Company Valuation: COWIN ROBOTICS Co., Ltd

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,94,456 2,23,749 3,04,155 1,47,017 1,83,709 1,19,478 - -
Change - -24.01% 35.94% -51.66% 24.96% -34.96% - -
Enterprise Value (EV) 1 286.2 223.7 249.6 146.9 221 203.6 217 232.8
Change - -21.82% 11.57% -41.17% 50.51% -7.9% 6.58% 7.28%
P/E 38x 43.9x 23.9x 8.83x 106x 17.6x 14.8x 13.8x
PBR 2.01x - 1.81x 0.81x 1.07x 0.67x 0.65x 0.63x
PEG - -1.3x 0x 0.3x -1.2x 0x 0.8x 1.86x
Capitalization / Revenue 2.76x 1.11x 0.93x 0.6x 1.19x 0.54x 0.45x 0.39x
EV / Revenue 2.69x 1.11x 0.76x 0.6x 1.43x 0.92x 0.82x 0.76x
EV / EBITDA 33x 12.1x 10.9x 15.6x -11.6x 35.7x 11x 11x
EV / EBIT 43x 15.1x 11.9x 20x -8.67x -407x 14.5x 13.7x
EV / FCF -29.5x - 126x -2.64x -14.5x -2.85x -19.5x -18x
FCF Yield -3.39% - 0.79% -37.9% -6.89% -35.1% -5.12% -5.54%
Dividend per Share 3 89.72 - 238 196.1 - 250 250 250
Rate of return 0.32% - 0.89% 1.53% - 2.41% 2.41% 2.41%
EPS 3 734.8 484.2 1,118 1,451 151 590 699 751
Distribution rate 12.2% - 21.3% 13.5% - 42.4% 35.8% 33.3%
Net sales 1 106.5 201.2 328.6 244.4 154.8 221.6 264.6 304.4
EBITDA 1 8.668 18.57 22.82 9.406 -19.01 5.7 19.8 21.1
EBIT 1 6.654 14.78 20.97 7.336 -25.49 -0.5 15 17
Net income 1 8.576 4.945 21.37 14.28 1.701 6.9 8.2 8.8
Net Debt 1 -8.245 - -54.52 -0.1606 37.33 84.1 97.5 113.3
Reference price 3 27,947.71 21,254.61 26,699.03 12,813.73 16,030.00 10,360.00 10,360.00 10,360.00
Nbr of stocks (in thousands) 10,536 10,527 11,392 11,473 11,460 11,533 - -
Announcement Date 28/02/22 09/03/23 21/02/24 14/02/25 12/02/26 - - -
1KRW in Million2KRW in Billions3KRW
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.92x0.9x34.95x2.5% 8.54Cr
15.38x1.7x9.5x0.89% 1.87TCr
30.1x6.15x19.26x1.15% 1.72TCr
75.78x6.51x38.01x0.36% 773.17Cr
20.61x2.36x14.63x1.39% 729.21Cr
46.46x4.84x18.96x - 596.11Cr
15.64x1.2x9.03x4.65% 591.08Cr
10.88x0.51x4.68x2.82% 403.25Cr
15.17x2.29x8.4x2.63% 380.7Cr
7.35x1.04x4.46x4.88% 352.02Cr
Average 25.43x 2.75x 16.19x 2.36% 741.89Cr
Weighted average by Cap. 27.48x 3.44x 15.43x 1.69%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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