Ask Warren

Inzi Controls

023800 · KOSPI · ₩023800 · 인지컨트롤스

₩4,620▼ ₩40 (0.86%)End-of-day · Oct 29, 2026 · End-of-day prices.
Trade
Alert me
SellBuy

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

₩35,934

vs the current price (₩4,620)

Enterprise value
₩748B
Equity value
₩568B
WACC
4.7%

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 678% 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 ₩4,620, the model needs an operating margin of 1.8% every year (it uses 3.9%).
  • Or revenue growth −20.3 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 3.0× against a typical 7.9× 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
—
Base
₩35,934
+677.8%
Bull
₩130,103
+2,716.1%

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 (3.9%).

Revenue growth

  • 8%

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

    Default: the last 3 years' revenue growth (8% a year, annual reports), fading to 3% by year 5.

  • 6.7%

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

    Default: the last 3 years' revenue growth (8% a year, annual reports), fading to 3% by year 5.

  • 5.5%

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

    Default: the last 3 years' revenue growth (8% a year, annual reports), fading to 3% by year 5.

  • 4.2%

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

    Default: the last 3 years' revenue growth (8% 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% a year, annual reports), fading to 3% by year 5.

Business

  • 3.9%

    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.

  • 5.2%

    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).

  • 6.4%

    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).

  • -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

  • 2%

    How fast cash flows keep growing every year after year 5.

    Default: about Korea's long-run inflation plus real growth.

  • 4.01%

    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.

  • 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 0.3, 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.

  • 5.51%

    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)
₩723B
Net debt (borrowings and leases − cash and deposits)
₩273B
+ Stakes and investments
₩102B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩8B
Shares
15,809,197
Share price
₩4,620
Market cap
₩73B

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₩634B₩649B₩718B₩781B₩833B₩879B₩916B₩943B
Growth11.2%2.4%10.6%8.0%6.7%5.5%4.2%3.0%
EBIT₩21B₩26B₩40B₩30B₩32B₩34B₩36B₩37B
EBIT margin3.3%4.1%5.5%3.9%3.9%3.9%3.9%3.9%
After-tax EBIT₩15B₩19B₩29B₩22B₩24B₩25B₩26B₩27B
+ Depreciation———₩41B₩43B₩46B₩48B₩49B
− Capital spending₩69B₩27B₩31B₩50B₩53B₩56B₩59B₩60B
− Working capital−₩25B₩56B₩165B−₩2.3B−₩2.1B−₩1.8B−₩1.5B−₩1.1B
Free cash flow———₩15B₩16B₩16B₩16B₩16B
Discount factor———0.9550.9120.8710.8320.795
Present value———₩14B₩14B₩14B₩14B₩13B

Terminal value ₩853B, worth ₩678B today: 91% 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 ₩16,542 a share)Now 0.28×₩6,5640.40×₩9,0870.55×₩15,4430.93×
Price / earnings (last 12 months: ₩1,515 a share)Now 3.05×₩7,6665.06×₩12,0057.92×₩45,67330.1×
P/E on run-rate earnings (Q2 2026 × 4: ₩3,910 a share)Now 1.18×₩19,7815.06×₩30,9787.92×₩117,84930.1×

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%
3.7%₩36,981₩47,696₩64,743₩96,082₩172,623
4.2%₩29,179₩36,454₩47,050₩63,909₩94,901
4.7%₩23,494₩28,739₩35,934₩46,413₩63,086
5.2%₩19,170₩23,118₩28,305₩35,420₩45,784
5.7%₩15,772₩18,842₩22,747₩27,876₩34,914

Now (TTM)

Market cap
₩73B
Enterprise value
₩341B
P/E
3.0×
P/B
0.3×
P/S
0.1×
EV/EBITDA
—
Dividend yield
5.8%

Over time (at each year end)

20252024202320222021
Price₩6,410₩5,680₩8,100₩6,990₩15,300
Market cap₩101B₩90B₩128B₩111B₩242B
P/E6.3×8.8×9.2×7.9×70.2×
P/B0.4×0.4×0.6×0.6×1.3×
P/S0.1×0.1×0.2×0.2×0.5×
EV/EBITDA———1.9×7.0×
Dividend yield4.2%2.6%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Inzi Controls3.0×0.3×0.1×—5.8%
Hyundai Mobis8.7×0.6×0.5×—1.8%
SL6.0×0.9×0.4×3.7×0.0%
HL Mando10.7×0.6×0.2×—1.9%
Samhyun—12.1×17.1×—0.0%
Hyundai WIA19.4×0.4×0.2×—2.4%
SNT Dynamics13.0×0.7×0.8×—7.0%
Similar companies (median)10.7×0.7×0.5×3.7×1.9%

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

Also known as: Inzi Controls / 인지컨트롤스 / 023800 / KRX:023800

Source: KRX statistical information