Ask Warren

Great Rich Technologies

900290 · KOSDAQ · ₩900290 · GRT

₩2,705▼ ₩135 (4.75%)End-of-day · Oct 30, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

Valuation model · Discounted cash flow (DCF)

This is a holding company, but we don't have its stakes in listed companies yet, so we use a discounted cash flow for now.

Fair value per share

₩57

vs the current price (₩2,705)

Enterprise value
₩8.4B
Equity value
₩5.3B
WACC
7.3%

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 is 98% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • No operating margin up to 90% gets the model to today's price at these growth assumptions.
  • 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
₩5
−99.8%
Base
₩57
−97.9%
Bull
₩149
−94.5%

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 (14.1%).

Revenue growth

  • 25%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (28.9% a year, annual reports), fading to 3% by year 5.

  • 19.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (28.9% a year, annual reports), fading to 3% by year 5.

  • 14%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (28.9% a year, annual reports), fading to 3% by year 5.

  • 8.5%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (28.9% 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 3 years' revenue growth (28.9% a year, annual reports), fading to 3% by year 5.

Business

  • 14.1%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 0.1%

    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).

  • 19.8%

    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).

  • 25%

    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

  • 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: 105 weeks of weekly returns against KOSPI (official index); raw beta 0.18, 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 (FY 2025)
₩4.9B
Net debt (borrowings and leases − cash and deposits)
₩2.2B
+ Stakes and investments
₩1.9M
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩911M
Shares
92,751,685
Share price
₩2,705
Market cap
₩251B

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.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩4B₩4.6B₩4.9B₩6.2B₩7.4B₩8.4B₩9.1B₩9.4B
Growth74.9%13.2%8.1%25.0%19.5%14.0%8.5%3.0%
EBIT₩415M₩798M₩708M₩871M₩1B₩1.2B₩1.3B₩1.3B
EBIT margin10.3%17.4%14.3%14.1%14.1%14.1%14.1%14.1%
After-tax EBIT₩301M₩579M₩513M₩632M₩755M₩861M₩934M₩962M
+ Depreciation₩2.3M₩2.3M₩3M₩6.2M₩7.4M₩8.4M₩9.1M₩9.4M
− Capital spending₩1.6B₩293M₩624M₩1.2B₩1.5B₩1.7B₩1.8B₩1.9B
− Working capital−₩177M₩760M₩511M₩309M₩301M₩258M₩179M₩69M
Free cash flow−₩1.2B−₩473M−₩620M−₩895M−₩1B−₩1.1B−₩1B−₩960M
Discount factor———0.9320.8690.8100.7550.704
Present value———−₩834M−₩870M−₩855M−₩789M−₩676M

Terminal value ₩18B, worth ₩12B today: 148% 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:

LowTypicalHigh
Price / book (book value ₩48 a share)Now 56.1×₩1,41329.3×₩3,00662.4×₩4,09484.9×

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%
6.3%₩65₩78₩95₩117₩144
6.8%₩50₩61₩74₩90₩111
7.3%₩38₩47₩57₩70₩86
7.8%₩27₩35₩43₩54₩66
8.3%₩19₩25₩32₩40₩50

Now (TTM)

Market cap
₩251B
Enterprise value
₩253B
P/E
664.5×
P/B
56.1×
P/S
50.8×
EV/EBITDA
356.1×
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,110₩3,275₩2,560₩2,001₩1,030
Market cap₩288B₩304B₩237B₩186B₩96B
P/E764.0×625.5×827.8×780.2×369.6×
P/B64.5×72.9×62.1×52.5×29.0×
P/S58.4×66.4×58.7×80.3×44.5×
EV/EBITDA409.0×382.3×575.7×657.2×286.8×
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Great Rich Technologies664.5×56.1×50.8×356.1×0.0%
SK Square3.6×2.2×96.1×3.5×0.0%
KB Financial Group8.8×0.9×—9.6×2.8%
Shinhan Financial Group7.8×0.7×—10.2×2.9%
SK4.5×1.0×0.3×—1.6%
Hana Financial Group8.0×0.7×—10.0×3.4%
Woori Financial Group7.1×0.6×—8.5×4.4%
Similar companies (median)7.5×0.8×48.2×9.6×2.8%

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

Also known as: Great Rich Technologies / GRT / 900290 / KRX:900290

Source: KRX statistical information