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NICE Information & Telecommunication

036800 · KOSDAQ · ₩036800 · 나이스정보통신

₩7,190▼ ₩30 (0.42%)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

₩30,721

vs the current price (₩7,190)

Enterprise value
₩1.1T
Equity value
₩1.4T
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 327% 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 ₩7,190, the model needs an operating margin of −0.1% every year (it uses 5.2%).
  • Today's P/E is 5.7× against a typical 5.5× 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
₩17,621
+145.1%
Base
₩30,721
+327.3%
Bull
₩53,018
+637.4%

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 (5.2%).

Revenue growth

  • 10.8%

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

    Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.

  • 8.8%

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

    Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.

  • 6.9%

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

    Default: the last 3 years' revenue growth (10.8% a year, annual reports), fading to 3% by year 5.

  • 4.9%

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

    Default: the last 3 years' revenue growth (10.8% 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 (10.8% a year, annual reports), fading to 3% by year 5.

Business

  • 5.2%

    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.

  • 1.1%

    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).

  • 0.3%

    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).

  • -10%

    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 0.17, 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)
₩1.2T
Net debt (borrowings and leases − cash and deposits)
−₩191B
+ Stakes and investments
₩110B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩52B
Shares
45,500,000
Share price
₩7,190
Market cap
₩327B

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₩892B₩975B₩1.1T₩1.3T₩1.4T₩1.5T₩1.6T₩1.6T
Growth10.8%9.4%12.3%10.8%8.8%6.9%4.9%3.0%
EBIT₩37B₩40B₩55B₩68B₩73B₩79B₩82B₩85B
EBIT margin4.1%4.1%5.1%5.2%5.2%5.2%5.2%5.2%
After-tax EBIT₩27B₩29B₩40B₩49B₩53B₩57B₩60B₩62B
+ Depreciation₩11B₩11B₩9.2B₩14B₩16B₩17B₩17B₩18B
− Capital spending₩6.2B—₩0₩3.9B₩4.2B₩4.5B₩4.8B₩4.9B
− Working capital−₩140B₩57B₩20B−₩13B−₩11B−₩9.8B−₩7.4B−₩4.8B
Free cash flow₩171B—₩29B₩72B₩76B₩79B₩80B₩79B
Discount factor———0.9310.8670.8080.7520.700
Present value———₩67B₩66B₩64B₩60B₩56B

Terminal value ₩1.2T, worth ₩837B today: 73% 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 ₩9,195 a share)Now 0.78×₩4,6140.50×₩5,8210.63×₩8,6380.94×
Price / earnings (last 12 months: ₩1,262 a share)Now 5.70×₩6,1994.91×₩6,9305.49×₩7,5615.99×
P/E on run-rate earnings (Q2 2026 × 4: ₩1,649 a share)Now 4.36×₩8,0984.91×₩9,0535.49×₩9,8785.99×

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%₩31,108₩33,387₩36,189₩39,717₩44,292
6.9%₩29,038₩30,914₩33,177₩35,959₩39,462
7.4%₩27,289₩28,858₩30,721₩32,967₩35,730
7.9%₩25,792₩27,121₩28,679₩30,528₩32,759
8.4%₩24,495₩25,635₩26,955₩28,501₩30,337

Now (TTM)

Market cap
₩327B
Enterprise value
₩125B
P/E
5.7×
P/B
0.8×
P/S
0.3×
EV/EBITDA
1.8×
Dividend yield
3.1%

Over time (at each year end)

20252024202320222021
Price₩5,070₩3,588₩4,310₩5,310₩5,900
Market cap₩231B₩163B₩196B₩242B₩268B
P/E5.4×4.3×6.5×5.9×6.7×
P/B0.6×0.5×0.6×0.8×1.0×
P/S0.2×0.2×0.2×0.3×0.4×
EV/EBITDA———0.5×0.7×
Dividend yield4.3%4.5%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
NICE Information & Telecommunication5.7×0.8×0.3×1.8×3.1%
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%
Korea Information & Communication8.0×0.8×0.3×2.1×3.8%
Bucket Studio—1.4×8.4×—0.0%
Similar companies (median)11.1×0.7×0.7×2.8×3.0%

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

Also known as: NICE Information & Telecommunication / 나이스정보통신 / 036800 / KRX:036800

Source: KRX statistical information