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NICE Information Service · 030190 · Internet

NICE Information Service: Steady Profit Growth, Higher Multiples, and a Model Estimate Above the Share Price

Why this report

Start of coverage: written when a reader opened this company and there was no report yet.

NICE Information Service closed at ₩17,240 on 2026-10-28, up 22.1% over three months, with trailing revenue of ₩627.8B and an operating margin of 18.2%. A discounted cash flow model estimate of ₩30,229 per share sits well above the current price, but it depends on assumptions that may not hold.

Written Oct 29, 2026 · Data as of Oct 28, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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Thesis

The data supports a picture of a profitable, low-debt company whose revenue has grown for three straight years: 1.2% in 2023, 10.2% in 2024 and 12.5% in 2025. Operating margin rose from 13.5% in 2023 to 18.2% on a trailing basis, and return on equity is 19.4%.

What the data does not support is a claim of cheapness relative to the company's own past. The P/E of 11.6 is above the year-end levels of 9.3 in 2024 and 9.8 in 2023, and the P/B of 2.1 is above 1.7 and 1.5 in those years. The share price is also near the upper part of its 52-week range (₩13,030 to ₩18,500). Investor flows are mixed over the last 20 days: institutions were net buyers, while foreigners and retail were net sellers. No guidance or forecasts are available in the data.

Business overview

NICE Information Service is listed on the KOSPI and classified in the Internet sector. It was founded on 1985-02-28 and listed on 2023-08-08. It has 58,268,741 listed shares and a market capitalisation of about ₩1.0T. The CEO is listed as 김종윤. Revenue was ₩484.8B in 2021 and ₩602.1B in 2025, after a flat period in 2022 (-1.0%) and 2023 (+1.2%). The data does not include a breakdown of business lines. Recent news mentions the acquisition of shares in affiliate NICE Property for ₩37.9B and an MOU with iSOOK Company on small and mid-sized e-commerce M&A.

Financial analysis

These figures come from filed financial statements. Trailing twelve-month revenue to H1 2026 is ₩627.8B, operating income ₩114.1B and net income ₩86.5B, giving an operating margin of 18.2% and a net margin of 13.8%.

Annual net income rose from ₩56.0B in 2023 to ₩76.1B in 2024 and ₩77.2B in 2025. Operating income was ₩104.4B in 2025, up from ₩86.8B in 2024. ROE was 17.6% in 2025 and 19.5% in 2024, and is 19.4% on a trailing basis.

The balance sheet looks conservative: liabilities to equity are 32.2%, cash is ₩96.9B and borrowings are ₩10.9B. Trailing free cash flow is ₩119.2B, above trailing net income.

Valuation

Current multiples are a P/E of 11.6, P/B of 2.1, P/S of 1.6 and EV/EBITDA of 6.8, with a dividend yield of 3.0%. Against its own history, the P/E is below 2021 (19.2) and 2022 (13.5) but above 2023 and 2024. The P/B of 2.1 matches the 2025 year-end level and is below 2021 (3.5).

Peers in the data are widely dispersed: NAVER at a P/E of 13.4 and P/B of 0.9, Kakao at 38.1 and 1.1, Daou Technology at 1.9 and 0.4, Kinx at 31.7 and 3.6, and Cafe24 at 11.6 and 1.6. NICE's P/B is higher than most of these peers.

The valuation model is a 5-year discounted cash flow using a 7.4% rate, based on trailing figures to H1 2026. It gives a model estimate based on the assumptions shown of ₩30,229 per share in the base case, ₩20,895 in the bear case and ₩45,572 in the bull case. Even the bear case is above the ₩17,240 close. This is not a target or a reason to act, and the result is sensitive to the growth and margin assumptions behind it.

Catalysts

  • On 2026-10-26 the company filed an acquisition of shares in another company, reported in the news as a ₩37.9B purchase of shares in affiliate NICE Property.
  • An MOU with iSOOK Company on small and mid-sized e-commerce M&A was reported on 2026-10-19, though no financial terms are in the data.
  • On 2026-07-15 the company filed a share cancellation decision and terminated a buyback trust agreement, which relates to capital return.
  • Several 5%+ holding reports were filed (2026-06-15, 07-10, 10-02 and 10-12), indicating changes in significant shareholdings.
  • The half-year report for June 2026 was filed on 2026-08-13, and the next reporting cycle will update the trailing figures.

Risks

  • The share price is up 22.1% over three months and 24.5% over one year, and multiples are above their 2023 and 2024 levels, which leaves less room for disappointment.
  • Revenue growth was weak in 2022 and 2023 (-1.0% and 1.2%), showing that growth is not guaranteed.
  • The model estimate depends on assumptions about growth, margins and a 7.4% discount rate, and the gap between the bear and bull cases (₩20,895 to ₩45,572) is wide.
  • Foreign investors were net sellers over the last 20 days and foreign ownership slipped from 32.9% to 32.4% over 60 days.
  • The ₩37.9B affiliate share purchase uses cash, and the data does not show its effect on returns.

Closing view

The filings show a profitable company with growing revenue, rising margins, ROE near 19%, low borrowings and strong free cash flow. The model estimate sits above the current price, but the stock has already risen, its multiples are above recent history, and the estimate rests on assumptions that could change. The data neither proves the shares are undervalued nor shows clear weakness, so the evidence should be weighed alongside the company's next filings and results.

Model estimate of fair value

Bear
₩20,895
+20%
Base
₩30,229
+74%
Bull
₩45,572
+162%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.4%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 29, 2026InitiationStart of coverage (reader request)NICE Information Service: Steady Profit Growth, Higher Multiples, and a Model Estimate Above the Share Price

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information