KOSPI · 014990 · Textiles & Apparel · ₩014990

In the F인디에프

014990 · KOSPI · ₩014990 · 인디에프

₩3,340▼ ₩30 (0.89%)End-of-day · Oct 28, 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

With these assumptions the model gives no positive value.

Enterprise value: −₩40B
Equity value: −₩84B
WACC: 5.8%

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 gives no positive value at these assumptions. What we can see:

To match today's price of ₩3,340, the model needs an operating margin of 5.5% every year (it uses −2.8%).
Margins ranged from −14.9% to 1.1% 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.

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: —
Base: —
Bull: —

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 (−2.8%).

Revenue growth

Revenue growth, year 1-8.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-5.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-2.6%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 40.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.2% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 53%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-8.2% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin-2.8%
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.
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 & amortisation6.8%
The non-cash cost of wearing out equipment, added back to cash flow (% of revenue).
Default: average of the last 3 annual reports (cash flow statements; equipment and intangibles).
Capital spending1.7%
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).
Working capital10.1%
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

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 rate4.08%
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.
Beta0.6
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 -1.11, adjusted toward 1 and kept between 0.6 and 2.0.
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)5.58%
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): ₩105B
Net debt (borrowings and leases − cash and deposits): ₩44B
Shares: 15,022,599
Share price: ₩3,340
Market cap: ₩50B

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.

	FY2023	FY2024	FY2025	Year 1	Year 2	Year 3	Year 4	Year 5
Revenue	₩126B	₩115B	₩105B	₩96B	₩91B	₩89B	₩89B	₩92B
Growth	−6.5%	−9.3%	−8.8%	−8.2%	−5.4%	−2.6%	0.2%	3.0%
EBIT	−₩2.7B	−₩827M	₩1.2B	−₩2.7B	−₩2.6B	−₩2.5B	−₩2.5B	−₩2.6B
EBIT margin	−2.1%	−0.7%	1.1%	−2.8%	−2.8%	−2.8%	−2.8%	−2.8%
After-tax EBIT	−₩2B	−₩600M	₩864M	−₩2B	−₩1.9B	−₩1.8B	−₩1.8B	−₩1.9B
+ Depreciation	₩8.6B	₩7.6B	₩7.2B	₩6.6B	₩6.2B	₩6B	₩6.1B	₩6.2B
− Capital spending	₩1.6B	₩2.2B	₩2.1B	₩1.6B	₩1.5B	₩1.5B	₩1.5B	₩1.6B
− Working capital	−₩3.2B	₩11B	−₩676M	−₩869M	−₩526M	−₩239M	₩18M	₩270M
Free cash flow	₩8.3B	−₩6.3B	₩6.6B	₩3.8B	₩3.3B	₩3B	₩2.7B	₩2.5B
Discount factor	—	—	—	0.945	0.893	0.844	0.797	0.753
Present value	—	—	—	₩3.6B	₩3B	₩2.5B	₩2.2B	₩1.9B

Terminal value −₩71B, worth −₩54B today: 133% 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:

	Low	Typical	High
Price / book (book value ₩2,632 a share)Now 1.27×	₩3,1891.21×	₩4,9961.90×	₩8,0873.07×

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%
4.8%	—	—	—	—	—
5.3%	—	—	—	—	—
5.8%	—	—	—	—	—
6.3%	—	—	—	—	—
6.8%	—	—	—	—	—

Now (TTM)

Market cap: ₩50B
Enterprise value: ₩84B
P/E: 32.5×
P/B: 1.3×
P/S: 0.5×
EV/EBITDA: 8.0×
Dividend yield: 0.0%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩4,350	₩4,575	₩3,995	₩7,550	₩6,550
Market cap	₩65B	₩69B	₩60B	₩113B	₩98B
P/E	—	—	—	—	—
P/B	1.7×	1.8×	1.5×	3.0×	2.6×
P/S	0.6×	0.6×	0.5×	0.8×	0.7×
EV/EBITDA	11.7×	15.5×	15.1×	—	—
Dividend yield	0.0%	—	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
In the F	32.5×	1.3×	0.5×	8.0×	0.0%
F&F	4.5×	1.1×	1.2×	—	4.4%
LF	5.5×	0.4×	0.3×	4.5×	3.3%
Chokwang Leather	43.6×	0.7×	4.8×	57.9×	0.0%
Handsome	7.1×	0.3×	0.3×	—	0.0%
Hansae	9.4×	0.4×	0.2×	—	0.0%
JS	4.0×	0.6×	0.2×	—	5.3%
Similar companies (median)	6.3×	0.5×	0.3×	31.2×	1.6%

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

Also known as: In the F / 인디에프 / 014990 / KRX:014990

Source: KRX statistical information