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JONBUR Research · Initiation

GalaxiaMoneytree · 094480 · Software

GalaxiaMoneytree: Profits Recovered Since 2024, but Shares Are Down 51.6% Over a Year

Why this report

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GalaxiaMoneytree's operating margin has risen to 13.9% on flat revenue, yet the share price closed at ₩4,760, down 51.6% over one year and near the 52-week low of ₩4,055. A model estimate based on the assumptions shown is ₩3,196 per share, below the current price, with a very wide range.

Written Oct 23, 2026 · Data as of Oct 22, 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 an earnings recovery: net income went from near zero in 2023 and 2024 to ₩8.3B in 2025, and the last twelve months to H1 2026 show ₩8.7B. Operating margin has moved from 7.0% in 2023 to 13.9%. Revenue, however, has barely grown, at 0.7% in 2025 after a 2.7% fall in 2024, so the improvement comes from margins rather than sales growth.

The share price has fallen sharply despite this, down 14.1% in a month and 7.6% in three months. Foreign ownership dropped from 4.3% to 2.9% over 60 days. Balance sheet leverage is high, with liabilities at 240.1% of equity. Data on the reasons for the share price fall is not available. News in October pointed to a memorandum with Gwangju Bank on digital asset and stablecoin remittances, but the data shows no financial figures tied to it.

Business overview

GalaxiaMoneytree is a KOSDAQ-listed software company, founded in 1994 and listed in 2007, with 39,229,838 listed shares. Market capitalisation is about ₩186.7B and enterprise value about ₩280.9B. Revenue grew from ₩94.5B in 2021 to ₩129.7B in 2025, with the fastest growth in 2022 (18.9%) and 2023 (17.9%). The latest twelve months to H1 2026 show revenue of ₩137.2B. The data does not break down business lines.

Financial analysis

These figures come from filed financial statements. Revenue for the twelve months to H1 2026 was ₩137.2B, with operating income of ₩19.1B (13.9% margin) and net income of ₩8.7B (6.3% margin). Return on equity is 7.3%, up from 0.7% in 2024.

In 2025, revenue was ₩129.7B, operating income ₩18.4B (14.2% margin) and net income ₩8.3B. In 2024, operating income was ₩13.2B but net income only ₩0.8B. Net losses were recorded in 2021 and 2023.

Borrowings are ₩137.0B against cash of ₩42.8B, so net borrowings are about ₩94.2B. Free cash flow over the period was ₩11.6B.

Valuation

The current price-to-earnings ratio is 21.6, price-to-book 1.5, price-to-sales 1.4, EV/EBITDA 13.9 and dividend yield 0.9%. Year-end price-to-earnings was 43.2 in 2025, and price-to-book was between 1.4 and 4.9 over 2021 to 2025, so the current price-to-book is at the lower end of its own history.

The listed peers show price-to-earnings of 7.2 to 10.5 for Krafton, NC, Netmarble and PearlAbyss, and 47.3 for Hyundai Autoever. Their price-to-book ranges from 0.5 to 4.8. These are not like-for-like businesses, so comparisons are loose.

The model, a 5-year discounted cash flow at a 6.3% rate, gives a base estimate of ₩3,196 per share, with a bear case of ₩778 and a bull case of ₩7,760. This is a model estimate based on the assumptions shown, not a target or a reason to buy or sell. The base case is about 32.9% below the ₩4,760 close, and the wide range shows high sensitivity to assumptions.

Catalysts

  • On 14 October 2026, news outlets including Chosun Biz, Yonhap and Asia Economy reported an agreement with Gwangju Bank on digital asset and stablecoin remittances.
  • The half-year report filed on 14 August 2026 is the latest set of financial figures, and the next quarterly filing will update the trend.
  • An investor relations event was filed on 27 August 2026.
  • An insider shareholding report and a 5%+ holding report were filed on 29 September 2026, which may relate to ownership changes, though details are not in the data.
  • Over 20 days, retail investors were net buyers of about ₩481M and foreigners of about ₩1.5B.

Risks

  • Revenue growth has stalled at 0.7% in 2025, so profit gains rely on margins holding.
  • Liabilities are 240.1% of equity and borrowings of ₩137.0B exceed cash of ₩42.8B.
  • Filings show a decision to increase short-term borrowings in April 2026 and a debt guarantee to a third party in May 2026, which add to financial exposure.
  • Earnings have been volatile, with net losses in 2021 and 2023 and net income of only ₩0.8B in 2024.
  • The share price is down 51.6% in a year and foreign ownership has fallen from 4.3% to 2.9%, showing weak market sentiment.

Closing view

The data shows a company whose profitability has improved clearly since 2023, with a 13.9% operating margin and positive free cash flow, but whose sales are flat and whose balance sheet is leveraged. The share price has fallen sharply, leaving multiples such as price-to-book of 1.5 below much of its own history, while the model's base estimate of ₩3,196 sits below the current price and spans a very wide range. The October agreement on digital assets is a notable news item, but the data does not show any financial effect. Overall the evidence is mixed: improving earnings quality against high leverage, low growth and weak market momentum.

Model estimate of fair value

Bear
₩778
-83%
Base
₩3,196
-30%
Bull
₩7,760
+71%

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 6.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 23, 2026InitiationStart of coverage (reader request)GalaxiaMoneytree: Profits Recovered Since 2024, but Shares Are Down 51.6% Over a Year

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