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DoubleUGames · 192080 · Software

DoubleUGames: Steady Profitability and Low Multiples, With a Wide Model Range

Why this report

Start of coverage: one of the 300 largest companies, written once its financial statements were in.

DoubleUGames (KOSPI: 192080) closed at ₩57,500 on 2026-10-12 with a market cap of about ₩1.2T, trading at 6.9x earnings and 0.9x book value. Filed statements show trailing revenue of ₩801.6B and an operating margin of 32.6%, while a DCF-based model estimate sits far above the current share price.

Written Oct 13, 2026 · Data as of Oct 12, 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 profitable, cash-rich software/games company with a very low liabilities-to-equity ratio of 10.5%. Revenue has grown for two years (8.8% in 2024, 13.6% in 2025), and trailing free cash flow of ₩263.6B is large relative to the ₩1.2T market cap.

The data does not show a clean upward path in profits. Operating margin fell from 39.3% in 2024 to 32.2% in 2025, and net income dropped from ₩187.2B to ₩131.3B. ROE moved from 18.7% to 11.3% before recovering to 14.5% on a trailing basis. The share price is down 5.9% over three months but up 13.6% over one year, and sits below its 52-week high of ₩76,500. Investor flow, foreign ownership and short-selling data are not available, and no news headlines were provided.

Business overview

DoubleUGames is listed on KOSPI in the Software sector. It was founded on 2012-05-01 and listed on 2019-03-12, with 21,495,906 listed shares. The CEO named in the data is 김가람. Revenue was ₩624.1B in 2021, ₩617.3B in 2022, ₩582.3B in 2023, ₩633.5B in 2024 and ₩719.9B in 2025. The data does not describe specific products or segments.

Financial analysis

All figures come from filed financial statements (DART). Trailing twelve months to H1 2026: revenue ₩801.6B, operating income ₩261.6B (32.6% margin), net income ₩179.4B (22.4% margin), ROE 14.5%.

Annual operating income was ₩190.4B in 2021, ₩183.9B in 2022, ₩213.3B in 2023, ₩248.7B in 2024 and ₩232.1B in 2025. 2022 showed a net loss of ₩132.2B (ROE -16.8%), despite positive operating income, which the data does not explain. Net income then recovered to ₩149.1B in 2023.

The balance sheet shows cash of ₩733.0B, and borrowings are not available in the data. Liabilities are 10.5% of equity. Enterprise value is about ₩503.0B, below market cap, reflecting the large cash balance.

Valuation

Current multiples are P/E 6.9x, P/B 0.9x, P/S 1.5x and a dividend yield of 1.9%. EV/EBITDA is not available. At the end of 2025 the P/E was 8.8x and P/B 1.0x; earlier year-end multiples are not available.

Among the listed peers, Netmarble trades at 7.3x earnings and 0.5x book, NC at 7.4x and 1.3x, PearlAbyss at 7.6x and 2.0x, Krafton at 10.9x and 1.3x, and Hyundai Autoever at 50.5x and 5.1x. DoubleUGames has the lowest P/E in this group.

The valuation model (5-year DCF, 5.1% rate, based on TTM to H1 2026) gives a base estimate of ₩380,046 per share, with a bear case of ₩250,283 and a bull case of ₩649,014. This is a model estimate based on the assumptions shown, not a target. Even the bear case is well above the ₩57,500 share price, which suggests the result is highly sensitive to the assumptions, notably the low discount rate.

Catalysts

  • The half-year report (Jun 2026) and preliminary earnings were filed on 2026-08-12 and 2026-08-14, showing the latest trailing figures.
  • Investor relations events were held on 2026-07-31 and 2026-08-14, around the earnings releases.
  • A change in the largest shareholder's holdings and 5%+ holding reports were filed on 2026-07-01 and 2026-07-03, which may point to shifts in ownership.
  • An amended 2025 annual report was filed on 2026-07-24; the data does not say what was changed.
  • A loan extension (existing loan maturity extended) was disclosed on 2026-05-18, a related-party or lending item worth watching.

Risks

  • Operating margin fell from 39.3% in 2024 to 32.2% in 2025, and profit has been uneven across years including a 2022 net loss.
  • Revenue declined in 2022 and 2023 before recovering, so growth has not been consistent.
  • The model estimate is far from the market price and depends heavily on the assumptions, so it should be treated with caution.
  • Investor flow, foreign ownership and short-balance data are unavailable, so market positioning cannot be assessed.
  • The amended annual report and the loan extension filing carry details not included in the data, leaving some uncertainty.

Closing view

The data shows a consistently profitable company with a strong cash position, low liabilities and the lowest P/E among the peers listed, alongside a share price below its 52-week high. Against that, margins and net income have been volatile, revenue has been uneven, and the model estimate is very wide and well above the market price, which limits how much weight it deserves. Missing flow and ownership data also leave gaps. Overall the evidence points to a business with solid cash generation but uncertain earnings durability, and it does not by itself settle how the market should value it.

Model estimate of fair value

Bear
₩250,283
+377%
Base
₩380,046
+624%
Bull
₩649,014
+1136%

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 5.1%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 13, 2026InitiationStart of coverage (300 largest)DoubleUGames: Steady Profitability and Low Multiples, With a Wide Model Range

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