JONBUR Research · Initiation
You're reading an earlier report from Oct 20, 2026. See the latest report
Gabia · 079940 · Software
Gabia: Strong one-year share gain, higher multiples and a busy run of governance and lawsuit filings
Why this report
Start of coverage: written when a reader opened this company and there was no report yet.
Gabia (KOSDAQ, Software) closed at ₩38,500 on 2026-10-19, up 49.2% over one year but down 12.6% over three months, with a market cap of ₩516.7B. Trailing profits and margins have improved, while the multiples are well above the company's own history and a model estimate based on the assumptions shown sits above the current price.
Written Oct 20, 2026 · Data as of Oct 19, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The data supports a business with growing revenue and recovering margins: trailing revenue is ₩351.8B and operating margin is 14.2%, up from 12.1% in 2025. Free cash flow of ₩52.1B is higher than net income of ₩18.2B. On the other side, the share price has already risen strongly over a year, the P/E of 28.4 and P/B of 2.9 are far above the 2022-2024 year-end levels, and net margin is only 5.2%. Foreign ownership fell from 40.2% to 34.2% over 60 days, and recent filings show a change of largest shareholder, several lawsuit notices and amended shareholders' meeting documents. The data does not explain what these filings involve, so their impact cannot be judged. No news headlines are available.
Business overview
Gabia is a KOSDAQ-listed software company, founded on 1999-09-21 and listed on 2005-10-19, with 13,420,684 listed shares and joint CEOs 김홍국 and 원종홍. Revenue grew from ₩200.4B in 2021 to ₩335.7B in 2025, with growth of 18.9% in 2025 after 8.0% in 2024. Trailing revenue to H1 2026 is ₩351.8B. Product and segment details are not available in the data.
Every earlier JONBUR Research report and update note on Gabia, with Pro.
Unlock with ProModel estimate of fair value
- Bear
- ₩26,495
- -34%
- Base
- ₩42,922
- +7%
- Bull
- ₩70,352
- +75%
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 7.5%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions
Filings and data used
- Amended: Lawsuit filed or ruledOct 6, 2026
- Amended: Lawsuit filed or ruledOct 6, 2026
- [Amended] Reference Document for Proxy Solicitation of Voting RightsOct 1, 2026
- Amended: Shareholders' meeting calledSep 30, 2026
- Amended: Notice of shareholders' meetingSep 30, 2026
- Amended: Notice of shareholders' meetingSep 30, 2026
- Amended: Lawsuit filed or ruledSep 29, 2026
- Amended: Lawsuit filed or ruledSep 29, 2026
- Lawsuit filed or ruledSep 29, 2026
- [Amended] Reference Document for Proxy Solicitation of Voting RightsSep 28, 2026
- Lawsuit filed or ruledSep 23, 2026
- Change of largest shareholderSep 23, 2026
- Daily prices up to 2026-10-19
- Financial statements, trailing 12 months as of H1 2026
- Our fair value model, statements as of TTM to H1 2026
Report history
- Oct 28, 2026Update note5%+ holder change · News · CEO / control changeGabia: Founders agree to sell and contribute 24.4% stake at ₩53,000 per share to a Macquarie-linked vehicle
- Oct 27, 2026Update noteModel fair value changeGabia: Model fair value estimate cut about 35% after a model re-run
- Oct 20, 2026InitiationStart of coverage (reader request)Gabia: Strong one-year share gain, higher multiples and a busy run of governance and lawsuit filings
Source: KRX statistical information