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Kocom

015710 · KOSDAQ · ₩015710 · 코콤

₩2,715▲ ₩5 (0.18%)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

₩1,529

vs the current price (₩2,715)

Enterprise value
₩10B
Equity value
₩27B
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 44% 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 ₩2,715, the model needs an operating margin of 3.6% every year (it uses 1.7%).
  • 100% 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 8.4× against a typical 25.4× 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
₩606
−77.7%
Base
₩1,529
−43.7%
Bull
₩3,333
+22.8%

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 (1.7%).

Revenue growth

  • 0.2%

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

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 0.9%

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

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 1.6%

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

    Default: the last 3 years' revenue growth (0.2% a year, annual reports), fading to 3% by year 5.

  • 2.3%

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

    Default: the last 3 years' revenue growth (0.2% 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 (0.2% a year, annual reports), fading to 3% by year 5.

Business

  • 1.7%

    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.

  • 1.3%

    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).

  • 1.2%

    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).

  • 25.9%

    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 0.2, 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)
₩81B
Net debt (borrowings and leases − cash and deposits)
−₩16B
+ Stakes and investments
₩577M
Associates, long-term financial assets and deposits (book value)
Shares
17,530,500
Share price
₩2,715
Market cap
₩48B

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₩100B₩105B₩96B₩81B₩82B₩84B₩85B₩88B
Growth5.5%4.5%−8.8%0.2%0.9%1.6%2.3%3.0%
EBIT₩1.9B₩3.7B₩3B₩1.4B₩1.4B₩1.4B₩1.5B₩1.5B
EBIT margin1.9%3.6%3.1%1.7%1.7%1.7%1.7%1.7%
After-tax EBIT₩1.4B₩2.7B₩2.2B₩1B₩1B₩1B₩1.1B₩1.1B
+ Depreciation₩1.2B₩1.3B₩1.4B₩1.1B₩1.1B₩1.1B₩1.1B₩1.1B
− Capital spending₩858M₩1.2B₩1.4B₩978M₩986M₩1B₩1B₩1.1B
− Working capital−₩9B−₩3.3B−₩2B₩42M₩190M₩341M₩497M₩664M
Free cash flow₩11B₩6.2B₩4.2B₩1B₩905M₩772M₩641M₩509M
Discount factor———0.9310.8670.8080.7520.700
Present value———₩972M₩785M₩624M₩482M₩356M

Terminal value ₩9.7B, worth ₩6.8B today: 68% 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 ₩7,381 a share)Now 0.37×₩3,5170.48×₩4,6770.63×₩6,6100.90×
Price / earnings (last 12 months: ₩324 a share)Now 8.39×₩3,98412.3×₩8,21925.4×₩16,47350.9×
P/E on run-rate earnings (Q2 2026 × 4: ₩310 a share)Now 8.75×₩3,81912.3×₩7,87925.4×₩15,79150.9×

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%₩1,727₩1,691₩1,645₩1,586₩1,509
6.9%₩1,663₩1,626₩1,581₩1,525₩1,452
7.4%₩1,609₩1,572₩1,529₩1,475₩1,408
7.9%₩1,562₩1,527₩1,485₩1,435₩1,373
8.4%₩1,522₩1,489₩1,449₩1,401₩1,344

Now (TTM)

Market cap
₩48B
Enterprise value
₩31B
P/E
8.4×
P/B
0.4×
P/S
0.6×
EV/EBITDA
—
Dividend yield
5.5%

Over time (at each year end)

20252024202320222021
Price₩3,480₩4,475₩4,700₩6,550₩6,740
Market cap₩61B₩78B₩82B₩115B₩118B
P/E10.7×32.7×27.1×—27.4×
P/B0.5×0.6×0.7×1.0×0.9×
P/S0.6×0.7×0.8×1.2×1.3×
EV/EBITDA8.5×11.8×22.1×—25.3×
Dividend yield4.3%1.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Kocom8.4×0.4×0.6×—5.5%
Samsung Electronics9.1×2.4×2.8×—0.7%
LG Electronics24.3×0.9×0.3×—0.9%
Hanwha Vision20.8×2.6×1.3×—0.0%
RFHIC41.5×3.7×6.8×—0.8%
KMW—5.3×8.6×—0.0%
Intellian Technologies13.9×2.1×1.7×—0.4%
Similar companies (median)20.8×2.5×2.2×—0.5%

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

Also known as: Kocom / 코콤 / 015710 / KRX:015710

Source: KRX statistical information