> 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/056360_/t3.md).

# Valuation

## 1. 현재 멀티플

| 지표        |         값 |
| --------- | --------: |
| PER (TTM) |     24.5x |
| PBR       | **0.50x** |
| BPS       |   17,332원 |
| ROE       |      2.2% |
| OPM       |      0.5% |

## 2. Peer Comparison

광통신·통신장비 Peer (인텔리안테크·RFHIC·이수페타시스 등) 대비 PBR 0.50x = 명백한 저평가. **자본의 절반 가격 청산가치 영역**.

## 3. PBR 시나리오

| 시나리오 |  PBR |   적정주가 |    대비 |
| ---- | ---: | -----: | ----: |
| 보수   | 0.5x |  8,666 |    0% |
| 기본   | 0.7x | 12,132 |  +40% |
| 낙관   | 1.0x | 17,332 | +100% |
| 극낙관  | 1.5x | 25,998 | +200% |

### 확률가중 적정주가

* 15% × 8,666 + 35% × 12,132 + 30% × 17,332 + 20% × 25,998 = **15,962원 (+84%)**

## 4. 결론

**PBR 0.50x = 자본의 절반 = 명백한 가치투자**. 통신 3사 직공급 + 양자암호·AI OLS 옵션. 확률가중 +84% 업사이드. 26Q1 OP 일시 부진은 분기 변동성. **즉시 분할 매수 또는 MA60 영역 분할 매수 권장**.


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