Nara Space Technology나라스페이스테크놀로지
478340 · KOSDAQ · ₩478340 · 나라스페이스테크놀로지
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
- −₩49B
- Equity value
- −₩42B
- WACC
- 8.3%
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 ₩10,060, the model needs an operating margin of 78.3% 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
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
- 3%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Business
- -20%
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.
- 27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
- 9.1%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
- 31.8%
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).
- 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 1 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.
- 0.77
How much the share moves when the market moves: 1 means just like the market.
Default: 45 weeks of weekly returns against KOSPI (official index); raw beta 0.65, 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)
- ₩13B
- Net debt (borrowings and leases − cash and deposits)
- −₩6.6B
- Shares
- 11,610,415
- Share price
- ₩10,060
- Market cap
- ₩117B
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 | ₩13B | ₩14B | ₩14B | ₩14B | ₩15B | ₩15B |
| Growth | — | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| EBIT | −₩5.5B | −₩2.7B | −₩2.8B | −₩2.9B | −₩3B | −₩3.1B |
| EBIT margin | −41.3% | −20.0% | −20.0% | −20.0% | −20.0% | −20.0% |
| After-tax EBIT | −₩4B | −₩2B | −₩2B | −₩2.1B | −₩2.2B | −₩2.2B |
| + Depreciation | ₩1.2B | ₩1.2B | ₩1.3B | ₩1.3B | ₩1.4B | ₩1.4B |
| − Capital spending | ₩4.2B | ₩4.3B | ₩4.5B | ₩4.6B | ₩4.7B | ₩4.9B |
| − Working capital | — | ₩159M | ₩164M | ₩169M | ₩174M | ₩179M |
| Free cash flow | −₩7B | −₩5.2B | −₩5.4B | −₩5.5B | −₩5.7B | −₩5.9B |
| Discount factor | — | 0.923 | 0.852 | 0.787 | 0.726 | 0.671 |
| Present value | — | −₩4.8B | −₩4.6B | −₩4.4B | −₩4.2B | −₩3.9B |
Terminal value −₩40B, worth −₩27B today: 55% 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% |
|---|---|---|---|---|---|
| 7.3% | — | — | — | — | — |
| 7.8% | — | — | — | — | — |
| 8.3% | — | — | — | — | — |
| 8.8% | — | — | — | — | — |
| 9.3% | — | — | — | — | — |
Now (TTM)
- Market cap
- ₩117B
- Enterprise value
- ₩109B
- P/E
- —
- P/B
- 2.8×
- P/S
- 8.8×
- EV/EBITDA
- —
- Dividend yield
- 0.0%
Over time (at each year end)
| 2025 | |
|---|---|
| Price | ₩28,200 |
| Market cap | ₩327B |
| P/E | — |
| P/B | 6.9× |
| P/S | 24.7× |
| EV/EBITDA | — |
| Dividend yield | 0.0% |
Versus similar companies
| Company | P/E | P/B | P/S | EV/EBITDA | Dividend yield |
|---|---|---|---|---|---|
| Nara Space Technology | — | 2.8× | 8.8× | — | 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: Nara Space Technology / 나라스페이스테크놀로지 / 478340 / KRX:478340
Source: KRX statistical information