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BITComputer

032850 · KOSDAQ · ₩032850 · 비트컴퓨터

₩3,830▲ ₩45 (1.19%)End-of-day · Oct 30, 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

₩6,975

vs the current price (₩3,830)

Enterprise value
₩91B
Equity value
₩116B
WACC
7.3%

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 82% 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 ₩3,830, the model needs an operating margin of 7.6% every year (it uses 17.4%).
  • Or revenue growth −19.5 points a year higher than assumed in each of the 5 years.
  • 40% 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 8.2× against a typical 14.8× 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
₩5,112
+33.5%
Base
₩6,975
+82.1%
Bull
₩10,049
+162.4%

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 (17.4%).

Revenue growth

  • 0.8%

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

    Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

  • 1.3%

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

    Default: the last 3 years' revenue growth (0.8% a year, annual reports), fading to 3% by year 5.

  • 1.9%

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

    Default: the last 3 years' revenue growth (0.8% 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 (0.8% 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 (0.8% a year, annual reports), fading to 3% by year 5.

Business

  • 17.4%

    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.

  • 2.7%

    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).

  • 1.6%

    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).

  • 12.3%

    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 0.07, 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)
₩39B
Net debt (borrowings and leases − cash and deposits)
−₩13B
+ Stakes and investments
₩11B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩155M
Shares
16,623,293
Share price
₩3,830
Market cap
₩64B

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₩33B₩37B₩36B₩39B₩39B₩40B₩41B₩42B
Growth−4.8%10.8%−2.9%0.8%1.3%1.9%2.4%3.0%
EBIT₩6.2B₩6.7B₩5.9B₩6.8B₩6.9B₩7B₩7.1B₩7.4B
EBIT margin18.6%18.0%16.3%17.4%17.4%17.4%17.4%17.4%
After-tax EBIT₩4.5B₩4.8B₩4.2B₩4.9B₩5B₩5.1B₩5.2B₩5.3B
+ Depreciation₩1B₩869M₩1B₩1B₩1.1B₩1.1B₩1.1B₩1.1B
− Capital spending₩438M₩1.1B₩180M₩622M₩630M₩642M₩657M₩677M
− Working capital−₩10B₩1.6B₩1.5B₩38M₩62M₩92M₩118M₩152M
Free cash flow₩16B₩3B₩3.6B₩5.3B₩5.3B₩5.4B₩5.5B₩5.7B
Discount factor———0.9320.8680.8090.7540.703
Present value———₩4.9B₩4.6B₩4.4B₩4.2B₩4B

Terminal value ₩98B, worth ₩69B today: 76% 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 ₩4,395 a share)Now 0.87×₩4,6431.06×₩6,2001.41×₩10,6452.42×
Price / earnings (last 12 months: ₩466 a share)Now 8.21×₩4,4229.48×₩6,88214.8×₩10,71323.0×
P/E on run-rate earnings (Q2 2026 × 4: ₩570 a share)Now 6.72×₩5,4079.48×₩8,41414.8×₩13,09923.0×

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%
6.3%₩7,212₩7,665₩8,223₩8,927₩9,843
6.8%₩6,726₩7,092₩7,534₩8,079₩8,766
7.3%₩6,316₩6,617₩6,975₩7,407₩7,938
7.8%₩5,967₩6,218₩6,512₩6,861₩7,282
8.3%₩5,665₩5,877₩6,122₩6,409₩6,750

Now (TTM)

Market cap
₩64B
Enterprise value
₩50B
P/E
8.2×
P/B
0.9×
P/S
1.7×
EV/EBITDA
6.8×
Dividend yield
1.7%

Over time (at each year end)

20252024202320222021
Price₩4,705₩4,930₩5,870₩6,140₩9,570
Market cap₩78B₩82B₩98B₩102B₩159B
P/E10.6×10.6×17.6×21.0×32.9×
P/B1.1×1.2×1.5×1.6×2.7×
P/S2.2×2.2×2.9×2.9×4.4×
EV/EBITDA8.4×7.7×10.6×12.2×19.3×
Dividend yield1.4%1.3%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
BITComputer8.2×0.9×1.7×6.8×1.7%
Krafton10.0×1.2×1.9×—1.2%
Hyundai Autoever41.5×4.2×1.7×—0.7%
NC7.0×1.2×2.1×8.5×0.6%
Netmarble7.1×0.5×1.0×—2.6%
PearlAbyss8.1×2.1×3.0×5.3×0.0%
Shift UP9.0×1.8×7.1×—0.0%
Similar companies (median)8.5×1.5×2.0×6.9×0.6%

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

Also known as: BITComputer / 비트컴퓨터 / 032850 / KRX:032850

Source: KRX statistical information