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Itcenentec

010280 · KOSDAQ · ₩010280 · 아이티센엔텍

₩4,950▲ ₩65 (1.33%)End-of-day · Oct 30, 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

₩31,999

vs the current price (₩4,950)

Enterprise value
₩359B
Equity value
₩417B
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 546% 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 ₩4,950, the model needs an operating margin of 0.1% every year (it uses 2.9%).
  • 40% of the last 12 months' net profit came from outside operations (stakes in other companies, interest, one-offs). The model adds those stakes at book value but doesn't project that income.
  • Today's P/E is 1.5× against a typical 5.5× over the last 10 years.

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
₩10,034
+102.7%
Base
₩31,999
+546.5%
Bull
₩70,449
+1,323.2%

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 (2.9%).

Revenue growth

  • 20.7%

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

    Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.

  • 16.3%

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

    Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.

  • 11.9%

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

    Default: the last 3 years' revenue growth (20.7% a year, annual reports), fading to 3% by year 5.

  • 7.4%

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

    Default: the last 3 years' revenue growth (20.7% 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 (20.7% a year, annual reports), fading to 3% by year 5.

Business

  • 2.9%

    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.

  • 2.8%

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

    Default: not in the statements, so 80% of capital spending (most spending replaces equipment that wears out).

  • 3.5%

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

    Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).

  • -8.2%

    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.

  • 4.01%

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

    Default: Korea Treasury Bond 10-year yield on 2026-10-30.

  • 0.62

    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 0.44, 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.

  • 5.51%

    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)
₩607B
Net debt (borrowings and leases − cash and deposits)
−₩14B
+ Stakes and investments
₩44B
Associates, long-term financial assets and deposits (book value)
Shares
13,024,757
Share price
₩4,950
Market cap
₩64B

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₩392B₩442B₩572B₩733B₩852B₩954B₩1T₩1.1T
Growth20.7%12.6%29.5%20.7%16.3%11.9%7.4%3.0%
EBIT₩8.4B₩9.4B₩21B₩21B₩25B₩28B₩30B₩31B
EBIT margin2.1%2.1%3.6%2.9%2.9%2.9%2.9%2.9%
After-tax EBIT₩6.1B₩6.8B₩15B₩15B₩18B₩20B₩22B₩22B
+ Depreciation———₩21B₩24B₩27B₩29B₩30B
− Capital spending₩91M₩37B₩13B₩26B₩30B₩33B₩36B₩37B
− Working capital₩33B−₩11B₩3.6B−₩10B−₩9.8B−₩8.3B−₩5.8B−₩2.5B
Free cash flow———₩21B₩22B₩22B₩20B₩17B
Discount factor———0.9310.8670.8070.7510.699
Present value———₩19B₩19B₩17B₩15B₩12B

Terminal value ₩395B, worth ₩276B today: 77% 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 ₩8,880 a share)Now 0.56×₩5,5510.63×₩7,8910.89×₩12,9391.46×
Price / earnings (last 12 months: ₩3,261 a share)Now 1.52×₩8,4662.60×₩17,7935.46×₩225,94069.3×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,530 a share)Now 3.24×₩3,9722.60×₩8,3485.46×₩105,99869.3×

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%₩32,057₩34,816₩38,205₩42,465₩47,979
6.9%₩29,745₩32,031₩34,787₩38,171₩42,426
7.4%₩27,793₩29,717₩31,999₩34,751₩38,130
7.9%₩26,124₩27,763₩29,684₩31,962₩34,709
8.4%₩24,679₩26,092₩27,729₩29,646₩31,920

Now (TTM)

Market cap
₩64B
Enterprise value
₩50B
P/E
1.5×
P/B
0.6×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩4,859₩3,198₩4,479₩3,949₩4,764
Market cap₩63B₩42B₩58B₩51B₩62B
P/E2.7×3.6×10.7×4.3×—
P/B0.6×0.5×0.9×0.9×1.4×
P/S0.1×0.1×0.1×0.2×0.3×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Itcenentec1.5×0.6×0.1×—0.0%
Samsung SDS24.2×1.5×1.1×—1.6%
LG CNS14.5×2.3×1.1×—2.6%
Itcenglobal6.7×2.9×0.0×—0.0%
DB6.7×0.9×0.6×15.7×0.0%
Lotte Innovate14.9×0.6×0.2×—4.1%
Contec20.8×1.6×2.4×—0.0%
Similar companies (median)14.7×1.6×0.9×15.7×0.8%

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

Also known as: Itcenentec / 아이티센엔텍 / 010280 / KRX:010280

Source: KRX statistical information