KOSPI · 900140 · Retail & Trade · ₩900140

Lvmc Holdings엘브이엠씨홀딩스

900140 · KOSPI · ₩900140 · 엘브이엠씨홀딩스

₩1,017▼ ₩13 (1.26%)End-of-day · Oct 29, 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: ₩8M
Equity value: −₩36M
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 −7.1% to 9.8% 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.
The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

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: ₩0; −100.0%

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 (0.9%).

Revenue growth

Revenue growth, year 112.7%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 210.3%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 37.9%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.7% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 45.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (12.7% 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 (12.7% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin0.9%
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 & amortisation5.5%
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 spending1%
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 capital34.5%
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 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 rate4.08%
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.
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 0.28, 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)5.58%
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): ₩295M
Net debt (borrowings and leases − cash and deposits): ₩44M
Shares: 193,240,432
Share price: ₩1,017
Market cap: ₩197B

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	₩200M	₩217M	₩276M	₩332M	₩367M	₩396M	₩417M	₩429M
Growth	3.4%	8.7%	27.5%	12.7%	10.3%	7.9%	5.4%	3.0%
EBIT	−₩12M	₩12M	₩27M	₩3M	₩3.3M	₩3.6M	₩3.8M	₩3.9M
EBIT margin	−6.0%	5.5%	9.8%	0.9%	0.9%	0.9%	0.9%	0.9%
After-tax EBIT	−₩8.7M	₩8.7M	₩20M	₩2.2M	₩2.4M	₩2.6M	₩2.7M	₩2.8M
+ Depreciation	₩13M	₩12M	₩12M	₩18M	₩20M	₩22M	₩23M	₩24M
− Capital spending	₩2.5M	₩2.3M	₩1.8M	₩3.3M	₩3.7M	₩4M	₩4.2M	₩4.3M
− Working capital	−₩14M	₩12M	₩2.4M	₩13M	₩12M	₩10M	₩7.4M	₩4.3M
Free cash flow	₩16M	₩6.2M	₩28M	₩4.2M	₩7.1M	₩10M	₩14M	₩18M
Discount factor	—	—	—	0.931	0.867	0.808	0.752	0.700
Present value	—	—	—	₩3.9M	₩6.1M	₩8.4M	₩11M	₩12M

Terminal value −₩48M, worth −₩33M today: -417% 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 ₩2 a share)Now 546.6×	₩1,513813.2×	₩2,1101133.9×	₩2,8151513.2×

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: ₩197B
Enterprise value: ₩197B
P/E: 13,486.2×
P/B: 546.6×
P/S: 666.5×
EV/EBITDA: 3,798.0×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩1,600	₩1,603	₩2,525	₩1,775	₩2,456
Market cap	₩309B	₩310B	₩488B	₩343B	₩475B
P/E	139,927.5×	354,025.8×	—	—	—
P/B	883.8×	992.7×	1,535.0×	1,072.5×	1,324.3×
P/S	1,118.9×	1,428.8×	2,445.4×	1,777.2×	2,651.3×
EV/EBITDA	7,839.8×	12,812.6×	791,140.5×	90,686.9×	253,785.9×
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Lvmc Holdings	13,486.2×	546.6×	666.5×	3,798.0×	0.0%
Samsung C&T	18.8×	0.5×	1.2×	—	0.9%
POSCO International	10.5×	1.2×	0.3×	—	3.8%
ISC	45.4×	6.1×	12.7×	—	0.5%
Youngone	5.1×	0.7×	0.7×	—	3.1%
Dong SUH Companies	19.2×	1.6×	5.1×	—	4.1%
Shinsegae	13.9×	0.4×	0.3×	—	2.1%
Similar companies (median)	16.3×	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: Lvmc Holdings / 엘브이엠씨홀딩스 / 900140 / KRX:900140

Source: KRX statistical information