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KidariStudio

020120 · KOSPI · ₩020120 · 키다리스튜디오

₩3,630▼ ₩100 (2.68%)End-of-day · Oct 28, 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

₩6,012

vs the current price (₩3,630)

Enterprise value
₩144B
Equity value
₩223B
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 66% 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 ₩3,630, the model needs an operating margin of 1.6% every year (it uses 3.8%).
  • Or revenue growth −17.4 points a year higher than assumed in each of the 5 years.
  • Margins ranged from −3.4% to 5.8% 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
₩3,380
−6.9%
Base
₩6,012
+65.6%
Bull
₩10,605
+192.1%

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 (3.8%).

Revenue growth

  • 8.7%

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

    Default: the last 3 years' revenue growth (8.7% a year, annual reports), fading to 3% by year 5.

  • 7.3%

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

    Default: the last 3 years' revenue growth (8.7% a year, annual reports), fading to 3% by year 5.

  • 5.8%

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

    Default: the last 3 years' revenue growth (8.7% a year, annual reports), fading to 3% by year 5.

  • 4.4%

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

    Default: the last 3 years' revenue growth (8.7% 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 (8.7% a year, annual reports), fading to 3% by year 5.

Business

  • 3.8%

    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.

  • 27.5%

    Share of operating profit paid as corporate tax.

    Default: Korea's top corporate tax rate (25%) plus 10% local income tax.

  • 2.2%

    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).

  • 2.7%

    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).

  • -6.9%

    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 0.23, 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)
₩240B
Net debt (borrowings and leases − cash and deposits)
−₩49B
+ Stakes and investments
₩30B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩248M
Shares
37,071,266
Share price
₩3,630
Market cap
₩135B

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₩171B₩205B₩217B₩261B₩280B₩296B₩309B₩319B
Growth0.9%20.0%6.0%8.7%7.3%5.8%4.4%3.0%
EBIT−₩5.7B₩2.2B₩12B₩9.9B₩11B₩11B₩12B₩12B
EBIT margin−3.4%1.1%5.7%3.8%3.8%3.8%3.8%3.8%
After-tax EBIT−₩4.2B₩1.6B₩9B₩7.2B₩7.7B₩8.2B₩8.5B₩8.8B
+ Depreciation———₩5.7B₩6.2B₩6.5B₩6.8B₩7B
− Capital spending₩6.3B₩453M₩9.3B₩7.1B₩7.6B₩8B₩8.4B₩8.6B
− Working capital₩1.1B−₩29B−₩25B−₩1.4B−₩1.3B−₩1.1B−₩900M−₩641M
Free cash flow———₩7.3B₩7.6B₩7.8B₩7.9B₩7.8B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩6.8B₩6.6B₩6.3B₩5.9B₩5.5B

Terminal value ₩162B, worth ₩113B today: 78% 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 ₩5,575 a share)Now 0.65×₩3,3620.60×₩4,2680.77×₩10,6231.91×

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%₩6,068₩6,446₩6,911₩7,496₩8,255
6.9%₩5,729₩6,040₩6,415₩6,877₩7,458
7.4%₩5,443₩5,703₩6,012₩6,385₩6,843
7.9%₩5,198₩5,419₩5,677₩5,984₩6,354
8.4%₩4,987₩5,176₩5,395₩5,651₩5,956

Now (TTM)

Market cap
₩135B
Enterprise value
₩86B
P/E
10.9×
P/B
0.7×
P/S
0.6×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩3,395₩3,360₩5,460₩9,150₩15,900
Market cap₩126B₩125B₩202B₩339B₩589B
P/E19.0×———166.1×
P/B0.6×0.6×1.0×1.3×2.6×
P/S0.6×0.6×1.2×2.0×4.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
KidariStudio10.9×0.7×0.6×—0.0%
NAVER13.4×0.9×2.1×—1.5%
Kakao38.1×1.1×1.6×—0.3%
Daou Technology1.9×0.4×0.0×—5.4%
NICE Information Service11.6×2.1×1.6×6.8×3.0%
Kinx31.7×3.6×4.6×13.9×0.4%
Cafe2411.6×1.6×1.3×—0.0%
Similar companies (median)12.5×1.3×1.6×6.8×0.9%

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

Also known as: KidariStudio / 키다리스튜디오 / 020120 / KRX:020120

Source: KRX statistical information