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Eyesvision

031310 · KOSDAQ · ₩031310 · 아이즈비전

₩878▼ ₩37 (4.04%)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

₩1,854

vs the current price (₩878)

Enterprise value
₩64B
Equity value
₩55B
WACC
6.5%

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 111% 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 ₩878, the model needs an operating margin of 1.9% every year (it uses 2.7%).
  • 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 6.6× against a typical 10.4× 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
—
Base
₩1,854
+111.1%
Bull
₩6,018
+585.4%

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 (2.7%).

Revenue growth

  • 0.5%

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

    Default: the last 3 years' revenue growth (0.5% a year, annual reports), fading to 3% by year 5.

  • 1.1%

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

    Default: the last 3 years' revenue growth (0.5% a year, annual reports), fading to 3% by year 5.

  • 1.7%

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

    Default: the last 3 years' revenue growth (0.5% a year, annual reports), fading to 3% by year 5.

  • 2.4%

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

    Default: the last 3 years' revenue growth (0.5% 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 (0.5% a year, annual reports), fading to 3% by year 5.

Business

  • 2.7%

    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.

  • 0.8%

    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).

  • 1%

    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).

  • 25.2%

    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 0.13, 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)
₩211B
Net debt (borrowings and leases − cash and deposits)
₩9.3B
Shares
29,746,651
Share price
₩878
Market cap
₩26B

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₩191B₩183B₩194B₩212B₩215B₩218B₩223B₩230B
Growth−0.3%−4.3%6.3%0.5%1.1%1.7%2.4%3.0%
EBIT₩6.8B₩1B₩3.4B₩5.7B₩5.8B₩5.9B₩6B₩6.2B
EBIT margin3.6%0.6%1.7%2.7%2.7%2.7%2.7%2.7%
After-tax EBIT₩4.9B₩743M₩2.4B₩4.2B₩4.2B₩4.3B₩4.4B₩4.5B
+ Depreciation———₩1.7B₩1.7B₩1.7B₩1.8B₩1.8B
− Capital spending₩1.3B₩2.6B₩1.9B₩2.1B₩2.1B₩2.2B₩2.2B₩2.3B
− Working capital−₩12B−₩3.7B−₩32B₩266M₩588M₩919M₩1.3B₩1.7B
Free cash flow———₩3.5B₩3.2B₩2.9B₩2.6B₩2.4B
Discount factor———0.9390.8820.8280.7770.730
Present value———₩3.3B₩2.8B₩2.4B₩2B₩1.7B

Terminal value ₩72B, worth ₩52B 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:

LowTypicalHigh
Price / book (book value ₩5,524 a share)Now 0.16×₩1,5180.27×₩2,8500.52×₩4,9400.89×
Price / earnings (last 12 months: ₩132 a share)Now 6.64×₩6645.02×₩1,37710.4×₩2,56819.4×

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%
5.5%₩2,265₩2,357₩2,473₩2,626₩2,836
6.0%₩1,999₩2,056₩2,125₩2,211₩2,324
6.5%₩1,782₩1,815₩1,854₩1,900₩1,958
7.0%₩1,601₩1,618₩1,637₩1,658₩1,683
7.5%₩1,448₩1,454₩1,459₩1,465₩1,469

Now (TTM)

Market cap
₩26B
Enterprise value
₩35B
P/E
6.6×
P/B
0.2×
P/S
0.1×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,474₩1,906₩3,045₩2,680₩4,420
Market cap₩44B₩57B₩91B₩80B₩131B
P/E4.6×———7.5×
P/B0.3×0.4×0.7×0.6×1.0×
P/S0.2×0.3×0.5×0.4×0.9×
EV/EBITDA—————
Dividend yield0.0%————

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Eyesvision6.6×0.2×0.1×—0.0%
SK Telecom22.0×1.1×1.0×4.9×2.2%
KT8.9×0.6×0.4×—5.2%
LG Uplus11.1×0.7×0.4×2.8×0.0%
Hyundai Futurenet36.7×0.5×1.2×—4.9%
NICE Information & Telecommunication5.7×0.8×0.3×1.8×3.1%
Korea Information & Communication8.0×0.8×0.3×2.1×3.8%
Similar companies (median)10.0×0.7×0.4×2.5×3.4%

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

Also known as: Eyesvision / 아이즈비전 / 031310 / KRX:031310

Source: KRX statistical information