> For the complete documentation index, see [llms.txt](https://arc-10.gitbook.io/arc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://arc-10.gitbook.io/arc/052270_/t3.md).

# Valuation

⚠️ **데이터 한계**: KIS 가격·시총·PER·PBR 데이터 결손. 펀더멘털 (자본 440억·BPS 추정) 기준만 분석.

## 1. 자본 기반 분석

* 자본 440억 / 2025 NI 16억 / ROE 3.7%
* BPS 추정 (자본 / 발행주식 — 발행주식 정확치 확인 필요)

## 2. PBR 시나리오 (가설)

PBR 1.0x 기준 적정 시가총액 \~ 440억. 시장 가격이 자본 위/아래 어느 영역인지는 KIS 시세 회복 후 검증 필요.

## 3. 결론

⚠️ KIS 시세 결손 = 거래 정상화 후 밸류에이션 재작성 필수. 펀더멘털 (V자 회복 + 매출 +29% 가속)은 긍정적이나 시장 가격 모르고는 적정주가 추정 어려움.

**핵심 모니터링**:

* ✅ DART 직접 조회 (거래·상장 상태)
* ✅ KIS·증권사 시세 회복 후 재분석
* ✅ 분기 OPM 안정성
* ✅ 크레신 그룹 지원


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation by asking a question.

Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters:

```
GET https://arc-10.gitbook.io/arc/052270_/t3.md?ask=<question>&goal=<user_goal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.