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Oricom

010470 · KOSDAQ · ₩010470 · 오리콤

₩4,885▲ ₩25 (0.51%)End-of-day · Oct 29, 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

₩22,177

vs the current price (₩4,885)

Enterprise value
₩179B
Equity value
₩266B
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 354% 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 ₩4,885, the model needs an operating margin of −1.0% every year (it uses 4.9%).
  • Today's P/E is 7.5× against a typical 9.2× 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
₩13,782
+182.1%
Base
₩22,177
+354.0%
Bull
₩36,582
+648.9%

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 (4.9%).

Revenue growth

  • 6.2%

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

    Default: the last 3 years' revenue growth (6.2% a year, annual reports), fading to 3% by year 5.

  • 5.4%

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

    Default: the last 3 years' revenue growth (6.2% a year, annual reports), fading to 3% by year 5.

  • 4.6%

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

    Default: the last 3 years' revenue growth (6.2% a year, annual reports), fading to 3% by year 5.

  • 3.8%

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

    Default: the last 3 years' revenue growth (6.2% 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 (6.2% a year, annual reports), fading to 3% by year 5.

Business

  • 4.9%

    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.

  • 0.7%

    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).

  • 0.9%

    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).

  • -10%

    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 0.09, 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)
₩226B
Net debt (borrowings and leases − cash and deposits)
−₩87B
+ Stakes and investments
₩500M
Associates, long-term financial assets and deposits (book value)
Shares
11,975,050
Share price
₩4,885
Market cap
₩58B

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₩219B₩215B₩228B₩240B₩253B₩265B₩275B₩283B
Growth15.0%−1.7%6.0%6.2%5.4%4.6%3.8%3.0%
EBIT₩12B₩12B₩8.9B₩12B₩12B₩13B₩13B₩14B
EBIT margin5.6%5.6%3.9%4.9%4.9%4.9%4.9%4.9%
After-tax EBIT₩8.8B₩8.7B₩6.5B₩8.5B₩9B₩9.4B₩9.8B₩10B
+ Depreciation———₩1.7B₩1.8B₩1.9B₩1.9B₩2B
− Capital spending₩4B₩988M₩711M₩2.2B₩2.3B₩2.4B₩2.5B₩2.5B
− Working capital−₩5.9B₩17B−₩3.8B−₩1.4B−₩1.3B−₩1.2B−₩1B−₩824M
Free cash flow———₩9.4B₩9.8B₩10B₩10B₩10B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩8.8B₩8.5B₩8.1B₩7.7B₩7.2B

Terminal value ₩197B, worth ₩138B 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 ₩10,888 a share)Now 0.45×₩5,9490.55×₩8,3450.77×₩15,9061.46×
Price / earnings (last 12 months: ₩655 a share)Now 7.46×₩4,5236.91×₩6,0059.17×₩11,07716.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩692 a share)Now 7.06×₩4,7776.91×₩6,3429.17×₩11,69716.9×

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%₩22,379₩23,817₩25,585₩27,811₩30,697
6.9%₩21,094₩22,278₩23,707₩25,463₩27,674
7.4%₩20,011₩21,001₩22,177₩23,596₩25,341
7.9%₩19,084₩19,924₩20,908₩22,077₩23,486
8.4%₩18,284₩19,004₩19,838₩20,815₩21,976

Now (TTM)

Market cap
₩58B
Enterprise value
−₩30B
P/E
7.5×
P/B
0.4×
P/S
0.3×
EV/EBITDA
—
Dividend yield
5.5%

Over time (at each year end)

20252024202320222021
Price₩5,930₩6,920₩10,590₩15,400₩6,420
Market cap₩71B₩83B₩127B₩184B₩77B
P/E9.2×8.4×12.9×15.0×12.5×
P/B0.5×0.7×1.1×1.7×0.8×
P/S0.3×0.4×0.6×1.0×0.5×
EV/EBITDA—————
Dividend yield4.6%3.9%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Oricom7.5×0.4×0.3×—5.5%
S-124.0×2.1×1.3×—0.0%
Cheil Worldwide9.8×1.3×0.5×—6.5%
Doosan Tesna54.7×4.1×5.7×—0.2%
Lotte Tour Development15.4×2.2×1.1×—0.0%
Soulbrain Holdings1.3×0.4×1.3×—1.3%
Innocean Worldwide5.5×0.6×0.3×—6.7%
Similar companies (median)12.6×1.7×1.2×—0.7%

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

Also known as: Oricom / 오리콤 / 010470 / KRX:010470

Source: KRX statistical information