 6.3% | — | — | — | — | — |
| 6.8% | — | — | — | — | — |
| 7.3% | — | — | — | — | — |
| 7.8% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩79B
- Enterprise value
- ₩92B
- P/E
- —
- P/B
- 1.8×
- P/S
- 1.0×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | 2024 | |
|---|---|---|
| Price | ₩11,150 | ₩11,990 |
| Market cap | ₩152B | ₩163B |
| P/E | — | 57.9× |
| P/B | 3.3× | 2.9× |
| P/S | 2.4× | 3.0× |
| EV/EBITDA | — | — |
| Dividend yield | 0.0% | — |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Alux | — | 1.8× | 1.0× | — | 0.0% |
| Spigen Korea | 3.3× | 0.3× | 0.4× | — | 0.0% |
| Novatech | 3.4× | 0.7× | 2.5× | — | 0.0% |
| Samick Musical Instruments | 2.2× | 0.3× | 0.4× | — | 5.0% |
| Xplus | — | 3.3× | 6.0× | — | 0.0% |
| E-World | — | 0.3× | 0.6× | — | 0.0% |
| Envioneer | — | 1.1× | 2.3× | — | 0.0% |
| Similar companies (median) | 3.3× | 0.5× | 1.5× | — | 0.0% |
Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.
Also known as: Alux / 에이럭스 / 475580 / KRX:475580
Source: KRX statistical information