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Inzi Display

037330 · KOSDAQ · ₩037330 · 인지디스플레

₩726 ₩0 (0.00%)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

With these assumptions the model gives no positive value.

Enterprise value
₩85B
Equity value
−₩59B
WACC
4.6%

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 gives no positive value at these assumptions. What we can see:

  • To match today's price of ₩726, the model needs an operating margin of 1.6% every year (it uses 1.1%).
  • Or revenue growth +22.9 points a year higher than assumed in each of the 5 years.
  • 47% 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.
  • In the projection, spending on equipment, software and working capital takes most or all of the after-tax operating profit, so free cash flow is thin. Companies that invest heavily often look like this until spending slows.
  • Today's P/E is 5.8× against a typical 9.3× 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
—
Bull
₩17,261
+2,277.5%

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 (1.1%).

Revenue growth

  • 1%

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

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

  • 1.5%

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

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

  • 2%

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

    Default: the last 3 years' revenue growth (1% a year, annual reports), fading to 3% by year 5.

  • 2.5%

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

    Default: the last 3 years' revenue growth (1% 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 (1% a year, annual reports), fading to 3% by year 5.

Business

  • 1.1%

    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.

  • 3.1%

    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).

  • 3.9%

    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).

  • 5.7%

    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 0.12, 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)
₩678B
Net debt (borrowings and leases − cash and deposits)
₩171B
+ Stakes and investments
₩58B
Associates, long-term financial assets and deposits (book value)
− Minority interests
₩31B
Shares
43,885,224
Share price
₩726
Market cap
₩32B

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₩687B₩733B₩722B₩685B₩695B₩709B₩727B₩748B
Growth−2.0%6.6%−1.5%1.0%1.5%2.0%2.5%3.0%
EBIT₩5.3B₩11B₩17B₩7.5B₩7.6B₩7.8B₩8B₩8.2B
EBIT margin0.8%1.5%2.4%1.1%1.1%1.1%1.1%1.1%
After-tax EBIT₩3.8B₩7.9B₩12B₩5.5B₩5.5B₩5.7B₩5.8B₩6B
+ Depreciation———₩21B₩22B₩22B₩23B₩23B
− Capital spending₩26B₩28B₩29B₩27B₩27B₩28B₩28B₩29B
− Working capital−₩11B−₩4.4B₩16B₩386M₩585M₩792M₩1B₩1.2B
Free cash flow———−₩404M−₩603M−₩810M−₩1B−₩1.3B
Discount factor———0.9560.9150.8750.8360.800
Present value———−₩386M−₩551M−₩708M−₩860M−₩1B

Terminal value ₩111B, worth ₩89B today: 104% 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 ₩4,312 a share)Now 0.17×₩1,2840.30×₩1,6410.38×₩2,6660.62×
Price / earnings (last 12 months: ₩126 a share)Now 5.78×₩7265.78×₩1,1639.26×₩2,41319.2×
P/E on run-rate earnings (Q2 2026 × 4: ₩332 a share)Now 2.18×₩1,9225.78×₩3,0779.26×₩6,38719.2×

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%
3.6%——₩100₩1,360₩4,829
4.1%————₩887
4.6%—————
5.1%—————
5.6%—————

Now (TTM)

Market cap
₩32B
Enterprise value
₩200B
P/E
5.8×
P/B
0.2×
P/S
0.0×
EV/EBITDA
—
Dividend yield
0.0%

Over time (at each year end)

20252024202320222021
Price₩1,415₩1,400₩1,857₩1,645₩3,005
Market cap₩62B₩61B₩81B₩72B₩132B
P/E10.3×—8.3×——
P/B0.3×0.4×0.5×0.4×0.7×
P/S0.1×0.1×0.1×0.1×0.2×
EV/EBITDA—————
Dividend yield0.0%0.0%———

Versus similar companies

CompanyP/EP/BP/SEV/EBITDADividend yield
Inzi Display5.8×0.2×0.0×—0.0%
Samsung Electro-Mechanics95.9×9.4×7.8×—0.2%
Doosan37.2×5.2×0.7×—0.4%
Hanwha Systems69.5×2.7×3.0×—0.8%
LG Innotek12.4×1.3×0.3×—0.5%
Daeduck Electronics44.9×7.0×5.1×—0.4%
Isupetasys33.8×7.9×5.2×—0.0%
Similar companies (median)41.1×6.1×4.0×—0.4%

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

Also known as: Inzi Display / 인지디스플레 / 037330 / KRX:037330

Source: KRX statistical information