KOSDAQ · 0117P0 · Retail & Trade · ₩0117P0

Piece Peace Studio피스피스스튜디오

0117P0 · KOSDAQ · ₩0117P0 · 피스피스스튜디오

₩3,985▼ ₩70 (1.73%)End-of-day · Oct 30, 2026 · End-of-day prices.

Trade

Sell Buy

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

₩17,107

vs the current price (₩3,985)

Enterprise value: ₩174B
Equity value: ₩242B
WACC: 9.5%

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 329% 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 ₩3,985, the model needs an operating margin of −1.1% every year (it uses 14.2%).

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: ₩13,228; +231.9%
Base: ₩17,107; +329.3%
Bull: ₩22,931; +475.4%

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

Assumptions

Cycle options

Margin path

Every year uses the cycle-average margin (14.2%).

Revenue growth

Revenue growth, year 13%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 23%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 33%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 43%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: not enough revenue history, so 3%.

Business

EBIT margin14.2%
Operating profit as a share of revenue.
Default: through-the-cycle average of the last 12 months and the last 1 annual reports' operating margins.
Tax rate27.5%
Share of operating profit paid as corporate tax.
Default: Korea's top corporate tax rate (25%) plus 10% local income tax.
Depreciation & amortisation2%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
Capital spending0.1%
Money spent on factories, equipment, software and other long-term assets (% of revenue).
Default: average of the last 1 annual reports (cash flow statements; equipment and intangibles).
Working capital12.3%
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 1 years.

Discount rate

Terminal growth2%
How fast cash flows keep growing every year after year 5.
Default: about Korea's long-run inflation plus real growth.
Risk-free rate4.01%
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.
Beta1
How much the share moves when the market moves: 1 means just like the market.
Default: not enough price history yet, so 1.0 (the market average).
Equity risk premium5.5%
The extra return investors want for owning shares instead of bonds.
Default: a typical premium for Korean shares.
Cost of debt (before tax)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): ₩118B
Net debt (borrowings and leases − cash and deposits): −₩68B
Shares: 14,168,911
Share price: ₩3,985
Market cap: ₩56B

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.

	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩118B	₩121B	₩125B	₩129B	₩133B	₩137B
Growth	—	3.0%	3.0%	3.0%	3.0%	3.0%
EBIT	₩17B	₩17B	₩18B	₩18B	₩19B	₩19B
EBIT margin	14.2%	14.2%	14.2%	14.2%	14.2%	14.2%
After-tax EBIT	₩12B	₩12B	₩13B	₩13B	₩14B	₩14B
+ Depreciation	₩2.4B	₩2.4B	₩2.5B	₩2.6B	₩2.7B	₩2.7B
− Capital spending	₩94M	₩121M	₩125M	₩129M	₩133M	₩137M
− Working capital	—	₩435M	₩448M	₩461M	₩475M	₩490M
Free cash flow	₩14B	₩14B	₩15B	₩15B	₩16B	₩16B
Discount factor	—	0.913	0.834	0.761	0.695	0.635
Present value	—	₩13B	₩12B	₩12B	₩11B	₩10B

Terminal value ₩183B, worth ₩116B today: 67% of enterprise value. It assumes spending settles at 110% of depreciation once growth slows to the terminal rate.

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%
8.5%	₩17,624	₩18,226	₩18,920	₩19,729	₩20,684
9.0%	₩16,848	₩17,362	₩17,949	₩18,626	₩19,415
9.5%	₩16,162	₩16,605	₩17,107	₩17,680	₩18,340
10.0%	₩15,552	₩15,937	₩16,369	₩16,858	₩17,416
10.5%	₩15,006	₩15,342	₩15,717	₩16,138	₩16,615

Now (TTM)

Market cap: ₩56B
Enterprise value: −₩27B
P/E: 5.0×
P/B: 0.3×
P/S: 0.5×
EV/EBITDA: —
Dividend yield: 0.0%

Over time (at each year end)

Loading data for this company — check back soon

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Piece Peace Studio	5.0×	0.3×	0.5×	—	0.0%
Samsung C&T	18.1×	0.5×	1.2×	—	0.9%
POSCO International	10.3×	1.2×	0.3×	—	3.8%
ISC	42.6×	5.7×	11.9×	—	0.5%
Youngone	5.2×	0.7×	0.7×	—	3.0%
Dong SUH Companies	19.6×	1.7×	5.3×	—	4.0%
SK Gas	7.4×	0.6×	0.3×	—	3.5%
Similar companies (median)	14.2×	1.0×	0.9×	—	3.3%

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

Also known as: Piece Peace Studio / 피스피스스튜디오 / 0117P0 / KRX:0117P0

Source: KRX statistical information