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Golfzon · 215000 · Software

Golfzon: Shrinking Revenue and Margins, Shares Near 52-Week Low, Price Well Below Model Estimate

Why this report

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

Golfzon's shares closed at ₩35,250 on 2026-10-16, down 41.4% over one year and close to the 52-week low of ₩34,000. Revenue and profit have fallen for several years, while the stock trades at 0.5x book value and the model's base estimate is well above the current price.

Written Oct 18, 2026 · Data as of Oct 16, 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 business that has contracted from its 2022 peak. Revenue fell 9.5% in 2024 and 22.1% in 2025, and operating margin dropped from 24.1% in 2022 to 14.1% in 2025 and 9.5% on a trailing basis. ROE fell from 35.0% to 4.5%. The share price has followed, down 9.6% over three months and 41.4% over one year.

On the other side, the balance sheet looks light on debt. Borrowings are ₩1.4B against cash of ₩88.3B, and trailing free cash flow is ₩52.4B, above net income of ₩19.8B. The stock trades at 0.5x book and 11.2x earnings, and the indicated dividend yield is 11.3%. The data does not say whether that yield is sustainable, and no dividend history or payout figures are available.

Foreign ownership fell from 18.9% to 16.3% over 60 days, and over the last 20 days foreigners and institutions were small net sellers while retail investors were net buyers. The data does not explain the revenue decline, so the cause of the weakness cannot be determined from it.

Business overview

Golfzon is a KOSDAQ-listed software company (code 215000) with 6,275,415 listed shares and a market capitalization of about ₩221.2B. The company's founding date is shown as 2015-03-03, and it listed on 2015-04-03. The CEO is listed as 박강수, and filings show a change of CEO on 2026-03-27. Trailing revenue is ₩445.4B. Revenue was ₩440.3B in 2021, peaked at ₩685.1B in 2023, and fell to ₩483.3B in 2025. Recent news headlines concern a Golfzon Commerce equipment sales ranking and a partner card with Lotte Card offering up to 30% off at Golfzon Park. The data gives no segment breakdown.

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Model estimate of fair value

Bear
₩70,962
+112%
Base
₩106,654
+218%
Bull
₩165,816
+394%

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

Report history

  1. Oct 28, 2026Update noteNewsGolfzon County Sale to The Siena Group Reported; Link to Listed Golfzon Unclear
  2. Oct 21, 2026Update noteModel fair value changeGolfzon: Model Fair Value Estimate Rises 40% to ₩149,319 per Share, No New Filing Behind It
  3. Oct 18, 2026InitiationStart of coverage (reader request)Golfzon: Shrinking Revenue and Margins, Shares Near 52-Week Low, Price Well Below Model Estimate

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