> 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/417840_/t3.md).

# Valuation

***

## 1. 현재 멀티플

| 지표         | 값           |
| ---------- | ----------- |
| PER (TTM)  | **105.12x** |
| Fwd PER    | 약 25\~30x   |
| PBR        | **6.91x**   |
| EV/EBITDA  | 약 50x       |
| EV/Revenue | 약 7.8x      |
| ROE        | 6.6%        |
| OP Margin  | 9.6%        |

**핵심**: PER 105x 단기 고평가, **정상화 Fwd PER 25\~30x**로 글로벌 Peer 대비 프리미엄. **N₂ 퍼지 85% 점유 + JDS 양산 옵션 선반영**.

***

## 2. Peer Comparison

| 기업                |     시총 |    PER |       PBR |   OPM |
| ----------------- | -----: | -----: | --------: | ----: |
| **저스템**           | 3,860억 | 105.1x | **6.91x** |  9.6% |
| Brooks Automation |  \~$5B |  약 40x |      약 3x | 약 15% |
| Entegris          | \~$10B |  약 30x |      약 5x | 약 20% |
| Daifuku           | \~$10B |  약 25x |      약 3x | 약 12% |
| 한미반도체             |    38조 |   179x |       55x |   33% |

**프리미엄**: PBR vs Brooks·Entegris +40\~130% — 한국 specialist + N₂ 퍼지 85% niche 프리미엄.

***

## 3. PBR 시나리오

| 시나리오            | PBR |   BPS |          적정 |   vs 현재 |
| --------------- | --: | ----: | ----------: | ------: |
| 보수 (JDS 지연)     |  4x | 2,600 | **10,400원** |  -38.9% |
| 기본 (JDS 본격)     |  7x | 2,800 | **19,600원** |  +15.1% |
| 낙관 (글로벌 1위·다각화) | 12x | 3,300 | **39,600원** | +132.5% |

***

## 4. DCF

회복 초기로 표준 DCF 적용 어려움. PBR/PER 시나리오 기반.

***

## 5. 컨센서스

* 단일 부재 (소형 specialist)
* 2026E 매출 700~~1,000억, OP 100~~150억 추정

***

## 6. 논평

**핵심**: PER 105x 단기 고평가이나 정상화 25\~30x. **N₂ 퍼지 85% 점유 + JDS 출시 옵션 + CB/BW·유증·이자부 0의 매우 깨끗한 BS**. PBR 7x (19,600원, +15%) 기본 합리. 단기 평균회귀 후 12,596원(MA20) 분할 매수 권장.

**재평가 트리거**: JDS 본격 양산 / 분기 OPM 15%+ / IDM 신규 수주 / 디스플레이·태양광 다각화 가시화


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