KOSPI · 015360 · Business services · ₩015360

InveniINVENI

015360 · KOSPI · ₩015360 · INVENI

₩14,000▲ ₩170 (1.23%)End-of-day · Oct 29, 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

₩22,557

vs the current price (₩14,000)

Enterprise value: ₩597B
Equity value: ₩592B
WACC: 7.3%

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 61% 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 ₩14,000, the model needs an operating margin of 2.7% every year (it uses 4.1%).
Or revenue growth −9.3 points a year higher than assumed in each of the 5 years.
Margins ranged from 0.0% to 8.4% 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.
Today's P/E is 4.5× against a typical 8.8× 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: ₩7,083; −49.4%
Base: ₩22,557; +61.1%
Bull: ₩49,933; +256.7%

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 (4.1%).

Revenue growth

Revenue growth, year 1-3.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 2-1.8%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 3-0.2%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.4% a year, annual reports), fading to 3% by year 5.
Revenue growth, year 41.4%
How much sales grow that year, compared with the year before.
Default: the last 3 years' revenue growth (-3.4% 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 (-3.4% a year, annual reports), fading to 3% by year 5.

Business

EBIT margin4.1%
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 & amortisation2.6%
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).
Capital spending3.3%
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 capital-2.4%
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

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 -0.08, 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): ₩1.3T
Net debt (borrowings and leases − cash and deposits): ₩5.4B
Shares: 26,250,000
Share price: ₩14,000
Market cap: ₩368B

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	₩1.4T	₩1.2T	₩1.3T	₩1.3T	₩1.2T	₩1.2T	₩1.3T	₩1.3T
Growth	−2.8%	−18.9%	14.4%	−3.4%	−1.8%	−0.2%	1.4%	3.0%
EBIT	₩57B	₩24B	₩112B	₩52B	₩51B	₩51B	₩52B	₩53B
EBIT margin	4.0%	2.1%	8.4%	4.1%	4.1%	4.1%	4.1%	4.1%
After-tax EBIT	₩42B	₩18B	₩81B	₩38B	₩37B	₩37B	₩37B	₩39B
+ Depreciation	—	—	—	₩33B	₩32B	₩32B	₩33B	₩34B
− Capital spending	₩60B	₩39B	₩30B	₩42B	₩41B	₩41B	₩42B	₩43B
− Working capital	−₩76B	−₩62B	₩51B	₩1.1B	₩548M	₩60M	−₩418M	−₩908M
Free cash flow	—	—	—	₩28B	₩28B	₩28B	₩29B	₩30B
Discount factor	—	—	—	0.932	0.868	0.809	0.753	0.702
Present value	—	—	—	₩26B	₩24B	₩23B	₩22B	₩21B

Terminal value ₩686B, worth ₩481B today: 81% 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 ₩26,373 a share)Now 0.53×	₩9,0690.34×	₩11,8270.45×	₩15,3140.58×
Price / earnings (last 12 months: ₩3,116 a share)Now 4.49×	₩13,7864.42×	₩27,4088.80×	₩136,96744.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,349 a share)Now 10.4×	₩5,9684.42×	₩11,8658.80×	₩59,29444.0×

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%
6.3%	₩23,204	₩25,350	₩27,993	₩31,327	₩35,662
6.8%	₩21,125	₩22,877	₩24,993	₩27,597	₩30,883
7.3%	₩19,376	₩20,830	₩22,557	₩24,642	₩27,209
7.8%	₩17,885	₩19,107	₩20,540	₩22,242	₩24,298
8.3%	₩16,598	₩17,639	₩18,844	₩20,256	₩21,934

Now (TTM)

Market cap: ₩368B
Enterprise value: ₩341B
P/E: 4.5×
P/B: 0.5×
P/S: 0.3×
EV/EBITDA: —
Dividend yield: 7.7%

Over time (at each year end)

	2025	2024	2023	2022	2021
Price	₩13,300	₩10,080	₩6,600	₩6,300	₩7,160
Market cap	₩349B	₩265B	₩173B	₩165B	₩188B
P/E	4.0×	9.1×	7.3×	—	8.7×
P/B	0.5×	0.6×	0.4×	0.3×	0.4×
P/S	0.3×	0.2×	0.1×	0.1×	0.1×
EV/EBITDA	—	—	—	—	—
Dividend yield	8.1%	7.9%	—	—	—

Versus similar companies

Company	P/E	P/B	P/S	EV/EBITDA	Dividend yield
Inveni	4.5×	0.5×	0.3×	—	7.7%
S-1	24.0×	2.1×	1.3×	—	0.0%
Cheil Worldwide	9.8×	1.3×	0.5×	—	6.5%
Doosan Tesna	54.7×	4.1×	5.7×	—	0.2%
Lotte Tour Development	15.4×	2.2×	1.1×	—	0.0%
Soulbrain Holdings	1.3×	0.4×	1.3×	—	1.3%
Innocean Worldwide	5.5×	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: Inveni / INVENI / 015360 / KRX:015360

Source: KRX statistical information