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Mirae ING

007120 · KOSPI · ₩007120 · 미래아이앤지

₩1,020▼ ₩2 (0.20%)End-of-day · Oct 28, 2026 · End-of-day prices.
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Valuation model · Discounted cash flow (DCF)

We use a 5-year discounted cash flow: the value of the cash the business is expected to produce, in today's money.

Fair value per share

₩1,763

vs the current price (₩1,020)

Enterprise value
₩46B
Equity value
₩48B
WACC
7.4%

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

Why the model and the price differ

The model is 73% away from today's price. A gap this size usually means the market expects something the past figures don't show yet, or the model leaves something out. What we can see:

  • To match today's price of ₩1,020, the model needs an operating margin of 13.3% every year (it uses 23.0%).
  • Or revenue growth −13.2 points a year higher than assumed in each of the 5 years.
  • Margins ranged from 11.5% to 26.9% over the last 5 years, so this is a cyclical business. The model uses the average; the price may be set by where the cycle is now. Try the margin fade option.
  • The group includes a financial business (an insurer, bank or broker), whose investments and minority shareholders are left out here. A sum-of-the-parts view usually fits groups like this better.

Treat the model as a starting point: change the assumptions to the story you believe, and compare with the multiples check below.

Bear / Base / Bull

Bear
₩1,216
+19.2%
Base
₩1,763
+72.8%
Bull
₩2,652
+160.0%

Bear: revenue growth 3 points lower every year, EBIT margin 2 points lower, WACC 1 point higher. Bull: the opposite.

Assumptions

Sign in to change the assumptions and see the results update. Sign in

Cycle options

Margin path

Every year uses the cycle-average margin (23.0%).

Revenue growth

  • 3.3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

  • 3.2%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

  • 3.1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

  • 3.1%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

  • 3%

    How much sales grow that year, compared with the year before.

    Default: the last 3 years' revenue growth (3.3% a year, annual reports), fading to 3% by year 5.

Business

  • 23%

    Operating profit as a share of revenue.

    Default: through-the-cycle average of the last 12 months and the last 5 annual reports' operating margins.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 3%

    The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).

    Default: not in the statements, so a typical level.

  • 4%

    Money spent on factories, equipment, software and other long-term assets (% of revenue).

    Default: not in the statements, so a typical level.

  • 11.4%

    Stock and unpaid customer bills, less unpaid supplier bills, as a % of revenue. Each year's extra revenue ties up this much more cash.

    Default: working capital (current assets less cash and deposits, minus current liabilities other than borrowings) as a share of revenue, averaged over the last 3 years.

Discount rate

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.08%

    Yield on Korea's 10-year government bond: the return with almost no risk.

    Default: Korea Treasury Bond 10-year yield on 2026-10-29.

  • 0.6

    How much the share moves when the market moves: 1 means just like the market.

    Default: 105 weeks of weekly returns against KOSPI (official index); raw beta -0.12, adjusted toward 1 and kept between 0.6 and 2.0.

  • 5.5%

    The extra return investors want for owning shares instead of bonds.

    Default: a typical premium for Korean shares.

  • 5.58%

    The interest rate the company would pay to borrow.

    Default: the 10-year yield plus a 1.5% credit spread.

Starting point

Revenue (TTM to H1 2026)
₩14B
Net debt (borrowings and leases − cash and deposits)
−₩2.3B
Shares
27,323,114
Share price
₩1,020
Market cap
₩28B

TTM = trailing 12 months: the last four reported quarters added together. "TTM to H1 2026" is the 12 months up to the latest quarterly or half-year report (H1 = to the end of June). Year 1 grows from there.

Past years and projection

Grey columns are reported results from the annual reports (after-tax EBIT at the model's tax rate), so you can check the growth and margin assumptions against the past. Years 1–5 are the model.

FY2023FY2024FY2025Year 1Year 2Year 3Year 4Year 5
Revenue₩13B₩12B₩14B₩15B₩15B₩16B₩16B₩17B
Growth1.5%−10.2%20.7%3.3%3.2%3.1%3.1%3.0%
EBIT₩3.2B₩2B₩3.8B₩3.4B₩3.5B₩3.6B₩3.8B₩3.9B
EBIT margin24.8%17.2%26.9%23.0%23.0%23.0%23.0%23.0%
After-tax EBIT₩2.3B₩1.5B₩2.8B₩2.5B₩2.6B₩2.6B₩2.7B₩2.8B
+ Depreciation———₩447M₩461M₩475M₩490M₩505M
− Capital spending———₩595M₩615M₩634M₩653M₩673M
− Working capital−₩7B₩7.8B−₩447M₩54M₩54M₩54M₩56M₩56M
Free cash flow———₩2.3B₩2.4B₩2.4B₩2.5B₩2.6B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩2.1B₩2B₩2B₩1.9B₩1.8B

Terminal value ₩51B, worth ₩36B today: 79% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

Cross-check: what the market has paid before

For cyclical businesses, analysts check a DCF against the multiples the stock has traded at through past cycles. Price / book is the usual anchor for them: P/E looks highest at the bottom of a cycle, when earnings are smallest, and lowest at the top. The price each band would give today:

LowTypicalHigh
Price / book (book value ₩1,742 a share)Now 0.59×₩7810.45×₩1,0130.58×₩1,3660.78×

Low, typical and high are the 10th percentile, middle and 90th percentile of month-end multiples since 2021, each against the latest report out by then, per share at today's share count; loss years and P/E above 100 are left out. Run-rate earnings are one quarter × 4, not a forecast. Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Sensitivity

Fair value per share as two inputs change; the middle is the current case.

WACC ↓ · Terminal growth →1.0%1.5%2.0%2.5%3.0%
6.4%₩1,832₩1,976₩2,152₩2,373₩2,660
6.9%₩1,681₩1,797₩1,937₩2,110₩2,326
7.4%₩1,553₩1,649₩1,763₩1,900₩2,069
7.9%₩1,444₩1,524₩1,618₩1,730₩1,864
8.4%₩1,350₩1,418₩1,496₩1,588₩1,697

Now (TTM)

Market cap
₩28B
Enterprise value
₩10B
P/E
—
P/B
0.6×
P/S
1.9×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩920₩861₩1,405₩1,400₩2,350
Market cap₩25B₩24B₩38B₩38B₩64B
P/E—————
P/B0.5×0.5×0.7×0.6×0.9×
P/S1.8×2.0×2.9×3.0×8.2×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Mirae ING—0.6×1.9×—0.0%
Samsung SDS26.5×1.7×1.2×—1.4%
LG CNS15.9×2.5×1.2×—2.3%
DB7.5×1.0×0.7×16.9×0.0%
Itcenglobal7.1×3.1×0.0×—0.0%
Lotte Innovate15.6×0.6×0.2×—3.9%
Shinsegae Information & Communication6.4×0.4×0.3×0.8×0.0%
Similar companies (median)11.6×1.3×0.5×8.8×0.7%

Calculated from end-of-day prices and filed financial statements. Not a recommendation. This is not financial advice.

Also known as: Mirae ING / 미래아이앤지 / 007120 / KRX:007120

Source: KRX statistical information