KOSDAQ · 900100 · Retail & Trade · ₩900100

Phionx파이온엑스

900100 · KOSDAQ · ₩900100 · 파이온엑스

₩1,155▼ ₩195 (14.44%)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

With these assumptions the model gives no positive value.

Enterprise value: −₩7.6M
Equity value: −₩9.5M
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 gives no positive value at these assumptions. What we can see:

No operating margin up to 90% gets the model to today's price at these growth assumptions.
Margins ranged from −131.8% to 1.9% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.

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 (−20.0%).

Revenue growth

Revenue growth, year 1-10%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-55.6% 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 3 years' revenue growth (-55.6% 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 3 years' revenue growth (-55.6% 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 3 years' revenue growth (-55.6% 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 3 years' revenue growth (-55.6% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-20%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 5 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 & amortisation12.8%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending0%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Working capital30%
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 3 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 rate4.11%
Yield on Korea's 10-year government bond: the return with almost no risk.
Default: Korea Treasury Bond 10-year yield on 2026-10-28.
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 -1.92, 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)5.61%
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): ₩4.2M
Net debt (borrowings and leases − cash and deposits): ₩3M
+ Stakes and investments: ₩1M; Associates, long-term financial assets and deposits (book value)
Shares: 5,276,050
Share price: ₩1,155
Market cap: ₩6.1B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩29M	₩14M	₩4.5M	₩3.8M	₩3.5M	₩3.4M	₩3.4M	₩3.5M
Growth	−42.4%	−52.7%	−68.0%	−10.0%	−6.7%	−3.5%	−0.2%	3.0%
EBIT	−₩7.5M	−₩8.4M	−₩5.9M	−₩750,243	−₩699,977	−₩675,478	−₩674,127	−₩694,351
EBIT margin	−25.6%	−60.3%	−131.8%	−20.0%	−20.0%	−20.0%	−20.0%	−20.0%
After-tax EBIT	−₩5.5M	−₩6.1M	−₩4.3M	−₩543,926	−₩507,483	−₩489,721	−₩488,742	−₩503,404
+ Depreciation	₩3.3M	₩1.5M	₩741,475	₩480,156	₩447,985	₩432,306	₩431,441	₩444,384
− Capital spending	₩0	₩0	—	₩0	₩0	₩0	₩0	₩0
− Working capital	−₩5.3M	−₩1.9M	−₩1.7M	−₩125,041	−₩75,399	−₩36,749	−₩2,026	₩30,336
Free cash flow	₩3.2M	−₩2.7M	—	₩61,270	₩15,901	−₩20,667	−₩55,274	−₩89,356
Discount factor	—	—	—	0.931	0.867	0.807	0.751	0.700
Present value	—	—	—	₩57,045	₩13,784	−₩16,680	−₩41,534	−₩62,513

Terminal value −₩11M, worth −₩7.5M today: 99% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

	Low	Typical	High
Price / book (book value ₩5 a share)Now 254.1×	₩3,765828.5×	₩9,4362076.0×	₩19,6514323.6×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

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%	—	—	—	—	—
6.9%	—	—	—	—	—
7.4%	—	—	—	—	—
7.9%	—	—	—	—	—
8.4%	—	—	—	—	—

Now (TTM)

Market cap: ₩6.1B
Enterprise value: ₩6.1B
P/E: —
P/B: 254.1×
P/S: 1,462.0×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩5,740	₩9,919	₩16,939	₩15,249	₩37,996
Market cap	₩30B	₩52B	₩89B	₩80B	₩200B
P/E	—	—	—	75,170.6×	46,196.4×
P/B	1,207.7×	1,928.9×	2,582.7×	1,491.3×	4,333.5×
P/S	6,792.4×	3,755.3×	3,035.7×	1,574.6×	2,807.5×
EV/EBITDA	—	—	—	17,355.8×	45,632.9×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Phionx	—	254.1×	1,462.0×	—	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.6×	1.3×	0.3×	—	3.7%
ISC	45.3×	6.0×	12.6×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	18.9×	1.6×	5.1×	—	4.2%
Shinsegae	14.4×	0.5×	0.3×	—	2.0%
Similar companies (median)	16.6×	1.0×	1.0×	—	2.6%

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

Also known as: Phionx / 파이온엑스 / 900100 / KRX:900100

Source: KRX statistical information