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NICE Information Service

030190 · KOSPI · ₩030190 · NICE평가정보

₩17,220▼ ₩20 (0.12%)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

₩30,229

vs the current price (₩17,220)

Enterprise value
₩1.5T
Equity value
₩1.8T
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 76% 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 ₩17,220, the model needs an operating margin of 8.4% every year (it uses 15.9%).
  • Or revenue growth −15.5 points a year higher than assumed in each of the 5 years.
  • Today's P/E is 11.6× against a typical 11.2× 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
₩20,895
+21.3%
Base
₩30,229
+75.5%
Bull
₩45,572
+164.6%

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 (15.9%).

Revenue growth

  • 7.9%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 6.6%

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

    Default: the last 3 years' revenue growth (7.9% a year, annual reports), fading to 3% by year 5.

  • 5.4%

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

    Default: the last 3 years' revenue growth (7.9% 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 (7.9% 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 (7.9% a year, annual reports), fading to 3% by year 5.

Business

  • 15.9%

    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.

  • 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).

  • 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).

  • 7.7%

    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 -0.01, 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)
₩628B
Net debt (borrowings and leases − cash and deposits)
−₩107B
+ Stakes and investments
₩113B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩6.8B
Shares
58,268,741
Share price
₩17,220
Market cap
₩1T

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₩486B₩535B₩602B₩677B₩722B₩761B₩793B₩817B
Growth1.2%10.2%12.5%7.9%6.6%5.4%4.2%3.0%
EBIT₩65B₩87B₩104B₩108B₩115B₩121B₩126B₩130B
EBIT margin13.5%16.2%17.3%15.9%15.9%15.9%15.9%15.9%
After-tax EBIT₩47B₩63B₩76B₩78B₩83B₩88B₩91B₩94B
+ Depreciation₩15B₩16B₩17B₩20B₩22B₩23B₩24B₩25B
− Capital spending₩16B₩17B₩9.6B₩18B₩19B₩21B₩21B₩22B
− Working capital₩2.2B−₩17B−₩3.5B₩3.8B₩3.4B₩3B₩2.5B₩1.8B
Free cash flow₩45B₩80B₩87B₩76B₩82B₩87B₩91B₩95B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩71B₩71B₩70B₩69B₩66B

Terminal value ₩1.7T, worth ₩1.2T 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 ₩8,252 a share)Now 2.09×₩13,6041.65×₩16,0301.94×₩28,8713.50×
Price / earnings (last 12 months: ₩1,485 a share)Now 11.6×₩14,7219.91×₩16,58611.2×₩20,74814.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,741 a share)Now 9.89×₩17,2659.91×₩19,45311.2×₩24,33414.0×

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%
6.4%₩31,321₩33,562₩36,314₩39,774₩44,256
6.9%₩28,948₩30,768₩32,960₩35,651₩39,034
7.4%₩26,948₩28,449₩30,229₩32,372₩35,004
7.9%₩25,238₩26,494₩27,962₩29,702₩31,799
8.4%₩23,760₩24,822₩26,050₩27,486₩29,189

Now (TTM)

Market cap
₩1T
Enterprise value
₩897B
P/E
11.6×
P/B
2.1×
P/S
1.6×
EV/EBITDA
6.8×
Dividend yield
3.0%

Over time (at each year end)

20252024202320222021
Price₩17,000₩12,180₩9,470₩12,200₩18,000
Market cap₩991B₩710B₩552B₩711B₩1T
P/E12.8×9.3×9.8×13.5×19.2×
P/B2.1×1.7×1.5×2.1×3.5×
P/S1.6×1.3×1.1×1.5×2.2×
EV/EBITDA7.1×6.0×5.9×7.6×11.1×
Dividend yield3.0%3.8%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
NICE Information Service11.6×2.1×1.6×6.8×3.0%
NAVER13.1×0.9×2.1×—1.5%
Kakao37.5×1.1×1.6×—0.3%
Daou Technology1.9×0.4×0.0×—5.4%
Kinx35.9×4.0×5.2×15.7×0.3%
Cafe2411.3×1.5×1.3×—0.0%
coocon11.0×1.3×3.5×—1.2%
Similar companies (median)12.2×1.2×1.8×—0.8%

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

Also known as: NICE Information Service / NICE평가정보 / 030190 / KRX:030190

Source: KRX statistical information